CT2016-2005 Substantial Completion Letter

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DNR COLORADO 4113 CO Colorado Water ..� Conservation Board Department of Natural Resources 1313 Sherman Street, Room 718 Denver, CO 80203 February 29, 2016 Mr. Dale Trowbridge, General Manager Lower Poudre Augmentation Company P.O. Box 104 Lucerne, CO 80646 Re: Box Elder Ditch Water Rights Purchase Loan Contract Number CT2016-2005 NOTICE OF PROJECT SUBSTANTIAL COMPLETION Dear Mr. Trowbridge: This letter is to advise you that the Loan referenced above will be substantially completed on March 1, 2016. In accordance with the Loan Contract, the Company owes $296.51 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 on the check. The total amount disbursed under this contract was $454,500.00 ($450,000.00 plus $4,500.00 for the 1% service fee). The first annual loan payment will be due on March 1, 2017, in the amount of$19,877.23 as presented in the attached Promissory Note and Loan Repayment 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, &_ ,J Kirk Russell, P.E., Chief Loan Contract Amount= $454,500.00 CWCB Finance Section Expended Amount= $454,500.00 7t Lot( 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 .,