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<br />a. Worker's compensation and employer's liability insurance in the required statutory amounts. <br /> <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and hired vehicles with <br />minimum limits of $1,000,000 combined single limit for bodily injury and property damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for each <br />occurrence and $2,000,000 general aggregate. Insurance will include products/completed operations and personal <br />injury. <br /> <br />d. Builder's risk for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in <br />an amount equal to the completed value of the PROJECT. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional insured. No payments shall <br />be made to the BORROWER under this contract unless current certificates of all such insurance and a copy of the <br />additional insured endorsement are on file with the STATE. Such filing of current certificates shall be accomplished <br />before the beginning of construction. <br /> <br />5. BORROWER'S liability insurance. The BORROWER shall, without expense or legal liability to the STATE, manage, <br />operate, and maintain the PROJECT continuously in an efficient and economical manner. The BORROWER agrees to <br />indemnify and hold the STATE harmless from any liability incurred by the STATE as a result of the STATE'S interest in the <br />PROJECT facilities and any other property identified in the Deed of trust provisions of this contract. Upon execution of <br />this contract and continuing until complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br />commercial general liability insurance with a company that is satisfactory to the STATE covering the management, <br />operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single limit for each <br />occurrence and $2,000,000 general aggregate, including products/completed operations and personal injury. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate of said liability <br />insurance must be filed with the State as well as the additional insured endorsement. Evidence of current liability <br />insurance coverage is to be provided as renewals occur. No loan funds shall be advanced by the STATE without <br />evidence of said current coverage. <br /> <br />6. BORROWER'S authority to contract. The BORROWER shall, pursuant to the election held November 8, 1994, and <br />to its statutory authority, have its governing board of trustees pass an irrepealable ordinance authorizing the Town <br />Manager and the Town Clerk, on behalf of the BORROWER, do the following: <br /> <br />a. Contract for this loan with the STATE, and to pay the indebtedness; <br /> <br />b. Execute the deed of trust as security required by the STATE, as specified in the Collateral Provisions of this <br />contract; <br /> <br />c. Collect the one percent (1 %1 use tax as described in Ordinance No. 23 attached hereto ~ENDIX Band <br />connect fees and user fees, said tax and fees referred to hereinafter as revenues:{]A 9-/ t1~ <br /> <br />d. Set aside sufficient revenues each year to pay the annual installment in a sp~;ount, separate and apart <br />from other revenues of the BORROWER; . <br /> <br />e. Sign a security interest in the revenues pledged in favor of the STATE to secure repayment of this loan; <br /> <br />f. Repay this loan to the STATE; <br /> <br />g. Pledge the full faith and credit of the BORROWER to ensure the repayment of this loan; <br /> <br />The BORROWER'S ordinance is attached hereto as APPENDIX C and incorporated herein by this reference. <br /> <br />7. Warranties. The BORROWER warrants the following: <br /> <br />TOWN OF SILT <br /> <br />Page 3 of 9 <br /> <br />LOAN CONTRACT <br />