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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 /> December 12, 2016 <br /> Mr. Shane Hale, City Manager <br /> City of Cortez <br /> 210 East Main Street <br /> Cortez, CO 81321 <br /> Re: Water Meter Replacement Project <br /> Loan Contract Number CT2015-152 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Hale: <br /> This letter is to advise you that the Project referenced above was substantially completed on <br /> December 1, 2016. In accordance with the Loan Contract, the City owes $17,746.27 for interest <br /> accrued during the construction phase of the Project (see attached Project Expenditure Schedule). As <br /> requested, this interest will be rolled into the total loan amount. <br /> The total amount disbursed under this contract was $850,212.30 ($841,794.36 plus $8,417.94 for the 1% <br /> service fee). An adjustment of $8,287.70 will be made to the contract for the funds no longer needed. <br /> The first annual loan payment of $96,074.56 will be due on December 1, 2017 (see attached Loan <br /> Repayment Schedule and Promissory Note). <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 = $858,500.00 <br /> CWCB Finance Section Expended Amount = $850,212.30 <br /> ec: April Montgomery, CWCB Board Member, Southwest River Basins <br /> X71 r01r <br /> j <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 /> 76.`% <br /> /8 <br />