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10 . Make the services of said project avai lable within its <br /> capacity to all persons in the Contractor ' s service area <br /> without discrimination as to race, color, religion, or natural <br /> origin at reasonable charges ( including assessments, taxes, or <br /> fees ) , whether for one or more classes of service, in <br /> accordance with a schedule of such charges formally adopted by <br /> the Contractor through its elected officers , as may be modified <br /> from time to time . The initial rate schedule must be approved <br /> in writing 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, including repayment of the State, <br /> as long as the rate schedule remains reasonable and <br /> non-discriminatory. <br /> 11 . 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 /> 12 . Pursuant to its Articles of Incorporation and to its <br /> By-Laws , the Board of Directors of the Contractor shall take <br /> all necessary actions consistent therewith to adopt an order or <br /> resolution authorizing the Contractor to contract this loan <br /> debt, and authorizing the President and the Secretary to pay <br /> the indebtedness . Such orders shall be attached hereto as <br /> Exhibit F and included herein. The Contractor, through a <br /> majority vote of the stockholders , shall also authorize the <br /> warranty deed security interest required by the State in <br /> paragraph B. 16 . below. Evidence of this vote shall be attached <br /> hereto as Exhibit G and included herein. The above conditions <br /> must be performed by the Contractor prior to the State <br /> performance under this contract. <br /> 13 . Pursuant to its Articles of Incorporat. i.on and to its <br /> By-Laws , the Contractor, through its stockholders shall take <br /> all necessary actions consistent therewith to levy assessments <br /> to raise sufficient funds to pay this ( ,,It„ a Y ...o. n debt in a <br /> timely manner and as required by the 5, ,.. ,a a , o sitions <br /> herein to assure repayment of the pro c - othe State. <br /> In the event that the assessment(s ) levied by t e Contractor, <br /> or the revenues resulting theref a .o�u,- ufficient <br /> to assure repayment of the State ur , b i a ,; erms and <br /> conditions herein, then the Contr�� o t; .n w t; t: Itice <br /> thereof from the State, shall immediately take a - necessary <br /> action consistent with its By-Laws, including but not limited <br /> to additional assessments , to raise sufficient revenue to <br /> assure repayment of the project loan to the State. <br /> 14 . Provide the State with such periodic reports as the <br /> State may require and permit periodic inspections of its <br /> operations and accounts by a designated representative of the <br /> State. <br /> -- 15 . Repay to the State the total principal sum of One <br /> Hundred Sixty-Nine Thousand Six Hundred Dollars ($169 , 600) , <br /> which includes the project loan amount and the Three Thousand <br /> Dollars ($3 ,000) feasibility report amount, together with <br /> interest at the rate of five percent (5%) per annum, said <br /> repayment to be made in constant annual installments of Nine <br /> Thousand Fight Hundred Eighty-Four Dollars and Twenty-Nine <br /> Cents ($9 , 884 . 29 ) each, for forty (40) years , as shown in <br /> Exhibit C, attached hereto and incorporated by reference <br /> herein, which first installment shall be due and payable on the <br /> first day of the month next succeeding the month in which the <br /> State determines that the project has been substantially <br /> Page 4 of 10 Pages <br />