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STATE OF COLORADO <br /> Colorado Water Conservation Board <br /> Department of Natural Resources °F got° <br /> 1313 Sherman Street,Room 721 ' <br /> Denver,Colorado 80203 <br /> Phone:(303)866-3441 * "` * <br /> Fax:(303)866-4474 1876 <br /> www.cwcb.state.co.us <br /> August 16, 2013 <br /> John W.Hickenlooper <br /> Governor <br /> Mr. Terry Scanga, President Mike Icing <br /> New Salida Ditch Company DNR Executive Director <br /> 9610 CR 156 James Eklund <br /> Salida, CO 80201 CWCB Director <br /> Re: New Salida Ditch Pipeline Project <br /> Loan Contract Number C 150277 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Scanga: <br /> This letter is to advise you that the Project referenced above was substantially completed on August 1,2013. <br /> In accordance with the Loan Contract,the Company owes$8,621.84 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 C150277 on the check. <br /> The total amount disbursed under this contract was$298,434.14($295,479.35 plus$2,954.79 for the 1% <br /> service fee).An adjustment of$67,185.86 will be made to the contract for the funds no longer needed.Peg <br /> Mason will initiate the process of amending the contract and Promissory Note.The first annual loan payment <br /> of$14,258.48 will be due on August 1,2014(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 and a Reserve Account must be maintained <br /> during the entire repayment period. <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 /> Kirk Russell,P.E.,Chief Current Contract Amount=$365,620.00 <br /> CWCB Finance&Administration Section Expended Amount=$298,434.14 <br /> cc: Alan Hamel,CWCB Board Member,Arkansas River Basin <br /> CWCB Finance Section Staff <br /> Interstate&Federal•Watershed Protection&Flood Mitigation•Stream&Lake Protection•Finance <br /> Water Information•Water Conservation&Drought Planning•Water Supply Planning <br />