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<br />PROMISSORY NOTE <br /> <br />Date: September 1, 2002 Initiation Date !l L<}/ i.t 5 -t I " 2. 003 <br /> <br />1. FOR VALUE RECEIVED, the Town of Monument, Colorado, acting by and through the <br />Town of Monument, Colorado, Water Enterprise ("BORROWER") promises to pay the <br />State of Colorado Water Conservation Board ("CWCB"). the principal sum of Two <br />Million Four Hundred Forty Three Thousand Dollars ($2,443,000) plus interest at the <br />rate of 5,50% per annum for a term of thirty (30) years, pursuant to Loan Contract No, <br />C150062. dated March 1, 2002, as amended September 1, 2002 ("LOAN CONTRACT"). <br /> <br />2. This promissory note supersedes and replaces the promissory note dated March 1, <br />2002, in the principal amount of $2,081 ,000. <br /> <br />3, Principal and interest shall be payable in equal installments of $168,091,57, with the <br />first payment due and payable one year from the date that the CWCB determines that <br />the project is substantially complete ("INITIATION DATE"), and annually thereafter until all <br />principal, interest. and all late charges, if any, have been paid in full. All principal, <br />interest, and late charges, if any, then remaining unpaid shall be due and payable <br />thirty years after the INITIATION DATE. <br /> <br />4. Payments shall be made payable to the Colorado Water Conservation Board and <br />mailed to 1313 Sherman Street. Room 721, Denver, Colorado 80203. <br /> <br />5. If the CWCB does not receive the annual payment within 15 calendar days of the due <br />date, the State may impose a late charge in the amount of 5% of the annual payment. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER, The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. The <br />security interests, evidenced by a Security Agreement dated March 1, 2002, cover <br />certain revenues of the BORROWER. The LOAN CONTRACT and Security Agreement <br />grant additional rights to the CWCB, including the right to accelerate the maturity of <br />this Note in certain events. . <br /> <br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT <br />or the Security Agreement securing this Note occurs, the CWCB may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any <br /> <br />Attachment A to Contract C150062 Amendment No.1 <br />