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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 /> May 10, 2016 <br /> Mr. John Schlagel, President <br /> Left Hand Ditch Company <br /> PO Box 229 <br /> Niwot, CO 80544 <br /> Re: Allen Lake and Lake Isabelle Repair Project <br /> Loan Contract Number CT2015-088 (C150336) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Schlagel: <br /> This letter is to advise you that the Project referenced above will be substantially completed on June <br /> 1, 2016. In accordance with the Loan Contract, the Company owes $85,714.43 for interest accrued <br /> during the construction phase of the Project (see attached Project Expenditure Schedule). Please <br /> make this "interest only payment" check payable to the Colorado Water Conservation Board and <br /> include the Loan Contract Number on the check. <br /> The total amount disbursed under this contract was $1,332,562.39 ($1,319,368.70 plus $13,193.69 for <br /> the 1% service fee). An adjustment of $142,744.61 will be made to the contract for funds no longer <br /> needed. Peg Mason will initiate the process of amending the contract and Promissory Note. The first <br /> annual loan payment of $70,017.61 will be due on June 1, 2017 (see attached Loan Repayment <br /> 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 /> 6212-( <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $1,475,307.00 <br /> CWCB Finance Section Expended Amount = $1,332,562.39 <br /> F �Oo . <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.uso`, <br /> John W. Hickenlooper, Governor I Robert Randall, Interim DNR Director I James Eklund, CWCB Director * /* <br />