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<br />liability insurance with a company that is satisfactory to the STATE covering the management, <br />operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate, including products/completed <br />operations and personal injury. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate <br />of said insurance and an additional insured endorsement must be filed with the STATE. Evidence <br />of current insurance coverage is to be provided as renewals occur. No loan funds shall be <br />advanced by the STATE without evidence of said current coverage. Throughout the life of this <br />contract, the STATE reserves the right to increase the above amount of insurance so that said <br />amounts at a minimum correspond to the amount established by the Colorado Governmental <br />Immunity Act, now and as hereafter amended. <br /> <br />7. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory authority, <br />articles of incorporation, and by-laws, have its stockholders and board of trustees adopt <br />resolutions, irrepealable during the life of this loan, authorizing the President and Secretary, on <br />behalf of the BORROWER, to do the following: <br /> <br />a. To enter into and comply with the tenms of this contract and the promissory note, and to pay <br />the indebtedness, and <br /> <br />b. To levy and collect assessments in an amount sufficient to pay the annual amounts due under <br />this contract and to pledge assessment revenues and the BORROWER'S right to receive said <br />revenues from its stockholders for repayment of this loan, in accordance with the Pledge of <br />Property Provisions herein, and <br /> <br />c. To place the assessment revenues pledged to make annual loan payments in a special <br />account separate and apart from other BORROWER revenues, in accordance with the Pledge of <br />Property Provisions of this contract and <br /> <br />d. To make annual payments in accordance with the promissory note, and <br /> <br />e. To make annual deposits to a debt service reserve fund in accordance with the Pledge of <br />Property Provisions of this contract, and <br /> <br />f. To obtain a certificate of deposit to serve as collateral in the amount of one annual loan <br />payment ($8,020.53) as security for the loan, and execute an assignment of certificate of <br />deposit as described in the Collateral Provisions of this contract, and <br /> <br />g. To execute a Security Agreement and an Assignment of Deposit Account as Security to <br />secure the revenues pledged herein in accordance with the Pledge of Property Provisions of <br />this contract. <br /> <br />Said resolutions are attached hereto as Appendix 1 and incorporated herein. <br /> <br />8. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the BORROWER <br />shall submit to the STATE a letter from its attorney stating that it is the attorney's opinion that the <br />person signing for the BORROWER was duly elected or appointed and has authority to sign such <br />documents on behalf of the BORROWER and to bind the BORROWER; that the BORROWER'S <br />stockholders and board of trustees have vaiidly adopted resolutions approving this contract; that <br />there are no provisions in the BORROWER'S articlesof incorporation or by-laws or any state or locai <br /> <br />The Hawkeye Lateral-Ditch Company <br /> <br />Page 4 of 13 <br /> <br />Loan Contract <br />