PROJC02521

• Contract/PO #: C150129
• Contractor Name: South Side Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Project Completion Letter

;
STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: (303) 866~1474
www. cwcb. state.co.us
July 20, 2009
NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT
Mr. Stephen McMillan, President
South Side Ditch Company
1574 W. County Road 16
Loveland, CO 80537
Re: Conh~act Number C 150129 - South Side Ditch Rehabilitation
Dear Mr. McMillan:
Bill Ritter jr.
Govemor
Harris D. Sherman
DNR Executive
Duector
Jennifer L. Gimbell
CWCB Director
Dan McAuliffe
CWCB Deputy
Duector
This letter is to advise you that the work descnbed in the above referenced Contract was substanfially completed as of
July 1, 2009.
In accordance with the Contract, the South Side Ditch Company owes $3,360.28 for interest during construction, as
calculated on the attached spreadsheet, due by August 14, 2009. Please make your check for interest during consiruction payable
to the Colorado Water Conservation Board and include the Contract Number on the check.
As outlined in the Promissory Note, Appendix 2 of the Contract, your first loan payment in the amount of $4,541.21 is
due on July 1, 2010. A 1% loan service fee of $784.26 was added to your principal balance of $78,426.68, for a final loan balance
of $79,210.94. An adjustment of $8,659.06 has been subtracted from your approved loan balance of $87,870.00, to adjust for
your final principal balance of $79,210.94. In order to eliminate the need to amend the contract, the annual loan payment is based
on the Company's approved contract amount of $87,870.00, resulting in a term reducrion, 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 Conservation Board annually.
It has been a pleasure of the Colorado Water Conservation Board to work with the South Side Ditch Company on the
successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service to you
in the future.
cc
Sincerely,
~ Mike Serlet, P.E.
Chief, Water Supply Planning and Finance Secrion
Eric Wilkinson, CWCB Board Member
Water Supply Planning and Finance Section Contract Amount -$87,870.00
Project file Expended Amount = $79,210.94
Contract file
Flood Protectron . Water Supply P1aiuling and Finance • Stream and Lake Protection
Water Supply ProtecHon • Conservacion and Drought Planning