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I <br />origin at reasonable charges including assessments, taxes, or <br />fees in accordance with a schedule, of such charges, whether for <br />one or more classes of service, formally adopted by the <br />Contractor through its board of directors, as may be modified <br />from time to time by the Contractor. The initial rate schedule <br />must be approved by the State. Thereafter, the Contractor may, <br />subject to the approval of the State, make such modifications <br />to the rate schedule as the Contractor deems necessary to <br />efficiently and economically provide for the financial <br />requirements of the system as long as the rate schedule remains <br />reasonable and non - discriminatory. <br />9. 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 />10. Expand the system from time to time to meet reasonable <br />growth or service requirements in the area within its <br />jurisdiction. <br />11. Provide the State with such periodic reports as it may <br />require and permit periodic inspections of its operations and <br />accounts by a designated representative of the State. <br />12. Purchase from the State all of the State's right, <br />title, and interest in said project and any facilities thereof <br />at a total purchase price of Two Million Twenty Thousand Nine <br />Hundred Twenty Dollars ($2,020,920) payable in forty (40) <br />annual installments of Fifty Thousand Five Hundred Twenty -Three <br />Dollars ($50,523) each, which first installment shall be due <br />and payable on March 1, 1984, and y tiaereafter until the <br />entire principal sum shall have id id installment <br />payments shall be made payable t C %r�rbfosaid Water <br />Conservation Board, payable at ff'c Board in <br />Denver, Colorado. <br />13. Obtain and maintain gene 1 ire and hazard insurance <br />on the project system in an amo less than the amount <br />owing to the State for purchase a project system until <br />the Contractor has purchased the'- oject system. The State <br />shall be the sole insured of this policy. The purchase price <br />payable to the State shall be reduced in the amount of any <br />payments made to the State under this insurance coverage; if <br />only a portion of the purchase price is paid to the State under <br />this policy, the number of installment payments shall remain <br />unchanged, however the amount of each payment shall be <br />reduced. <br />14. Comply with Construction Fund Program Procedures <br />attached hereto as Schedule A. <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br />B. Upon default in the payments herein set forth to be made <br />by the Contractor, or in the performance of any covenant or <br />agreement contained herein, the State, at its option, may (a) <br />declare the entire principal amount then outstanding <br />immediately due and payable; (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maintenance, and operation of the system herein described and <br />such expenses as may be necessary to cure the cause of default; <br />and /or (c) take possession of the system, repair, maintain, and <br />operate or lease it. The provisions of this contract may be <br />enforced by the State at its option without regard to prior <br />waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this <br />contract or by such other proceedings in law or equity as may <br />Page 3 of 7 Pages <br />