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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 />August 1, 2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Russell George <br />Executive Director <br /> <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT <br /> <br />Mr. Ken Beck, President <br />Pine River - Bayfield Ditch Company <br />P.O. Box 3345 <br />Bayfield, CO 81302 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Contract Number Cl50154 - Siphon Replacement Project <br /> <br />Dear Mr. Beck: <br /> <br />This letter is to advise you that the work descnbed in the above referenced Contract was substantially completed as of <br />July 1,2006. <br /> <br />In accordance with the Contract, the Pine River - Bayfield Ditch Company owes $10,176.36 for interest during <br />construction, as calculated on the attached spreadsheet, due by August 20, 2006. Make your check payable to the Colorado <br />Water Conservation Board and include the loan contract number on the check. <br /> <br />As outlined in the Promissory Note, Appendix 2 of the Contract, your first loan payment in the amount of$II,472.00 is <br />due on July 1, 2007. Please see the attached Loan Repayment Schedule and a copy of the Promissory Note. A 1% loan <br />origination fee of $2,300.00 has been added to your principal balance for a final loan balance of $232,300.00. The origination fee <br />was based on your cumulative loan balance of$230,000.00. <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 Pine River - Bayfield Ditch Company <br />on the successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service <br />to you in the future. <br /> <br />;;p~ <br /> <br />Mike Serlet, P .E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />c. Don Schwindt, CWCB Board Member <br />DNR Accounting <br />Water Supply Planning and Finance Section <br />Project file <br />Contract file <br /> <br />Contract Amount <br />Expended Amount <br /> <br />= $232,300.00 <br />= $232,300.00 <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />