LPPD000260

• Contract/PO #: C153715
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Prowers
• Bill Number: SB 96-124
• Loan Projects - Doc Type: Contract Documents

Date:

Borrower:
Principal Amount:
Interest Rate:
Term of Repayment:
Loan Contract:

Loan Payment:

Payment Initiation Date:
Maturity Date:

PROMISSORY NOTE

April 1,2004
Lower Arkansas Water Management Association
$3,849,312.67

3% per annum

33 years

No. C153715, dated March 14,1996, and amended June 27,
1996; December 2, 1996; April 9, 1997; May 28, 1997;
March 10,2001; and April 1 ,2004

$122,000 annually for Years 2004 through 2007 and
$199,183.98 annually for Years 2008 through 2036

May 1, 2004

May 1, 2036

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. This Promissory Note replaces and supersedes the Promissory Note dated May 28,
1997(Attachment 0 to Contract C153715 Amendment No.4) in the principal amount
of $3,688,567.74.

3. Principal and interest shall be payable in equal Loan Payments, with the first payment
due and payable May 1, 2004. All principal, interest, and late charges, if any, then
remaining unpaid shall be due and payable on or before the Maturity Date.

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

5. 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.

6. 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.

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

8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the
BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to

Appendix A to Loan Contract C153715 Amendment No.6