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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />May 11,2005 <br /> <br />Bill Owens <br />Governor <br /> <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT SCHEDULE <br /> <br />Russell George <br />Executive Director <br /> <br />Mr. Harmon Lowman ill, President <br />Orchard City Irrigation District <br />P.O. Box 402 <br />Cory, CO 81414 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Contract Number C150169 - Ditch Rehabilitation Project <br /> <br />Dear Mr. Lowman, <br /> <br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of <br />May 1, 2005. <br /> <br />In accordance with the Contract, the Orchard City Irrigation District owes $866.45 for interest during construction, as <br />calculated on the attached spreadsheet, due on June 1,2005. Make. your check for interest during construction payable to the <br />Colorado Water Conservation Board and include the Contract Numberon the check. <br /> <br />As outlined in the Promissory Note, Appendix 2 of the Contract, your first loan payment in the amount of $4,449. 15 is <br />due on May 1, 2006. A prepayment of $17,609.52 has been applied to your principal balance to account for the actual funds <br />expended to construct your project. A 1% loan origination fee of $747.65 has been added to your principal balance for a final <br />loan balance of $75,512.48. The origination fee was based on your cwnulative loan balance of $74,764.83. Please see your <br />attached Loan Repayment Schedule and a copy of the Promissory Note. <br /> <br />In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.6, please note that the <br />renewed insurance certificates need to be provided to the Colorado Water Conservation Board annually. <br /> <br />It has been a pleasure of the Colorado Water Conservation Board to work with the Orchard City Irrigation District on the <br />successful "completion of this project.d"Please'callifyou have any questions regarding this matter or if we can be of service to you <br />in the future. <br /> <br />~~ <br /> <br />cc. <br /> <br />John Redifer, CWCB Board Member <br />DNR Accounting <br />Water Supply Planning and Finance Section <br />Project file <br />Contract file <br />Accounts Receivable <br /> <br />M' e Serlet, P.E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />Contract Amount = $93,122.00 <br />ExpendedAmount = $75,512.48 <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />