C150293 proj completion ltr

• Contract/PO #: C150293
• Contractor Name: North Sterling Irrigation District
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Project Completion Letter

Date:
Borrower:
PROMISSORY NOTE
September 3, 2009
North Steriing Irrigation District
Principal Amount: $1,094,840
Interest Rate: 2.25% per annum
Term of Repayment: 20 years
Loan Contract No.:
Loan Payment:
Payment Initiation Date'':
Maturity Date*:
C150293, dated September 3, 2009
$68,583.04
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* Payment Initiation Date and Maturity Date fields are filled in after the project 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, pursuant to
the LoaN CoNTt�cT and this promissory note.
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 late
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, D.enver, 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 payrnents received shall be applied first to late charges, if any, ne� to accrued interest and
then to reduce the principal amount.
7. This Note is issued pursuant to the LoAN CoNTt�cT between the CWCB and the BoRROwER.
The LoAN CotvT�cT 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 by a Security Agreement and/or Assignment(s) ("Security Instruments") of even
date and amount and cover certain revenues, real
Appendix 2 to Loan Contract C150293
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