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<br />fees). whether for one or more classes of service. in <br />accordance with a schedule of such charges formally adopted by <br />~he Contractor ~hrough its Board of Directors. as may be <br />modified from time to time. The initial rate schedule must be <br />approved by the S,tate. Thereafter. the Contractor may. subject <br />to the approval of the State. make such modifications to the <br />rate schedule as the Contractor deems necessary to efficiently <br />and economically provide for the financial requirements of the <br />system as long as the rate schedule remains reasonable and <br />non-discriminatory. <br /> <br />9. Adjust its operating cost~ 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 />10. Provide the State with such periodic reports as the <br />State may require and permit periodic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br /> <br />11, Repay to the State the total principal sum of Eight <br />Hundred Fifteen Thousand Eight Hundred Ninety-Four Dollars <br />and Forty Cents ($815.894.40). which includes the project loan <br />amount and interest at the rate of five percent (5\) per annum. <br />said repayment to be made in constant annual installments of <br />Twenty Thousand Three Hundred Ninety-Seven Dollars and <br />Thirty-Six Cents ($20,397,36) each, for forty (40) years. as <br />shown in Exhibit A. attached hereto and incorporated by <br />reference herein. which first installment shall be due and <br />payable on the first day of the month next succeeding the month <br />in which the State determines that the project has been <br />substantially completed. and yearly thereafter until the entire <br />principal sum shall have been paid. However. in the event the <br />Contractor does not draw funds commencing on the date specified <br />in paragraph C.I.a. below. the Obligation to repay shall be <br />postponed for th~ same number of months as the Contractor <br />delays in drawing funds. Said installment payments shall be <br />made payable to the Colorado Water Conservation Board. payable <br />at the offices of said Board in Denver. Colorado. The <br />Contra~tor pledges its full faith and credit in support of this <br />Obligation and warrants that it has taken all steps necessary <br />to pledge its full faith and credit for this Obligation. <br /> <br />12. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Contractor until the <br />Contractor has repaid the loan in the full under the terms of <br />paragraph A.II. above. The State shall be the 50le insured of <br />this policy. The outstanding loan amount payable to the State <br />shall be reduced in the amount of any payments made to the <br />State under this insurance coverage. If only a portion of the <br />outstanding loan amount is paid to the State under this policy. <br />the number of installment .payments shall remain unChanged: <br />however. the amount of each payment shall be reduced. <br /> <br />13. <br />attached <br />herein. <br /> <br />Comply ~ith the construction Fund Program Procedures <br />hereto as Exhibit B and incorporated by reference <br /> <br />_ 14. Comply with the provisions of section 37-60-120, <br />Colorado Revised Statutes. and any other applicable statutes. <br />procedures, requirements. rules. or regulations which the State <br />has, <br /> <br />15. Not sell. convey. assign, grant. transfer. mortgage. <br />pledge. encumber. or otherwise dispose of the project or any <br /> <br />Page 4 of 8 Pages <br />