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STATE OF COLORADO <br /> Colorado Water Conservation Board <br /> Department of Natural Resources \ <br /> 1313 Sherman Street,Room 721 '2. <br /> Denver,Colorado 80203 <br /> Phone:(303)866-3441 0,**@ j9e✓** <br /> Fax:(303)866-4474 \*X876+ 4 <br /> www.cwcb.state.co.us i 9 31 <br /> John December 6, 2013 Governor nlooper <br /> Mike King <br /> Oligarchy Irrigation Company DNR Executive Director <br /> Attn: Dan Grant, Treasurer <br /> P.O. Box 1826 James Eklund <br /> CWCB Director <br /> Longmont, CO 80544 <br /> Re: Emergency Oligarchy Irrigation Ditch River Diversion Structure Repair <br /> Contract Number C150372 <br /> NOTICE OF REPAYMENT TERMS <br /> Dear Mr. Grant: <br /> This letter is to inform you that the CWCB has established a Payment Initiation Date of <br /> December 1, 2013. In accordance with the Loan Contract,the Company will not accrue interest <br /> on any loan balance for three years. On December 1, 2016, CWCB will apply the 1% service fee <br /> and the principal amount borrowed will begin accruing at the approved interest rate. <br /> On December 1, 2017,the Company will begin annual repayment of the Loan's principal and <br /> interest as shown on the attached amortization schedule unless modified by a contract <br /> amendment. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan <br /> Contract, a renewed insurance certificate must be submitted to the CWCB annually and a <br /> Reserve Account must be funded and maintained during the 27 years of repayment. <br /> Please don't hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> \ <br /> Kirk Russell, P.E. Chief <br /> Finance Section <br /> ec: Diane Hoppe, CWCB Board Member, South Platte River Basin <br /> CWCB Finance Staff <br /> Interstate Compact Compliance•Watershed Protection•Flood Planning&Mitigation•Stream&Lake Protection <br /> Water Project Loans&Grants•Water Modeling•Conservation&Drought Planning•Water Supply Planning <br />