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" . . " ."';c"..L' --:-.:::~~;.:'-~.... \ , > :.... 6. 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. 7. Pursuant to its Articles of Incorporation and to its Bylaws. including. but not limited to By-Laws IV. H. 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 undersigned siqnatory to sign on behalf of the Contractor. and authorizino tne Contractor to use project fees. levies.' or other assessments as may be necessary to pay the indebtedness. Such orders shall be attached hereto as Exhibit A and included herein. The Contractor. through a unanimous 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 perform~~~thiS c~ntract. B. As seeuri ty for the loan t4 mV~~ tJ:~\~ by the State. execute a security commitmen~,ithiJ2B,f~,ii~,Y' (3,b)} days of the advance of funds from Sta : ,,' Which' shall ",convey to the State the following: th ' r _.re ~~ ser~9ir sit~'~nd Decree for water rights for it te. .ed i1n__1911 in W202 of Water Division I.A. Copy is furnis ~~~d,rherewith~ As'sessments as noted pursuant to C.R.S. 7;42'-104 ~hali be used to pay the indebtedness. 9. Pursuant to its Articles of Incorporation and to its Bylaws. including. but not limited to. Article XII. 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 By-Laws. including but not limited to additional assessments, to raise sufficient revenue to assure repayment of the project loan to the St-ate. 10. Repay to the State the total principal sum of Two Hundred Seventeen Thousand six Hundred Six Dollars and Ninety-Five Cents ($217,606.95), 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 Nineteen Thousand Seven Hundred Eighty-TwO Dollars and Forty-Five Cents ($19,782.45) each, for eleven (11) 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. The Contractor pledges its full faith and credit in support of this Obligation and warrants that it has taken all steps necessary to pledge its full faith and credit for this Obligation. 11. Obtain and maintain general fire and 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.lO. above. The State shall be named coinsured with the Contractor on this pOlicy. The outstanding loan amount Page 1 of 2 Pages