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, , system owned by the Contractor which repair, replacement or reconstruc~ion, which includes the work items and materials described on the letter Report attached hereto ~s Appendix "An, is estimated to cost approximatelY, ~ R'lnn"e..d_'r..b.ir.t.~::.E.iJle_~.b.oJ.l..s.ao.d.... On11:=t r ~ ($? 111 non) _____________________ and WHEREAS, the State, through the Colorado water Conserv~rion Boardl has agreed to repair, replace or reconstruct the said project and to sell the same to the Contractor upon mutua~ly agreeable terms and conditions; and WSEREAS, pursu5nt to policy established by tne colorado Water Conser- 'v~tion Board and trom funds appropriated by the"General Assembly, the State will e~pend the sum of Q~~_B~E~~~SL~jE~_~~2~~_~_~_D~~L~~~_LtL~~~~~L______ tor thft repair, repl~c.ment and reconstruction of the-projecti-and------- KHEREAS, the contrActor has 4vailable from its own sources sufficient funds to repair, replace or reconstruct the remainder of the project. NOW THERBFORE, 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 p,oject to be constructed within. one year of the date of this contract in accordanc~ with project plans and specifications approved by the Stato and any necessary modification hereof prepared by it and also approved by the State, or unless such tlme is extended by the State, or unless suc~ time is ins~fficient beca~se 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, seate of Colorado, by approptiate deed or conveyance an undivided one-halt interest to facilities to be repaired, replaced or reconstructed in the Dj~~~~J~~~J_~JUL~~~~_L~~~_~t_~a~ai___________. together with land and rights of the said facilities, all located in T.~rim~~_C~~nk~____~--___________~_________, s~ate of, Colorado. 3. Permit periodic inspection of construction by the authorized rep- resentatives of tha state during construction and permit the State to review and approve or disapprove any contract far 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 .ystem continuously and in an efficient and economical manner, and ass~me 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 th. Contractor without discrim~liQtion BS 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 formally adopted by the Contractor through its board of directors, and as may be modifi~d from time to time by the contractor. The ~nitial rate schedule must be approved by the State. Thereafter, the Contraqtor may make such modifications to the rate schedule as the Contracto~ d~ems 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 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 its operation and accounts by a desig- nated representative of the State. The Colorado Water Conservation Board, Page 1__ of _~_ pages