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<br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: ()! :)'-1 q <br /> <br />PRO J E C T CON T RAe TAM END MEN T No.1 <br /> <br />THIS AMENDMENT, made this (Cft!:t day of ::PE('E.Hf'>E-R . 1997, by <br />and between the State of Colorado for the use and benefit of the Department of Natural <br />Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, <br />and the Town of Erie, Colorado and the Erie Water Department, P.O. Box 100, Erie, <br />Colorado 80516, hereinafter referred to as the BORROWER and/or CONTRACTOR. <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and othe'rwise <br />made available and a sufficient unencumbered balance thereof remains available for <br />payment in Fund Number 424, Apprqpriation Code 444, Contract Encumbrance Number <br />C153668. <br /> <br />B. Required approval, clearance, and coordination has been accomplished from and with <br />appropriate agencies. <br /> <br />C. The STATE and the BORROWER entered into a contract dated March 3, 1994, Contract <br />Encumbrance Number C153668, hereinafter referred to as ORIGINAL CONTRACT, which i~ <br />incorporated herein by reference, wherein the STATE agreed to loan money in the total <br />amount of $1 ,544,000, and the BORROWER agreed to repay the loan in accordance with the <br />terms of the ORIGINAL CONTRACT. <br /> <br />D. Pursuant to the ORIGINAL CONTRACT, the BORROWER pledged revenues from water user <br />charges and fees to repay the loan and conveyed a security interest in those revenues to <br />the STATE. <br /> <br />E. The BORROWER will be issuing the Town of Erie, Colorado, Water Enterprise Bonds, Series <br />1997B, and has requested that the STATE consent to the issuance of said Bonds with a lien <br />on the net revenues of the BORROWER'S water system tliat is on a parity with the STATE'S <br />lien on those revenues under the ORIGINAL CONTRACT. <br /> <br />F. At its July 1997 meeting, the CWCB authorized the CWCB Executive Director to consent to <br />the parity request provided that the BORROWER is in substantial compliance with the <br />ORIGINAL CONTRACT, and has provided a parity certificate issued by a C.P.A. certifying that <br />the BORROWER'S rate schedule will generate revenues in an amount sufficient to pay annual <br />operating and maintenance expenses, make deposits to all required reserve funds, and <br />make all payments on both existing and proposed indebtedness. <br /> <br />Town of Erie and Erie Water Departrr.ent <br /> <br />Page 1 01.3 <br />