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b. Convey to the Colorado Water Conservation Board, Department of <br /> Natural Resources , State of Colorado, by warranty deed an undivided <br /> one-half interest to the Timnath Reservoir and all water rights <br /> appurtenant thereto, which reservoir is situated on approximately <br /> eight hundred acres of land in portions of Sections 23 , 24 , 25 , <br /> and 26 , Township 7 North, Range 68 West of the Sixth Principal <br /> Meridian, located in the County of Larimer, State of Colorado. <br /> c . Permit periodic inspection of construction by the authorized <br /> representatives of the State during construction and permit the <br /> State to review and approve or disapprove any contract for the <br /> construction of the project or the performance of work pursuant <br /> to such contracts or subcontracts , except that this provision <br /> shall not apply to work heretofore accomplished by the Contractor. <br /> d. Without expense to the State , manage , operate and maintain <br /> the project system continuously and in an efficient and economical <br /> manner, and assume all legal and financial liability for such <br /> management , operation and maintenance . <br /> e . Make the services of such project available within its capacity <br /> to all stockholders of the Contractor without discrimination as to <br /> race , color, religion, or natural origin at reasonable charges , <br /> including assessments , taxes , or fees in accordance with a schedule <br /> of such charges , whether for one or more classes of service , as may <br /> be fe£many adopted by the Contractor through its board of directors , <br /> and as may be modified from time to time by the Contractor. The <br /> initial rate schedule must be approved by the State . Thereafter, <br /> the Contractor may make such modifications to the rate schedule as <br /> the Contractor deems necessary to efficiently and economically <br /> provide for the financial requirements of the system as long as <br /> the rate schedule remains reasonable .and non-discriminatory, and <br /> subject to the approval by the State . <br /> f. Adjust its operating costs and service charges from time to <br /> time to provide for adequate operation and maintenance , emergenr::y <br /> repair services , obsolescence reserves , debt service, and debt <br /> reserves . <br /> g. Provide the state with such periEt <br /> Ae o as it may require <br /> and ermit ins ections of irt and accounts <br /> P periodicP by <br /> a designated representative Li the Stat.± . The Colorado Water <br /> Conservation Board, its agents , ;a pxe , ' s rehy designated <br /> t. '�'' rip, 1 <br /> as the agent of the State for the Okolpo . f t is ontract . <br /> h. To purchase from the State all of the State s right , title , and <br /> interest in said project and any facilities thereof at a total <br /> purchase price of One Million, Five Hundred 'Twenty-Two Thousand, <br /> Seven Hundred Twenty Dollars ($1 ,522 ,720) , payable in forty <br /> annual installments of Thirty-Eight Thousand, Sixty-Eight Dollars <br /> ($38 ,068) each, which first installment shall Le due and payable <br /> on July 1 , 1979 , and yearly thereafter until the entire principal <br /> sum shall have been paid. Said annual installment payment s'aall be <br /> made payable to the Colorado Water Conservation Board, payable at <br /> the offices of said Board in Denver, Colorado . <br /> 2 . Upon default in the payments herein set forth to be made by the <br /> Contractor, or in the performance of any covenant or agreement contained <br /> herein, the State , at its option, may (a) declare the entire principal <br /> amount thea outstanding immediately due and payable ; (b) for the <br /> account of the Contractor incur and pay reasonable expenses for repair, <br /> maintenance , and operation of the water system herein described and <br /> such other reasonable expenses as may be necessary to cure the cause <br /> of default ; and/or (c) take possession of the system, repair, maintain, <br /> and operate or leas it. The provisions of this contract may be <br /> enforced by the State , at its option without regard to prior waivers by <br /> it of previous defaults by the Contractor through judicial proceedings <br /> to require specific performance of this contract or by such other <br /> proceedings in law or equity as may be deemed necessary by the State <br /> to insure compliance with provisions of this contract and the laws <br /> and regulations under which this contract is made . <br /> Page 2 of 5 pages <br />