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<br />a. For any injury to one person in dny single <br />occurrence. the sum of Five Hundred ThouR~nd Dolldrs <br />($500,000) . <br /> <br />b. For any injury to two or Inoee p(![sons ill dny <br />single occurrence. the sum of One Million Dollars <br />($1.000,000) . <br /> <br />Said liability insuran(:" 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 servicHR of said project available within its <br />capacity to all persons in the Borrower IS 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 mort! classes of service. in accordance with <br />a schedule of such charges formally adopted by tllfl Horrower <br />through its board of directors. aH may be modified from time to <br />time. The initial rate schedule must be approved by the <br />State. Thereafter. the Boerowee 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 eate schedule remains reasonable and non- <br />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 r(~serves. and debt <br />eeseeves. <br /> <br />10. Provide the State with such periOdic eepaets as the <br />State may require and permit peeiodic inspections of its <br />operations and accounts by a designated eepcesentative of the <br />State. <br /> <br />11. Repay to the State the total sum of Seven Hundred <br />Forty Thousand Eight Hundred Fifty-Five Dollars and Twenty <br />Cents ($740.855.20l. which includes the project loan <br />amount and interest at the eate of five percent (5%) per <br />annum. said repayment to be made in constant annual <br />installmentH of Riyhl.oAn Thousand Five Hundred Twenty-One <br />Dollars and Thirty-Eiqht Cents ($18.521.38) each, for forty <br />(40) years. as shown in Exhibit A. attached hereto and <br />incorporated by reference herein. which first installment shall <br />be due and payable on the fiest day of the mc}nth next <br />succeeding the month in which the State determines that the <br />project has been substantially completed. and yeaely thereafter <br />until the entire principal sum Rhall have been paid. However. <br />in the event the Borrower does not draw funds commencing on the <br />date specified in paragraph C.I.a. below. the obligatioll to <br />repay shall be postponed for the same number of months as the <br />Borrower deldYs in drawing funds. Said installment payments <br />shall be made payable to the Colorado Water Conservation Board. <br />payable at the offices of said Board in Denver. Colorado. The <br />Borrower warrants that it has taken all steps necessary to <br />create a valid first lien in favor of the Board and to <br />constitute this Agreement as fully enforceable against the <br />District. <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 eepaid the loan in the full under the terms of <br />parageaph A.11. above. The State shall be the sole insured of <br />this pOlicy. The outstanding loan amount payablH to the State <br />shall be reduced in the amount of any payments made to the <br /> <br />Page 1 of I Pages <br />