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� Date PROMISSORY NOTE November 14, 2002 � Borrower: Parker Water and Sanitation District, acting by and through its Water Activity Enterprise and its Sanitary Sewer Activity Enterprise Principal Amount: Fifteen Million Dollars ($ 15,000,000.00) Interest Rate: 4.5% per annum Term of Repayment: 20 years Loan Contract No. : C150090, dated November 14, 2002 Minimum Loan Payment: One Million One Hundred Fifty Three Thousand One Hundred Forty Two and 16/100 Dollars ($1,153,142.16) Payment Initiation Date '`: Maturity Date*: O��fo,��- /� z.o/o OC �"o.b¢_.r / , �a v� 4 " These finro fields are frUed in when the Payment Initiation Date is established by agreemenf of the parties. 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), from the sources provided in the Loan Contract, the Principal Amount plus Interest for the Term of Repayment, pursuant to the Lo,�w CoNT�CT. 2. Principal and interest shall be payable in equal Minimum Loan Payments, with the first payment due and payable one year from Payment Initiation Date, which shal� occur within 120 calendar days following disbursement of the total Principal Amount of the loan but no later than four years from the date the contract was signed by the State Controller, and annually thereafter until all principal, interest, and late charges, if any, have been paid in full, with ail such principal, interest, and late charges, required to be paid on or before the Maturity Date. 3. This promissory note is issued and delivered pursuant to portions or Supplemental Public Securities Act, constituting Title 11, Article 57, Pa�t 2, C.R.S. (the "Supplemental Act"). Pursuant to Section 11-57-210 of the Supplemental Act, such recital shall be conclusive evidence of the validity and the regularity of the issuance of this promissory note after its delivery for value. 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 annua( 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 CorvTRaCT between the CWCB and the BoRROwER. A��endix 2 to Loa� Contrac# C'f �009�