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i <br />f; � � <br />f <br />Date: <br />Borrower: <br />Principa� Amount: <br />Interest Rate: <br />PROMISSORY NOTE <br />November 20, 2007 <br />City of Aurora, acting by and through its Utility Enterprise <br />$75,750,000 <br />3.75% per annum <br />Term of Repayment: 30 years <br />Loan Contract No <br />Loan Payment: <br />C150243, dated November 20, 2007 <br />$4,248,637.53 <br />Payment Initiation Date*: „ <br />Maturity Date*: <br />* Payment Initiation Dat a Maturit ate Ids are d in <br />substantially completed. <br />after the project has been <br />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 LoAtv Co►vTr�cT and this promissory note. <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 Borrower certifies that the project <br />is substantially complete or the Project Finish date provided in Section B.5 of the Loan <br />Contract, whichever occurs first), and annually thereafter. All principal, interest, and late <br />charges, if any, then remaining unpaid shall be due and payable on or before the Maturity <br />Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <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. <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 />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 />7. This Note is issued pursuant to the Loan Contract between the CWCB and the Borrower, and <br />Borrower's Ordinances No. 2003-18 and 2003-70 (the "General Ordinance") and 2007-30 (the <br />"2007 CWCB Series Ordinance") (collectively, the "Ordinances"). Reference is hereby made <br />to the Loan Contract and the Ordinances for a description of the provisions, terms and <br />Appendix 1 to Loan Contract C150243 <br />Page 1 of 2 <br />