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DNR COLORADO <br /> CO Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> August 15, 2014 <br /> Cindy Befus <br /> Boulder and Larimer County Irrigation and <br /> Manufacturing Ditch Company <br /> P.O. Box 582 <br /> Berthoud, CO 80540 <br /> Re: Emergency Boulder and Larimer Diversion Structure Repair <br /> Contract Number C150374 <br /> NOTICE OF PROJECT CONSTRUCTION COMPLETION <br /> Dear Ms. Befus: <br /> This letter is to advise you that construction of the Project referenced above was completed in April of <br /> 2014. Since the Loan does not incur interest until November 1, 2016, no payment is due at this time. <br /> During the construction phase of the Project the CWCB disbursed $202,000 ($200,000 plus $2,000 for <br /> the 1%service fee). The attached Project Expenditure Schedule provides the disbursement details. <br /> Since the Company exhausted the funds available under the Loan Contract, there will be no changes to <br /> the contract necessary. Interest will begin accruing on November 1, 2016 and the first annual payment <br /> of$9,633.17 will be due on November 1, 2017 (see attached Amortization Schedule and Promissory <br /> Note). Per the loan contract, the Company must submit any grant funds received for the purposes of <br /> this Project to be applied to the balance of the loan within 30 days of receipt. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a <br /> renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be <br /> maintained during the 27 year repayment period. You will receive a letter from CWCB on the loan <br /> anniversary reminding you of your repayment status. <br /> It has been a pleasure working with you on the successful completion of this project. Please don't <br /> hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> 72s4 <br /> Kirk Russell, P.E., Section Chief Loan Contract: $202,000.00 <br /> CWCB Finance Section Expended: $202,000.00 <br /> ec: Diane Hoppe, CWCB Board Member- South Platte River Basin <br /> Ve <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us f�' 'o` <br /> John W. Hickenlooper,Governor I Mike King, DNR Director I James Eklund,CWCB Director <br /> 1876+ <br />