PROJ00122

• Contract/PO #: C150100
• Contractor Name: East Dillon Water District
• Contract Type: Loan
• Water District: 5
• County: Summit
• Bill Number: Bill 02-1152
• Loan Projects - Doc Type: Contract Documents

Date:
Borrower:
Principal Amount:
Interest Rate:
Term of Repayment:
Loan Contract No. :
Loan Payment:
Date of Completion":
Maturity Date":

.1

PROMISSORY NOTE

November 10, 2002
East Dillon Water District

$ 2,550,000

4.25% per annum
30 years
C150100 dated November 10, 2002
$151,975.53
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" These two fields will be filled in upon

1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
Board ("CWCS"), the Principal Amount plus Interest for the Term of Repayment, pursuant to
the LOAN CONTRACT.

2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from the Date of Completion, which is the date the CWCS determines that
the project is substantially complete, and annually thereafter until all principal, interest, and
late charges, if any, have been paid in full, with all such principal, interest, and late charges,
required to be paid on or before the Maturity Date.

3. Payments shall be made to the Colorado Water Conservation Soard at 1313 Sherman Street,
Room 721, 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 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 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 of even date and amount and cover certain revenues of
the BORROWER. The LOAN CONTRACT andSecurity Agreement grant additional rights to the
CWCS, including the right to accelerate the maturity of this Note in certain events.

Appendix 2 to Loan Contract C1501 00