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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 /> January 6, 2015 <br /> Mr. James Briscoe, President <br /> Lone Cabin Ditch and Reservoir Company <br /> 42384 Lamborn Mesa Road <br /> Paonia, CO 81428 <br /> Re: Reservoir Rehabilitation Project <br /> Loan Contract C150361(CT2015-059) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Briscoe: <br /> This letter is to advise you that the Project referenced above will be substantially completed on <br /> February 1, 2015. In accordance with the Loan Contract, the Company owes $675.56 for interest <br /> accrued during the construction phase of the Project (see attached Project Expenditure Schedule). <br /> Please make this "interest only payment" check payable to the Colorado Water Conservation Board and <br /> include the Loan Contract Number C150361 on the check. <br /> The total amount disbursed under this contract was $123,447.55 ($122,225.30 plus $1,222.25 for the 1% <br /> service fee). An adjustment of $129,355.45 will be made to the contract for the funds no longer <br /> needed. Peg Mason will initiate the process of amending the Loan Contract and the Promissory Note. <br /> The first annual loan payment in the amount $5,324.26 will be due on February 1, 2016. (See attached <br /> Loan Repayment Schedule.) <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 entire repayment period. <br /> It has been a pleasure working with you on the successful completion of this project. Please don't <br /> hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> (_,A,d',,r- , -'s <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $252,803.00 <br /> CWCB Finance Section Expended Amount = $123,447.55 <br /> cc: John McClow, CWCB Board Member, Gunnison-Uncompahgre River <br /> of colop <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us ',1 e'. <br /> John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director * * <br /> �'`1s76 x" <br />