Laserfiche WebLink
to th STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br />econ ical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any <br />liabilit incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities. <br />6.. BORR wER's liability insurance. Upon execution of this contract and continuing until complete <br />repay ent of the loan is made to the STATE, the BORROWER shall maintain commercial general <br />liabilitv insurance with a company that is satisfactory to the STATE covering the management, <br />opera ion, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single limit <br />for a :rsonal h occurrence and $2,000,000 general aggregate, including products /completed operations <br />and injury. <br />Said jeneral liability insurance shall name the STATE as additional insured. A copy of a certificate of <br />said i surance and an additional insured endorsement must be filed with the STATE. Evidence of <br />curre it insurance coverage is to be provided as renewals occur. No loan funds shall be advanced <br />by th STATE without evidence of said current coverage. Throughout the life of this contract, the <br />STAis reserves the right to increase the above amount of insurance so that said amounts at a <br />mini um correspond to the amounts established by the Colorado Governmental Immunity Act, now <br />and hereafter amended. <br />7. BOR owER's authority to contract. Pursuant to it i held April 2, 1996, and to its statutory <br />auth rity, the BORROWER'S Board of Truste asse an ordinance, which shall be <br />irrep alable for the term of this loan contract, he E32Ri E?,R: <br />a. o enter into and comply with the terms of this t ffd promissory note, and to pay the <br />i debtedness; <br />*' <br />b. To pledge revenues from the BORROWER &ne r al funds in an amount sufficient to payoff the <br />I an made under this contract for repayment of this loan; <br />c. o set aside a sufficient amount of BORROWER revenues each year to pay the annual <br />stallment in a special account, separate and apart from other revenues of the BORROWER; <br />d. o establish a reserve debt service fund by making an annual deposit equivalent to one -tenth of <br />n annual payment every year for 10 years, and to replenish that fund anytime it is depleted; <br />e. ro execute a security agreement to convey a security interest to the STATE in the pledged <br />venues; and <br />f. ro execute a deed of trust to convey a security interest to the STATE in the property described in <br />he Collateral Provisions herein. <br />The BORROWER'S ordinance is attached hereto as Appendix 1 and incorporated herein. The <br />actic ns of the BORROWER adopting said ordinance and executing the necessary documents to <br />con ey the security interests required by this contract are conditions precedent to performance by <br />the STATE under this contract. <br />8. AM rney's opinion letter. Prior to the execution of this contract by the STATE, the BORROWER shall <br />subi nit to the STATE a letter from its attorney stating that it is the attorney's opinion that the contract <br />will oe duly executed by officers of the BORROWER who are duly elected or appointed and are <br />autt orized to execute the contract and to bind the BORROWER; that the ordinance of the BORROWER <br />Town of frorrison Page 4 of 13 <br />