Laserfiche WebLink
<br />The deed will be recorded by the Horrower in the <br />proper county or counties and all recording fees shall he pain <br />by the Borrower. The retainage shall not be pairl to the <br />Borrower until a warranty oeed has been executed, LAcornerl, ann <br />filed with the Colorado Water Conservation Roaro. <br /> <br />6. Permit periodic inspection of construction by <br />authorized representatives of the State rlurinq and after <br />construction. <br /> <br />7. Without expense to the State, ~anaqe, operate, ~nrl <br />maintain the project continuously in an efficient ano <br />economical manner, and assume all legal liahility for such <br />management, operation, and maintenance. The Borrower aqrees to <br />indemnify and hold the State harmless from any liability as a <br />result of the State's interest in the pro;ect facilities and <br />any other property identified in paragraph A.5. above. The <br />Borrower shall maintain general liability insurance coverinq <br />the management, operation, and maintenance of the pro;ect until <br />it completes repayment to the State in at least the followinq <br />amoun ts: <br /> <br />a. For any injury to one person in any sinqle <br />occurrence, the sum of Five Hundred Thousann 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 sain liahilitv <br />insurance must be filed with the Colorarlo Wat~r <br />Conservntion 80ard orior to the start of the oneratio~ <br />of the nroiect system. <br /> <br />8. Make the services of said project available within its <br />capacity to all persons in the Borrower1s service area without <br />discrimination as to race, color, reliqion, or natur~l oriqin <br />at reasonable charges (including assessments, taxes, or fees), <br />whether for one or more classes of service, in accorrlance with <br />a schedule of such charges formally adopted by the Borrower <br />through its elected representatives, 3S may be mooified from <br />time to time. The initial rate schedule must be approved by <br />the State. Thereafter, the Borrower may, subject to the <br />approval of the State, make such modifications to the rate <br />schedule as the Borrower deems necessary to efficiently and <br />economically provide for the financial requirements of the <br />system as long as the rate schedule remains reasonable ano <br />non-discriminatory. <br /> <br />9. Adjust its operating costs and service charqes fro~ <br />time to time to provine for adequate operation and maintenance, <br />emergency repair services, obsolescence reserves, and deht <br />reserves. <br /> <br />10. Provide the State with such .periorlic reoorts as the <br />State may require and oermit periorlic inspp-ctions of its <br />operations and a~counts by a desiqnated representative of the <br />State. <br /> <br />11. Repay to the State the total principal sum of <br />Four Million Eight Hundred Sixty-Five Thousand Three Rundred <br />Seven Dollars and Sixty Cents (S4,865,307.60l, which inclurles <br />the project loan amount and the feasibility report amount, <br />together with interest at the rate of five percent (~.n%) per <br />annum, said repayment to be made in constant annual <br />installments of One Hundred Twenty-One Thousand Six Hundred <br />Thirty-Two Dollars and Sixty-Nine Cents (S121,632.6Q) each, for <br />forty (40) years, as shown in Exhibit 2, attached hereto and <br /> <br />page 3 of 8 pages <br />