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<br />" <br /> <br />The deed will be recorded by the Borrower in the <br />proper county or counties and all recording fees shall be paid <br />by the Borrower. The retainage shall not be paid to the <br />Borrower until a warranty deed has been executed, recorded, and <br />filed with the Colorado Water Conservation Board. <br /> <br />6. Permit periodic inspection of construction by <br />authorized representatives of the State during and after <br />construction. <br /> <br />7. Without expense to the State, manage, operate, and <br />maintain the project continuously in an efficient and <br />economical manner, and assume all legal liability for such <br />management, operation, and maintenance. The Borrower agrees to <br />indemnify and hold the State harmless from any liability as a <br />result of the State's interest in the project facilities and <br />any other property identified in paragraph A.5. above. The <br />Borrower shall maintain general liability insurance covering <br />the management, operation, and maintenance of the project until <br />it completes repayment to the State in at least the fOllowing <br />amounts: . <br /> <br />a. For any injury to one person in any single <br />occurrence, the sum of Five Hundred Thousand Dollars <br />($500,000) . <br /> <br />b. For any injury to two or more persons in any <br />single occurrence, the sum of One Million Dollars <br />($1,000,000). <br /> <br />Said liability insurance shall name the State as a <br />co-insured. A copy of a certificate of said liability <br />insurance must be filed with the Colorado Water <br />Conservation Board prior to the start of the operation <br />of the project system. <br /> <br />8. Make the services of said project available within its <br />capacity to all persons in the Borrower's service area without <br />discrimination as to race, color, religion, or natural origin <br />at reasonable charges (including assessments, taxes, or fees), <br />whether for one or more classes of service, in accordance with <br />a schedule of such charges formally adopted by the Borrower <br />through its elected officiers, as may be modified from time to <br />time. The initial rate schedule must be approved by the <br />State. Thereafter, the Borrower may, subject to the approval <br />of the State, make such modifications to the rate schedule as <br />the Borrower deems necessary to efficiently and economically <br />provide for the financial requirements of the system as long as <br />the rate schedule remains reasonable and non-discriminatory. <br /> <br />9. Adjust its operating costs and service charges from <br />time to time to provide for adequate operation and maintenance, <br />emergency repair services, obsolescence reserves, and debt <br />reserves. <br /> <br />10. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br /> <br />11. Repay to the State the total principal sum of Three <br />Million Thirty Thousand Five Hundred Sixty Dollars <br />($3,030,560), which includes the project loan amount and the <br />feasibility report amount, together with interest at the rate <br />of five percent (5%) per annum, said repayment to be made in <br />constant .annual installments of Seventy-Five Thousand Seven <br />Hundred Sixty-Four Dollars ($75,76'4) each, as shown in Exhibit <br />C, attached hereto and incorporated by reference her~in, which <br />first installment shall be due and payable on the first day of <br />the month next succeeding the month in which the State <br /> <br />Page 3 of 8 Pages <br />