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STATE OF COLORADO <br /> Colorado Water Conservation Board ��R CONS�R <br /> Department of Natural Resources � . 4 co.!,°9_, <br /> 1313 Sherman Street,Room 721 o�� <br /> Denver,Colorado 80203 " ° o <br /> Phone:(303)866-3441 0•� �w * <br /> Fax:(303)866-4474 g�6 ,�� <br /> www.cwcb.state.co.us ' y 31 • <br /> John W. <br /> May 15, 2014 G ve oHickenlooper r <br /> Mike King <br /> Jim Nankervis <br /> DNR Executive Director <br /> Culver Lateral Ditch Company <br /> h lains Dr. <br /> James Eklund <br /> 4553 Hi <br /> g p CWCB Director <br /> Berthoud, CO 80513 <br /> Re: Emergency Culver Mahoney Ditch Repair Contract Number C150390 <br /> NOTICE OF REPAYMENT TERMS <br /> Mr. Nankervis: <br /> This letter is to inform you that the CWCB has established a Payment Initiation Date of March 1, <br /> 2014. In accordance with the Loan Contract,the Company will not accrue interest on any loan <br /> balance for three years. On March 1,2017, CWCB will apply the 1% service fee and the <br /> principal amount borrowed will begin accruing at the approved interest rate. <br /> On March 1, 2018, 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 /> 620 <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 />