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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 /> February 25, 2015 <br /> Ms. Judy Simonson, Secretary/Treasurer <br /> The Joseph W. Bowles Reservoir Company <br /> 2922 Evergreen Parkway, Suite 320 <br /> Evergreen, CO 80439 <br /> Re: Bowles No. 1 Dam Rehabilitation Project <br /> Loan Contract C150290 (CT2015-030) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Judy <br /> This letter is to advise you that the Project referenced above will be substantially completed on March <br /> 1, 2015. In accordance with the Loan Contract, the Company owes $29,965.84 for interest accrued <br /> during the construction phase of the Project (see attached Project Expenditure Schedule). <br /> The total amount disbursed under this contract was $1,668,390.83 ($1,651,872.11 plus $16,518.72 for <br /> the 1% service fee). An adjustment of $51,997.89 will be made to the loan for the funds no longer <br /> needed ($35,479.17) plus a prepayment of ($16,518.72). The first annual loan payment will be due on <br /> March 1, 2016, in the amount of $106,456.72 as presented in the attached Promissory Note and Loan <br /> Repayment Schedule. <br /> We anticipate a payment of $46,484.56 ($29,965.84 for the interest plus $16,518.72 for the service <br /> fee). Please make your payment to the Colorado Water Conservation Board and include the Loan <br /> Contract Number "C150290 (CT2015-030)" if using a check. <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 entire repayment period. <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 /> Kirk Russell, P.E., Chief Loan Contract Amount = $1,703,870.00 <br /> Finance Section Expended Amount = $1,668,390.83 <br /> cc: Diane Hoppe, CWCB Board Member, South Platte River Basin <br /> of c°�o\ <br /> e <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br /> John W. Hickenlooper,Governor I Mike King, DNR Director I James Eklund, CWCB Director \t*c 1*J <br /> *Ig�6+j <br />