C150122 Letter of Substaintial Completion

• Contract/PO #: C150122
• Contractor Name: Central Weld County Water District
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Bill Number: SB 03-110
• Loan Projects - Doc Type: Project Completion Letter

Principal Amount:

Interest Rate:

Term of Repayment:

Loan Contract No,:

Loan Payment:

Payment Initiation Date*:

Maturity Date*:

* Payment Initiation Date
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,

'~

Date:

Borrower:

PROMISSORY NOTE

May 1 , 2005

Central Weld County Water District, acting by and through its
Water Activity Enterprise

$3,937,500

4.15% per annum

20 years

C150122, dated May 1,2005
$293,589.46
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and Maturity

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Date fields are filled in after the project has been

2, Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from Payment Initiation Date (the date the CWCB determines that the project
is substantially complete), and annually thereafter, All principal, interest, and latle charges, if
any, then remaining unpaid shall be due and payable 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 CWCB and 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 a Security Agreement of even date and amount and cover certain revenues of the
BORROWER, The LOAN CONTRACT and Security Instrument grant additional rights to the
CWCB,

8. The CWCB shall give the BORROWER written notice of any alleged default and an

AppendiX 2 to Loan Contract C150122
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