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PROMISSORY NOTE <br /> Date: December 1, 2005 <br /> Borrower: Central Weld County Water District, acting by and through <br /> the Central Weld County Water IDistrict Water Activity <br /> Enterprise <br /> Principal Amount: $4,994,955.00 <br /> Interest Rate: 3.7% per annum <br /> Term of Repayment: 20 years ;. <br /> Loan Contract No.: C150209, dated December 1, 0 • <br /> Loan Payment: $357,840.56 <br /> Payment Initiation Date*: ,414 y f Z o D 1 <br /> Maturity Date*: Wel /, �_ v ti <br /> * Payment Initiation Date and Maturity Date fields are filled in aft-it the project has been <br /> substantially completed. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colo =do Water Conservation <br /> Board ("CWCB"), the Principal Amount plus Interest for the Term o kepayment, pursuant to <br /> the LOAN CONTRACT and this promissory note. <br /> 2. Principal and interest shall be payable in equal Loan Payments, with he first paymen due and <br /> payable one year from Payment Initiation Date (the date the C CB determine that the <br /> project is substantially complete), and annually thereafter. All pr ncipal, interest, and late <br /> charges, if any, then remaining unpaid shall be due and payable •n or before th Maturity <br /> Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Boar. t 1313 Sherman Street, <br /> Room 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5% of t annual pay nt if the <br /> CWCB does not receive the annual payment within 15 calendar day- of the due date <br /> 5. This Note may be prepaid in whole or in part at any time without ,remium or pen Ity. Any <br /> partial prepayment shall not postpone the due date of any subseq ont payments r change <br /> the amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, n=x to accrued in erest and <br /> then to reduce the principal amount. <br /> 7. This Note is issued pursuant to the LOAN CONTRACT between the C CB and the B RROWER. <br /> The LOAN CONTRACT creates security interests in favor of the C B to secure t e prompt <br /> payment of all amounts that may become due hereunder. S-id security int rests are <br /> evidenced by a Security Agreement ("Security Instruments") of ev-n date and a ount and <br /> cover certain revenues, real property, water rights and/or account- of the BORRov$►ER. The <br /> Appendix 2 to Loan Contract C151209 <br /> Page 1 of 2 <br />