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DNR COLORADO <br /> CO �j Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> December 28, 2016 <br /> Mr. Mark Silverthorn, Finance Officer <br /> Town of Gypsum <br /> P. O. Box 130 <br /> Gypsum, Colorado 81637 <br /> Re: LEDE Ditch and Reservoir Upgrade Project <br /> Loan Contract Number CT2015-058 (C150296) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Silverthorn: <br /> This letter is to advise you that the Project referenced above will be substantially completed on <br /> January 1, 2017. In accordance with the Loan Contract, the Town owes $11,635.65 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 $2,689,731.00 ($2,663,100.00 plus $26,631.00 for <br /> the 1% service fee). The first annual loan payment wilt be due on January 1, 2018, in the amount of <br /> $165,126.74 as presented in the attached Promissory Note and Loan Repayment Schedule. <br /> Please note, in accordance with the Loan Contract, an annual audit report, a certificate of debt <br /> coverage from a CPA and a Reserve Account must be 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 /> I � <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $2,689,731.00 <br /> CWCB Finance Section Expended Amount = $2,689,731.00 <br /> cc: Russell George, CWCB Board Member, Colorado River Basin <br /> Jim Hancock, Town Engineer <br /> OF U� <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us e (\9�`, <br /> John W. Hickentooper, Governor I Robert Randall, DNR Executive Director I James Eklund, CWCB Director \* *i <br />