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, _: . . ...~. .. . <br />. <br />Cind Johnson - Re. Fwd: RE. RE Substantial ~ompletion ~ Page 1; <br />, . ., y~. ,: ... <br />From: Billy Wasson <br />To: DAVID HARTWIG <br />Date: Thu, Nov 30, 2000 8:10 AM <br />Subject: Re: Fwd: RE: RE: Substantiai Completion <br />When Melvin Marlc and Arbuckle Costic Certify that the punch list is completed they will initiate a <br />documerrt for John and i to sign delcaring final completion has occured. This week we released all by <br />$225,000 of the retainage on the project. We are close. Hope this answers your question. Thanks. <br />»> DAVID HARTWIG 11/29 11:23 AM »> <br />Bifly, do you anticipate when we will declare the project completed? How will this be documented? I <br />assume that Craig will send us a letter as our project manager. It is my understanding that when we <br />make this determination we would then issue a Certificate of Completion to the Trustee. (Mike, there <br />does not seem to be stated time ftame within which we are required to issue the Cert~cate of <br />Completion to the Trustee after we declare the project completed). <br />Further, I do not believe we have the ability to draw funds from the Trustee after we submit the certificate <br />to the Trustee. As I recal{, the remaining funds held by the Trustee after the certificate has been <br />submitted are restricted for debt service only. <br />This is important in determining the timing of our analysis of the finances and making a report to the <br />Board/Melinda. It would be best to have this discussion before we have issued the Certificate of <br />Completion and lodced aurselves into an option without the input from BOC and Melinda. <br />Your thoughts? <br />»> Billy Wasson 10/16 8:14 AM »> <br />Answer from Trustee on what we do to close the project. I indicated to Juli that we would still be drawing <br />down some monies. Thanks. <br />CC: Bwasson <br />