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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 7, 2017 <br /> Mr. Nelson Tipton, President <br /> Oligarchy Irrigation Company <br /> P.O. Box 119 <br /> Longmont, CO 805020119 <br /> Re: Dam Outlet Works Rehabilitation <br /> Loan Contract Number CT2016-1597 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Tipton: <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 Company owes $11,196.77 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 $901,930.00 ($893,000.00 plus $8,930.00 for the 1% <br /> service fee). The first annual loan payment will be due on April 1, 2018, in the amount of $42,519.58 as <br /> presented in the attached Promissory Note and Loan Repayment Schedule. <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., Chiek- Loan Contract Amount = $901,930.00 <br /> CWCB Finance Section Expended Amount = $901,930.00 <br /> ec: Jim Yahn, CWCB Board Member, South Platte River Basin <br /> ' <br /> P 303.866,3441 F 303.866.4474 www.cwcb.state.co.us h <br /> T, <br /> John W. Hickenlooper, Governor I Robert Randall, DNR Executive Director I Lauren Ris, CWCB Acting Director <br />