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AVW COLORADO <br />Colorado Water <br />Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 718 <br />Denver, CO 80203 <br />May 8, 2015 <br />Mr. Gene Manuello, President <br />Sterling Irrigation Company <br />PO Box 1825 <br />Sterling, Colorado 80751 <br />Re: Emergency Sterling Ditch Rehabilitation Project <br />Loan Contract Number CT2015-097 <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br />Dear Mr. Manuello: <br />This letter is to advise you that the Project referenced above was substantially completed on May 1, <br />2015. In accordance with the Loan Contract, the Company owes $834.25 for interest accrued during the <br />construction phase of the Project (see attached Project Expenditure Schedule). Please make this <br />"interest only payment" check payable to the Colorado Water Conservation Board and include the Loan <br />Contract Number, referenced above, on the check. <br />The total amount disbursed under this contract was $101,000 ($100,000.00 plus $1,000.00 for the 1% <br />service fee). The first annual loan payment in the amount $10,951.85 will be due on May 1, 2016. (See <br />attached 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 />6?A <br />Kirk Russell, P.E., Chief <br />CWCB Finance Section <br />cc: Diane Hoppe, CWCB Board Member, South Platte River Basin <br />Loan Contract Amount = $101,000.00 <br />Expended Amount = $101,000.00 <br />P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br />John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director <br />