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<br />" <br /> <br />PROMISSQIRY 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 De!cember 1, 2005 <br /> <br />Loan Payment: $357,840.56 <br /> <br />Payment Initiation Date*: jr14 II <br />I <br />Maturity Date*: I1l ut <br /> <br />* Payment Initiation Date and Maturity <br />substantially completed. <br /> <br />/. lot; 7 <br />, <br /> <br />I. J 0,1-7' <br />, <br /> <br />Date fields are filled in after the project has been <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 />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 CWCS determines that the <br />project is substantially complete), and annually thereafter. All principal, interest, and late <br />charges, if any, then remaining unpaid shall Ibe due and payable on or before the Maturity <br />Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Soard at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCS 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. <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 andlor accounts of the BORROWER. The <br /> <br />Appendix 2 to Loan Contract C150209 <br />Page 1 of 2 <br />