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<br />b. Automobile liability insurance for all vehicles and comprehensive general liability insurance, both <br />in at least the following amounts: <br /> <br />(i) For any injury to one person in any single occurrence, the sum of Five Hundred Thousand <br />Dollars ($500,000), <br /> <br />(ii) For any injury to two or more persons in any single occurrence, the sum of One Million Dollars <br />($1,000,000) . <br /> <br />c, For any damage to property, the sum of FiVP. J"~r:lDsand Dollars ($500,000) for each <br />occurrence. ~ <br /> <br />Said general liability insurance shall name "'e~R6gHleiAIE as additional insured. No <br />payments shall be made to the BORROWER under this !,ohttact .LIle es of current certificates of all such <br />insurance have been obtained by the BORROWER and fil~dwith the STATE. Such filing of current certificates shall <br />be accomplished before the beginning of construction. Notices of renewals of said policies shall also be filed <br />with the STATE as they occur. <br /> <br />5. After construction, hold the STATE harmless from any liability, and maintain liability insurance coverage. <br />The BORROWER shall, without expense or legal liability to the STATE, manage, operate, and maintain the PROJECT <br />continuously in an efficient and economical manner. The BORROWER agrees to indemnify and hold the STATE <br />harmless from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and <br />any other property identified in the Deed of trust provisions of this contract. Until complete repayment of the <br />loan is made to the STATE, the BORROWER shall maintain comprehensive general liability insurance covering the <br />management, operation. and maintenance of the PROJECT in at least the following amounts: <br /> <br />a, For any injury to one person in any single occurrence, the sum of One Hundred Fifty Thousand <br />Dollars ($150,000), <br /> <br />b. For any injury to two or more persons in any single occurrence, the sum of One Million Dollars <br />($1,000,000). <br /> <br />c. For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000) for each <br />occurrence. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate of said <br />liability insurance must be filed with the STATE. Such certificate shall be incorporated herein as part of this <br />contract. Evidence of renewal of said liability insurance is to be submitted with the annual payment as <br />discussed in the Promissory Note provisions. <br /> <br />6. BORROWER'S authority to contract. The BORROWER shall, pursuant to the election held April 5, 1994, and <br />to its statutory authority, have its governing Board of Trustees pass an irrepealable ordinance authorizing the <br />Town Manager and Town Clerk, on behalf of the BORROWER, to do the following: <br /> <br />a. Contract for this loan with the STATE, and to pay the indebtedness on behalf of the BORROWER, and <br /> <br />b. Execute the deed of trust as security required by the STATE, as specified in the Deed of trust <br />provisions of this contract, and <br /> <br />c. Fix and collect water user charges and fees sufficient to payoff this contract loan pursuant to its <br />terms, and <br /> <br />d. Place sufficient revenues each year in a special fund separate and apart from other BORROWER <br />revenues to assure repayment of this loan to the STATE, and <br /> <br />TOWN OF MONUMENT <br /> <br />Page 3 of 11 <br /> <br />LOAN CONTRACT <br />