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other recharge facilities along the pipeline route without any limit on the amount, but the <br /> Purchase Price shall be adjusted and determined annually on or about February 1 of each <br /> year. The amount of the Purchase Price each year shall be determined by FMRICO in its <br /> sole discretion, based on the following: Current year price that FMRICO charges the Fort <br /> Morgan Water Company, Ltd. for excess credits plus the pumping cost per acre-foot of <br /> the current year. For example, if FMRICO leases credits to Fort Morgan Water <br /> Company, Ltd. for$30 per acre-foot, and the pumping cost for the current year(or the <br /> most recent year that water was pumped) is $10 per acre-foot, then the amount charged to <br /> Groves for that calendar year will be $40 per acre-foot. Pumping cost shall be <br /> determined by dividing the amount charged by the utility company by the amount of <br /> acre-feet pumped. <br /> Groves shall notify FMRICO how many excess credits it wishes to purchase on or <br /> before March 15 and October 15 for each upcoming six-month period, of April through <br /> October and November through March, respectively. On or before April 15, FMRICO <br /> shall send Groves an invoice for the cost of excess augmentation water that will be <br /> credited to Groves for the six-month period of April through October, and on or before <br /> November 15 for the November through March period. Payment will be due to FMRICO <br /> within thirty(30) days of the date of the invoice. Any payments not made by Groves on <br /> the due date shall accrue interest at a rate of 2.0% per month. Groves may purchase <br /> additional amounts of excess augmentation credits from time to time, if such credits are <br /> available. <br /> 2. Groves is the owner of the water it will divert at the Pipeline <br /> Project and deliver to the recharge facilities of the Pipeline Project, and all of the water <br /> that recharges the aquifer of the South Platte River by seepage out of the recharge <br /> facilities attributable to Groves' water delivered. Groves grants to FMRICO a Right of <br /> First Refusal to purchase excess augmentation credits (i.e., credits not needed for <br /> augmentation purposes in Groves' augmentation plans) generated from the Groves Ponds <br /> or any other recharge facilities along the pipeline route at a fixed price of twenty-five <br /> ($25.00) per acre-foot, for the first two years after this Agreement is signed. After this <br /> initial two-year period, the Purchase Price shall be annually determined and adjusted on <br /> or about February 1 of each year. The amount of the adjustment each year shall be <br /> determined by Groves in its sole discretion based on the following: Current year price <br /> that FMRICO charges the Fort Morgan Water Company, Ltd. for excess credits plus the <br /> pumping cost per acre-foot of the current year. For example, if FMRICO leases credits to <br /> Fort Morgan Water Company, Ltd. for $30 per acre-foot, and the pumping cost for the <br /> current year(or the most recent year that water was pumped) is $10 per acre-foot, then <br /> the amount charged by Groves to FMRICO for that calendar year will be $40 per acre- <br /> foot. Pumping cost shall be determined by dividing the amount charged by the utility <br /> company by the amount of acre-feet pumped. <br /> 5 <br />