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7. Pursuant to 7-22-101(h). CRS. its Articles of Incorporation and to its Bylaws. the Contractor shall take all necessary actions consistent therewith to adopt an order or resolution authorizing the Contractor to contract this loan debt. and authorizing the undersigned signatory to sign on behalf of the Contractor. and authorizing the Contractor to use project fees. levies. or other assessments as may be necessary to pay the indebtedness. Contractor shall have its attorney review these documents and render an opinion as to the adeguacy of the authority for Contractor to enter into this obligation. formalities of the contract. and the security interest provided. Such orders and the opinion shall be attached hereto as Exhibit A and included herein. The Contractor. through a majority vote of the Board of Directors. shall also authorize the security interest required by the State in paragraph A.B. below. The above conditions must be performed by the Contractor prior to the State performance under this contract. 8. As security for the loan to be made to it by the State. execute the fOllowing security commitments prior to the advance of funds from the State which shall convey to the State the revenues derived from assessments. levys. or assets of the Contractor. Execute the Uniform Commercial Code documents and annually thereafter. In addition. transfer through deed of trust the balance of interest in the project not already held by the State. 9. Pursuant to its Articles of Incorporation and to its Bylaws. the Contractor. through its Board of Directors. as provided therein. shall take all. necessary actions consistent therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the project loan to the State. In the event that the assessment(s) levied by the Contractor. or the revenues reSUlting therefrom. are or become insufficient to assure repayment of the State as required by the terms and conditions herein. then the Contractor. upon written notice thereof from the State. shall immediately take all necessary action consistent with its Articles of Incorporation and Bylaws. including but not limited to additional assessments. or increases in the rate schedule pursuant to Article A.5~ to raise sufficient revenue to assure repayment of the project loan to the State. 10. Repay to the State the total principal sum of One Million Fifty-Seven Thousand six Hundred Fifty-Nine Dollars ($1,057,659). which includes the project loan amount and interest at the rate of five percent (5\) per annum. said repayment to be made in constant annual installments of Thirty-Five Thousand Two Hundred Fifty-Five Dollars and Thirty Cents ($35.255.30) each. for thirty (30) years. as shown in Exhibit B. attached hereto and incorporated by reference herein. which first installment shall be due and payable on the first day of the month as scheduled in Exhibit B and yearly thereafter until the entire principal sum shall have been paid. Said installment payments shall be made payable to the Colorado Water Conservation Board. payable at the offices of said Board in Denver. Colorado. 11. Obtain and maintain general fire aod hazard insurance on the project in an amount not less than the outstanding amount of the loan made by the State to the Contractor until the Contractor has repaid the loan in the full under the terms of paragraph A.IO. above. The State shall be named coinsured with the Contractor on this pOlicy. The outstanding loan amount payable to the State shall be reduced i~ the amount of any payments made to the State under this insurance coverage. If only a portion of the outstanding loan amount is paid to the 'State under this pOlicy. the number of installment payments shall remain unchanged; however. the amount of each payment Page ~ of 2 pages