C150186 Letter of Substaintial Completion

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~ ST A TE 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 August 21, 2006 Bill Owens Governor NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT Russell George Executive Director Mr. Dean Wolcott, President Lower Bauer West Lateral Inc. P.O. Box 308 Mancos, CO 81328 Rod Kuharich CWCB Director Re: Contract Number C150186 - Lower Bauer West Lateral Ditch Rehabilitation Rick Brown Acting Deputy Director Dear Mr. Wolcott: This letter is to advise you that the work described in the above referenced Contract was substantially completed as of August 1,2006. In accordance with the Contract, the Lower Bauer West Lateral Company owes $3,348.39 for interest during construction, as calculated on the attached spreadsheet. Payment in the amount of $3,348.39 for interest during construction was received and was credited to your account on June 26, 2006. As outlined in the Promissory Note, Appendix A of the Amended Contract, your first loan payment in the amount of $4,078.94 is due on August 1,2007. A principal payment of$111,576.56 (NRCS grant funds) was received and applied to your loan balance of $196,950.00 on June 26, 2006. This payment resulted in a fmalloan balance of $85,373.44, which your annual payment is based on. A 1 % loan origination fee of $1,950.00 was charged to your account. The origination fee was based on your highest cumulative loan balance of$195,000. In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.16, 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 Bauer West Lateral Company on the successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service to you in the future. ~~~ Mike Serlet, P.E. Chief, Water Supply Planning and Finance Section cc. Don Schwindt, CWCB Board Member Water Supply Planning and Finance Section Project file Contract file Contract Amount Expended Amount Final Loan Amount = $196,950.00 = $196,950.00 = $85,373.44 Flood Protection. Water Supply Plarming and Finance. Stream and Lake Protection Water Supply Protection. Conservation and Drought Plarming