C153770 Letter of Substaintial Completion

• Contract/PO #: C153770
• Contractor Name: Summit Reservoir and Irrigation Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Project Completion Letter

STATE OF COLORADO

Colorado Water Conservation Board

Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]
www.cwcb.state.co.us

August 17, 2006 Bill Owens
Governor

Russell George
NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT Executive Director

Rod Kuharich
CWCB Director

Mr. David Sanford, Secretary
Summit Reservoir and Irrigation Company
P.O. Box 127
Dolores, CO 81323

Dan McAullife
Deputy Director

Re: Contract Number C153770 - Ditch System Rehabilitation

Dear Mr. Sanford:

This letter is to advise you that the work described ill the above referenced Contract was
substantially completed as of August 1, 2006.

In accordance with the Contract, the Summit Reservoir and Irrigation Company owes $43,770.25
for interest during construction, as calculated on the attached spreadsheet, due on September 1, 2006.
Make your check payable to the Colorado Water Conservation Board and include the loan contract number
on the check.

As outlined in the Promissory Note, Appendix 2 of Contract, your first loan payment in the amount
of $16,826.29 is due on August 1, 2007. 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.

Your original loan authorization approved by the Colorado Water Conservation Board was for
$600,000. The actual loan amount was revised to $200,000, during the contract process, and then was
increased to $300,000 during construction of the project. To properly close out your loan and to complete
our files, please provide us with a letter stating that the Summit Reservoir and Irrigation Company does not
intend to utilize the remaining $300,000 approved by the Colorado Water Conservation Board.

Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection
Water Supply Protection. Conservation and Drought Plahning