Laserfiche WebLink
<br /> <br />PROMISSORY NOTE <br /> <br />Date: December 1, 2005 <br /> <br />Borrower: Central Weld County Water District, acting by and through <br />the Central Weld County Water District Water Activity <br />Enterprise <br /> <br />Principal Amount: $4,994,955.00 <br /> <br />Interest Rate: 3.7% per annum <br /> <br />Term of Repayment: 20 years <br /> <br />Loan Contract No.: C150209, dated December 1, 2005 <br /> <br />Loan Payment: <br /> <br />Payment Initiation Date*: <br /> <br />Maturity Date*: <br /> <br />* Payment Initiation Date <br />substantially completed. <br /> <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 and this promissory note. <br /> <br />$357,840.56 <br />;11/ Cl 7 <br />{Il a! <br />and Maturity <br /> <br />I, loti1 <br />, <br /> <br />/,' J. (/ !J..7 <br /> <br />Date fields are filled in after the project has been <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Payment Initiation Date (the date the CWCB determines that the <br />project is substantially complete), and annually thereafter. All principal, intE~rest, and late <br />charges, if any, then remaining unpaid shall be due and payable on or before the Maturity <br />Date. <br /> <br />3. F'ayments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203, <br /> <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br />eWCB does not receive the annual payment within 15 calendar days of the dUE~ date. <br /> <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. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br /> <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 ("Security Instruments") of even date and amount and <br />cover certain revenues, real property, water rights and/or accounts of the BORROWER, The <br /> <br />AppendiX 2 to Loan Contract C150209 <br />Page 1 of 2 <br />