Laserfiche WebLink
<br />b. E'or 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 />.), <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 Board of Directors, 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 luodifications to the rate schedule as <br />the Borrower deem~ necessary to efficiently and economically <br />provide for the f~nancial requirements of the system as long as <br />the rate schedule remains reasonable and non-discriminatory. <br /> <br />9. Adjust ies operating costs and service charges from <br />time to time to p~ovide for adequate operation and maintenance, <br />emergency repair pervices, obsolescence reserves, and debt <br />reserves. <br /> <br />10. Provide ~he 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 <br />Two Hundred Ninety-One Thousand Four Hundred Dollars <br />($291,400), which includes the project loan amount and interest <br />at the rate of five percent (5%) per annum, said repayment to <br />be made in constapt annual installments of Seven Thousand Two <br />Hundred Eighty-Five Dollars ($7,285) each, as shown in Exhibit <br />A, attached hereto and incorporated by reference herein, which <br />first installment shall be due and payable on the first <br />day of the month pext succeeding the month in which the State <br />determines that t~e project has been SUbstantially completed, <br />and yearly thereatter until the entire principal sum shall have <br />been paid. Howev~r, in the event the Borrower does not draw <br />funds commencing on the date specified in paragraph C.I.a. <br />below, the obligation to repay shall be postponed for the same <br />number of months 3S the Borrower delays in drawing funds. Said <br />installment payments shall be made payable to the Colorado <br />Water Conservation Board, payable at the offices of said Board <br />in Denver, Colorado. The Borrower pledges its full faith and <br />credit in support of this obligation and warrants that it has <br />taken all steps necessary to pledge its full faith and credit <br />for this obligation. <br /> <br />12. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Borrower until the <br />Borrower has repaid"the loan in the full under the terms of <br />paragraph A.il. above. The State shall be the sole insured of <br />this policy. The outstanding loan amount payable to the State <br />shall be reduced in the amount of any payments made to the <br />State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid to the State under this policy, <br />the number of installment payments shall remain unchanged; <br />however, the amount of each payment shall be reduced. <br /> <br />\ <br />\ <br />I <br />i <br /> <br />Page 3 of 8 Pages <br />