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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 /> February 3, 2016 <br /> Ms. Jen Coates, Town Manager <br /> Town of Ridgway <br /> P.O. Box 10 <br /> Ridgway, CO 81432 <br /> Re: Lake Otonowanda Enlargement Project <br /> Loan Contract Number CT2015-056 (C150340) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Ms. Coates: <br /> This letter is to advise you that the Project referenced above was substantially completed on <br /> January 1, 2016. In accordance with the Loan Contract, the Company owes $24,388.39 for <br /> interest that accrued during the construction phase of the Project (see attached Project <br /> Expenditure Schedule). Please make this "interest only payment" check payable to the <br /> Colorado Water Conservation Board and include the Loan Contract Number on the check. <br /> The total amount disbursed under this contract was $606,000.00 ($600,000.00 plus $6,000.00 <br /> for the 1% service fee). The first annual loan payment will be due on January 1, 2017, in the <br /> amount of $30,917.67 as presented in the attached Promissory Note and Loan Repayment <br /> Schedule. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan <br /> Contract, a renewed insurance certificate must be submitted to the CWCB annually and a <br /> Reserve Account must be maintained during the entire repayment period. <br /> It has been a pleasure working with you on the successful completion of this project. Please <br /> don't hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> O._ <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $606,000.00 <br /> CWCB Finance Section Expended Amount = $606,000.00 <br /> ec: April Montgomery, CWCB Board Member, San Miguel, Dolores, Animas Et San Juan Rivers <br /> of `'°lo <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 /> * 1876,x`.,,. <br />