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i ii~iii i~ii~ i~~iiii iiiii ~iii iiii ~~ii~ii iii ~~iii iiii iiii <br />87Q390 ~4/Z6/2~6 il e 0~A B~4 P446 LSEA~'IT <br />7 of 12 R 63 . 00 D 0. N N 0. M Le~ar+ Ce~u+ly CO <br />6.1.1 Base Pa my_ents. PSCo shalt annually pay to the Water Company a <br />base payment regardless of whether PSCo elects to divert any water made available for de~ivery <br />by ttie 'OV~ater Com~nY Pursuant to i3iis Lease Ag~+eement (••Sase I~ayment"). 'I'tie first Sase <br />Payment, for water made available by the Water Company for t~e period from November 2405 <br />t~rough ivlarch ~fl06 si~ii t~e in the ainount nf $fi5fl;i~00, and sfia3i t~e paid f~y ~3Co~ to the ~Vater <br />Company on or before Januat~y 10, 20U6. Thereaft~er, the Water Company shall submit an invoice <br />~ FS~o hy Octobe~ ~s~ o~ each y~ for t~ Base ~syment. ~'he i~voice s~~ be pair~ by ~a <br />within thirry days of receipt of said invvice, or by November lst, whichever is later. If PSCo <br />does not ~ay the invoice b~ the required date, it shali be assessed a carrying ch~rge af 1_5% ~r <br />mouth on tt~e unpai~ balannce. <br />6.1.2 ~gliverv Pavments. PSCo shall aLso pay to the Water Company an <br />additional $425 for each acr~-foot of water that is d~elivered by the Water Company tfl the South <br />Platte River pursuant to this Lease ~ment ~"Delivery Payments',. Such Delivery' Paynnents <br />shell be billed by the Water Company i~ the first week following the month in which the <br />c~e~iveri~es ocxur, a~tt s~ be p~ by PSF.a withia 30 ~ays of receipt af th~ b~xtg frana tl~e <br />Water Coaipany, If PSCo does not pay the invoice within the required thirty days, it shall be <br />assesseci ~ r.~a~3-ing ~h~ ~af ~ .~°~e ~er ~mc~ath an the ~d ba~ice. <br />5.Z Rate Ad1usiments. Tl~e initial rate for the Base Payment shall be $50 per <br />acre-foot The initial rate for Delivery Payments shall be $425 per acre-foo~ Every year <br />thereafter, these rates shall be incressed in acxordance with the fallowing formula: <br />AP = BP(LULB) <br />Where: AP is the adjusted price per acre-foot of water <br />$i' i~ fihe fiase pricc t~f $50 per acre-foot for the $sse i~ayments a~d $~~5 pe~r <br />acre-foot for Delivery Payments. <br />LI is the Consumer Price Index for all urban consumers, all items, U.S. City <br />Aveisge as published for January of the year of adjusta~en~ If the Consumer <br />Price lndex is changed, the Index shall be converted~ in accc~rdance with the <br />conveision factor published by the Bureau of Labor Statistics. Should the Tndex <br />be c~iscao~ttinn~ ttte P~rties agroe to strbstitnroe ~er iad~x S~~Y ~~ <br />to be ae~tharitative. <br />LB is the base value of the above described index, wluch shall be the published <br />value for January 2005. <br />b.2.1 Should the Consumer Price index for all urban consumers, all items, <br />U.S. City Average (LI in the abave formula) decrease in any yeaz, the adjusted price for the Base <br />Payments and the Delivery Paymen~s shall not be decreas~ and sha11 remain fihe same as tbe <br />previous yeaz. <br />