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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 /> June 11, 2015 <br /> Mr. Kent Reinhardt, President <br /> The Terrace Irrigation Company <br /> P.O. Box 109 <br /> Monte Vista, CO 81144 <br /> Re: Terrace Reservoir Spillway Replacement Project <br /> Loan Contract Number CT2015-033 (C150332) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Reinhardt: <br /> This letter is to advise you that the Project referenced above was substantially completed on June 1, <br /> 2015. In accordance with the Loan Contract, the Company owes $27,395.16 for interest accrued during <br /> the construction phase of the Project (see attached Project Expenditure Schedule). Please make this <br /> "interest only payment"check payable to the Colorado Water Conservation Board and include the Loan <br /> Contract Number on the check. <br /> The total amount disbursed under this contract was$2,712,602.37 ($2,685,744.92 plus$26,857.45 for the <br /> 1% service fee). An adjustment in the amount of$39,365.63 was made for funds not disbursed. The first <br /> annual loan payment will be due on June 1, 2016, in the amount of$118,691.71 as presented in the <br /> attached Promissory Note and Loan Repayment Schedule. <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 /> Sincer y ', <br /> V <br /> Kirk Russell, P.E., Chief Loan Contract Amount= $2,751,968.00 <br /> CWCB Finance Section Expended Amount= $2,712,602.37 <br /> cc: Travis Smith, CWCB Board Member, Rio Grande River Basin <br /> Kay Harmon, Bookeeping & Compliance Services <br /> of Coto•`. <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us IT Y9 g <br /> John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director *�' j�' <br /> i <br /> *1876* <br />