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, system owned by the Contractor which repair, replacement or reconstruction, which includes the work items and materials described on the Damage Survey Report attached hereto as Appendix "A", is estimated to cost approximately, _T_~L~~~~~~t_~~~~~~~~_QQ11~~~_J~1~~~~~1________________________~_________; and WHEREAS, the State, through the Colorado Water Conservation Board, has agreed to repair, replace or reconstruct the said project and to sell the same to the Contractor upon mutually agreeable terms and conditions: and WHEREAS, pursuant to policy established by the C~lorado Water Conser- vation Board and from funds appropriated by the General Assembly, th~ State" will expend the sum of ___liin~!~~~_~E2~~~E~_~~J_~~~~_L~~~L~~~L____________ -----------------______ for the repair,- replacement and reconstruction of the project; and WHEREAS, the Contcactoc has available from its own sources sufficient funds to repair, replace or reconstruct the remainder of the project. NOW THEREFORE, in consideration of the mutual and dependent covenants herein contained, it is hereby agreed by the parties hereto as follows: A; The Contractor agrees that it will: 1. Cause said project to be constructed within one year of the date of this contract in accordance with project plans and specifications approved by the State and any necessary modification hereof prepared by it and also approved by the State, or unless such time is extended by the State, or unless such time is insufficient because of the acts of .God or other acts or failure to act beyond the control of the Contractor. 2. Convey to the Colorado Water Conservation Board, Department of Natural Resources, State of Colorado, by appropriate deed or conveyance an undivided one-half interest to facilities to be repaired, replaced or reconstructed in the Diversion Dam on the South Platte River together with land and rights-of-the-said-fa~ilities~-all-locat;d~~----- --------------------_~E~32E_~E~E~J__________, State of Colorado. 3. Permit periodic inspection of construction by the authorized rep- resentatives of the State during construction and permit the State to review and approve or disapprove any contract for the construction of the project or the performance of work pursuant to such contracts or sub- contracts, except that this provision shall not apply to work heretofore accomplished by the Contractor. 4. Without expense to the State, manage, operate and maintain the project system continuously and in an efficient and economical manner, and assume all legal and financial liability for such management, opera- tion and maintenance. 5. Make the services of such project available within its capacity to all stockholders of the Contractor 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, as may be formatly adopted by the Contractor through its board of directors, and 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 make such modifications to the rate schedule as the Contractor deems necessary to efficiently and economically provide for the financial requirements of ~he system as long as the rate schedule remains reasonable and non-discriminatory and subject to the approval by the State. 6. Adjust its operating costs and service charges from time to time to provide for adequate operation and maintenance, emergency repair services, obsolescence reserves, debt service, and debt reserves. 7. Provide the state with such periOdic reports as it may require and permit periOdic inspections of iti operation and accounts by a desig- nated representative of the State. The Colorado Water Conservation Board, Page 1__ of _~_ pages