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PROJC01006
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PROJC01006
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Entry Properties
Last modified
7/22/2010 11:20:37 AM
Creation date
10/6/2006 12:16:52 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150135
Contractor Name
Silt Water Conservancy District
Contract Type
Loan
Water District
0
County
Garfield
Bill Number
MC3
Loan Projects - Doc Type
Contract Documents
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PROMISSORY NOTE <br />Date: June 1, 20�3 <br />Borrower: Silt Water Conservancy District, acting by and through the Silt <br />Water Conservancy District Water Activity Enterprise <br />Principal Amount: $490,860 <br />Interest Rate: 2.75°!o per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150135, dated June 1, 2003 <br />Loan Payment: $24,240.84 <br />Payment Initiation Date": <br />Maturity Date*: <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantiaily completed. <br />'I. FOR VALUE RECEIVED the BORROWER pf0111iSeS to pay the Colorado Water Conservation <br />Board ("CWCB"), the Principai Amount plus Interest for the Term of Repayment, pursuant to <br />the LoaN CoNTR,acT and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from the date the CWCB determines that the project is substantially <br />complete (Payment Initiation Date), and annually thereafter untii all principal, interest, and late <br />charges, if any, have been paid in full, with all such principal, interest, and late charges, <br />required to be paid on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part af any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br />This Note is issued pursuant to the Loa,n� CoNrRacT between the CWCB and the BoRROwER. <br />The LoAN CoNrRacr creates security interests in favor of the CWCB to secure the prompt <br />payment of atl amounts that may become due hereunder. Said security interests are <br />evidenced by a Security Agreement of even date and amount and cover certain revenues of <br />the BoRROweR. The LoAN CoNTrtncr and Security Agreement grant additional rights to the <br />CWCB, including the right to accelerate the maturity of this Note in certain events. <br />Appendix 2 to Loan Contract C150135 <br />
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