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'-'- time to time as necessary, upon written notice from the State. to provide sufficient funds for adequate operation and maintenance. emergency repair services. obsolescence reserves. and debt reserves. and to assure repayment of the project loan to the State as provided herein. 10. Pursuant to its Articles of Incorporation and to its Bylaws. the Board of Directors of 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 President and the Secretary to pay the indebtedness. Such orders shall be attached hereto as Exhibit E and included herein. The Contractor, through a majority vote of the stockholders, shall also authorize the warranty deed security interest reguired by the State in paragraph B.14. below. The above conditions must be performed by the Contractor prior to the State performance under this contract. 11, Pursuant to its Articles of Incorporation and to its Bylaws. but not limited to any specific article, the Contractor. through either its stockholders or its Board of Directors, shall take all necessary actions consistent therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner aDd 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. to raise sufficient .revenue to assure repayment of the project loan to the State, 12, Provide the State with such periodic reports as the State may require and permit periOdic inspections of its operations and accounts by a designated representative of the State. 13. Repay to the State the total principal sum of Thirty-Six Thousand Dollars ($36,000), which includes the project loan amount and the Three Thousand Dollars ($3,000) feasibility report amount. together with interest at the rate of (ive percent (5\) per annum. said repayment to be made in constant annual installments of Two Thousand Eight Hundred Eighty-Eight Dollars and Sixty-Five Cents ($2,888,65) each, for twenty (20) years, as shown in Exhibit C, attached hereto and incorporated by reference herein, which first installment shall be due and payable on the first day of ,the month next succeeding the month in which the State determines that the project has been substantially completed. and yearly thereafter until the entire principal sum shall have been paid. However. in the event the Contractor does not draw funds commencing on the date specified in paragraph D.l,a. below, the Obligation to repay shall be postponed for the same number of months as the Contractor delays in drawing funds. Said installment payments shall be made payable to the Colorado Water Conservation Board. payable at the offices of said Board in Denver. Colorado, 14. As security for the loan to be made to it by the State, execute a warranty deed within thirty (30) days,of the first advance of funds from the State as provided in paragraph D.l.a. below which shall convey to the State the following:, An undivided fifty percent (50%) of the following: a. 4,OOO~ linear feet of 6-inch PVC pipe with all appurt.enances. Page ! of 10 Pages ( (