C153348 PIF Contract - Laserfiche WebLink

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by the Contractor through its board of directors, as may be / modified from time to time by the Contractor. The initial rate schedule must be approved by the State. Thereafter, the Contractor may make such modifications to the rate schedule as the Contractor deems necessary to efficiently and ecenomically provide for the financial requirements of the system as long as the rate schedule remains reasonable and non - discriminatory, and subject to the approval by the State. Notice of Modified rate schedules shall be sent by the contractor to the State by registered mail. Should notice of disapproval not be received by the Contractor * :•ithin thirty(30)days of receipt by the State of the proposed modifi- cation, then State approval shall be conclusively presumed and contractor may proceed accordingly. 6. Adjust its operating costs and service charges from time to time to provide for adequate operation and maintenance, emergency repair services, obsolescence reserves, and debt reserves. 7. Expand the system from time to time to meet reasonable growth or service requirements in the area within its jurisdiction. 8. Provide the State with s_,h periodic reports as it may require and permit periodic inspections of its operations and accounts by a designated representative of the State. The Colorado Water Conservation Board, its agents and employees, is hereby designated as the agent of the State for the purpose of this contract. 9. Purchase from the State all of the State's right, title and interest in said project and any facilities thereof at a total purchase price of Seven Hundred Seven Thousand Two Hundred Eighty Dollars ($7 ' 7,28QJw,,payable in forty (40) annual installments of Seventeen nd Six Hundred Eighty - Two Dollars ($17,682) each, whi ObLiK o lment shall be due and payable on March 1, 1 ereafter until the entire principal sum shat e Said install - ment payment shall be made pay le lorado Water Con servation Board, payable at t f said Board in Denver, Colorado. B. Upon default in the paymert5Yherein set forth to be made by the Contractor, or in the performance of any covenant or agreement contained herein, the State, at its option, may (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Contractor incur and pay reasonable expenses for repair, maintenance, and operation of the irrigation system herein described and such other reasonable expenses for repair, maintenance, and operation of the irrigation system herein described and such other reasonable expenses as may be necessary to cure the cause of default; and /or (c) take possession of the system, repair, maintain and operate or lease it. The provisions of this contract may be enforced by the State, at its option without regard to prior waivers by it of previous defaults by the Contractor, through judicial proceedings to require specific performance of this contract or by such other proceedings in law or equity as may be deemed necessary by the State to insure compliance with provisions of this contract and the laws and regulations under which this contract is made. C. The State agrees that it will: 1. Make available to the Contractor for the purpose of this contract the sum of Three Hundred Fifty Thousand Dollars ($350,000). Said Three Hundred Fifty Thousand Page 3 of 6 pages 0