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<br />:r-- <br /> <br />ST A TE 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 />March 19,2007 <br /> <br />Bill Ritter Jr. <br />Governor <br /> <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT <br /> <br />Harris D. Sherman <br />Executive Director <br /> <br />Mr. Greg Wolcott, President <br />Sheek Ditch Company <br />P.O. Box 308 <br />Mancos, CO 81328 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Contract Number C150200 - Sheek Ditch Rehabilitation <br /> <br />Dear Mr. Wolcott: <br /> <br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of <br />March 1, 2007. <br /> <br />In accordance with the Contract, the Sheek Ditch Company owed $7,449.04 for interest during construction, as <br />calculated on the attached spreadsheet. Payment in the amount of $7,499.04 for interest during construction was received and <br />was credited to your account on March 1,2007. <br /> <br />As outlined in the Promissory Note, Appendix 2 of the Contract, your fIrst loan payment in the amount of$5,142.17 is <br />due on March 1,2008. A principal payment of $241,240.40 (NRCS hrrant funds) was received and applied to your loan balance <br />of $348,867.46 on March 1, 2007. This payment resulted in a fmalloan balance of $107,627.06 that your annual payment is <br />based on. A 1 % loan origination fee of$3,454.l3 was charged to your account. The origination fee was based on your highest <br />construction cumulative loan balance of $345,413.33. Vaughn McWilliams, our Contract Administrator, will be amending the <br />Promissory Note, contained as Appendix 2 of the Contract, to reflect the fmal contract loan amount. <br /> <br />In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.16, please note that the <br />renewed insurance certifIcates need to be provided to the Colorado Water Conservation Board annually. <br /> <br />It has been a pleasure of the Colorado Water Conservation Board to work with the Sheek Ditch Company on the <br />successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service to you <br />in the future. <br /> <br />SinC~;~ ' . l <br />~J~ <br /> <br />Mike Serlet, P.E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />cc. <br /> <br />Don Schwindt, CWCB Board Member <br />Water Supply Planning and Finance Section <br />Project file <br />Contract file <br /> <br />Contract Amount <br />Expended Amount <br />Final Amount <br /> <br />,,/I'll,1./JO <br />= -$-431:,472. 00- <br />= $348,867.46 <br />= $107,627.06 <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />