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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 /> June 11, 2015 <br /> Mr Roger Schmidt, President <br /> Greeley Irrigation Company <br /> P.O. Box 445 <br /> Greeley, CO 80632 <br /> Re: Greeley Canal No. 3 Rehabilitation <br /> Loan Contract Number CT2015-021 (C150239) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Schmidt: <br /> This letter is to advise you that the Project referenced above will be substantially completed on July 1, <br /> 2015. In accordance with the Loan Contract, the Company owes $78,593.73 for interest accrued during <br /> the 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 on the check. <br /> The total amount disbursed under this contract was $1,134,839.35 ($1,123,603.32 plus $11,236.03 for the <br /> 1%service fee). An adjustment of $1,099,027.65 will be made to the contract for the funds no longer <br /> needed. Peg Mason will initiate the process of amending the contract and Promissory Note. The first <br /> annual loan payment of$56,781.70 will be due on July 1, 2016 (see 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 /> & ?IQ-- <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $2,233,867.00 <br /> CWCB Finance Section Expended Amount= $1,134,839.35 <br /> cc: Diane Hoppe, CWCB Board Member, South Platte River Basin <br /> Donna Coble, Manager, Greeley Irrigation Company <br /> c of OiO� <br /> e�Ari 9 <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us //y 7` <br /> °John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director 1\* %�' <br /> -8,j6♦ <br />