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<br /> <br />Promissory Note <br /> <br />Date: March 1, 2002 Date of Completion <br /> <br />1. FOR VALUE RECEIVED, the City of Idaho Springs, acting by and through the City of <br />Idaho Springs Water Activity Enterprise ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("CWCB"), the principal sum of One Million One <br />Hundred Sixty Five Thousand Dollars ($1,165,000), together with interest accruing on <br />$210,000 at five and one-half percent (5.50%) per annum and on $955,000 at five <br />percent (5.0%) per annum for a repayment term of thirty (30) years, pursuant to Loan <br />Contract No. C150016 dated December 18, 2000, and as amended March 1, 2002 <br />("LOAN CONTRACT"). <br /> <br />2. This Promissory Note replaces and supercedes the Promissory Note dated December <br />11, 2000, in the principal amount of $955,000. <br /> <br />3. Principal and interest shall be payable In equal installments of $76,564.19, with the <br />first payment due and payable one year from the date that the CWCB determines that <br />the project is substantially complete, and annually thereafter until all principal, interest, <br />and alllate charges, if any, have been paid in full. All principal, interest, and late <br />charges, if any, then remaining unpaid shall be due and payable within 30 years <br />thereafter. <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 CWCB may impose a late charge in the amount of 5% of the annual <br />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 on a <br />parity with certain other Prior Obligations, as described in the LOAN CONTRACT, to <br />secure the prompt payment of all amounts that may become due hereunder. The <br />security interests, evidenced by a Security Agreement, cover certain revenues of the <br />BORROWER. The LOAN CONTRACT and Security Agreement grant additional rights to <br />the CWCB, inclUding the right to accelerate the maturity of 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 />outstanding late charges immediately due and payable, and the indebtedness shall <br />bear interest at the rate of 7% per annum from the date of default. The CWCB shall <br /> <br />Attachment B to Contract C150016 Amendment No.1 <br />