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DNR COLORADO <br /> 413 <br /> CO Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> June 8, 2016 <br /> Mr. Richard Belt, President <br /> Las Animas Consolidated Canal Company <br /> 1800 Larimer Street, Suite 1300 <br /> Denver, CO 80202 <br /> Re: Repair and Replacement of Canal Spillway Structure <br /> Loan Contract Number CT2016-1007 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Belt: <br /> This letter is to advise you that the Project referenced above was substantially completed on June 1, <br /> 2016. In accordance with the Loan Contract, the Company owes $1,321.80 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 on the check. <br /> The total amount disbursed under this contract was $95,054.27 ($94,113.14 plus $941.13 for the 1% <br /> service fee). An adjustment of $268,727.73 will be made to the contract for the funds no longer <br /> needed. An adjustment will also be made to change the repayment phase interest rate to 2.0%. Peg <br /> Mason will initiate the process of amending the contract and Promissory Note. The first annual loan <br /> payment of $4,244.17 will be due on June 1, 2017 (see 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., Chie Loan Contract Amount = $363,782.00 <br /> CWCB Finance Section Expended Amount = $95,054.27 <br /> CC: Alan Hamel, CWCB Board Member - Arkansas River Basin <br /> of c9to , <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br /> John W. Hickenlooper, Governor I Robert Randall, DNR Director I James Eklund, CWCB Director \* /* <br />