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~ ~ BORROWER: DOLORES WATER Agency Name: Water Conservation Board CONSERVANCY DISTRICT, ACTING BY AND Agency Number PDA THROUGH THE DOLORES WATER Routing Number: 07 PDA n6 5r CONSERVANCY DISTRICT WATER ACTIVITY ENTERPRISE Contract No. C150193 LOAN CONTRACT AMENDMENT NO. 1 (STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003) This Amendment, made this December 28, 2006, by and befinreen the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and Dolores Water Conservancy District, acting by and through the Dolores Water Conservancy District Water Activity Enterprise, P.O. Box 1150, COItG'Z, CO 81321 ("BORROWER" OP "CONTRACTOR'~~. FACTUAL RECITALS A. Authority exists in the law, and funds have been bu appropriated, and otherwise made available for payment in Contract Encumbr ce mber C150193. B. Required approval, clearance, and coordination ave been c mplished from and with appropriate agencies. s C. The CWCB and the oRROw ent ed ir-~ ontract Encumbrance Number C150193, dated te er 1, 2 " lF3'fI~AL CONTRACT"), incorporated herein by reference, wherein WCB~~ r d to loan money in the total amount up to $3,323,180, and the ~R agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT. D. Borrower pledged an interest-bearing annuity, established for the purpose of repayment of and as collateral for the Original Contract under an Investment Agreement with MBIA Inc. dated December 5, 2002 ("MBIA Agreement") in the principal amount of $3,694,527, and the interest earned thereon ("Fund"), as well as Borrower's revenues necessary to assure payment of the annual debt service under the Original Contract until such date as the BORROWER makes its first payment to the CWCB from its Fund. E. Borrower has the opportunity to increase the return on its Fund by amending the MBIA Agreement and the Original Contract. F. The parties agree to amend the Original Contract to reflect the substituted collateral. G. As a result of the substituted collateral, the parties also agree to amend the Original Contract as follows: Appendix 1, Section 9, "Disbursement Schedule", will include the clause, "Until such time as the Borrower enters into a long-term annuity pursuant to Amendment No. 1 to Security Agreement and Borrower's Resolution 06-02, attached hereto as Appendix A and Appendix C, the total amount of disbursements under this loan contract shall not exceed $2,283,232.62. Loan Contract C150193 Amendment No. 1 Page 1 of 5