C150324 Substantial Completion Letter

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QNR COLORADO CO Colorado Water .I Conservation Board Department of Natural Resources 1313 Sherman Street,Room 718 Denver,CO 80203 October 10, 2014 Mr. Mike Berry, General Manager Tri-County Water Conservancy District 647 North 7th Street Montrose, CO 81402 Re: Ridgway Reservoir Micro-Hydro Project Loan Contract Number C150324 (CT2015-037) NOTICE OF PROJECT SUBSTANTIAL COMPLETION Dear Mr. Berry: This letter is to advise you that the Project referenced above was substantially completed on October 1, 2014. In accordance with the Loan Contract, the Company owes $329,239.82 for interest accrued during the construction phase of the Project (see attached Project Expenditure Schedule). Please make this "interest only payment"check payable to the Colorado Water Conservation Board and include the Loan Contract Number C150324 on the check. The total amount disbursed under this contract was $12,916,366.66 ($12,788,481.84 plus $127,884.82 for the 1%service fee). The first annual loan payment will be due on October 1, 2015, in the amount of $586,253.48 as presented in the attached Loan Repayment Schedule. An adjustment in the amount of $213,633.34 was made for funds not disbursed. Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be maintained during the entire repayment period. It has been a pleasure working with you on the successful completion of this project. Please don't hesitate to call if you have any questions regarding this matter. Sincerely, d.r ,9S Kirk Russell, P.E., Chief Loan Contract Amount= $13,130,000.00 CWCB Finance Section Expended Amount = $12,916,366.66 ec: John McClow, CWCB Board Member, Gunnison River Basin �/ ci