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the Contractor through its By-laws, as may be modified from time <br /> to time. The initial rate schedule must be approved in writing <br /> by the State before any such charges are initially assessed. <br /> Thereafter, the Contractor may, subject to the approval of the <br /> State, make such modifications to the rate schedule as the <br /> Contractor deems necessary to efficiently and economically <br /> provide for the financial requirements of the tett, including <br /> repayment of the State, as long as the rate sc ° u le ar s <br /> reasonable and non-discriminatory. <br /> 7 <br /> And the Contractor agrees that it shady^ C T <br /> w;l,.,. , B'1 m <br /> 9. Pursuant to its By-laws, adjust its operating costs and <br /> service charges and levy assessments from time to time as <br /> necessary, upon written notice from the State, to provide <br /> sufficient funds for adequate operation and maintenance, <br /> emergency repair services, obsolescence reserves, and debt <br /> reserves, and to assure repayment of the project loan to the <br /> State as provided herein. <br /> 10. Pursuant to its Articles of Incorporation and to its <br /> By-laws, have its Board of Directors take all necessary actions <br /> consistent therewith to adopt an order or a resolution <br /> authorizing the Contractor to contract this loan debt, and <br /> authorizing the President and the Secretary to pay the <br /> indebtedness. Such orders shall be attached hereto as Exhibit A <br /> and included herein. The Contractor, through a majority vote of <br /> its stockholders, shall also authorize the deed of trust as <br /> security required by the State in paragraph A. 14 . below. Such <br /> authorization shall be attached hereto and incorporated herein <br /> as Exhibit B. The above conditions must be performed by the <br /> Contractor prior to the State performance under this contract. <br /> 11. Pursuant to its Articles of Incorporation and to its <br /> Page 6 of 17 Pages <br />