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Said liability insurance shall name the State as a co-insured. A copy of a certificate of sai~ liability insurance must be filed with the Colorado Water Conservation Board prior to the start of the operation of the project system. 8. Make the ~ervices of said project available within its capacity to all petsons in the Contractor's service area without discrimination as to race, color, religion, or natural origin at reasonable charges including assessments, taxes, or' fees in accordance with a schedule of such charges, whether for one or more classes of service, formally adopted by the Contractor through its board of directors, as may be modified from time to time bY the Contractor. The initial rate schedule must be approved by the State. Thereafter, the Contractor may, subject to the approval of the State, make such modifications to the rate schedule as the Contractor deems necessary to efficiently and economically provide for the financial requirements of the system as long as the rate schedule remains reasonable and non-discriminatory. 9. Adjust its operating costs and service charges fcom time to time to provide for adequate operation and maintenance, emergency repair services, obsolescence reserves, and debt reserves. 10. Expand the system from time to time to meet reasonable growth o~ service requirements in the area within its jurisdiction. 11. Provide the State with such periodic reports as it may require and permit periodic inspections of itp operations and accounts by a designated representative of the State. 12. Purchase from the State all of the state's right, title, and interest in said project and any f~cilities thereof at a total purchase price of Four Hundred Eigpty-Nine Thousand Three Hundred Nine Dollars and Forty-Four Cents ($489,309.44) payable in forty (40) annual installments of Twelve Thousand Two Hundred Thirty-Two Dollars and Seventy-Four Cents ($12,232.74) each, which first installment sh~ll be due and payable On May 1, 1984, and yearly thereafter until the entire principal sum shall have been paid. Said installment payments shall be made payable to the Colorado Water c~nservation Board, payable at the offices of said Board in Denver, Colorado. 13. Obtain and maintain general fire and hazard insurance on the project syst~m in an amount not less tpan the amount owing to the State for purchase of the projec~ system until the Contractor has purchased the project system. The State shall be the sole insured of this policy. The purchase price payable to the State shall be reduced in the ~mount of any payments made to th~ State under this insuran~e coverage; if only a portion of tt>e purchase price is paid ~o the State under this policy, the nu~ber of installment paymen~S shall remain unchanged, however the amount of each payment shall be reduced. 14. Comply with Construction Fund Progr~m Procedures attached hereto as schedule A. '. 15. Comply with the provisions of Section 5 of S.B. 439, 1981 Session of the Colo~ado General Assembly# 16. Not sell, convey, assign, grant, tr<1nsfer, or otherwise dispose at the project or any portion thereof, so long as any of the ~nnual installments required by paragraph A.12. above remain ~npaid, without the prior ~ritten concurrence of the state. Pnqp. 1 of 7 r.VI0f;