C150117 Contract

• Contract/PO #: C150117
• Contractor Name: Central Colorado Water Conservancy District
• Contract Type: Loan
• Water District: 0
• County: Weld
• Bill Number: SB 03-110
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE

Date:
Borrower:

October 1 , 2003

Ground Water Management Subdistrict of the Central
Colorado Water Conservancy District.

$15,000,000

2.75% per annum

Principal Amount:
Interest Rate:

Term of Repayment: 30 years

Loan Contract No.: C150117, dated October 1, 2003

Loan Payment: $740,766.30

Payment Initiation Date*: J c.-{ n .e..... I. 7 . 10 f) 5'

Maturity Date*: -IUIt-~ I, Z035-

* These two fields are filled in after the project has been substantially completed.

1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water
Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of
Repayment, pursuant to the LOAN CONTRACT and this Promissory Note.

2. Principal and interest shall be payable in equal Loan Payments, with the first payment
due and payable one year from the date the CWCB determines that the project is
substantially complete (Payment Initiation Date), and annually thereafter until all
principal, interest, and late charges, if any, have been paid in full, with all such
principal, interest, and late charges, required to be paid on or before the Maturity Date.

3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman
Street, Room 721, Denver, Colorado 80203.

4. The CWCB may impose a late charge in the amount of 5% of the annual payment if
the CWCB does not receive the annual payment within 15 calendar days of the due
date.

5. This Note may be prepaid in whole or in part at any time without premium or penalty.
Any partial prepayment shall not postpone the due date of any subsequent payments
or change the amount of such payments.

6. All payments received shall be applied first to late charges, if any, next to accrued
interest and then to reduce the principal amount.

7. This Note is issued pursuant to the LOAN CONTRACT between the CWCBand the
BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to
secure the prompt payment of all amounts that may become due hereunder. Said
security interests are evidenced by a Security Agreement of even date and amount
and cover certain revenues, real property, water rights and/or accounts of the

Appendix 2 to Loan Contract C150117