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<br />PROMISSORY NOTE
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<br />Date: November 10, 2002
<br />Borrower: East Dillon Water District
<br />Principal Amount: $ 2,550,000
<br />Interest Rate: 4,25% per annum
<br />Term of Repayment: 30 years
<br />Loan Contract No, : C150100 dated November 10,2002
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<br />Loan Payment:
<br />
<br />Date of Completion':
<br />
<br />Maturity Date':
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<br />. These two fields will be filled in upon
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<br />1, FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
<br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to
<br />the LOAN CONTRACT,
<br />
<br />$151,975,53
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<br />2, Principal and interest shall be payable in equal Loan Payments, with the first payment due and
<br />payable one year from the Date of Completion, which is the date the CWCB determines that
<br />the project is substantially complete, and annually thereafter until all principal, interest, and
<br />late charges, if any, have been paid in full, with all such principal, interest, and late charges,
<br />required to be paid on or before the Maturity Date,
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<br />3, Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street,
<br />Room 721, Denver, Colorado 80203,
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<br />4, The CWCB may impose a late charge in the amount of 5% of the annual payment if the
<br />CWCB does not receive the annual payment within 15 calendar days of the due date,
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<br />5, This Note may be prepaid in whole or in part at any time without premium or penalty, Any
<br />partial prepayment shall not postpone the due date of any subsequent payments or change
<br />the amount of such payments,
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<br />6, Ail payments received shall be applied first to late charges, if any, next to accrued interest and
<br />then to reduce the principal amount.
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<br />7, This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER.
<br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
<br />payment of all amounts that may become due hereunder, Said security interests, are
<br />evidenced by a Security Agreement of even date and amount and cover certain revenues of
<br />the BORROWER. The LOAN CONTRACT andSecurity Agreement grant additional rights to the
<br />CWCB, including the right to accelerate the maturity of this Note in certain events,
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<br />Appendix 2 to Loan Contract C1501 00
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