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<br />more classes of service, formally adopted by the Contractor <br />throuqh its board of directors, as may be modified from time to <br />time by the Contractor. 'l'he initial rate schedule must be <br />approved by the state. Thereafter, the Contractor may, subject <br />to the approval of the State, make such modifications to the rate <br />schedule as the Contractor deems necessary to efficiently ana <br />economically provide for the financial requirements of the system <br />as long as the rate schedule remains reasonable and <br />ton-discriminatory. <br /> <br />9. Adjust its operating costs and service charges from time <br />to time to provide for aoequate operation and maintenance, <br />emergency repair services, obsolesc~nce reserves, and debt <br />reserves. <br /> <br />10. Expand the system from time to time to meet reasonable <br />growth or service requirements in the area 'thin its <br />jurisdiction. <br /> <br /> <br />rts as it may <br />perations and <br />State. <br /> <br />11. Provide the State with su <br />require and permit periodic inspect <br />accounts by a nesignated repr entat <br /> <br />12. Purchase from e State's right, title, <br />and interest in Phas and any facilities <br />thereof at a total Ninety-Seven Thousand Nine <br />Hundred Eighty Dollars Cents ($97,980,80) payable in <br />forty (40) annual insta ents of Two Thousand Four Hundred <br />Forty-Nine Dollars and -Two Cents l$2,449.52) each, which <br />first installment shall due and payable on the first day of <br />the twenty-fourth (24th) month fOllowing ,he completion of the <br />entire project and yearly thereafter until the entire principal <br />sum shall have been paid. Said installment payments shall be <br />made payable to the Colorado water Conserv~tion Board, payable at <br />the offices of said Board in Denver, ColoraQo. <br /> <br />13. Obtain and maintain general fire and hazard insurance <br />on the project system in an amount not l~ss than the amount owing <br />to the State for purchase of the project" system until ,the <br />Contractor has purchased the project system. The State shall be <br />the sole insured of this policy. The purchase price payable to <br />the State shall be reduced in the amount of any payments made to <br />the State under this insurance coverage; if only a portion of. the <br />purchase price is paid to the State under this policy, the number <br />of installment payments shall remain unchanged, however the <br />amount of each payment shall be reduced. <br /> <br />14. Comply with Construction Fund Program Procedures <br />attached hereto as Schedule A. <br />I <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 session of the Colorado General Assembly. <br /> <br />16. <br />required <br />ready to <br /> <br />Make proof available to the state that the funds <br />to be matched with the State moneys are available and <br />be ex pended . <br /> <br />R. Upon nefault in the payments herein set forth to be made by <br />the Contract9r, or in the performance of any covenant or <br />agreement contained herein, the State, at its option, may (a) <br />declare the entire principal amount then outstanding immediately <br />due and payable; (b) for the account of the Contractor incur and <br />pay reasonable expenses for repair, maintenance, and operation of <br />the system herein described and such expenses as may be necessary <br />to cure the cause of default; and/or (c) take possession of the <br />system, repair, maintain, and operate or lease it. The provi- <br />sions of this contract may be enforced by the State at its option <br />without regard to prior waivers by it of previous defaults by the <br />Contr.actor, through judicial proceedings to require specifiC <br /> <br />Page 3 of 6 Pages <br />