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<br />r~, <br /> <br />PROMISSORY NOTE <br /> <br />Date: September 9, 2003 <br /> <br />Borrower: Weld County Tri-Area Sanitation District acting by and <br />through the Weld County Tri-Area Sanitation District Water <br />Activity Enterprise . <br /> <br />Principal Amount: $2,002,400 <br /> <br />Interest Rate: 5% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150036, dated September 9,2003 <br /> <br />Loan Payment: $130,258.99 <br /> <br />Payment Initiation Date*: IJ IA q. lJ 5 f /. 2 (5 () 1/ <br />. .-( , <br />Maturity Date*: J'l fA a. u f f I, ;2 tJ .3 jL' <br />"".., , <br />* Payment Initiation Date and Maturity Date fields are filled in after the Project has been <br />substantially completed. <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCS"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT and this promissory note, <br /> <br />2. This Promissory Note replaces and supersedes. the Promissory Note dated April 1, <br />2002, in the principal amount of $1,500,000. <br /> <br />3. Principal and interest shall be payable.in equal Loan Payments, with the first payment <br />due and payable one year from the date the CWCB determines that the project is <br />substantially complete (Payment Initiation Date), and annually thereafter until all <br />principal, interest, and late charges, if any, have been paid in full, with all such <br />principal, interest, and late charges, required to be paid on or before the Maturity Date. <br /> <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />5. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />d~a . <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br /> <br />Appendix B to Loan Contract C150036 Amendment No.1. <br />