C150255 Letter of Substaintial Completion

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STATE OF COLORADO Colorado Water Conservation Board Department of Natura! Resources 1313 Sherman Street, Room 721 Denver, Colorado 80203 Phone: (303) 866-3441 FAX: (303) 866-4474 www.cwcb.state.co.us June 25, 2008 Bill Ritter Jr. Governor NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT Harris D. Sherman DNR Executive Director Mrs. Denice Wagner, Secretary Bijou Irrigation Company P.O. Box 972 Fort Morgan, CO 80701 Jennifer L. Gimbell CWCB Director Re: Contract N1UI1ber C150255 - Diversion Structure Rehabilitation Dan McAuliffe CWCB Deputy Director Dear Mrs. Wagner: This letter is to advise you that the work described in the above referenced Contract was substantially completed as of June 1,2008. In accordance with the Contract, the Bijou Irrigation Company owes $7,310.64 for interest during construction, as calculated on the attached spreadsheet, due by July 14, 2008. Please make your check for interest during construction payable to the Colorado Water Conservation Board and include the Contract N1UI1ber on the check. As outlined in the Promissory Note, Appendix 2 of the Contract, your fITst loan payment in the amount of $37,375.73 is due on June 1,2009. A 1 % loan service fee of $7,923.75 was added to your principal balance of $792,375.06, for a fInal loan balance of $800,298.81. An adjustment of$8,711.19 has been subtracted from your approved loan balance of $809,010.00, to adjust for your fInal principal balance of $800,298.81 As discussed, in order to eliminate the need to amend the contract, the annual loan payment is based on the Company's approved contract amount of $809,010.00, resulting in an annual payment reduction on the 30th year, as illustrated on the attached Loan Repayment Schedule. Additionally, attached is a copy of the Promissory Note. In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.6, please note that the renewed insurance certifIcates need to be provided to the Colorado Water Conservation Board annually. It has been a pleasure of the Colorado Water Conservation Board to work with the Bijou Irrigation Company on the successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service to you in the future. Sincrr: VJJ QJ1 fe'<Y.". Mike Ser1et, P.E. Chief, Water Supply Planning and Finance Section cc. Eric Wilkinson, CWCB Board Member Water Supply Planning and Finance Section Project fIle Contract fIle Contract Amount Expended Amount = $809,010.00 = $800,298.81 Flood Protection. Water Supply Plarming and Finance. Stream and Lake Protection Water Supply Protection. Conservation and Drought Planning