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STATE OF COLORADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, Colorado 80203 Phone: (303) 86fr3441 FAX: (303) 866-4474 www.cwcb.state.co.us February 9, 2009 Bill Ritter Jr. Govemor NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT Harris D. Sherman DNR Executive Director Mrs. Denice Wagner, Secretary Jennifer L. Gimbell Bijou Irrigation District CWCa Director P.O. Box 972 Fort Morgan, CO 80701 Dan McAuliffe CWCB Deputy Re: Contract Number C 150256 - Diversion Struchue Rehabilitation ~~~r Dear Mrs. Wagner: This letter is to advise you that the work described in the above referenced Contract was substantially completed as of February 1, 2009. In accordance with the Contract, the Bijou Irrigation District owes $8,437.11 for interest during construction, as calculated on the attached spreadsheet. Payment in the amount of $8,437.11 for interest during construction was received and was credited to your account on February 12, 2009. As outlined in the Promissory Note, Appendix 2 of the Contract, your first loan payment in the amount of $96,588.96 is due on February 1, 2010. A 1% loan service fee of $18,330.35 was added to your principal balance of $1,833,035.44, for a final loan balance of $1,851,365.79. An adjustment of $239,334.21 has been subtracted from your approved loan balance of $2,090,700.00, to adjust for your final principal balance of 1,851,365.79 As discussed, in order to eliminate the need to amend the contract, the annual loan payment is based on the Company's approved contract amount of $2,090,700.00, resulting in a term reduction, as illustrated on the attached Loan Repayment Schedule. Additionally, attached is a copy of the Promissory Note. In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.6, please note that the renewed insurance certificates need to be provided to the Colorado Water Conservarion Board annually. It has been a pleasure of the Colorado Water Conservation Board to work with the Bijou Irrigation District on the successful complerion of this project. Please call if you have any quesrions regarding this matter or if we can be of service to you in the future. Sincerely, ~ ~ Mike Serlet, P.E. Chief, Water Supply Planning and Finance Section cc. Eric Wilkinson, CWCB Board Member Water Supply Planning and Finance Secrion Authorized Amount =$2,090,700.00 Praject S1e Expended Amount = $1,851,365.79 Contract file Flood Protection • Water Supply Planning and Finance • Stream and Lake Protection Water Supply Protection • Conservation and Drought Planning