Laserfiche WebLink
interest in the PROJECT facilities and any other property identified in the deed of trust provisions of this <br />contract. Until complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br />comprehensive general liability insurance covering the management, operation, and maintenance of the <br />PROJECT in at least the following amounts: <br />a. For any injury to one person in any single occurrence, the sum of One Hundred Fifty Thousand <br />Dollars ($150,000). <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 />c. For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000) for each <br />occurrence. <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate of <br />said liability insurance must be filed with the STATE sixty (60) days prior to the completion of the PROJECT. <br />Such certificate shall be incorporated herein as part of this contract. Evidence of renewal of said liability <br />insurance is to be submitted with the annual payment which is discussed below. <br />6. BORROWER's authority to contract. The BORROWER AND DISTRICT shall, pursuant to applicable law, <br />have their respective board of directors take all necessary actions consistent therewith to authorize the <br />President and Secretary to adopt an order or a resolution, which shall be irrepealable during the life of this <br />loan, enabling the BORROWER to do the following: <br />a. Authorizing this loan, and <br />b. Enter into this contract said loan with the STATE, and to execute this contract; and <br />c. Execute the deed of trust as securit equired by the STATE as specified in the deed of trust <br />provisions of this contract, and ' <br />d. Charge rates, fees, and oFaerjrges Buff' ' nt to repay the annual amounts due under this <br />contract, and ' <br />e. Place money collecte ,f 0M,rat&s; fees and other charges each year in a separate reserve <br />escrow account, apart fr6rn offter BORROWER revenues to assure repayment of this loan to the <br />STATE, and <br />f. Establish a security interest in such funds collected. <br />Such resolution, known as Resolution #UW -94 -07 dated November 9, 1994, is attached hereto as <br />Appendix B and made a part hereof, and included herein prior to the STATE'S performance under this <br />contract. <br />7. Warranties. The BORROWER and the District warrant the following: <br />a. By acceptance of the loan money pursuant to the terms of this contract and by the BORROWER'S <br />representation herein, the BORROWER shall be estopped from asserting for any reason that it is not <br />authorized or obligated to repay the loan money to the STATE as required by this contract. <br />LITE WATER CONSERVANCY DISTRICT Page 4 of 11 LOAN CONTRACT <br />