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BORROWER: EAST DillON WATER DISTRICT Contract No. C150100 Loan Amount $2,550,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number 03 PDA oD03f2, LOAN CONTRACT THIS CONTRACT, made this November 10, 2002, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and the East Dillon Water District, a Colorado special district, 101 S. 7th Street, P.O. Box 627, Frisco, CO 80443-0627 ("BORROWER"). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment as follow: Contract Encumbrance No. C150100, Fund Number 424, Organization YYYV, Appropriation Code L02, GBL E100, Program WTRC, Object Code 5560, Reporting Category 0100. 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's authority for making this loan (Section 3), and CWCB Approval and Legislative Authorization (Section 4). 4. The CWCB now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS 1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, in the form attached hereto as Appendix 2 and incorporated herein. The Promissory Note shall identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWeB to the BORROWER differs from the LOAN AMOUNT, the Parties agree to amend this contract to revise the LOAN AMOUNT. 2. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to substantial completion of the PROJECT and notify BORROWER of such amount. The BORROWER shall repay that amount to the CWCB either within ten (10) days from the date of notification from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the final disbursement of loan funds that the CWCB makes to the BORROWER. Page 1 of 9