PROJC00977

• Contract/PO #: C153366
• Contractor Name: Ridges Metropolitan District
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Bill Number: SB 81-439
• Loan Projects - Doc Type: Contract Documents

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DE.ENT OF AGENCY NAME
~~ onservation Board

DEPARTMENT DR AGENCY NUMBER
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No Encumbrance

ROUT! NG NUMBER

CONTRACT MODIFICATION

This Contract Modification is entered into this 3RD day of
Jlu#~ 1992, by and between the State of Colorado for the use
and benefit of the Department of Natural Resources acting by and
through the Colorado Water Con~ervation Board, hereinafter
referred to as the "State," and the Ridges Metropolitan District,
P.O. Box 3568, Grand Junction, Colorado 81501, hereinafter
referred to as "Ridges."

WHEREAS, on May I, 1984, the parties to this Agreement
entered into an amended contract which changed the terms of the
original agreement between the parties which was entered into De-
cember'. I, 1981. A copy of the May 1, 1984 Agreement is attached
hereto as Exhibit A, and is incorporated into this Agreement by
this reference; and

WHEREAS, this Agreement ~hall supercede and replace the May
1, 1984 Agreement (Exhibit A) in its entirety; and

WHEREAS, the parties have reached an agreement in which the
State will compromise a portio~ of the debt in exchange for which
Ridges would make certain lump sum payments to the State which
will result in the complete di~charge and satisfaction of the
payment obligations due from Ridges to the State as set forth in
Exhibit A; and

WHEREAS, the City of Gra~d Junction, Colorado ("City") has
entered into a plan and agreement in which the City has agreed to
annex lands contained in the Ridges Metropolitan District. A
copy of the plan and agreement is attached hereto as Exhibit B
and by this reference is incorporated herein; and

WHEREAS, pursuant to the terms of the Exhibit B, Ridges has
agreed to seek the discharge ot the payment obligations between
Ridges and the State as set forth in Exhibit A; and

WHEREAS, a litigation ha~ been filed in the Mesa County
District Court, Case No. 26330, that seeks judicial approval of
the plan of dissolution of Ridges; and

~ WHEREAS, the Colorado State Treasurer, Department of Admin-
istration, Central Collection Service and Attorney General's
Office have authorized the compromise of indebtedness owed to the
State as is required by Colo. Const. art. V, S 38,
S 24-30-202.4(3), C.R.S. (1991), and 1 CCR 101-6, pp. 14-15
(Regulation 1.61).

NOW THEREFORE, in consideration of the mutual and dependent
covenants herein contained, the parties agree to the following
terms and conditions. .