**Exhibit 10.23****CONSTRUCTION NOTE**Note Date: December 19, 2006 $83,000,000.00Maturity Date: April 8, 2009  FOR VALUE RECEIVED, CARDINAL ETHANOL, LLC, an Indiana limited liability company (“BORROWER”),promises to pay to the order of FIRST NATIONAL BANK OF OMAHA (“BANK”), at its principal office orsuch other address as BANK or holder may designate from time to time, the principal sum ofEighty-Three Million and No/100 Dollars ($83,000,000.00), or the amount shown on BANK’s records tobe outstanding, plus interest (calculated on the basis of actual days elapsed in a 360-day year)accruing each day on the unpaid principal balance at the annual interest rates defined below.Absent manifest error, BANK’s records shall be conclusive evidence of the principal and accruedinterest owing hereunder.This CONSTRUCTION NOTE is executed pursuant to a Construction Loan Agreement (“LOAN AGREEMENT”)between BORROWER and BANK dated of even date herewith. All capitalized terms not otherwise definedin this CONSTRUCTION NOTE shall have the meanings provided in the LOAN AGREEMENT.**INTEREST ACCRUAL**. Interest on the principal amount outstanding on the CONSTRUCTION LOAN shallaccrue, for the period through and including the CONSTRUCTION LOAN TERMINATION DATE, at a rateequal to the one month LIBOR RATE plus three hundred (300) basis points from time to time untilmaturity, and at a rate equal to the one month LIBOR RATE plus nine hundred (900) basis points fromtime to time after maturity, whether by acceleration or otherwise. Interest shall be calculated onthe basis of a 360-day year, counting the actual number of days elapsed, and will adjust monthly asdescribed in the LOAN AGREEMENT.**REPAYMENT TERMS**. Until the CONSTRUCTION LOAN TERMINATION DATE applicable to this CONSTRUCTIONNOTE, interest only shall be payable quarterly, commencing March 8, 2007. On the CONSTRUCTION LOANTERMINATION DATE applicable to this CONSTRUCTION NOTE, all principal and accrued interest shall bedue and payable. The LOAN AGREEMENT describes the TERM NOTES that may be used by BORROWER to paythis CONSTRUCTION NOTE.**PREPAYMENT**. The LOAN AGREEMENT contains provisions regarding prepayment.**ADDITIONAL TERMS AND CONDITIONS**. The LOAN AGREEMENT, and any amendments or substitutions, containsadditional terms and conditions, including default and acceleration provisions, which areincorporated into this CONSTRUCTION NOTE by reference. BORROWER agrees to pay all costs ofcollection, including reasonable attorneys’ fees and legal expenses incurred by BANK if thisCONSTRUCTION NOTE is not paid as provided above. This CONSTRUCTION NOTE shall be governed by thesubstantive laws of the State of Nebraska, exclusive of its choice of laws principles.**WAIVER OF PRESENTMENT AND NOTICE OF DISHONOR**. BORROWER and any other person who signs, guaranteesor endorses this CONSTRUCTION NOTE, to the extent allowed by law, hereby waives presentment, demandfor payment, notice of dishonor, protest, and any notice relating to the acceleration of thematurity of this CONSTRUCTION NOTE.**[SIGNATURE PAGE FOLLOWS]**
 

 
Executed as of the Note Date first above written.CARDINAL ETHANOL, LLC, an Indiana limited liability company     By: /s/ Troy Prescott Troy Prescott, President         STATE OF INDIANA  )      )  ss.COUNTY OF Marion  )        On this 19th day of December, 2006, before me, the undersigned, a Notary Public inand for said County and State, personally appeared Troy Prescott, known to me to be the Presidentof Cardinal Ethanol, LLC, an Indiana limited liability company, and acknowledged the execution ofthe foregoing Construction Note for and on behalf of such limited liability company.       /s/ Linda Schmidt Notary Public              Notary Public (Printed Signature)  
     My County of Residence Is:         My Commission Expires:         SEAL                     OFFICIAL SEAL