C150036 Paid in Full Contract

• Contract/PO #: C150036
• Contractor Name: Weld County Tri-Area Sanitation District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

• •
PROMISSORY NOTE
Date: April 1, 2002 Date of Completion
1. FOR VALUE RECEIVED, the Weld County Tri-Area Sanitation District, acting by and through
the Weld County Tri-Area Sanitation District Water Activity Enterprise ("BORROWER")
promises to pay the State of Colorado Water Conservation Board ("CWCB"), the principal
sum of One Million Five Hundred Thousand Dollars ($1,500,000) plus interest at the rate of
five percent (5%) per annum for a term of thirty (30) years, pursuant to Loan Contract No.
C150036 dated April 1, 2002 ("LOAN CONTRACT").
2. Principal and interest shall be payable in equal installm " . $1' ,'I'�15, with the first
payment due and payable one year from the date that - ` ti z .-rmines that the
project is substantially complete, and annually thereat r n 'I all principal, interest, and all
late charges, if any, have been paid in full. All princip� nt . 4 , t charges, if any,
then remaining unpaid shall be due and payable 30 years the, ' -r.. :"
3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to
1313 Sherman Street, Room 721, Denver, Colorado 80203.
4. If the CWCB does not receive the annual payment within 15 calendar days of the due date,
the CWCB may impose a late charge in the amount of 5% of the annual payment.
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 payments received shall be applied first to late charges, if any, next to accrued interest
and then to reduce the principal amount.
7. This Note, including interest thereon, is payable solely from the Pledged Revenues as
defined in the Loan Contract, and this Note does not constitute a debt of the District within
the meaning of any constitutional or statutory limitations.
8. This 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. The security
interests, evidenced by a Security Agreement, cover certain revenues and accounts of the
BORROWER. The LOAN CONTRACT and Security Agreement grant additional rights to the
CWCB, including the right to accelerate the maturity of this Note in certain events.
9. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the
Security Agreement securing this Note occurs, the CWCB may declare the entire
outstanding principal balance of the Note, all accrued interest, and any outstanding late
charges immediately due and payable, and the indebtedness shall bear interest at the rate
of 7% per annum from the date of default. The CWCB shall give the BORROWER written
notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of
such notice before the BORROWER shall be considered in default for purposes of this
Promissory Note.
Appendix 2 to Loan Contract C150036