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adopted by the Contractor through its shareholders, as may be modified from time to time. <br />The initial rate schedule must be approved in writing by the State before any such charges <br />are initially assessed. Thereafter, the Contractor may, subject to the approval of the State, <br />make such modifications to the rate schedule as the Contractor deems necessary to <br />efficiently and economically provide for the financial requirements of the system, including <br />repayment of the State, as long as the rate schedule remains reasonable and <br />non - discriminatory. <br />9. Adjust its operating costs and service charges and levy assessments from time to <br />time as necessary, upon written notice from the State, to provide sufficient funds for <br />adequate operation and maintenance, emergency repair services, obsolescence reserves, <br />and debt reserves, and to assure repayment of the project loan to the State as provided <br />herein. <br />10. The Contractor shall take all necessary actions to adopt an order authorizing the <br />Contractor to contract this loan debt, and authorizing the President to pay the <br />indebtedness. Such orders shall be attached hereto as Exhibit A and included herein. The <br />Contractor shall also authorize the deed of trust security interest required by the State in <br />paragraph A.M. below. Such authorization shall be attached hereto and incorporated <br />herein as Exhibit B. The above conditions must be performed by the Contractor prior to <br />the State performance under this contract. <br />11. The Contractor shall take all necessary actions <br />funds to pay this contract loan debt in a timely mam <br />conditions herein to assure repayment of the proje4i <br />the assessment(s) levied by the Contractor, or <br />become insufficient to assure repayment to t <br />conditions herein, then the Contractor, upon writte <br />immediately take all necessary action to raise sufficie <br />project loan to the State. 4 <br />i s ents to raise sufficient <br />by the terms and <br />e. In the event that <br />ting therefrom, are or <br />fired by the terms and <br />hereof from the State, shall <br />e to assure repayment of the <br />12. Provide the State with such periodic reports as the State may require and permit <br />periodic inspections of its operations and accounts by a designated representative of the <br />State. <br />13. Repay to the State the total sum of Seventy -Seven Thousand Eight Hundred Sixty - <br />Eight Dollars ($77,868), which includes the project loan amount with interest at the rate <br />of three percent (3 %) per annum, said repayment to be made in constant annual <br />installments of One Thousand Nine Hundred Forty -Six Dollars and Seventy Cents <br />($1,946.70) each, for Forty (40) years, as shown in Exhibit C, attached hereto and <br />incorporated by reference herein, which first installment shall be due and payable on the <br />first day of the month next succeeding the month in which the State determines that the <br />project has been substantially completed, and yearly thereafter until the entire principal <br />sum shall have been paid. Said installment payments shall be made payable to the <br />Page 4 of 11 Pages <br />