CT2015-090 Substantial Completion Letter

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DNR COLORADO CO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 718 Denver, CO 80203 January 30, 2017 Mr. Warren Crowther, President Ephraim Ditch Company 8353 State Hwy 136 Sanford, CO 81151 Re: Ephraim Diversion and Headgate Rehabilitation Project Loan Contract Number CT2015-090 (C150402) NOTICE OF PROJECT SUBSTANTIAL COMPLETION Dear Mr. Crowther: This letter is to advise you that the Project referenced above was substantially completed on November 1, 2016. In accordance with the Loan Contract, the Company owes $967.23 for interest accrued during the construction phase of the Project (see attached Project Expenditure Schedule). Please make this "interest only payment" check payable to the Colorado Water Conservation Board and include the Loan Contract Number on the check. The total amount disbursed under this contract was $101,000.00 ($101,000.00 plus $1,000.00 for the 1% service fee). The first annual loan payment will be due on November 1, 2017, in the amount of $4,356.11 as presented in the attached Promissory Note and Loan Repayment Schedule. Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be maintained during the entire repayment period. It has been a pleasure working with you on the successful completion of this project. Please don't hesitate to call if you have any questions regarding this matter. Sincerely, v17 Kirk Russell, P.E., Chief Loan Contract Amount = $101,000.00 CWCB Finance Section Expended Amount = $101,000.00 ec: Travis Smith, CWCB Board Member, Rio Grande River Basin 0v cot�� P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us John W. Hickenlooper, Governor I Robert Randall, DNR Executive Director I James Eklund, CWCB Director * /* *. 876 %