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<br />Board prior to Ule start of the operation of the project <br />system. <br /> <br />8. Make thE' services of said project available within its <br />capacity to all persons in the Contractor's service area <br />without discrimiflation as to race, color, religion, or natural <br />origin at reasonc.ble charges including assessments, taxes, or <br />fees in accordance with a schedule of such charges, \'/hether for <br />one or more clasf;es of service, formally adopted by the <br />Contractor throuHh its bOflrd of directors, c\s may he modified <br />from time to tim(~ by the Contractor. 'rhe 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 Bconomically provide for the financial <br />requirements of 1~e system as long as the rate schedule remains <br />reasonable and non-discriminatory. <br /> <br />9. Adjust :.ts operating co.sts 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 />\ <br />) <br /> <br />10. Expand 1:.he 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 periodic 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 />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 Three Hundred Forty-Four Thousand <br />One Hundred TwentY-Eight Dollars and Ten Cents ($344,128.10) <br />payable in forty (40) annual installments of Eight Thousand Six <br />Hundred Three Dollars and Twenty Cents ($8,603.20) each, which <br />first installment Shall be due and payable on July 15, 1983, <br />and yearly thereafter until the entire principal sum ~)all have <br />been paid. Said installment payments shall be made payahle to <br />the Colorado Water Conservation Board, payable at the offices <br />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 St~te for purchase of the project system until <br />the Contractor has purchased the project system. 'I.'he 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 unde~ <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 />attachen hereto as Scnedule A. <br /> <br />B. Upon default in the payments herein set for-th 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 outstanning <br />immediately due and payable: (b) for the account of the <br />Contractor incur and pay reasonable expenses for repair, <br />maintenance, ana OPeration of the system herein desc.cihed and <br />such expenses as may be necessary to cure th~ cause of dnfilult; <br />and/or (c) take pOSsession of the system, repai:r:, IIwintai.n. awl <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 />Pilqe :\ n f ., l'i"lqn~ <br />