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<br />
<br />STATE OF COLORADO
<br />
<br />Colorado Waier 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.U5
<br />
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<br />
<br />October 14, 2003
<br />
<br />Bill Owens
<br />Governor
<br />
<br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT SCHEDULE Greg E, Walcher
<br />Executive Director
<br />
<br />Mr, Larry Seitz, President
<br />GMS Land and Cattle Company
<br />2112 Seymour
<br />Cheyenne, Wyoming 82001
<br />
<br />Rod Kuharich
<br />CWCB Director
<br />
<br />Dan McAuliffe
<br />Deputy Director
<br />
<br />Re: Contract Number CI50132 - Giffin No,1 and No, 2 Reservoir Rehabilitation
<br />
<br />Dear Mr. Seitz,
<br />
<br />This letter is to advise you that the work descnbed in the above referenced Contract was substantially completed as of
<br />October I, 2003,
<br />
<br />In accordance with the Contract, the GMS Land and Cattle Company owes $1,850,15 for interest during construction, as
<br />calculated on the attached spreadsheet, due on October 31, 2003, Make your check for interest during construction payable to the
<br />Colorado Water Conservation Board and include the Contract Number on the check.
<br />
<br />As outlined in the Promissory Note, Appendix 2 of the Contract, your frrst loan payment in the amount of $9,975,65 is
<br />due on October 1,2004, A prepayment of $3,118,02 has been applied to your principal balance to account for the actual funds
<br />expended to construct your project. A 1% loan origination fee of$I,969,13 has been added to your principal balance for a fmal
<br />loan balance of$198,881.98, The origination fee was based on your cumulative loan balance of$196,912,85, 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 />re1ewed 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 GMS Land and Cattle Company on
<br />the successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service to
<br />you in the future,
<br />
<br />~~J#
<br />
<br />Mike Serlet, P,E,
<br />Chief, Water Supply Planning and Finance Section
<br />
<br />cc,
<br />
<br />Eric Wilkinson, ewCB Board Member
<br />DNR Accounting
<br />Water Supply P1anning and Finance Section
<br />Project file
<br />Gontnrct1:ile\
<br />Accounts Receivable
<br />
<br />Contract Amount ~ $202,000,00
<br />Expended Amount ~ $198,881.98
<br />
<br />Flood Protection. Water Supply Planning and Finance. Stream and lake Protection
<br />Water Supply Protection. Conservation and Drought Plaruting
<br />
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