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DNR COLORADO <br /> CO •%.° Water <br /> ' Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> September 9, 2015 (Revised September 22, 2015) <br /> Penrose Water District <br /> Attn: Ms. Charlotte Norman, President <br /> 340 Grant Street <br /> Penrose, CO 81240 <br /> Re: Raw Water Acquisition and Utilization Project <br /> Loan Contract Number CT2015-040 (C150237) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> (REVISED) <br /> Dear Ms. Norman: <br /> This letter is to advise you that the Project referenced above will be substantially completed on <br /> October 1, 2015. In accordance with the Loan Contract, the District owes $651,019.44 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 CT2015-040 on the check. <br /> The total amount disbursed under this contract was $8,615,683.54 ($8,530,379.74 plus $85,303.80 for <br /> the 1% service fee). An adjustment of $1,147,986.46 will be made to the contract for funds no longer <br /> needed. An additional adjustment of$200,000 will be made to the contract upon receipt of <br /> $200,000 from the District. Peg Mason will initiate the process of amending the contract and <br /> Promissory Note. The first annual loan payment will be due on October 1, 2016, in the amount of <br /> $443,352.66 as presented in the 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 /> IP CAI <br /> Kirk Russell, P.E. Chief Loan Contract Amount = $9,763,670.00 <br /> CWCB Finance Section Expended Amount = $8,615,683.54 <br /> cc: Alan Hamel, CWCB Board Member, Arkansas River Basin <br /> of•co <br /> ati <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.usw\ <br /> <90 <br /> John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director * ' * <br /> */876*V <br />