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establish revenues from water user charges and fees sufficient to pay this contract loan 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 CITY, upon written notice thereof from the STATE, shall immediately take all necessary action consistent with its statutory authority, including but not limited to adjusting user charges and fees, to raise sufficient revenue to assure repayment of the loan to the STATE. 10. Periodic inspections. The CITY shall permit the STATE to make periodic inspections of its construction, operations and accounts by a designated representative of the STATE. 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. construction, or operation of any element of the PROJECT. 11. Adhere to applicable laws. The BORROWER and the CITY shall strictly adhere to all applicable federal, state, and local laws and regulations that have been or may hereafter be established. B. The STATE agrees as follows: 1. Agreement to loan money. The STATE agrees to loan to the CITY acting by and through the BORROWER an amount not to exceed that specified in the Promissory Note Provisions of this contract. 2. Loan disbursement. Payment of the loan amount shall be made by State Warrant within thirty (301 days from receipt of BORROWER'S request for funds. 3. Release after loan is repaid. Upon complete 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 UCC-3 form to terminate all of the STATE'S rights in and to the proceeds and revenues pledged to repay this loan and the CONTRACT RIGHTS under the Allotment Contract. C. The STATE and the BORROWER and the CITY agree as follows: 1. Designated agent ofthe STATE. The CWCB. which includes its agents and employees, is hereby designated as the agent of the STATE for the purpose of this contract. 2. Contract is not assignable. This contract is not assignable by the CITY or the BORROWER except with the prior written approval of the STATE. 3. Contract relationship. The parties to this contract intend that the relationship between them contemplated by this contract is that of lender-borrower. not employer-employee. No agent, employee. or servant of the BORROWER or the CITY shall be, or shall be deemed to be, an employee, agent. or servant of the STATE. The BORROWER or the CITY will be solely and entirely responsible for its acts and the acts of its agents, employees, servants. engineering firms, construction firms, and subcontractors during the performance of this contract. 4. Complete integration of all understandings. This agreement is intended as the complete integration of all understandings between the parties. No prior or contemporaneous addition, deletion. or other amendment hereto shall have any force or effect whatsoever unless embodied herein in writing. No subsequent notation, renewal, addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a written contract executed and approved pursuant to STATE fiscal rules. 5. Eligible expenses. PROJECT construction costs eligible for financing by the STATE shall include. but not be limited to, the cost of planning. design. right-of-way acquisition, purchase of raw water rights, and construction of the following segments: a. Carter Lake outlet modifications b. Carter Lake to Broomfield pipeline CITY OF FORT MORGAN, COLORADO, WATER WORKS AND DISTRIBUTION ENTERPRISE Page 6 of 10 LOAN CONTRACT