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DNR COLORADO <br /> COColorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> April 8, 2016 <br /> Mr. Jerred Hoffman, Superintendent <br /> Fort Lyon Canal Company <br /> 750 Bent Avenue <br /> Las Animas, CO 81054 <br /> Re: Diversion Structure Rehabilitation Project <br /> Loan Contract Number CT2016-1987 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Hoffman: <br /> This letter is to advise you that the Project referenced above was substantially completed on April 1, <br /> 2016. In accordance with the Loan Contract, the Company owes $5,958.82 for interest accrued during <br /> the construction phase of the Project (see attached Project Expenditure Schedule). Please make this <br /> "interest only payment" check payable to the Colorado Water Conservation Board and include the Loan <br /> Contract Number CT2016-1987 on the check. <br /> The total amount disbursed under this contract was $1,542,296.10 ($1,527,025.85 plus $15,270.26 for <br /> the 1% service fee). An adjustment in the amount of $86,833.90 will be made to the contract for funds <br /> no longer needed. Peg Mason, Contracts Manager, will follow up with an executed "Option Letter" <br /> reflecting the adjusted amount. The first annual loan payment will be due on April 1, 2017, in the <br /> amount of $70,263.98 as presented in the attached Loan Repayment Schedule and Promissory Note. <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, /1 <br /> Kirk Russell, P.E. Chief Loan Contract Amount = $1,629,130.00 <br /> CWCB Finance Section Expended Amount = $1,542,296.10 <br /> CC: Alan Hamel, CWCB Board Member - Arkansas River Basin <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br /> John W. Hickenlooper, Governor I Robert Randall, DNR Interim Director I James Eklund, CWCB Director s k <br />