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DNR COLORADO <br /> COColorado Water <br /> -• Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> December 17, 2015 <br /> Mr. Doug Race, President <br /> Crystal Lakes Water and Sewer Assoication <br /> 300 Tami Road <br /> Red Feather Lakes, CO 80545 <br /> Re: Lower Lone Pine Lake Enlargement Project <br /> Loan Contract Number CT2015-045 (C150325) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr.Race: <br /> This letter is to advise you that the Project referenced above will be substantially completed on January 1, 2016. <br /> In accordance with the Loan Contract, the Company owes $106,073.56 for interest accrued during the <br /> construction phase of the Project (see attached Project Expenditure Schedule). Please make this "interest only <br /> payment" check payable to the Colorado Water Conservation Board and include the Loan Contract Number on the <br /> check. <br /> The total amount disbursed under this contract was $2,016,459.59 ($1,996,494.64 plus $19,964.95 for the 1% <br /> service fee). An adjustment in the amount of $346,940.41 will be made to the contract. Peg Mason, Loan Contracts <br /> Manager, will initiate the process of amending the contract and Promissory Note. The first annual loan payment of <br /> $116,612.06 will be due on January 1, 2017 (see attached Loan Repayment Schedule). <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, you must submit <br /> a renewed insurance certificate, and annual financial statements. In addition, 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 hesitate to call <br /> if you have any questions regarding this matter. <br /> Sincerely, <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $2,363,400.00 <br /> CWCB Finance Section Expended Amount= $2,016,459.59 <br /> cc: Diane Hoppe, CWCB Board Member, South Platte 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 /> /�e75.* <br />