C150062 Paid in Full Documents

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

PROMISSORY NOTE
Date: September 1, 2002 Initiation Date 4t+ s t / 2 C 0.3
1. FOR VALUE RECEIVED, the Town of Monument, Colorado, acting by and through the
Town of Monument, Colorado, Water Enterprise ("BORROWER") promises to pay the
State of Colorado Water Conservation Board ("CWCB"), the principal sum of Two
Million Four Hundred Forty Three Thousand Dollars ($2,443,000) plus interest at the
rate of 5.50% per annum for a term of thirty (30)years, pursuant to Loan Contract No.
C150062, dated March 1, 2002, as amended September 1, 2002 ("LOAN CONTRACT").
2. This promissory note supersedes and replaces the promissory note dated March 1,
2002, in the principal amount of$2,081,000.
3. Principal and interest shall be payable in equal installments of $168,091.57, with the
first payment due and payable one year from the date that the CWCB determines that
the project is substantially complete ("INITIATION DATE"), 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 after the INITIATION DATE.
4. Payments shall be made payable to the Colorado Water Conservation Board and
mailed to 1313 Sherman Street, Room 721, Denver, Colorlccf0
i4 h
5. If the CWCB does not receive the annual payment within e
cl � idttrof the due
date, the State may impose a late charge in the am n of 5% of the annual payment.
c;L6. This Note may be prepaid in whole or in part at any;11 eAvithrc i or enalty.
Any partial prepayment shall not postpone the due date of artysu "
ents
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.
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 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 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
Attachment A to Contract C150062 Amendment No. 1