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<br />ST ATE 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 />November 6, 2007 <br /> <br />Bill Ritter Jr. <br />Governor <br /> <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT <br /> <br />Harris Sherman <br />Executive Director <br /> <br />Mr. Eldon Simmons, President <br />Carpenter & Mitchell Ditch Company, Inc. <br />P.O. Box 308 <br />Mancos, CO 81328 <br /> <br />Dan McAullife <br />Acting CWCB <br />Director <br /> <br />Re: Contract Number C150201- Ditch Rehabilitation <br /> <br />Dear Mr. Simmons: <br /> <br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of <br />November 1,2007. <br /> <br />In accordance with the Contract, the Carpenter & Mitchell Ditch Company owed $18,081.13 for interest during <br />construction, as calculated on the attached spreadsheet. Payment in the amount of$18,081.13 for interest during construction was <br />received and was credited to your account on November 1, 2007. <br /> <br />As outlined in the Promissory Note, Appendix 2 of the Contract, your fIrst loan payment in the amount of $8,233.65 is <br />due on November 1, 2008. A principal payment of $415,378.87 (NRCS grant funds)) was received and applied to your loan <br />balance of$587,711.58 on November 1,2007. This payment resulted in a fmalloan balance of$172,332.71, which your annual <br />payment is based on. A 1 % loan origination fee of $5,818.92 was charged to your account. The origination fee was based on <br />your highest cumulative loan balance of $581,892.66. Payment for the 1 % origination fee has been received and was credited to <br />your account on November 1,2007. Vaughn McWilliams, our Contract Administrator, will be amending the Promissory Note, <br />contained as Appendix 2 of the Contract, to reflect the fmal contract loan amount. <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 Carpenter& Mitchell Ditch Company <br />on the successful completion of this project. Please call if you have any questions regarding this matter or if we can be of service <br />to you in the future. <br /> <br />Sin~erelY , /11. <br />. /" " <br />'~'-z/'" ~;!, t/d:I/. F.r <br />rt/fl~k:"f '-.....-/". 7tA <br />M' e Serlet, P.E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />cc. <br /> <br />Don Schwindt, CWCB Board Member <br />Water Supply Planning and Finance Section <br />Project file <br />Contract file <br /> <br />Authorization Amount <br />Contract Amount <br />Final Loan Amount <br /> <br />= $613,272.00 <br />= $587,711.58 <br />= $172,332.71 <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />