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GENERAL OBLIGATION PROMISSORY NOTE <br />Date: <br />Borrower: <br />Principal Amount: <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract: <br />/;� , 2oos <br />Yuma County Water Authority Public Improvement District <br />$9,595,000 <br />2.25% per annum <br />20 years <br />Contract No. C150274 , dated �c�c � �� �c �� 2008 <br />Loan Payment: $607,015.89 <br />Payment Initiation Date: June 1, 2009 <br />Maturity Date: June 1, 2029 <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LoAN CorvTRACr between BoRROwER and CWCB and this <br />promissory note ("PROMISSORY NOTE "). <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from Payment Initiation Date, and annually thereafter. All <br />principal, interest, and late charges, if any, then remaining unpaid shall be due and <br />payable on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br />5. Notwithstanding anything herein or in the Loan Contract to the contrary, the <br />BoRROwER shall not be obligated to pay more than the amount permitted by law and <br />its electoral authorization in repayment of this PROMISSORY NOTE including all <br />payments of principal, interest, and late charges 8fld thlS PROMISSORY NOTE WIII b2 <br />deemed defeased and no longer outstanding upon the payment by the BoRROwER of <br />such amount. <br />6. This PROMISSORY NOTE may be prepaid in whole or in part at any time without <br />premium or penalty. Any partial prepayment shall not postpone the due date of any <br />subsequent payments or change the amount of such payments. <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount <br />8. ThIS PROMISSORY NOTE IS ISSU@d pU�SU8f1t t0 the LOAN CONTRACT b@t1N@efl the CWCB <br />Appendix 2 to Loan Contract C150274 <br />Page 1 of 3 <br />123G81111216151 7 <br />