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DNR COLORADO <br /> Co <br /> Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> December 16, 2016 <br /> Mr. John Schweizer, Jr., President <br /> Pisgah Reservoir and Ditch Company <br /> P.O. Box 352 <br /> Rocky Ford, CO 81067 <br /> Re: Mount Pisgah Dam/Wrights Reservoir Outlet Works Rehabilitation Project <br /> Loan Contract Number CT2015-027 (C150341) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Schweizer: <br /> This letter is to advise you that the Project referenced above was substantially completed on October <br /> 1, 2016. In accordance with the Loan Contract, the Company owes $13,498.30 for interest accrued <br /> during the construction phase of the Project (see attached Project Expenditure Schedule). Please make <br /> this "interest only payment" check payable to the Colorado Water Conservation Board and include the <br /> Loan Contract Number on the check. <br /> The total amount disbursed under this contract was $990,176.11 ($980,372.39 plus $9,803.72 for the 1% <br /> service fee). An adjustment of $182,084.89 will be made to the contract for the funds no longer <br /> needed. Peg Mason will initiate the process of amending the contract and Promissory Note. The first <br /> annual loan payment of $42,706.05 will be due on October 1, 2017 (see attached Loan Repayment <br /> 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 /> Sincerely, <br /> ?S( <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $1,172,261.00 <br /> CWCB Finance Section Expended Amount = $990,176.11 <br /> ec: Alan Hamel, CWCB Board Member, Arkansas River Basin <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us rc7F- c', <br /> John W. Hickenlooper, Governor I Robert Randall, DNR Executive Director I James Eklund, CWCB Director *, /*- <br /> /876'x, <br />