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<br />. . <br /> <br />.. .,-~ <br />.' ,J <br />Town of Rangely .~:.:; ~ <br />:~~~?~~C:. ~~~~. :~~:~~::. , . , , . . . , . , . ........,"'-- ~> <br /> <br />and economical manner, and assume all legal liability for such management, operatio~d'-.....~j <br />maintenance. The Borrower agrees to indemnify and hold the State harmless from any <br />liability incurred by the State as a result of the State's interest in the project facilities and <br />any other property identified in the Deed of Trust provisions of this contract, paragraph <br />A.7a. The Borrower shall maintain comprehensive general liability insurance covering the <br />management, operation, and maintenance of the project until it completes repayment to the <br />State, in at least the following amounts: <br /> <br />a. For any injury to one person in any single occurrence, the sum of One <br />Hundred Fifty Thousand Dollars ($150,000). <br /> <br />b. For any injury to two or more persons in any single occurrence, the sum of <br />Six Hundred Thousand Dollars ($600,000). <br /> <br />c. For any damage to property, the sum of Six Hundred Thousand Dollars <br />($600,000) for each occurrence. <br /> <br />Said general liability insurance shall :naIlle the State as a co-insured. A copy of <br />a certificate of said liability insurance must be filed with the State. Such <br />certificate shall be, incorporated herei:J.'a3p~ of this contract. <br /> <br />5. (Adopt a resolution authorizing Borrow!:r: to contract for this loan <br />and to provide security for its repayment): The .Borrower shall, pursuant to its <br />statutory authority, have its governing Board of TnisLeeS,pass a resolution: <br /> <br />a. Authorizing the Borrower to contract for 'this loan debt with the State, and <br />authorizing the Town Manager and ToWn 'Clerk to pay the indebtedness on <br />behalf of the Borrower, and .. <br /> <br />b. Authorizing the Borrower to execute the deed of trust as security required by <br />the State, as specified in the Deed of Trust provisions of this contract, and <br /> <br />c. Authorizing the Borrower to fix and collect water user charges and fees <br />sufficient to payoff this contract loan pursuant to its terms, and to discharge <br />this lawful indebtedness, and <br /> <br />d. Authorizing the Borrower to set aside sufficient revenues each year in a <br />special fund separate and apart from other Borrower revenues to assure <br />repayment of this loan to the State, and <br /> <br />e. Authorizing the Borrower to sign a security interest in the revenues pledged <br />herein, in favor of the State to secure the repayment of this loan to the State. <br /> <br />Page ~ of 13 Pages <br />