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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 />September 30, 2011 <br />Mr. John Groo, President <br />Bull Creek Reservoir Canal & Power Company <br />P.O. Box 25 <br />Molina, CO 81646-0025 <br />Re: Bull Creek Reservoir #4 Rehabilitation <br />Loan Contract Number C 150240 <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br />Dear Mr. Groo: <br />]oM W. Hickenlooper <br />Govemor <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />This letter is to advise you that the Project re�'erenced above was substantially completed on September 1, 2011. <br />In accordance with the Loan Contract, the Company owes $10,498.45 for interest accrued during the construction <br />(IDC) phase of the Project. Based on our understanding that the Company wants to draw on the remaining loan <br />balance of $93,518.49 to cover a portion of the IDC costs (see attached Project Expenditure Schedule), the <br />remaining IDC balance of $10,498.45 is due. Please make your payment to the Colorado Water Conservation <br />Board and include Loan Contract Number on the check. <br />The total amount disbursed for this project was $1,801,630.00, which includes $1,690,273.51 in design and <br />construction costs, $93,518.49 for IDC, and $17,838.00 for the 1% loan service fee. The first annual loan <br />payment of $49,550.00 will be due on September 1, 2012, with a payrnent increase to $94,081.68 effective <br />September 1, 2016. <br />Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed <br />insurance certificate needs to be submitted to the CWCB annually. <br />It has been a pleasure working with you on this project. Please do not hesitate to call if you have any questions. <br />Sincerely, <br />.- /'�..."��F <br />��/�%Jf%�i'�+' , l <br />Tim Feehan,-i'.E., Chief <br />CWCB Fin�nce Section <br />cc: Russell George, CWCB Board Member <br />---.--.._._................______._�_.._.__.._ _.______. <br />Contract Amount — r $1,801,630.00 . <br />�____.�.__.._._._.__._..._.� ._-_ <br />� Expended Amount = �$1,801,630_00 � <br />Interstate & Federal • Waterahed & Fiood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservxtion & Drought Planoiog • Water Supply Planning <br />