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�_ _.. <br />to the rate schedule as the Contractor deems __�cessary to <br />efficiently and economically provide for the financial <br />requirements of the system, includinq repayment of the State, <br />ble and <br />as lonq as the rate schedule remains reasona <br />non-discriminatory. �£ �^ � � ,! <br />t � f /(E-g��. <br />9. �p���-��-}��k�j►1 ersssuf-a��i'�en.�t-3r�n�uaepe-r�are3�nrg-eos�t-s-a�nd <br />se��tee-o�tfa�ges-a�-}e� assessments from time to time as <br />necessary, npon written notice from the State, to provide <br />sufficient funds for adequate operation and maintenance, <br />emerqency repair services, obsolescence reserves, and debt <br />reserves, and to assure repayment of the project loan to the <br />State as provid ed herein. Should t e stockholders fail to set any assessment, <br />the Contra t es�a a e s�essment for purposes of this Contract pur• <br />suan��to g�u� A�c� S�Incorporation and to its <br />By-Laws, includinq, but not limited to Article 6, have its <br />Board of Directors take all necessary actions consistent <br />therewith to adopt an order or resolution authorizing the <br />Contractor to contract this loan debt, and authorizinq the <br />President and the Secretary to pay the indebtedness. Such <br />orders shall be attached hereto as Exhibit E and included <br />herein. The Contractor, throuqh a majority vote o��he �., ��y, <br />shareholders, shall also authorize the deed of trust _ security /���i <br />interest required by the State in paragraph B.14. below. The <br />above conditions must be performed by the Contractor prior to <br />the State performance under this contract. Approval by the shareholders ,,,�� <br />of the contracting of this loan debt, of its repayment by the President and** 7 ` <br />il. Pursuant to its Articles of Incorporation and to its � <br />By-Laws, includinq, but not limited Article �i, the ��) <br />Contractor, through either i ers or its Board of <br />Directors, as provided there� ake all r�ecessary <br />actions consistent therewith evy ments to raise <br />sufficient funds to pay this co �b� in a timely <br />manner and as required by r ondit,�ions herein to <br />assure repayment of the pro e` 1 n to the S�ate. In the <br />event that the assessment(s levied by the Contractor, or the <br />revenues resulting therefrom, are or become insufficient to <br />assure repayment of the State as required by the terms and <br />conditions herein, then the Contractor, upon written notice <br />thereof from the State, shall immediately take all necessary <br />action consistent with its By-Laws, includinq but not limited <br />to additional assessments, to raise sufficient revenue to <br />assure repayment of the project loan to the State. <br />12. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a desiqnated representative of the <br />State. <br />13. Repay to the State the total principal sum of One <br />Hundred Thousand Dollars ($100,000), which includes the project <br />loan amount and the Two Thousand Dollar ($2,000) feasibility <br />repnrt amount, toqether with interest at the rate of five <br />percent (5�) per annum, said repayment ta be made in constant <br />annual installments of Eight Thousand Twenty-Four pollars <br />($8.024) each, for twenty (20) years, as shown in Exhibit C, <br />attached hereto and incorporated by reference herein, which <br />first installment shall be due and payable on the first day of <br />the month n�xt succeedinq the month in which the State <br />determines that the project has been s�bstantially completed, <br />and yearly thereafter until the entire principal sum shall have <br />been paid. However, in the event the Contractor does not draw <br />f��n�e cammenrinry �n the date snecified in Uaraqraph D.]..a. <br />belo*,�, the obli�ati�n to regay �hall be postgvned f�r Lhe sa:r.e <br />number of months as the Contractor delays in drawinq funds. <br />Said installment payments shall be made payable to the Colorado <br />Water Conservation Board, payable at the offices of said Board <br />in Denver, Colorado. <br />**Secretary, of the signing of the security interest as required by paragraph 6.14. <br />below, of the levying of assessments in an amount sufficient to repay and assure <br />payment of the loan, and of the security interest in such assessments shall be <br />obtained at the next scheduled special meeting of the shareholders on August 14, <br />1989. No monies shall be expended under this Contract unless and until such <br />approval of the shareholders has been obtained. Upon its execution, such <br />sharehol�er approval shall become a part f t is ` on ` ra�G,t a��e incorporated <br />herein b this reference as Exhibit "F.".��� ���' <br />Page 4 of 11 Pages <br />