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<br />t-; <br /> <br />'" <br /> <br />one or more classes of serv~ce, 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 aoequate operation and maintenance, <br />emergency repair services, obsolescence rese~ves, 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. <br />require <br />accounts <br /> <br />Provide the State with such periodic reports as it may <br />and permit periodic inspections of its operations and <br />by a designated representative of the State. <br /> <br />12. Purchase from the State all of the state's right, <br />title, and interest in said project and any facilities thereof <br />at a total purchase price of Four Hundred Forty-Six Thousand <br />Eight Hundred Twelve Dollars and Eighty Cents ($446,812.80). <br />paY~e in forty (40) annual installments of Eleven Thousand <br />One undred Seventy Dollars and Thirty-Two Cents ($11,170.32) <br />~ac which first installment shall be due and payable on <br />~July 1. 1986, and yearly thereafter until the entire principal <br />sum shall have been paid. Said installment payments shall be <br />made payable to the Colorado Water Conservation Board. payable <br />at the offices of said Board in 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 portion 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 />16. Not sell, convey. assign, grant. transfer. or <br />otherwise dispose of the project or any portion thereof, so <br />long as any of the annual installments required by paragraph <br />A.12. above remain unpaid. without the prior written <br />cpncurrence of the State. <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: <br />and/or (c) take possession of the system, repair, maintain, and <br />operate or lease it. The provisions of this contract may be <br />enforced by the State at its .option without regard to prior <br /> <br />Page 3 of 7 Pages <br />