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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 10, 2017 <br /> Bellyache Ridge Metropolitan District <br /> c/o Marchetti ft Weaver, LLC. <br /> Attn: Mr. Ken Marchetti and Ms. Cissy Olson <br /> 28 Second Street, Suite 213 <br /> Edwards, CO 81632 <br /> Re: Well Replacement Project <br /> Loan Contract Number CT2015-15 (C150356) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Marchetti and Ms. Olson: <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 District owes $6,230.86 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 $140,586.73 ($139,194.78 plus $1,391.95 for the 1% <br /> service fee). It is our understanding that the District will make a $3,383.73 principal prepayment that <br /> will reduce the loan balance to $137,203.00. An adjustment of $28,588.27 will be made to the contract <br /> for the funds no longer needed. Peg Mason, Loan Contracts Manager, will initiate the process of <br /> amending the contract and Promissory Note. The first annual loan payment in the amount of$7,000.00 <br /> as presented in the attached Loan Repayment Schedule will be due on April 1, 2018. <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, r <br /> is_ -2 -0 <br /> Kirk Russell, P.E., Chief Loan Contract Amount= $169,175.00 <br /> CWCB Finance Section Expended Amount= $140,586.73 <br /> ec: Russell George, CWCB Board Member, Colorado River Basin <br /> CO <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br /> John W.Hickentooper,Governor I Robert Randall,DNR Executive Director I Lauren Ris, CWCB Acting Director <br />