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- " ~ ( system owned by the contractor which repair, replacement or reconstruction, which includes the work items and materials described on the Letter Report attached heretO as Appendix "A", is estimated ~o cost approximately, Three Hundred Eight-sj3_~~~~_~~~~_~~~~~_~~~~~~1_E~~!l_Q~ll~~2J1]~j~]~~J___; a~d------------------ , 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 Colorado Water Conser- vation Board and from funds appropriated by the General Assembly, the State will expend the sum of .9.rULlUuui.L..e.d.Jll.n.e..~~e.e..-'I.h.Q.u.s.aD.d_an.e_.HJJ.D.dJ:.e..d-.s.e..v..en UQlla~~_~~lj~~~~j____- for the repair, replacement and reconstruction of the project; and WHeREAS, the Contractor has a~ailable from its own sources sufficient funds to repair, repl~ce or reconstruct the remainder of the project. NO~ THEREFORE, iO consideration of the mutuAl and dependent covenants herein contained, it is hereby agreed by the parties hereto as follows: A. The Contractor agtees that it ~ill: 1. Cause said project to be constructed wit~in one year of the date of this contract in aOcordance with project plan6 and specifications approved by the State and any necessary modifica~ion hereof prepared by it and also approved py the State, or unless sucP time is extended by the state, or unless such time is insufficient becau~e of the acts of God or other acts or failure to act beyond the control of the Contractor. 2. Convey to the COlorado Water Conservatio~ Board, Department of Natural Resources, St~te of ColoradO, by appropriate deed or conveyance an undivided one-half interest to facilities to ~e repaired, replaced or reconstructed in t~e pjs~J~j_~~~_~L-P_~~~LQ~Ja~d_~it~h_a~LY~!~X~~____' together with land ana rights of the said facili~ies, all located in -----____________~~~J~~_~~~__~________, St~te of Colorado. 3. ?ermit 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 fot the construction of the project or the perforwance of work pursuant to such contracts or.sub- contracts, except that this provisiOn shall not apply to work neretofore accomplished by the Contractor. 4. Without expense to the State, manage, ope~ate and maintain the project system continuously and in ~n efficient and economical manner, and assume all legal and financial ~iability for such management, opera- tion and maintenance. 5. Make the services of such" project available within its capacity to all stockholders of th~ Contractor without discrimination as to race, color, religion, or natur~l origin at reasonable charges, including assessments, taxes, or fees in accordance with a schedule of such charges, whether tor one or more classes of service, as maY be formally 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 the system as long as the rate schedule remains reasonable and non-discriminatory and sUbjec0 to the approval by the S~ate. 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 its operation and accounts by a desig- nated representative of the State. The Colorado Water Conservation Board, page 1__ of _~_ pages