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1 <br />authorizing the President and the Secretary to pay the <br />indebtedness. Such orders shall be attached hereto as Exhibit A <br />nd included erei �eC cThe Contractor, through a majority vote of <br />OVO�Securityts stogk�i6l61 8rd11 also authorize the deed of trust <br />interest required by the State in paragraph A.14. <br />below. Such authorization shall be attached hereto and <br />incorporated herein as Exhibit B. The above conditions must be <br />performed by the Contractor prior to the State performance under <br />this contract. <br />11. Pursuant to its Articles of Incorporation and to its <br />By -Law, including, but not limited to, Article 4, the <br />Contractor, through its stockholders or Board of Directors, <br />shall take all necessary actions consistent therewith to levy <br />assessments to raise sufficient funds to pay this contract loan <br />debt in a timely manner and as required by the terms and <br />conditions herein to assure repayment of the project loan to the <br />State. In the event that the assessment(s) levied by the <br />Contractor, or the revenues resulting therefrom, are or become <br />insufficient to assure repayment to the State as required by the <br />terms and conditions herein, then the Contractor, upon written <br />notice thereof from the State, shall immediately take all <br />necessary action consistent with its By -Laws, including but not <br />limited to additional assessments, to raise sufficient revenue <br />to assure repayment of the project loan to the State. <br />12. 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 />13. Repay to the State the total sum of Two Million Six <br />Hundred Thirty -Two Thousand Thirteen Dollars ($2,632,013), which <br />includes the project loan amount with interest at the rate of <br />Two percent (2%) per annum, said repayment to be made in <br />constant annual installments of Sixty -Five Thousand Eight <br />Hundred Dollars and Thirty -Five Cents ($65,800.35) each, for <br />Forty (40) years, as shown in Exhibit C, attached hereto and <br />incorporated by reference herein, which first installment shall <br />be due and payable on the first day of the month next succeeding <br />the month in which the State determines that the project has <br />been substantially completed, and yearly thereafter until the <br />entire principal sum shall have been paid. Said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br />14. As security for the loan to be made to it by the State, <br />„IN execute a deed of trust within thirty (30) days of the <br />ubstantial completion of the project that shall convey to the <br />State an undivided one hundred percent (100%) of the following:. <br />Page 5 of 13 Pages <br />