C150062 Paid in Full Documents

• Contract/PO #: C150062
• Contractor Name: Town of Monument
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

PROMISSORY NOTE
,4H,,,
Date: March 1, 2002 Da ` of Completion Xi, 5 f- / 20e3
1. FOR VALUE RECEIVED, Town of ';':,in , `ient, Colorado, acting by and through the
Town of Monument, Coli .do, Watt nterprise ('BORROWER") promises to pay the
State of C. - -•o Water .nservation Board ("CWCB"), the principal sum of Two
Million E,; ty 0 ''f Thousa • Dollars ($2,081,000) plus interest at the rate of 5.5% per
annum ' a ter if thirty (30) years, pursuant to Loan Contract No. C150062, dated
1 arch 1, .!02 " OAN CONTRACT").
' _. 'rincipal and interest shall be payable in equal installments of $143,0184.02, with the
` 'rst payment due and payable one year from the date that the CWCB determines that
t e project is substantially complete, and annually thereafter until all principal, interest,
and all late charges, if any, have been paid in full. All principal, interest, and late
charges, if any, then remaining unpaid shall be due and payable thirty years
thereafter.
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 State 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. F
7. This Note is issued pursuant to the LOAN CONTRACT between the WCB and the
BORROWER. The LOAN CONTRACT creates security interests in favoiof tile CWCB to
secure the prompt payment of all amounts that may become due hereunder. The
security interests, evidenced by a Security Agreement dated March 1, 2002, cover
certain revenues of the BORROWER. The LOAN CONTRACT and Security Agreement
grant additional rights to the CWCB, including the right to accelerate theaiurr of
this Note in certain events.
8. If any annual payment is not paid when due or any default un.-snhe LOAN C3 TRACT
or the Security Agreement securing this Note occurs, the CW 'a
're de `' 're the
entire outstanding principal balance of the No , an accrued -t t-rest, and any
outstanding late charges immediately due and ayablea nd the indebtedness shall
bear interest at the rate of 7% per annum from ie date if default. The CWCB shall
give the BORROWER written notice, a y allege.' efav and an opportunity to cure
within thirty (30) days of receipt_, f such notice before the BORROWER shall be
considered in default for purposes Oftliis Promissory Note.
Appendix 2 to Loan Contract C150062