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STATE OF COLORADO <br />Colorado Water Conservation Board <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 />March 10, 2011 <br />John W. Hickenlooper <br />Governor <br />Ms. Denice Wagner, Secretary <br />Bijou Irrigation District <br />P. O. Box 972 <br />Fort Morgan, CO 80701 <br />Re: Empire Reservoir East Dam Project <br />Loan Contract Number C150259 <br />Dear Ms. Wagner: <br />NOTICE OF PROJECT SUBSTAN'fIAL COMPLETION <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />This letter is to advise you that the Project referenced above was substantially completed on March 1, 2011. <br />In accordance with the Loan Contract, the Disirict owes $151,055.42 for interest accrued during the <br />construction phase of the Project (see attached Project Expenditure Schedule). Make your "interest only" <br />payment check payable to the Colorado Water Conservation Board and include the Loan Contract Number <br />C 150259 on the check. <br />The total amount disbursed under this contract was $4,349,746.01 ($4,306,679.22 plus $43,066.79 for the 1% <br />service fee). The loan contract will be amended to a reduced amount of $4,019,746.01 following receipt of a <br />$330,000 principal prepayment. Vaughn McWilliams will initiate the process of amending the Promissory <br />Note after the pre-payment check is received. The first annual loan payment will be due on March 1, 2012. <br />In accordance with the Borrower's Liability Insurance Provision of the Loan Contract, Paragraph A.16, <br />please note that a renewed insurance certificate needs to be submitted to the CWCB annually. <br />It has been a pleasure working with you on the successful completion of this project. Please don't hesitate to <br />call if you have any questions regarding this matter. <br />Sincerely, <br />� <br />Tim Feeha , .E., Chief <br />CWCB Finafice Section <br />cc. Eric Wilkinson, CWCB Board Member <br />CWCB Files <br />Current Contract Amount = $4,454,100.00 <br />Expended Amount = $4,349,746.01 <br />Interstate & Federal • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />