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, , d. Levy charges and fees for repayment of the loan, The BORROWER shall, pursuant to its statutory authority and as authorized by its ordinance, take all necessary actions consistent therewith to establish revenues from water user charges and fees sufficient to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the loan to the STATE. In the event these revenues are or become insufficient to assure repayment to the STATE as required by the terms and conditions herein, then the BORROWER, upon written notice thereof from the STATE, shall immediately take all necessary action consistent with its statutory authority, including but not be limited to adjusting user charges and fees, to raise sufficient revenue to assure repayment of the loan to the ST ATE. e. Levy assessments for operations, maintenance, reserves, and debt reserves. The BORROWER shall, pursuant to its statutory authority, adjust its operating costs and service charges from time to time as necessary to provide sufficient funds for adequate operation and maintenance, emergency repair services, obsolescence reserves, and debt reserves. 12. Progress reports, The BORROWER shall, with the assistance of the CONSULTANT, prepare a progress report which contains a statement of the actual PROJECT construction costs expended for that month and shall forward said statement to the STATE. 13. Periodic inspections. The BORROWER shall permit a designated agent of the STATE to make periodic inspections of its operations and accounts. Any such inspections by the STATE are solely for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT. 14. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that have been or may hereafter be established. 15. No discrimination for services. The services of said PROJECT shall be made available within its capacity and in accordance with its charter and all pertinenl statutes, rules and regulations, and operational guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments, taxes, or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER though its Board of Trustees, as may be modified from lime to time. B. The STATE agrees as follows: 1. Agreement to loan money. The STATE agrees to loan to lhe BORROWER an amount not to exceed that specified in the promissory note provisions of this contract. 2. Disbursements. After receipt of the monthly progress report from the BORROWER, and review and acceptance of the ilems therein as eligible expenses as described below, the STATE will pay to the BORROWER the amount of the report or such portion thereof as has been approved by the STATE. Such payment shall be made within thirty (30) days form the approval ,of each monthly progress report. 3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal and any accrued interest as specified in the promissory note provisions of this contract, the STATE agrees to execute a release of deed of trust to convey to the BORROWER all of the STATE'S right, title, and interest in and to the PROJECT and any other property described in Appendix B. C. The STATE and the BORROWER mutually agree as follows: 1, Designated agenLof the STATE. The CWCB, which includes its agents and employees, is hereby designated as the agent of the STATE for the purpose of this contract. TOWN OF MONUMENT Page 6 of 11 LOAN CONTRACT