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<br />:'!, <br /> <br />one or more classes of service, formally adopted by the <br />Contractor through its board of directors, as may be modified <br />from time to time by the Contractor'. The initial rate schedule <br />must be approved 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 as long as the rate schedule remains <br />reasonable and non-discriminatory. <br /> <br />9. Adjust its operating costs and service charges from <br />time. to time to. provide for adequate operation and maintenance, <br />emergency repair services, obsolescence reserves, and debt <br />reserves. <br /> <br />10. Expand the system from time to time to meet reasonable <br />growth or service requirements in the area within its <br />jurisdiction. <br /> <br />11. Provide the State with such periorlic reports as it may <br />require and permit periodic inspections of its operations and <br />accounts by a designated' representative of the State. <br /> <br />,j <br /> <br />12. Purchase from the State all of the State IS right, <br />title; 'arid interest in said project and any facilities thereof <br />at a total purchase price of Eight Hundred Eighteen Thousand <br />Four Hundred Forty Dollars ($818,440) payable in forty (40) <br />annual installments of Twenty Thousand Four Hundred Sixty-One <br />Do~lars ($20,461) each, which first installment shall be due <br />and payable on March 15, 1984, and yearly thereafter until the <br />entire principal sum shall have been paid. Said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />13. Obtain and maintain general fire and hazard insurance <br />on the project system in an amount not less than the amount <br />owing to the State for purchase of the project system until <br />the Contractor has purchased the project system. The State <br />shall be the sole insured of this, pOlicy. The purchase price <br />payable to the State shall be reduced in the amount of any <br />payments made to the State under this insurance coverage; if <br />only a {X>rti9n of the purchase price is paid to the State under <br />this policy, the number of installment payments shall remain <br />unchanged, however the amount of each payment shall be <br />reduced. <br /> <br />14. Comply with Construction Fund Program Procedures <br />attached hereto as Schedule A. <br /> <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br /> <br />B. Upon default in the payments herein set forth to be made <br />by the Contractor, or in the performance of any covenant or <br />agreement contained herein, the State, at its option, may (a) <br />declare the entire principal amount then outstanding <br />immediately due and payable; (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maintenance, and operation of the system herein described and <br />such expenses as may be necessary to cure the cause of default i <br />and/or (c) take possession of the system, repair, maintain, and <br />operate or lease it. The prov is ions of this contract may be <br />enforced by the State at its option without regard to prior <br />waivers by it of previous defaults by the Contractor, through <br />judicial proceedings to require specific performance of this <br />contract or by such other proceedings in law or equity as may <br />be deemed necessary by the State to insure compliance with <br />provisions of this contract and the laws and regulations under <br />which this contract is made. <br /> <br />Page 3 of 7 Pages <br />