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~ ~ 5. 6. certificates are current. The BoRROwER shall file notices of renewals of said policies with the STATE as renewals occur. During the time of construction, the STa,TE reserves the right to increase the above amount of insurance so that said amounts at a minimum correspond to the amount established by the Colorado Governmental Immunity Act, now and as hereafter amended. BORROWER's Indemnification Of The STATE. The BORROWER shall, without expense or legal liability to the STATE, manage, operate, and maintain the PRO~ECT continuously in an efficient and economical manner. The BoRROwER agrees to indemnify and hold the STA7E harmless from any liability incurred by the STATE as a result of the STaTE's interest in the PRO~ECT facilities. BORROWER's Liability Insurance. Upon execution of this contract and continuing until complete repayment of the loan is made to the ST,aTE, the BORROwER shall maintain commercial general liability insurance with a company that is satisfactory to the STATE covering the management, operation, and maintenance of the PRO~ECT with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, including products/completed operations and personal injury. Said generai liability insurance shall name the STaTE as additional insured. The BoRROwER shall provide the STArE with an Acord Form 27 evidencing said insurance and an additional insured endorsement, and shall provide the STATE wit cumentation of renewals of said insurance. The STATE WIII not disburse any lo n 't ut evidence of said insurance coverage. Throughout the life of this contract, es t right to increase the above amount of insurance so that said amounts at imu s n to the amount established by the Colorado Governmental Immunity Act, s amended. Because the BORROwER is a"p i ity ithin the meaning of the Colorado Governmental Immunity Act, CRS 24-10-101, e ., as amended ("Act"), the BoRROwER shall at all times maintain such liability insurance, by commercial policy or self-insurance, as is necessary to meet its liabilities under the Act. Upon request by the STaTE, the BoRROwER shall provide proof of such insurance. 7. DISTRICT'S and BORROWER'S Authority To Contract. The DISTRICT and the BORROWER warrant that their respective boards of directors have complied with all applicable law and duly adopted resolutions that constitute legislative measures of the DisrRicT and the BORROWER and are irrepealable for the term of this loan contract, authorizing: a. The D~STRicT and the BoRROwER to enter into and comply with the applicable terms of this contract and the BORROWER to enter into and comply with the terms of the Promissory Note; and b. The BoRROwER to establish and collect water user charges, rates and fees in amounts sufficient to repay the loan; and c. The BoRROwER to make annual loan payments in accordance with the promissory note; and d. The BORROWER t0 pledge revenues from water user charges, rates and fees ("water system revenues") to repay this loan and to execute a Security Agreement to convey a security interest to the STATE in the pledged water system revenues; and e. The BoRROwER to set aside su~cient water system revenues each year to pay the annual installment in a special account, separate and apart from other revenues of the BoRROwER, in accordance with the Pledge of Revenues provisions of this contract; and Silt Water Conservancy District Water Activity Enterprise and Silt Water Conservancy District Page 4 of 13