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9. Provide the State with such periodic reports as the State <br />may require and permit periodic inspections of its operations and <br />accounts by a designated representative of the State for the term <br />of this contract. <br />10. Repay to the State the total sum of Three Hundred Sixty - <br />One Thousand Two Hundred Ninety Dollars ($361,290), which includes <br />as the principal the project loan amount of Two Hundred Thirty <br />Thousand Dollars ($230,000) and the Twenty- Thousand - Dollar <br />($20,000) feasibility report amount (as shown in Exhibit B), <br />together with interest at five percent (5 %) per annum, said <br />repayment to be made in constant annual installments of Twenty - <br />Four Thousand Eighty -Six Dollars ($24,086) each for fifteen (15) <br />years, as shown in Exhibit D, attached hereto and incorporated by <br />reference herein, which first installment shall be due and payable <br />on the first day of the month next succeeding the month in which <br />the State provides the Borrower with written notification that the <br />project has been substantially completed, and yearly thereafter <br />until the entire principal sum shall have been paid. Said <br />installment payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the State offices of said Board in <br />Denver, Colorado. <br />a. At the Borrower's option, the total principal <br />repayment can be repaid to the State by the Borrower at <br />any time within the fifteen (15) -year repayment period, <br />thereby terminating this contract. The repayment of the <br />total principal prior to the end of the fifteen (15) -year <br />period can be done by submitting a final payment to the <br />State equal in amount to the outstanding unpaid principal <br />plus interest accumulated on the unpaid total principal <br />calculated at a rate of five percent (5 %) per annum for <br />that period from the last scheduled annual payment date <br />to the date final payment is made. <br />11. Pledge its full faith and credit in support of its <br />obligations pursuant to this contract and warrants that it shall <br />lawfully adopt a valid ordinance that recognizes this obligation <br />pursuant to its charter prior to the execution of this contract. <br />Such ordinance is a condition precedent to State performance of <br />this contract. Such ordinance shall be irrepealable for the <br />period of repayment of the project contract loan, and shall <br />specifically authorize the Borrower to enter into this contract, <br />Such ordinance shall specifically pledge the full faith and credit <br />of the Borrower to repay the project contract loan in the event of <br />default. Such ordinance shall be attached hereto as Exhibit E and <br />is incorporated herein by this reference. <br />12. Obtain and maintain general fire and hazard insimeampe <br />on the project in an amount not less than the out <br />amount of the loan made by the State to the Borrow e <br />Borrower has repaid the loan in full under the to of par <br />Page 5 of 10 Pages <br />