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<br />the Contractor through its duly authorized officials. as may be <br />modified from time to time. The initial rate schedule must be <br />approved by the State. Thereafter. the Contractor may. subject <br />to the approval of the State. make such modifications to the <br />rate schedule as the Contractor deems necessary to efficiently <br />and economically provide for the financial requirements of the <br />system as long as the rate schedule remains reasonable and non- <br />discriminatory. <br /> <br />10. Adjust its operating costs and service charges from <br />time to time to provide for adequate operation and maintenance. <br />emergency repair services. obsolescence reserves. and debt <br />reserves. <br /> <br />11. Provide the State with such periodic reports on the <br />condition. operation. and maintenance of the project as the <br />State may require and permit periodic inspections of its <br />operations and financial accounts and records by a designated <br />representative of the State. <br /> <br />12. Obtain and maintain general fire and hazard insurance <br />on the project's dam structure and power house to the extent of <br />those facilities' replacement cost. said insurance to cover <br />losses occurring due to floods. fire. mud. rock slides. hail. <br />wind. smoke. explosion. and vandalism. <br /> <br />13. Comply with the construct~o d Program Procedures <br />atta~hed hereto as Exhibit A a~.' orat~ ~y reference <br />hereln. J- ~\\.JV <br /> <br />14. Comply with the provis~s~~ction 37-60-120. <br />Colorado Revised Statutes. and(l o~er applicable statutes. <br />procedures. requirements. rule~ or regulations which the State <br />has. <br /> <br />15. Implement the site development plan approved by the <br />Colorado General Assembly. which plan is attached hereto as <br />Exhibit B and incorporated by reference herein. and provide for <br />the annual operation and maintenance of all of the lands and <br />facilities included in the said plan at no expense to the State <br />and in a manner satisfactory to the Colorado Water Conservation <br />Board. <br /> <br />16. Devote not less than 15.000 acre-feet of the project's <br />reservoir capacity to water supply purposes and operate the <br />Project in a manner which recognizes and attains these purposes <br />and which enables the Contractor to meet all of its financial <br />obligations associated with the project. <br /> <br />17. Repay to the State six Million Six Hundred Thousand <br />Dollars ($6.600.000) with interest thereon at the rate of five <br />percent (5\) per annum. said repayment to be made in <br />semi-annual installments as shown in Exhibit C. attached hereto <br />and incorporated by reference herein. with the first of such <br />installments being due and payable on May 15 of the year <br />following the year in which the project reservoir first fills <br />to 25.000 acre-feet. Subsequent installments shall be due and <br />payable semi-annually thereafter on November 15 and May 15 of <br />each year. Said semi-annual installment payments shall be made <br />payable to the Colorado Water Conservation Board at the offices <br />of said Board in Denver. Colorado. <br /> <br />18. In order to evidence its obligations to provide for <br />the payment of the principal of the loan made to the Contractor <br />pursuant to this agreement and the interest on such loan. the <br />Contractor has issued its Water Conservancy Bond (Limited Tax). <br />1987 Series A in the principal amount of Six Million Six <br />Hundred Thousand Dollars ($6.600.000) (herein the "Bond") <br />pursuant to a resolution adopted on April 15. 1987 (the <br />"Resolution"). The full faith and credit of the Contractor are <br /> <br />Page ~ of ~ Pages <br />