C150150 Letter of Substaintial Completion

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.. STATE OF COLORADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, Colorado 80203 Phone: (303)866-3441 FAX: (303) 866-4474 www.cwcb.state.co.us May 5, 2004 NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT SCHEDULE Mr. Don Higbee, Secretary Lower Arkansas Water Management Association P.O. Box 1161 Lamar, CO 81052 Dear Mr. Higbee: Re: Contract Number C150150 - Water Rights Purchase Bill Owens Governor Russell George Executive Director Rod Kuharich CWCB Director Dan McAuliffe Deputy Director This letter is to advise you that the work descnbed in the above referenced Contract was substantially completed as of March 1,2004. As outlined in the Promissory Note, Appendix 2 of the Contract, your fIrst loan payment in the amount of$108,574.69 is due on March 1, 2005. The loan amount expended was $2,250,000.00 from which a 1% loan origination fee was added in the amount of $22,500.00, for a total loan amount of $2,272,500.00. Please see the attached Loan Repayment Schedule and a copy of the Promissory Note. In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.6, please note that the renewed insurance certifIcates need to be provided to the Colorado Water Conservation Board annually. It has been a pleasure of the Colorado Water Conservation Board to work with the Lower Arkansas Water Management Association on the successful completion of this proj ect. Please call if you have any questions regarding this matter or if we can be of service to you in the future. cc. Harold Miskel, CWCB Board Member DNR Accounting Water Supply Planning and Finance Section Project file Contract file Sincerely, ~J~ Chief, Water Supply Planning and Finance Section Contract Amount = $2,272,500.00 Expended Amount = $2,272,500.00 Flood Protection. Water Supply Plahning and Finance. Stream and Lake Protection Water Supply Protection. Conservation and Drought Plahning