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STATE OF 6'OLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 72I <br />Denver, Colorado 80203 <br />Phone: (303) 866 -3441 <br />Fax: (303) 866-4474 <br />www.cwcb.state.co.us <br />March 22, 2012 <br />Mr. Dale Leach, President <br />Louden Irrigating Canal & Reservoir Company <br />4009 E County Road 30 <br />Fort Collins, CO 80528 <br />Re: Rist- Benson Dam Rehabilitation Project <br />Loan Contract Number C 150268 <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br />Dear Mr. Leach: <br />John W. Hickenlooper <br />Governor <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 will be substantially completed on April 1, 2012. <br />In accordance with the Loan Contract, the Company owes $5,633.27 for interest accrued during the <br />construction phase of the Project (see attached Project Expenditure Schedule). Please make your "interest <br />only payment" check payable to the Colorado Water Conservation Board and include the Loan Contract <br />Number C150268 on the check. <br />The total amount disbursed under this contract was $189,842.76 ($187,963.13 plus $1,879.63 for the I% <br />service fee). An adjustment of $73,767.24 will be made to the contract for the funds no longer needed. <br />Vaughn McWilliams will initiate the process of amending the contract and Promissory Note. The first annual <br />loan payment Will be due on April 1, 2013 (see attached Amortization Schedule). <br />Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed <br />insurance certificate must 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 />& (�S�( <br />Kirk Russell, P.E., Chief <br />CWCB Finance Section <br />cc: Diane Hoppe, CWCB Board Member, South Platte Basin <br />CWCB Finance Section Staff <br />Current Contract Amount = $263,610.00 <br />Expended Amount = $189,842.76 <br />Interstate & Federal • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />