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<br />AGENCY NAME: Water Conservation Board <br /> <br />AGENCY NUMBER: PDA <br />ROUTING NUMBER: 97 PDA 0 1039 <br /> <br />CONTRACT AMENDMENT #3 <br /> <br />This Amendment, madethis / 'X day of DEC&rzI3E/L 1997, <br />by and between the State of Colorado for the use and benefit of the Department of <br />Natural Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to <br />as the STATE, and the LONE CABIN DITCH AND RESERVOIR COMPANY, hereinafter <br />referred to as the CONTRACTOR. <br /> <br />lFACTUAL RJECJ[TALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and <br />otherwise made available and a sufficient unencumbered balance thereof remains <br />available for payment in Fund Number 4008, Contract Encumbrance Number <br />C153517. <br /> <br />B. Required approval, clearance, and coordination has been accomplished from and with <br />appropriate agencies. <br /> <br />C. The STATE and the CONTRACTOR entered into a contract dated July 13,1988, Contract <br />Encumbrance Number C153517, which was amended on June 28, 1989 and on July <br />29, 1996, hereinafter referred to as ORIGINAL CONTRACT and incorporated herein by <br />reference, wherein the STATE agreed to loan money in the total amount of $92,700, <br />and the CONTRACTOR agreed to repay the loan in accordance with the terms of the <br />ORIGINAL CONTRACT. <br /> <br />D. The CONTRACTOR submitted a letter dated January 6, 1994, attached hereto and <br />incorporated herein as Attachment A, requesting that this loan be refinanced at a <br />lower interest rate and longer term to alleviate the CONTRACTOR'S financial difficulties. <br /> <br />E. Because the STATE was not authorized by statute to adjust the interest rate, in 1994, <br />the STATE deferred the CONTRACTOR'S annual payment until December 15, 1996. <br /> <br />F. In 1996, S 37-60-120(3), C.R.S. (1990 and Supp. 1996) was amended to authorize <br />the STATE to adjust the authorized interest rate of a Construction Fund loan if, in the <br />STATE'S opinion, the entity requesting such adjustment demonstrates that it has <br />encountered significant and unexpected financial difficulties and that it has been duly <br />diligent in it efforts to comply with the repayment provisions of its contract with the <br />STATE. <br /> <br />G. The STATE has reviewed the situation described by the CONTRACTOR and is satisfied <br />that the CONTRACTOR has encountered significant and unexpected financial difficulties <br /> <br />The Lone Cabin Ditch & Reservoir Company <br /> <br />Page 1 of 3 <br /> <br />Contract Amendment #3 <br />