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<br />ST A TE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />February 6,2007 <br /> <br />Bill Ritter Jr. <br />Governor <br /> <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT <br /> <br />Harris D. Sherman <br />Executive Director <br /> <br />Mr. Robert ScWagel, President <br />The HigWand Ditch Company <br />P.O. Box 649 <br />Mead, CO 80542-0649 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Contract Number C150211- Foothills Reservoir Rehabilitation <br /> <br />Dear Mr. ScWagel: <br /> <br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of <br />February 1, 2007. <br /> <br />In accordance with the Contract, the Highland Ditch Company owes $11,059.24 for interest during construction, as <br />calculated on the attached spreadsheet, due by February 26, 2007. Please make your check for interest during construction <br />payable to the Colorado Water Conservation Board and include the Contract Number on the check. <br /> <br />As outlined in the Promissory Note, Appendix 2 of the Contract, your fIrst loan payment in the amount of $34,164.99 is <br />due on February 1, 2008. A prepayment of $28,035. 17 has been applied to your principal balance to account for the actual funds <br />expended to construct your project. The annual loan payment was based on the Company's approved contract amount of <br />$545,400.00, which results in a term reduction from 20-years to 19-years, as illustrated on the attached Loan Repayment <br />Schedule. Additionally, attached is a copy of the Promissory Note. A 1% loan service fee of $5,122.42 has been added to your <br />principal balance for a fmal10an balance of $517,364.83. The loan service fee was based on your fma1 cumulative loan balance <br />of$512,242.41. <br /> <br />In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.6, please note that the <br />renewed insurance certifIcates need to be provided to the Colorado Water Conservation Board annually. <br /> <br />It has been a pleasure of the Colorado Water Conservation Board to work with the Highland Ditch Company on the <br />successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service to you <br />in the future. <br /> <br />~J;;#- <br /> <br />MiKe Serlet, P .E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />cc. <br /> <br />Eric Wilkinson, CWCB Board Member <br />Water Supply Plamting and Finance Section <br />Project fIle <br />Contract fIle <br /> <br />Contract Amount <br />Expended Amount <br /> <br />= $545,400.00 <br />= $517,364.83 <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />