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<br />y// <br /> <br />~. <br /> <br />by the Contractor through its board of directors, as may be <br />modified from time to time by the Contractor. The initial <br />rate schedule must be approved by the State. Thereafter, <br />the Contractor may make such modifications to the rate <br />schedule as the Contractor deems necessary to efficiently <br />and ecenomically provide for the financial requirements of <br />the system as long as the rate schedule remains reasonable <br />and non-discriminatory, and sUbject to the approval by the <br />state. Notice of Modified rate schedules shall be sent by <br />the contractor to the State by registered maiL Should <br />notice of disapproval not be received by the Contractor <br />'.:ithin thirty(30)days of receipt by the State of the proposed modifi- <br />cation, then State approval shall be conclusively presumed <br />and contractor may proceed accordingly. <br /> <br />6. Adjust its operating costs and service charges <br />from time to time to provide for adequate operation and <br />maintenance, emergency repair services, obsolescence reserves, <br />and debt reserves. <br /> <br />7. Expand the system from time to time to meet reasonable <br />growth or service requirements in the area within its jurisdiction. <br /> <br />8. Provide the State with SL~h periodic reports as it <br />may require and permit periodic inspections of its operations <br />and accounts by a designated representative of the State. <br />The Colorado Water Conservation Board, its agents and employees, <br />is hereby designated as the agent of the State for the <br />purpose of this contract. <br /> <br />9. Purchase from the State all of the State1s right, <br />title and interest in said project and any facilities thereof <br />at a total purchase price of Seven Hundred Seven Thousand <br />Two Hundred Eighty Dollars ($707,280) payable in forty (40) <br />annual installments of Seventeen Thousand Six Hundred Eighty- <br />Two Dollars ($17,682) each, which first installment shall be <br />due and payable on March 1, 1983 and yearly thereafter until <br />the entire principal sum shall have been paid. Said install- <br />ment payment shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />B. Upon default in the payments herein set forth to be <br />made by the Contractor, or in the performance of any covenant <br />or agreement contained herein, the State, at its option, may <br />(a) 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 irrigation system herein <br />described and such other reasonable expenses for repair, <br />maintenance, and operation of the irrigation system herein <br />described and such other reasonable expenses as may be <br />necessary to cure the cause of default; and/or (c) take <br />possession of the system, repair, maintain and operate or <br />lease it. The provisions of this contract may be enforced <br />by the State, at its option without regard to prior waivers <br />by it of previous defaults by the Contractor, through jUdicial <br />proceedings to require specific performance of this contract <br />or by such other proceedings in law or equity as may be <br />deemed necessary by the State to insure compliance with <br />provisions of this contract and the laws and regulations <br />under which this contract is made. '\ <br /> <br />C. The State agrees that it will: <br /> <br />1. <br />of this <br />Dollars <br /> <br />Make available to the Contractor for the purpose <br />contract the sum of Three Hundred Fifty Thousand <br />($350,000). Said Three Hundred Fifty Thousand <br /> <br />Page 3 of 6 pages <br />