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<br />~~ <br /> <br />( " <br />v <br /> <br />,. ';\ <br />~~. <br /> <br />servant of the Contractor shall be. or shall be deemed to be. <br />an employee. agent. or servant of the State. The Contractor <br />will be solely and entirely responsible for its acts and the <br />acts of its agents. employees. servants. engineering firms. <br />construction firms. and subcontractors during the performance <br />of this contract. <br /> <br />G. At all times dueing the performance of this contract. the <br />Contractor shall strictly adhere to all applicable federal and <br />State laws and regulations that have been or may hereafter be <br />established. <br /> <br />H. This agreement is intended as the complete integration of <br />all understandings between the parties. No prior or <br />contemporaneous addition. deletion. or other amendment hereto <br />shall have any force or effect whatsoever unless embodied <br />herein in writing. No subsequent novation. renewal. addition. <br />deletion. or other amendment hereto shall have any force or <br />effect unless embodied in a written contract executed and <br />approved pursuant to State fiscal rules. <br /> <br />I. In its sole discretion. the State may at any time and in <br />writing give any consent. deferment. subordination. release. <br />satisfaction. or termination of any or all of the Contractor1s <br />Obligations under this agreement. with or without valuable <br />consideration. upon such terms and conditions as the State may <br />determine to be: (a) advisable to further the purposes of this <br />contract or to protect the Statels financial interest therein. <br />and (b) consistent with both the statutory purposes of this <br />contract and the limitations of the statutory authority under <br />which it is made. <br /> <br />J. Upon completion of repayment to the State in the amount of <br />Two Hundred Eighty-One Thousand Six Hundred Sixty-Two Dollars <br />and Ninety Cents ($281.662.90). as set forth in paragraph B.13. <br />above of this contract. the State agrees to convey to the <br />Contractor all of the State1s right. title. and interest in and <br />to the project. <br /> <br />K. The Colorado Water Conservation Board. its agents and <br />employees. is hereby designated as the agent of the State for <br />the purpose of this contract. <br /> <br />L. The Contractor agrees and understands that sections <br />37-60-119 through 37-60-122. CRS. as amended. require that the <br />loan of money by the State to the Contractor for this water <br />project be conditioned upon the repayment of the loan to the <br />State. The Contractor hereby agrees to take any and all <br />actions necessary to guarantee such repayment as provided <br />herein including. without being limited to. the actions <br />specified in this contract. <br /> <br />M. The Contractor agrees that the specific revenues to be <br />pledged to repay the State shall include. without being limited <br />to. an assessment levied for that purpose as authorized by <br />Resolution of the Contractor. The Contractor hereby pledges <br />such assessment revenues to repay the State loan. warrants that <br />these revenues will not be used for any other purpose. and <br />agrees to provide the State an affidavit from the Director of <br />Finance that the Contractor will reserve on the balance sheet <br />of the water utility fund Two Hundred Thousand Dollars <br />($200.000) as retained earnings reserved expressly and only as <br />loan collateral for this loan. <br /> <br />N. The Contractor warrants that it has duly passed an <br />ordinance by its city council. as provided in its city charter. <br />authorizing: the Contractor to enter into this contract with <br />the State to borrow the principal sum of Two Hundred Seventeen <br />Thousand Five Hundred Dollars ($217.500) fixing utility rates <br /> <br />Page 7 of 10 Pages <br />.- <br /> <br />. <br />