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syttem owned by the Contractor which repair, replacement or reconstruction, which includes the work items and materials described on the Damag~ Survey Report attached hereto ~s Appendii "A", is estimated to cost appro_imately, X2~_SLy~_oY_~_~~_~~t~~~~_it~~~~~~L_~_______________________________~_____~; an~ WHEREAS, the State, throu9h the Colorado Water ConServation BQard, hat agreed to repair, r~place or reconstruct the said project and to sell th~ same to the Contractor upon mutually agreeable terms and conditions; an~ WHEREAS, pursuant to policy established by the Colorado Water Conser- vation Board and from funds appropriated by the General Assembly, the state will expend the sum of ~!::!~!.!.!:L.!!:!~~~~.!:!E_PE1..!El'UJ3~.2-9JlJ_____________...___ for the repair, replacement and reconstruction of th;-pr~je~t;-;~d--~---- WHEREAS, the Contr~ctor has available from its own sources sutficient funds to repair, replac~ or reconstruct the remainder of the project. NOW THER~FORE, in ~onsideration of the mutual and dependent covenants hetein contained, it is hereby agr~ed by the parties hereto as follows: A. The Contractor agre~s that it will: 1. Cause said proj~ct to be Constructed within one year of the date of this contract in acc~rdance with project plans and specifications ap&roved by the St~te and any necessary modification hereof prepared by it and also a~prov~d by the state, or unless such time is extended by the St~te, or unless s~ch time is insufficient because of the acts of God or other acts or fail~re to act beyond the control of the Contractor. 2. Convey to the COlorado Wat~r Conservation Board, Department of Natural Resoutces, Stat~ of ColoraGo, by appropriate deed or conveyance an undivided one-h~lf interest to facilities to be repaired, replaced or reconstructed i~ the Canal Intake and 500 feet of Canal , together with land and right;-~f-th;-;~id-f;~iiIti;;~-aii-lo~at;d-in----- -~~~~_~~~~~_________________~______________, State of Colorado. 3. Permit periodic inspection of construction by the authorized rep- resentatives of the state during conatruction and permit the State to teview and approve or disapprove any contract for the construction of the project or th~ performance of work pursuant to such contracts or sub- contracts, eXGept that this provision shall not apply to work heretofore accomplished by the Contractor. 4. WithoQt expense to the State, manage, operate and maintain the project syste~ continuously and in an efficie~t and economical manner, and assume all legal and financial liability tor such management, opera- tion and maintenance. 5. Make the services of such project available within its capacity to all stockhQlders of the Contractor without dis9rimination as to race, color, religiQn, or natural origin at reasonable charg~~~ including assessments, taxes, or fees in accordance with a schedule of such charge~, whether for one or more classes of service, a$ may be fOrmally adopted by the Contracto~ through its board ot directors( and as may be modified from time to time by the Contractor. The initial ~ate schedUle must be approved by the State. Thereafter, the Contractor may make $uch modifications to the rate schedule as the Contracto~ deems necessary to efficiently and eCOnomically Provide for the finan~ial requir~ments of the system as long as the rate SChedule remains reaSOnable and non-discriminatory and subject ~o the approval by the State. 6_ Adjust its operating costs and servic~ charges feom time to time to provide for adequate operation and maintenance, emergency repair services, obSOlescence reserves, d~bt service( and debt reserves. 7. provide the state with such periodic ~eports as it may reqUire and permit periodic inSPections of its operation and accounts by a desig- nated representative of the State_ The Colorado Water Conservation Board, Page 1__ of _~_ pages