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<br />" <br /> <br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: 96 PDA 0 (".::l.1 <br /> <br />CONTRACT AMENDMENT #2 <br /> <br />THIS AMENDMENT, made this -s2..!1.- day 0 1996, by and between the <br />State of Colorado for the use and benefit of the Depart t of Natural Resources, Colorado Water <br />Conservation Soard (CWCS), hereinafter referred to as the STATE, and Overland Ditch and Reservoir <br />Company, hereinafter referred to as the CONTRACTOR. <br /> <br /> <br />FACTUAL RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise <br />made available and a sufficient unencumbered balance the reef remains available for payment in Fund <br />Number 4008, Contract Encumbrance Number C153307; and <br /> <br />2. Required approval, clearance, and coordination has been accomplished from and with <br />appropriate agencies; and <br /> <br />3. The STATE and the CONTRACTOR entered into a contract dated July 1, 1979, Contract <br />Encumbrance Number C153307, as amended on July 1, 1983, hereinafter referred to as ORIGINAL <br />CONTRACT, incorporated herein by reference, wherein the STATE agreed to loan money in the total <br />amount of $850,000, and the CONTRACTOR agreed to repay the loan in accordance with the terms of <br />the ORIGINAL CONTRACT; and <br /> <br />4. The CONTRACTOR submitted a letter dated September 9, 1994, attached hereto as <br />ATTACHMENT 1 and incorporated herein, which describes the economic losses suffered by the <br />CONTRACTOR and its shareholders during the summers of 1993 and 1994 due to by-pass requirements <br />imposed by the United States Forest Service, and which requests that its December 1994 loan <br />payment in the amount of $31,076 be deferred for Dne year, and <br /> <br />5. Section 37-60-120 (3), C.R.S. (1990) authorizes the STATE to defer an annual loan payment <br />if, in the STATE'S opinion, the entity requesting such deferment demonstrates that it has encountered <br />significant and unexpected financial difficulties and that it has been duly diligent in it efforts to comply <br />with the repayment provisions of its contract with the STATE, and <br /> <br />6. The STATE has reviewed the situation described by the CONTRACTOR and is satisfied that <br />CONTRACTOR has encountered significant and unexpected financial difficulties as a result of the bypass <br />flcl.'.' !'eQuin;~r.:-,t~ f''''1'~ the! it hp,s been cltdv di!i0!":'+ in its efforts to comp1v with tf--.., "e,'J?\'~~:'! <br />p'ovisions of the ORIGINAL CONTRACT, <br /> <br />7. At its November 3, 1994, meeting, the CWCS approved deferment of the 1994 payment for <br />one year, thus extending the time for repayment under the terms of the ORIGINAL CONTRACT by one (1) <br />year. <br /> <br />8. The CONTRACTOR has submitted a letter, attached hereto as ATTACHMENT 2 and <br />incorporated herein, which requests that the due date for their annual payment on this loan be changed <br />from July to December so that the annual payments for the CONTRACTOR'S two loan with CWCS ,are <br />six months apart. <br /> <br />I <br />NOW THEREFORE, the parties hereby agree that <br /> <br />Overland Ditch & Reservo_i! Company <br /> <br />Page 1 of 2 <br /> <br />Contract Amendment <br />