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/ ( ) " ) I \, i and agrees to provide the STATE a perfected security interest such that the STATE has priority over all other competing claims for such revenues.. b. Establish security interest in the revenues. The BORROWER agrees that horder to provide a security interest for the STATE irrevocably pledging such revenues, it will provide a Uniform Commercial Code Security Agreement and Financing Statement, such document completed and properly executed,. incorporated herein as Appendix C. No monies shall be advanced prior to BORROWER providing this form, c, Fees and charges for repayment of the loan. The BORROWER shall, pursuant to its statutory authority and as authorized by its resolution, take all necessary actions consistent therewith to fix fees and charges sufficient to pay this contract loan in a timely manner and .as required by the terms and conditions herein, In the event the fees and charges fixed by the BORROWER become insufficient to assure rep.ayment to the STATE as required by the terms and conditions herein, then the BORROWER, upon written notice thereof from the.STATE, shall immediately take all necessary action consistent with the statutes, including but not be limited to fixing additional fees and charges to raise sufficient revenue to assure repayment of the loan to the STATE. d. Fees and charges for operations, maintenance, reserves, and debt reseriles. The BORROWER shall, pursuant to its statutory authority, fix fees and charges from time'to time as necessary to provide sufficient funds for adequate operation and maintenance, emergency repair services, obsolescence reserves, ~and debt reserves. 13. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a progress report which contains a statement of the actual PROJECT construction costs expended for that month and shall forward said statement to the STATE. 14, Periodic inspections. The BORROWER shall permit a designated representative of the STATE to make periodic inspections of the PROJECT construction, operations and accounts., Any such inspections by the STATE .are solely for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT. 15, Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that have been or may hereafter be established. 16. No discrimination of services. The services of said PROJECT will be made available within its capacity and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. B, The STATE agrees as follows: 1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed that specified in the promissory note provisions of this contract. 2. Disbursements. After receipt of the monthly progress report from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER the amount of the report or such portion that has been approved by the STATE. Such payment shall be made within thirty (30) days from the approval of each monthly progress report. CASTLE PINES NORTH METRO DISTRICT Page6of11 LOAN CONTRACT