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S • <br /> establish revenues from water user charges and fees sufficient to pay this contract loan in a timely manner <br /> and as required by the terms and conditions herein to assure repayment of the loan to the STATE. In the <br /> event these revenues are or become insufficient to assure repayment to the STATE as required by the terms <br /> and conditions herein, then the CITY, upon written notice thereof from the STATE, shall immediately take all <br /> necessary action consistent with its statutory authority, including but not limited to adjusting user charges <br /> and fees, to raise sufficient revenue to assure repayment of the loan to the STATE. <br /> 10. Periodic inspections. The CITY shall permit the STATE to make periodic inspections of its construction, <br /> operations and accounts by a designated representative of the STATE. Any such inspections by the STATE are solely <br /> for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed <br /> nor interpreted as an approval of the actual design, construction, or operation of any element of the PROJECT. <br /> 1 1. Adhere to applicable laws. The BORROWER and the CITY shall strictly adhere to all applicable federal, state, <br /> and local laws and regulations that have been or may hereafter be established. <br /> B. The STATE agrees as follows: <br /> 1. Agreement to loan money. The STATE agrees to loan to the CITY acting by and through the BORROWER an <br /> amount not to exceed that specified in the Promissory Note Provisions of this contract. <br /> 2. Loan disbursement. Payment of the loan amount shall be • S ;e � .rrant within thirty (30) days <br /> from receipt of BORROWER'S request for funds. <br /> 3. Release after loan is repaid. Upon complete repaym ' E of the entire principal and any accrued <br /> interest as specified in the Promissory Note Provisions of th. n ct, • + ees to execute a UCC-3 form <br /> to terminate all of the STATE'S rights in and to the proceeds an re p •yM d ,e repay this loan and the <br /> CONTRACT RIGHTS under the Allotment Contract. :. <br /> C. The STATE and the BORROWER and the CITY agree as follows: <br /> 1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is hereby designated <br /> as the agent of the STATE for the purpose of this contract. <br /> 2. Contract is not assignable. This contract is not assignable by the CITY or the BORROWER except with the <br /> prior written approval of the STATE. <br /> 3. Contract relationship. The parties to this contract intend that the relationship between them contemplated <br /> by this contract is that of lender-borrower, not employer-employee. No agent, employee, or servant of the <br /> BORROWER or the CITY shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. The <br /> BORROWER or the CITY will be solely and entirely responsible for its acts and the acts of its agents, employees, <br /> servants, engineering firms, construction firms, and subcontractors during the performance of this contract. <br /> 4. Complete integration of all understandings. This agreement is intended as the complete integration of all <br /> understandings between the parties. No prior or contemporaneous addition, deletion, or other amendment hereto <br /> shall have any force or effect whatsoever unless embodied herein in writing. No subsequent notation, renewal, <br /> addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a written contract <br /> executed and approved pursuant to STATE fiscal rules. <br /> 5. Eligible expenses. PROJECT construction costs eligible for financing by the STATE shall include, but not be <br /> limited to, the cost of planning, design, right-of-way acquisition, purchase of raw water rights, and construction of <br /> the following segments: <br /> a. Carter Lake outlet modifications <br /> b. Carter Lake to Broomfield pipeline <br /> CITY OF FORT MORGAN, COLORADO, WATER <br /> WORKS AND DISTRIBUTION ENTERPRISE Page 6 of 10 LOAN CONTRACT <br />