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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: 003)866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />August 17,2006 <br /> <br />Bill Owens <br />Governor <br /> <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT <br /> <br />Russell George <br />Executive Director <br /> <br />Mr. Ronald Brinkman, <br />Greeley and Loveland Irrigation Company <br />808 23rd A venWle <br />Greeley, CO <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Contract Number C150l6l- Spillway Construction <br /> <br />Dear Mr. Brinkman: <br /> <br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of <br />July 1, 2006. <br /> <br />In accordance with the Contract, the Greeley and Loveland Irrigation Company owes $29,066.66 for interest during <br />construction, as calculated on the attached spreadsheet. Your interest during construction payment of $29,066.66 was received on <br />July 10, 2006. <br /> <br />Your first loan payment in the amoWlt of $132,695.94 is due on July 1, 2007. The $132,695.94 annual loan payment <br />was calculated based on a $2,600,899.08 loan balance at 3.0% for 30-years. A 1 % loan origination fee of $25,751.48 has been <br />added to your principal balance for a final loan balance of $2,600,899.08. The origination fee was based on your cumulative loan <br />balance of $2,575,147.60. Vaughn McWilliams, our Contract Administrator, will be amending the Promissory Note, contained as <br />Appendix 2 of the Contract, to reflect the final contract loan amount. <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 Greeley and Loveland Irrigation <br />Company on the successful completion of this project. Please call if you have any questions regarding this matter or if we can be <br />of service to you in the future. <br /> <br />Sincerely, .., ~ <br /> <br />Y1;U Ju/:t <br /> <br />Mik Serlet, P.E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />cc. Eric Wilkinson, CWCB Board Member <br />DNR AccoWlting <br />Water Supply Planning and Finance Section <br />Project file <br />Contract file <br /> <br />Contract AmOWlt <br />Expended AmOWlt <br /> <br />= $2,844,000.00 <br />= $2,600,899.08 <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />