C150087 proj completion ltr

• Contract/PO #: C150087
• Contractor Name: Cedar Mesa Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: SPL
• Loan Projects - Doc Type: Project Completion Letter

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� Date:
Borrower:
Principal Amount:
I nterest Rate:
Term of Repayment:
Loan Contract No. :
PROMISSORY NOTE
February 1, 2003
Cedar Mesa Ditch and Reservoir Company, a Colorado
nonprofit corporation
$ 150,000
3.25% (Based on 3.5% per annum on $100,000 and 2.75%
on $50,000)
30 years
C 150087, dated May 1, 2002, amended February 1, 2003
Loan Payment: $7,902.26
Payment Initiation Date*: �I aT �, � l�o5r
Maturity Date*: �'j'!e v l f 2 D 33
* These two fields are filled in after the projeet has been 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 pUPSUaf1t t0 the LOAN CONTRACT
2. This Promissory Note replaces and supersedes the Promissory Note dated May 1,
2002, in the principal amount of $10Q,000.
3. Principal and interes# shall be payable in equal Loan Payments, with the first payment
due and payable one year from the date the CWCB determines that the project is
substantially complete (Payment Initiation Date); and annually thereafter until all
principal, interest, and late charges, if any, have been paid in full, with all such
principal, interest, and late charges, required to be paid on or before fhe Maturity Date.
4. Payments shall 6e made to the Colorado Water Conservation Board at 1313 Sherman
Street, Room 721, Denver, Colorado 80203.
5. The CWCB may impose a late charge in the amount of 5°fo of the annual payment if
the CWGB does not receive the annual payment within 15 calendar days of the due
date.
6. 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.
7. All payrnents recefved shall be applied first to late charges, if any, next to accrued
interest and then to reduce the principal amount.
8. This Note is issued pursuant to the LoaN CotvrRa,cr befinreen the GWCB and the
Attachment A to Contract C150087 Amendment 1