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<br />
<br />STATE OF COLO:RADO
<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 />April 1, 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 />Mrs. Sharon Cesar, Town Clerk
<br />Town ofKremmling
<br />P.O, Box 538
<br />Kremmling, CO 80459-0538
<br />
<br />Rod Kuharich
<br />CWCB Director
<br />
<br />Dan McAuliffe
<br />Deputy Director
<br />
<br />Re: Contract Number C 150 126 - Raw Water Pipeline Project
<br />
<br />Dear Mrs, Cesar:
<br />
<br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of
<br />April 1, 2007.
<br />
<br />In accordance with the Contract, the Town of Kremmling owes $108,115,50 for interest during construction, as
<br />calculated on the attached spreadsheet, due by April 20, 2007, Please make your check for interest during construction payable to
<br />the 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 fIrst loan payment in the amOlmt of $100,706.14 is
<br />due on April 1, 2008. An adjustment of $36,690.31 has been applied to your principal balance to account for the actual funds
<br />expended to construct your project. The annual loan payment was based on the Company's approved contract amount of
<br />$1,689,750.00, which results in a term reduction from 30-years to 29-years, as illustrated on the attached Loan Repayment
<br />Schedule, Additionally, attached is a copy of the Promissory Note. Al % loan service fee of$16,366,93 has been added to your
<br />principal balance for a fmalloan balance of$I,653,059.69, The loan service fee was based on your fmal construction cumulative
<br />loan balance of$I,636,692,76.
<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 Town of Kremmling 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 />Since:e;~ I r u
<br />~/I~!.f/( .
<br />
<br />Mike Serlet, P ,E,
<br />Chief, Water Supply Planning and Finance Section
<br />
<br />cc.
<br />
<br />John Redifer, CWCB Board Member
<br />Water Supply Planning and Finance Section
<br />Project fIle
<br />Contract fIle
<br />
<br />Contract Amount
<br />Expended Amount
<br />
<br />= $1,689,750.00
<br />= $1,653,059,69
<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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