CT2016-175 Substantial Completion Letter

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DNR COLORADO COColorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, CO 80203 February 5, 2016 Mr. Lynden Gill, Chairman Lower Arkansas Valley Water Conservancy District 801 Swink Avenue Rocky Ford, Colorado 81067 Re: Water Rights Purchase Loan Contract Number CT2015-175 NOTICE OF PROJECT SUBSTANTIAL COMPLETION Dear Mr. Gill: This letter is to advise you that the Project referenced above was substantially completed on January 1, 2016. In accordance with the Loan Contract, the District owes $13,796.65 for interest accrued during the construction phase of the Project (see attached Project Expenditure Schedule). Please make this "interest only payment" check payable to the Colorado Water Conservation Board and include the Loan Contract Number CT2015-175 on the check. The total amount disbursed under this contract was $2,560,350.00 ($2,535,000.00 plus $ $25,350.00 for the 1% service fee). The first annual loan payment will be due on January 1, 2017, in the amount of $148,395.46 as presented in the attached Amortization Schedule. Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be maintained during the entire repayment period. It has been a pleasure working with you on the successful completion of this project. Please don't hesitate to call if you have any questions regarding this matter. Sincerely, rTh Kirk Russell, P.E. Chief Loan Contract Amount = $2,560,350.00 CWCB Finance Section Expended Amount = $2,560,350.00 cc: Alan Hamel, CWCB Board Member, Arkansas River Basin Ji P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director * '1876