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<br />EXHIBIT A <br /> <br />NON-RECOURSE PROMISSORY NOTE <br />(MUNICIPAL) <br /> <br />$615,000 <br /> <br />, <br />August <br /> <br />Colorado <br />, 1992 <br /> <br />FOR VALUE RECEIVED, the Clinton Ditch & Reservoir Company <br />(the wCompany"), a Colorado nonprofit ditch and reservoir <br />company, promises to pay to the order of the Colorado Water <br />Conservation Board (WPayeeW), an agency of the state of <br />colorado, on or before August , 2002, the principal sum of <br />$615,000, together with interest on the outstanding unpaid <br />balance of such principal amount at the rate of five percent <br />per year, calculated as of and payable on each date when <br />principal payments are due. All interest accrued shall be <br />simple interest and shall be calculated on the basis of actual <br />days elapsed. Principal and interest shall be payable in ten <br />annual installments of $79,645.31 each on or before August <br />of each year beginning August , 1993 and ending August ~ <br />2002. All payments of principal and interest shall be made at <br />payee's offices at 721 State Centennial Building, 1313 Sherman <br />Street, Denver, Colorado 80203, Attention: Director, or at <br />such other place as Payee shall have designated to the company <br />in writing. All payments received hereunder shall be credited <br />toward the allocated share of the applicable Owner (as defined <br />below) as described in the Loan Agreement dated August , <br />1992 between the company and Payee (the "Loan Agreementw), and <br />shall be applied first to accrued interest as of the date of <br />payment and then to the outstanding principal balance of such <br />share. <br /> <br />This Note may be prepaid, either in whole or in part <br />at any time without premium or penalty and without the prior <br />consent of the holder hereof. <br /> <br />This Note is secured severally (not jointly and <br />COllectively) in the amounts set forth on Schedule 1 hereto <br />by, and the holder of this Note is entitled to the benefits <br />of, two Deeds of Trust (the "Deeds of TrustW) and two General <br />Security Agreements (the "Security Agreements") (the Deeds of <br />Trust and Security Agreements being referred to as the <br />"security Documents") of even date herewith, given by certain <br />owners of the company's stock (the "Owners") for the benefit <br />of Payee to secure portions of this Note and covering certain <br />shares of the Company's Class A Series 1 common stock (the <br />"Collateral"). Reference is made to the Security Documents <br />