C150122 PIF Documents

• Contract/PO #: C150122
• Contractor Name: Central Weld County Water District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

•
PROMISSORY NOTE
Date: May 1, 2005
Borrower: Central Weld County Water District, acting by and through its
Water Activity Enterprise
Principal Amount: $3,937,500
Interest Rate: 4.15% per annum
Term of Repayment: 20 years
Loan Contract No.: C150122, dated May 1, 2005
Loan Payment: $293,589.46
Payment Initiation Date*: rna y / Z 0 Of
Maturity Date*: May I)
* 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 CONTRACT 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, 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 calen*ar d. V the due date.
5. This Note may be prepaid in whole or in part at any time with. • - 4 .alty. Any
partial prepayment shall not postpone the due date of a bseq y I r change
the amount of such payments.
6. All payments received shall be applied first to late charges, , c est and
then to reduce the principal amount.
7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and OWER.
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 a Security Agreement of even date and amount and cover certain revenues of the
BORROWER. The LOAN CONTRACT and Security Instrument grant additional rights to the
CWCB.
8. The CWCB shall give the BORROWER written notice of any alleged default and an
Appendix 2 to Loan Contract C150122
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