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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 /> April 18, 2016 <br /> Mr. J. Gale Moody, President <br /> Owl Creek Reservoir Company <br /> P.O. Box 210 <br /> Eaton, CO 80615 <br /> Re: Diversion Structure Rehabilitation Project <br /> Loan Contract #C150089 (CT2015-048) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Moody: <br /> This letter is to advise you that the Project referenced above will be substantially completed on May 1, <br /> 2016. In accordance with the Loan Contract, the Company owes $49,313.98 for interest accrued (see <br /> attached Project Expenditure Schedule). It has been agreed upon that you will pay $16,338.10 and <br /> $32,975.88 will be added to the balance of the loan. Please make your $16,338.10 payment to the <br /> Colorado Water Conservation Board by May 10, 2016, and include the Loan Contract Number CT2015- <br /> 048 on the check. <br /> The total amount disbursed under this contract was $485,000.00. An adjustment in the amount of <br /> $640,000.00 will be made to the contract for funds no longer available. Peg Mason will initiate the <br /> process of amending the loan contract and Promissory Note reflecting the adjusted amount. The first <br /> annual loan payment will be due on May 1, 2017, in the amount of $30,000 as presented in the <br /> attached Loan Repayment Schedule. <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, <br /> Kirk Russell, P.E. Chief Loan Contract Amount = $1,125,000.00 <br /> CWCB Finance Section Expended Amount = $485,000.00 <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br /> John W. Hickenlooper, Governor I Robert Randall, Interim DNR Director I James Eklund, CWCB Director <br /> µ <br /> , ;terry <br />