C150374 Substantial Completion Letter

• Contract/PO #: C150374
• Contractor Name: Boulder & Larimer County Irrigation and Manufacturing Company
• Contract Type: Loan
• Loan Projects - Doc Type: Project Completion Letter

PROMISSORY NOTE
Date: October 21, 2013
Borrower: Boulder and Larimer County Irrigating and Manufacturing Ditch
Company, a Colorado corporation
Principal Amount: $202,000
Interest Rate: zero interest for first three years, followed by 1.90%for remaining
27 years
Term of Repayment: 30 years - no payments for first three years followed by 27 years of
amortized payments
Loan Contract No.: C150374
Loan Payment: $0 first three years of loan, followed by 27 remaining payments of
$9,633.17
Payment Initiation Date*: November 1, 2013
Maturity Date*: November 1, 2043
* Payment Initiation Date and Maturity Date fields are filled in after the project has been executed.
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
CONTRACT and this PROMISSORY NOTE.
2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable on the first of the month four (4) years from the Payment Initiation Date 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, Denver, 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 PROMISSORY 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 payments received shall be applied first to late charges, if any, next to accrued interest and
then to reduce the principal amount.
7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB and
the BORROWER. The LOAN CONTRACT 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 DEEDS OF TRUST, ("SECURITY INSTRUMENTS") Of
even date and amount and cover certain revenues, real property, water rights and/or accounts
of the BORROWER. The LOAN CONTRACT and SECURITY INSTRUMENTS grant additional rights to
the CWCB, including the right to accelerate the maturity of this PROMISSORY NOTE in certain
Appendix 2 to Loan Contract C150374
Page 1 of 2