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STATE OF COLOR.ADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1580 Logan Street, Suite 600 <br />Denver, Colorado 80203 <br />Phone:(303)866-3441 <br />F�: (303) 894-2578 <br />www.cwcb.state.co.us <br />November 28, 2011 <br />Mr. Dale Trowbridge, Manager <br />Lower Poudre Augmentation Company <br />P.O. BOX lO4 <br />Lucerne, CO 80646 <br />Re: Harmony I-25 Reservoir and Water Rights Purchase Project <br />Loan Contract Number C150245 <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br />Dear Mr. Trowbridge: <br />John W. Hickenlooper <br />Governor <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />This letter is to advise you that the Project referenced above was substantially completed on <br />November l, 2011. In accordance with the Loan Contract, the Company owes $204,065.35 for interest <br />accrued during the construction (IDC) phase of the Project. Based on our understanding that the Company <br />wants to draw on the remaining loan balance of $130,678.87 to cover a portion of the IDC costs (see attached <br />Project Expenditure Schedule), the remaining IDC balance of $73,386.47 is now due. Please make your <br />payment to the Colorado Water Conservation Board and include Loan Contract Number on the check. <br />The total amount disbursed for this project was $3,560,333.00, which includes $3,394,403.13 in design and <br />construction costs, $130,678.87 for IDC, and $35,251.00 for the 1% loan service fee. The first annual loan <br />payment of $170,104.31 will be due on November 1, 2012. <br />Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed <br />insurance certificate needs to be submitted to the CWCB annually. <br />It has been a pleasure working with you on this project. Please do not hesitate to call if you have any <br />questions. <br />Sincerely, <br />� <br />Kirk Russell, P.E., Chief <br />CWCB Finance Section <br />cc: Eric Wilkinson, CWCB Board Member, South Platte Basin <br />Total Loan Amount = $3,560,333.00 <br />Expended Amount = $3,560,333.00 <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Finance <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />