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<br />STATE 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 />October 9,2007 <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. Ken Fritzler <br />Springdale Ditch Company <br />11520 County Road 37 <br />Sterling, CO 80751 <br /> <br />Dan McAuliffe <br />Acting CWCB <br />Director <br /> <br />Re: Contract Number C150l45 - Recharge/Augmentation Project <br /> <br />Dear Mr. Fritzler: <br /> <br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of <br />October 1,2007. <br /> <br />In accordance with the Contract, the Springdale Ditch Company owes $4,504.36 for interest during construction, as <br />calculated on the attached spreadsheet, due by October 31, 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 />Your first loan payment in the amount of$2,238.36 is due on October 1, 2008. The $2,238.36 annual loan payment was <br />calculated based on a fmalloan balance of$45,325.19 at 2.75% for 30-years. Al % loan service fee of$448.76 has been added to <br />your principal balance and was based on your fmal cumulative loan balance of $44,876.43. Vaughn McWilliams, our Contract <br />Administrator, will be amending the Promissory Note, contained as Appendix 2 of the Contract, to reflect the amended fmalloan <br />amount. <br /> <br />In accordance with the Borrower's Liability Insurance Provision of the Contract, Paragraph A.16, 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 Springdale 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 />Sin~)( <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 Planning and Finance Section <br />Project file <br />Contract file <br /> <br />Contract Amount <br />Expended Amount <br /> <br />= $122,715.00 <br />= $45,325.19 <br /> <br />Flood Protection · Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />