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41/4 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 /> October 17, 2016 <br /> Mr. Dale Leach, President <br /> Louden Irrigating Canal &t Reservoir Company <br /> 8109 South County Road 9 <br /> Fort Collins, CO 80528 <br /> Re: Emergency Diversion Structure and Ditch Repair <br /> Loan Contract Number CT2015-151 (C150398) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Leach: <br /> This letter is to advise you that the Project referenced above was substantially completed on July 1, <br /> 2016. In accordance with the Loan Contract, the Company owes $3,754.11 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 $126,250 ($125,000 plus $1,250 for the 1% service <br /> fee). An adjustment of $35,350 will be made to the contract for the funds no longer needed. Peg Mason <br /> will initiate the process of amending the contract and Promissory Note. The first annual loan payment <br /> of $6,193.93 will be due on July 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., Chief Loan Contract Amount = $161,600.00 <br /> CWCB Finance Section Expended Amount = $126,250.00 <br /> ec: Jim Yahn, CWCB Board Member, South Platte 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 Executive Director I James Eklund, CWCB Director <br /> +.1-8_`6 <br />