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AGENCY NAME: W=ConservationAGENCY NUMBER:ROUTING NUMBER
<br />CONTRACT AMENDMENT #ii
<br />THIS AMENDMENT, made this d 6 ) day of 1997, by and between the
<br />State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation
<br />Board (CWCB), hereinafter referred to as the STATE, and North Poudre Irrigation Company, hereinafter
<br />referred to as the CONTRACTOR.
<br />]Factual Recitals
<br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made available and
<br />a sufficient unencumbered balance thereof remains available for payment in Fund Number 424,
<br />Appropriation Code 802, Contract Encumbrance No. C153637.
<br />B. Required approval, clearance, and coordination has been accomplished from and with appropriate
<br />agencies.
<br />C. The STATE and the CONTRACTOR entered into a contract dated February 9, 1993, Contract Encumbrance No.
<br />C153637, hereinafter referred to as ORIGINAL CONTRACT, incorporated herein by reference, wherein the
<br />STATE agreed to loan money in the total amount of $1,800,000, and the CONTRACTOR agreed to repay the
<br />loan in accordance with the terms of the ORIGINAL CONTRACT.
<br />D. The CONTRACTOR borrowed only the amount of $1,761,096.10, and not the authorized amount of
<br />$1,800,000, and therefore the STATE and CONTRACTOR agree to amend the ORIGINAL CONTRACT to reflect
<br />the actual amount borrowed.
<br />NOW THEREFORE, it is hereby agreed that
<br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments which shall be made
<br />pursuant to this Amendment and ORIGINAL CONTRACT and the promises and agreements herein set forth.
<br />2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL CONTRACT, and all
<br />terms, conditions, and provisions thereof, unless specifically modified, are to apply to this Amendment as
<br />though they were expressly rewritten, incorporated, and included herein.
<br />3. It is agreed the ORIGINAL CONTRACT is and shall be changed in the following respects only:
<br />a. Paragraph A.13, page 5 is changed to read as follows:
<br />13.a. Promissory note provisions. The CONTRACTOR understands that this contract is also a promissory
<br />note for the repayment of funds loaned according to the terms set forth herein. The Contractor agrees to
<br />repay to the State the principal amount of $1,761,096.10 with interest at the rate of 2% per annum, said
<br />repayment to be made in 40 annual installments of $64,378.18, which includes principal and interest. Each
<br />payment shall be due and payable on May 1st of every year beginning May 1, 1996, and continuing until the
<br />entire principal sum and all accrued interest has been paid and shall be made payable to the Colorado
<br />Water Conservation Board at the offices of said Board in Denver, Colorado.
<br />13.b. Prepayment pdrovision$, The CONTRACTOR may prepay all or any of the loan at any time, without
<br />penalty. e,+payr;TPWs will.Atapplied first to any accrued interest and then to reduce the principal
<br />amount. Z6, ° ''
<br />North Poudre Irrigation Company Page 1 of 2 Contract Amendment #1
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