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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:~03)86~3441
<br />FAX: (30.3) 866-4474
<br />www.cwcb.state.cQ.US
<br />
<br />
<br />September 16, 2003
<br />
<br />Bill Owens
<br />Governor
<br />
<br />Greg E, Walcher
<br />Executive Director
<br />
<br />NOTICE OF PROJECT SUEST ANTIAL COMPLETION AND REP A YMENf SCHEDULE
<br />
<br />Rod Kuharich
<br />CWCB Director
<br />
<br />Mr. Fred Walker, President
<br />The Tunnel Water Company
<br />P.O. Box 1584
<br />Fort Collins, CO 80522
<br />
<br />Dan McAuliffe
<br />Deputy Director
<br />
<br />Re: Contract Number CI50052 and CI50065 - Tunnel Rehabilitation Project
<br />
<br />Dear Mr, Walker,
<br />
<br />This letter is to advise you that the work described in the above referenced Contract was substantially
<br />completed as of December I, 2002.
<br />
<br />In accordance with the Contract, The Tunnel Water Company owes $202,137,65 for interest during
<br />construction, as calculated on the attached spreadsheet. As indicated in Jan lllian's letter dated August 1,2003, you
<br />were previously charged $265,392.26 for interest during construction based on a substantial completion date of May
<br />1,2003, The revised substantial completion date of December 1, 2002 results in a prepayment towards principal to
<br />you in the amount of$63,254.61. Your frrst loan payment due on December I, 2003 has been adjusted accordingly,
<br />which is shown on the attached Amortization Schedule.
<br />
<br />The Tunnel Water Company obtained two separate loans from the Colorado Water Conservation Board,
<br />Contract Number CI50052 for $1,600,000 at 4.5% for 30-years and Contract Number CI50065 for $2,080,000 at
<br />4.3% for 30-years, for a combined total loan amount of $3,680,000. The total loan funds disbursed to the Tunnel
<br />Water Company is $3,481,400,48. At the request of The Tunnel Water Company, Contract Number C150065 has
<br />been amended to an amount of $1,881,400.48 to reflect the $198,599.52 that was not disbursed.
<br />
<br />As outlined in the Promissory Note, Appendix 2 of Contract C150052, your frrst loan payment in the amount
<br />of $98,226.47 is due on December I, 2003. Additionally, your first loan payment for Contract Number CI50065 in
<br />the amount of $112,799.20 is due on December 1,2003. Jan lllian, our Contract Administrator has provided you
<br />with a new promissory Note for Contract Number C150065 to reflect the new loan amount of $1,881 ,400.48.
<br />
<br />In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.6, please note
<br />that the renewed insurance certificates need to be provided to the Colorado Water Conservation Board annually.
<br />
<br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection
<br />Water Supply Protection. Conservation and Drought Planning
<br />
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