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<br />long as th~ rate schedule remains reasonable and non-discriminatory, <br />and subject to the approval by the state. <br /> <br />6. Adjust its operating costs and service charges from time to <br />time to provide for adequate operation and maintenance, emergency <br />repair services, obsolescence reserves, debt service and debt <br />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 such periodic reports as it may <br />require and permit periodic inspections of its operations and <br />accounts by a designated representative of the state. The Colorado <br />Water Conservation Board, its agents and employees, is hereby <br />designated as the agent of the state for the purposes of this <br />contr-act. <br /> <br />9. To purchase from the state all of the state's right, title <br />and interest in said project and any facilities thereof at a total. <br />purchase price of Six Hundred Eighty-Eight Thousand Seven Hundred <br />Seventy Dollars ($688,770), payable in thirty (30) annual install- <br />ments of Twenty-Two Thousand Nine Hundred Fifty-Nine Dollars <br />($22,959) each, which first installment shall be due and payable on <br />October I, 1979, and yearly thereafter until the entire principal <br />sum shall have been paid. Said installment payment shall be made <br />payable to the colorado Water Conservation Board, payable at the <br />offices of said board in Denver, Colorado. <br /> <br />10. Upon default in the payments herein set forth to be made <br />by the contractor, or in the perf9rmance of any covenant or agree- <br />ment contained herein, the State, at its option may (a) declare <br />the entire principal amount then outstanding immediately due and <br />payable, (b) for the account of the contractor incur and pay reason- <br />able expenses for repair, maintenance, and o~eration of the domestic <br />water system herein described and such other reasonable expenses as <br />may be necessary to cure the cause of default, and/or (c) take <br />possession of the system, repair, maintain, and operate or lease it. <br />The provisions of this contract may be enforced by the State, at its <br />option without regard to prior waivers by it of previous defaults <br />by the contractor, through judicial proceedings to require specific <br />performance of this contract Or by such other proceedings in law or <br />equity as may be deemed necessary by the State to insure compliance <br />with provisions of this contract and the laws and regulations under <br />which this contract is made. <br /> <br />B. The State agrees that it will: <br /> <br />1. Make available to the Contractor for the purpose of this <br />contract the sum of Four Hundred Forty-One Thousand Dollars ($441,000). <br />Said Four Hundred Forty-One Thousand Dollars ($441,000) shall be made <br />available to the contractor in accordance with ~i~ following terms, <br />schedule and conditions: <br /> <br />a. Beginning with the monthly periOd commencing October I, <br />1977, and for every month thereafter until said project has been com- <br />pleted, the contractor shall prepare with the consulting engineer's <br />help, an estimate of the funds required from the State for project <br />construction during that month and shall forward said estimate to the <br />State not.less than fifteen (15) days prior to the beginning of such <br />month. <br /> <br />Page 2 of Q pages <br />