C150278 Letter of Substaintial Completion

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STATE OF COL~RADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, Colorado 80203 Phone: (303) 866-3441 FAX: (303) 866~474 www.cwcb.state.co.us July 20, 2009 NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT Mr. Eric Christensen, Secretary Weldon Valley Ditch Company P.O. Box 626 Weldona, CO 80653 Re: Contract Number C 150278 - Cottonwood Flume Replacement Dear Mr. Christensen: Bill Ritter Jr. Governor Harris D. Sherman DNR Executive Director Jennifer L. Gimbell CWCB D'uector Dan McAuliffe CWCB Deputy Director This letter is to advise you that the work described in the above referenced Contract was substantially completed as of July 1, 2009. In accordance with the Contract, the Weldon Valley Ditch Company owes $82734 for interest during construction, as calculated on the attached spreadsheet, due by August 14, 2009. Please make your check far interest during construction 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 fust loan payment in the amount of $6,601.65 is due on July 1, 2010. A 1% loan service fee of $1,282.54 was added to your principal balance of $128,254.06, for a fimal loan balance of $129,536.60. An adjustment of $6,813.40 has been subtracted from your approved loan balance of $136,350.00, to adjust for your final principal balance of $129,536.60. In order to eliminate the need to amend the contract, the annual loan payment is based on the Company's approved contract amount of $136,350.00, resulting in a term reducrion, as illustrated on the attached Loan Repayment Schedule. Addirionally, 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 Boazd to work with the Weldon Valley Ditch Company on the successful complerion of this project. Plaase 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 Secrion cc. Eric Wilkinson, CWCB Board Member Water Supply Planning and Finance Secrion Contract Amount Project file Expended Amount Contract file _ $136,350.00 = $129,536.60 Flood Protection . Water Supply Planning and Finance • Stream and Lake Protection Water Supply Protecrion • ConservaLion and Drought Planning