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STATE OF COLORADO <br />Colorado Water Conservation Board <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 />September 21, 2006 <br />NOTICE OF PROJECT SUBSTANTIAL COMPLETION AND REPAYMENT <br />Mr. Don Chapman, Superintendent <br />Riverside Irrigation District <br />221 East Kiowa St <br />Fort Morgan, CO 80701 <br />Re: Contract Number C150228 — Water Rights Purchase <br />Dear Mr. Chapman: <br />Bill Owens <br />Governor <br />Russell George <br />Executive Director <br />Rod Kuharich <br />CWCB Director <br />Dan McAuliffe <br />Deputy Director <br />This letter is to advise you that the work described in the above referenced Contract was substantially completed as of <br />September 1, 2006. <br />In accordance with the Contract, the Riverside Irrigation District owed $2,184.93 for interest during construction, as <br />calculated on the attached spreadsheet. Your interest during construction payment of $2,184.93 was received on September 14, <br />2006. <br />Your first loan payment in the amount of $69,970.35 is due on September 1, 2007. The $69,970.35 annual loan payment <br />was calculated based on a $1,464,500.00 loan balance at 2.5% for 30- years. A 1% loan origination fee of $14,500.00 has been <br />added to your principal balance for a final loan balance of $1,464,500.00. The origination fee was based on your cumulative loan <br />balance of $1,450,000.00 as shown on the attached Expenditure Sheet. <br />In accordance with the Borrower's Liability Insurance Provision of the Contract, please note that the renewed insurance <br />certificates need to be provided to the Colorado Water Conservation Board annually. <br />It has been a pleasure of the Colorado Water Conservation Board to work with the District on the successful completion <br />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. <br />cc. Eric Wilkinson, CWCB Board Member <br />DNR Accounting <br />Water Supply Planning and Finance Section <br />Project file <br />Contract file <br />Sincer , <br />Mike Serlet, P <br />Chief, Water upply Planning and Finance Section <br />Contract Amount = $1,464,500.00 <br />Expended Amount = $1,464,500.00 <br />Flood Protection . Water Supply Planning and Finance • Stream and Lake Protection <br />Water Supply Protection • Conservation and Drought Planning <br />