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COLORADO <br /> Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street,Room 718 <br /> Denver,CO 80203 <br /> April 5, 2017 <br /> Mr. Steve Anderson, General Manager <br /> Uncompahgre Valley Water Users Association <br /> 601 North Park Ave. <br /> Montrose, CO 81402 <br /> Re: Drop 5 Hydroelectric Project <br /> Loan Contract Number CT2015-174 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Anderson: <br /> This letter is to advise you that the Project referenced above was substantially completed on April 1, <br /> 2017. In accordance with the Loan Contract, the Association owes $109,008.52 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$6,426,813.80 ($6,363,181.98 plus$63,631.82 for <br /> the 1%service fee). It is our understanding that the Association will make a $1,000,000.00 principal <br /> prepayment that will reduce the loan balance to$5,426,813.80. The first annual loan payment will be <br /> due on Apr-it 1, 2018, in the amount of 331,886.12 as presented in the attached Loan Repayment <br /> Schedule. Peg Mason, Loan Contracts Manager, will initiate the loan contract amendment process in <br /> the near future. <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 /> 4 ZG <br /> Kirk Russell, P.E., Chief Loan Contract Amount= $6,999,300.00 <br /> CWCB Finance Section Expended Amount = $6,426,813.80 <br /> P 303,866.3441 F 303.866.4474 www.cwcb.state.co.us !AS11/1 <br /> John W. Hickenlooper,Governor I Robert Randall,DNR Executive Director I Lauren Ris, CWCB Acting Director <br />