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DNR COLORADO <br /> CO Colorado Water <br /> .. Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> August 15, 2014 <br /> Jim Nankervis <br /> Culver Lateral Ditch Company <br /> 4553 Highplains Drive <br /> Berthoud, CO 80513 <br /> Re: Emergency Culver Mahoney Ditch Repair <br /> Contract Number C150390 <br /> NOTICE OF PROJECT CONSTRUCTION COMPLETION <br /> Dear Mr. Nankervis: <br /> This letter is to advise you that construction of the Project referenced above was completed in May of <br /> 2014. Since the Loan does not incur interest until March 1, 2017 no payment is due at this time. During <br /> the construction phase of the Project the CWCB disbursed $151,500 ($150,000 plus $1,500 for the 1% <br /> service fee). The attached Project Expenditure Schedule provides the disbursement details. <br /> Since the Company exhausted the funds available under the Loan Contract, there will be no changes to <br /> the contract necessary. Interest will begin accruing on March 1, 2017 and the first annual payment of <br /> $7,594.81 will be due on March 1, 2018 (see attached Amortization Schedule and Promissory Note). Per <br /> the loan contract the Company must submit any grant funds received for the purposes of this Project to <br /> be applied to the balance of the loan within 30 days of receipt. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a <br /> renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be <br /> maintained during the 27 year repayment period. You will receive a letter from CWCB on the loan <br /> anniversary reminding you of your repayment status. <br /> It has been a pleasure working with you on the successful completion of this project. Please <br /> don't hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> V6-'1 1 <br /> Kirk Russell, P.E., Section Chief Loan Contract: $151,500.00 <br /> CWCB Finance Section Expended: $151,500.00 <br /> ec: Diane Hoppe, CWCB Board Member- South Platte River Basin <br /> /p4 cO\ <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us ye r® � o <br /> John W. Hickentooper,Governor I Mike King, DNR Director I James Eklund,CWCB Director \*f L <br /> `4-1876 <br />