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PROMISSORY NOTE Date: June 14, 2010 Borrower: City of Aurora, acting by and through its nt ' e Principal Amount: $75,750,000 Interest Rate: 3.75% per annum irAr Ft), Term of Repayment: 30 years Loan Contract No.: C150243, dated November 20, 2007, and amendeatiL, 2010 Loan Payment: $4,415,876.87 Payment Initiation Date*: May 1, 2010 Maturity Date*: May 1, 2040 * 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. This Promissory Note replaces and supersedes the Promissory Note dated November 20, 2007, in the principal amount of$75,750,000. 3. Borrower shall pay the first two interest-only loan payments in the amount of $2,840,625.00, and thereafter principal and interest shall be payable in the Loan Payment amount. The first payment is due and payable May 1, 2011, and subsequent payments are due annually thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on or before the Maturity Date. 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Colorado 80203. 5. 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. 6. 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. 7. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. Appendix A to Loan Contract C150243