CT2016-175 Substantial Completion Letter

• Contract/PO #: CT2015-175
• Contractor Name: Lower Arkansas Valley Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Project Completion Letter

PROMISSORY NOTE
Date: June 13, 2015
Borrower: Lower Arkansas Valley Water Conservancy District,
acting by and through its Water Activity Enterprise,
a Colorado Title 37 Water Conservancy District
Principal Amount: $2,560,350.00
Interest Rate: 1.45% per annum
Term of Repayment: 20 years
Contract Number: CT2015-175
Loan Payment: $148,395.46
Payment Initiation Date*: wc:i,,.. o/G>
Maturity Date*: G. u G,r y / , 2 c J* (�
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 annual equal loan payments, as set forth in "Loan Payment"
above, with the first payment due and payable one year from the 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
718, 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, DEED OF TRUST, and STOCK ASSIGNMENTS ("SECURITY INSTRUMENT(S)") of even
date and amount herewith and cover certain revenues, water rights and/or accounts of the BORROWER.
The LOAN CONTRACT and SECURITY INSTRUMENTS grant additional rights to the CWCB.
Appendix 2
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