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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 /> October 23, 2015 <br /> Mr. Jay Yeager, Manager <br /> The Santa Maria Reservoir Company <br /> 147 Washington St <br /> Monte Vista, CO 81144 <br /> Re: Santa Maria Reservoir Siphon and Canal System Rehabilitation Project <br /> Loan Contract Number CT2015-005 (C150350) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Yeager: <br /> This letter is to advise you that the Project referenced above will be substantially completed on <br /> November 1, 2015. In accordance with the Loan Contract, the Company owes $28,612.68 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 on the check. <br /> The total amount disbursed under this contract was$1,405,163.00 ($1,391,250.00 plus$13,913.00 for the <br /> 1% service fee). The first annual loan payment will be due on November 1, 2016, in the amount of <br /> $60,604.34 as presented in the attached Promissory Note and 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 /> , 01 <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $1,405,163.00 <br /> CWCB Finance Section Expended Amount= $1,405,163.00 <br /> cc: Travis Smith, CWCB Board Member, Rio Grande River Basin <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 /> ia76* <br />