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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Shemian Street, Room 721 <br />Denver, Colorado 80203 <br />Phone:(303)866-3441 <br />Fax:(303)866-4474 <br />www.cwcb.state.co.us <br />December l, 2010 <br />Alan Wickert, President <br />375 Revett Drive <br />Breckenridge, CO 80424 <br />Re: Swan's Nest Metropolitan District — Water Acquisition Project <br />Loan Conixact Number C150312 <br />Dear Mr. Wickert: <br />sitt t2iaer, h. <br />Governor <br />Mike King <br />DNR Execu6ve Director <br />Jennifer L. Gimbel <br />CWCB Director <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br />This letter is to advise you that the Project referenced above was substantially completed as of <br />December 1, 2010. In accordance with the Loan Contract, the District owes $1,366.44 for the accrued <br />interest between the time of funds disbursed and the date of substantial completion (see attachments). This <br />`interest only' payment is due January 1, 2011. Please make your check payable to the Colorado Water <br />Conservation Board and include the Loan Contract Number on the check. <br />The final amount borrowed by the District is $151,500.00 and the annual payments shall be $11,900.40 as <br />established in the Promissory Note (attached). The first annual loan payment will be due on December 1, <br />2011. <br />In accordance with the Borrower's Liability Insurance Provision of the Loan Contract - Paragraph A.14, <br />please note that a renewed insurance certificate needs to be submitted to the CWCB annually. <br />It has been a pleasure working with the Swan's Nest Metropolitan District on this loan. Please don't hesitate <br />to call if you have any questions regarding this matter. <br />Sincerely, <br />Kirk Russell, P.E. <br />Design & Construction Manager <br />Contract Amount = $151,500.00 <br />Expended Amount = $151,500.00 <br />c: John Redifer, CWCB Board Member — Colorado River Basin <br />Attachments — Project Expenditure Schedule, Loan Repayment Schedule, Promissory Note <br />Interstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Plsnning <br />