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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 /> June 6, 2016 <br /> Mr. James Hart, President <br /> McDonald Ditch Company <br /> 2483 US Highway 285 North <br /> Monte Vista, CO 81144 <br /> Re: McDonald Ditch Diversion and Headgate Replacement Project <br /> Loan Contract Number CT2015-044 (C150334) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Hart: <br /> This letter is to advise you that the Loan referenced above was substantially completed on May 1, 2016. In <br /> accordance with the Loan Contract, the Company owes $3,109.59 for interest accrued during the <br /> 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 on the check. <br /> The total amount disbursed under this contract was$101,000.00 ($100,00.00 plus $1,000.00 for the 1% <br /> service fee). The first annual loan payment will be due on May 1, 2017, in the amount of $6,478.86 as <br /> presented in the attached Promissory Note and 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 = $101,000.00 <br /> CWCB Finance Section Expended Amount = $101,000.00 <br /> cc: Travis Smith, CWCB Board Member, Rio Grande Basin <br /> /oF c01 <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 /> \`'-_./876*-' <br />