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STATE covering the management, operation, and maintenance of the PROJECT with minimum <br />limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general <br />aggregate, including products /completed operations and personal injury. <br />Said general liability insurance shall name the STATE as additional insured. A copy of a <br />certificate of said insurance and an additional insured endorsement must be filed with the <br />STATE. Evidence of current insurance coverage is to be provided as renewals occur. No loan <br />funds shall be advanced by the STATE without evidence of said current coverage. Throughout <br />the life of this contract, the STATE reserves the right to increase the above amount of insurance <br />so that said amounts at a minimum correspond to the amounts established by the Colorado <br />Governmental Immunity Act, now and as hereafter amended. <br />3. DISTRICT'S and BORROWER's authority to contract. The DISTRICT and the BORROWER <br />warrant that both the Board of Directors of the DISTRICT and the governing body of the <br />BORROWER have complied with all statutory and other requirements and duly passed resolutions <br />that are irrepealable for the term of this loan contract, authorizing: <br />a. The DISTRICT and the BORROWER to enter into and comply with the terms of this <br />contract with the STATE; <br />b. The BORROWER to establish a Certifd <br />annual loan payment ($4,397 <br />Deposit as required by the STA. <br />Provisions of this contract; <br />c. The DISTRICT to set and c tef <br />of water in an amount suffi t4to <br />contract; <br />Deposit account in the amount of one <br />ute an Assignment of Certificate of <br />Mide t ecunty specified in the Collateral <br />fees and charges for the allotment and sale <br />repay the annual amounts due under this <br />d. The BORROWER to place water revenues received from the DISTRICT each year in a <br />special account separate and apart from other BORROWER revenues in an amount <br />sufficient to make annual payments and annual deposits to the reserve debt service <br />fund; <br />e. The BORROWER to establish a reserve debt service fund by making an annual <br />deposit equivalent to one -tenth of an annual payment every year for 10 years, and to <br />replenish that fund anytime it is depleted; <br />f. The BORROWER to make annual payments in accordance with the Promissory Note <br />Provisions of this contract and to make annual deposits to the reserve debt service <br />fund in accordance with the Pledge of Revenue Provisions of this contract; <br />g. The DISTRICT and the BORROWER to execute a Security Agreement in accordance <br />with the Pledge of Revenues Provisions of this contract to secure the revenues <br />pledged herein in favor of the STATE; and <br />Said resolutions are attached hereto as APPENDIX A and incorporated herein. <br />4. Attorney's opinion letter. Prior to the execution of this contract by the STATE, the <br />DISTRICT /BORROWER shall submit to the STATE a letter from its attorney stating that it is the <br />attorney's opinion that the contract will be duly executed by officers of the DISTRICT and the <br />Page 3 of 12 <br />