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accordance with a schedule of such charges formally adopted by the Contractor through its Board of Directors~ as may be modified ~rom time to time. The current rate schedule must be approved by the State, Thereafter~ the Contractor may. subject to the approval of the State. 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. 6, Provide the State with such periodic reports as the State may require and permit periodic inspections of its operations and accounts by a designated representative of the State. 7. Pursuant to its Articles of Incorporation. the Board of Directors of the Contractor shall take all necessary actions consistent therewith to adopt an order or resolution authorizing the Contractor to contract this loan debt. and authorizing the undersigned signatory to sign .on behalf of the Contractor. and authorizing the Contractor to use project fees. levies. or other assessments as may be necessary to pay the indebtedness, Such orders shall be attached hereto as Exhibit A and included herein. The Contractor. through a Resolution passed by a vote of the Board of Directors, shall also authorize the security interest required by the State in paragraph A.8. below. The above conditions must be performed by the Contractor prior to the State performance under this contract. B, As security for the loan to be made to it by the State, execute a security commitment within thirty (30) days of the advance of funds from the State which shall convey to the State .the following: a security interest in the annual assessments and levies. The Contractor agrees to take any and all action necessary to guarantee payment~ as shown in Exhibit C. attached hereto and incorporated by reference herein. 9. Pursuant to its Articles of Incorporation and to its By-Laws~ the Contractorr through its Board of Directors as provided therein~ shall take all necessary actions consistent therewith ~o levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the project loan to the State. In the event that the assessment(s) levied by the Contractor. or the revenues reSUlting therefrom. are or become insufficient to assure repayment of the State as required by the terms and conditions herein. then the Contractor. upon written notice thereof from the State. shall immediately take all necessary action consistent with its By-Laws. including but not limited to additional assessmentsr to raise sufficient revenue to assure repayment of the project loan to the State. 10. Repay to the State the total principal sum of Two Million Five Hundred Fifty Thousand Eight Hundred Eleven Dollars and Seventy-six Cents ($2.550.811.76), which includes the project loan amount. and interest at the rate of five percent (5%) per annum. said repayment to~be made in constant annual installments of Three Hundred Eighteen Thousand Eight Hundred Fifty-one Dollars and Forty-Seven Cents ($31B,85l,47) each. for eight (8) years. as shown irr Exhibit B. attached hereto and incorporated by reference herein. which first installment shall be due and payable on the first day of the month as scheduled in Exhibit B and yearly thereafter until the entire principal sum shall have been paid. Said installment payments shall be made payable to the Colorado Water Conservation Board~ payable at the offices of said Board in Denver. Colorado. The Contractor pledges its full faith and credit in support of this Obligation and warrants that it has taken all steps necessary to pledge its full faith and credit for this Obligation. Page 3 of 7 pages