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2. Conveyor cause title to be conveyed by deed or other proper conveyance to the Colorado Water Conservation Board, Department of Natur:al Resour:ces, State of color:ado, the following por:tions of the pr:oposed pr:oject facilities: a. A water treatment plant of 1.34 million gallon capacity, including the building, the heating and electrical system; also including all the necessary accessories as described in detail in Appendix A. 3. Permit periodic inspection of constr:uction by the author:ized r:epresentatives of the State during construction and permit the State to r:eview and appr:ove or: disappr:ove any contraats for: the construction of the project qr the rmance of work pursuant to such contr:acts or subcontra, " , z._ . ":'_W 4. Without expense to the St"I;', .:.,hag the pr:oject system con uous 1.?-in aple manner, and~ss. all ... al li~l'(b..il'( operation a '._ i ..',~na:c ....: ~ . . ';('.~"i, (.....' ~.J>-"~'>i-",,_' 1>. \! . 5. Make the sW~ces ar sa~~pr:oject available within its capacity to a11~on~n the Contr:actor:'s ser:vice ar:ea without discrimination -0 race, color, religion or natural origin at reasonable charg' including'assessments, taxes or fees in accor:dance with schedule of such char:ges, whether: for one or: more classes of ser:vice, formally adopted by the Contr:actor through its boar:d of directors, as may be modified from time to time by the Contr:actor. The initial r:ate schedule must be approved by the State. Thereafter, the Contr:actor may make such modifications to the rate schedule as the Contractor: deems necessar:y to efficiently and economically pr:ovide for: the financial requirements of the system as long as the r:ate schedule remains reasonable and non-discriminatory, and subject to the approval by the State. oper:ate and maintain cient and economical or such management, 6. Adjust its oper:ating costs and ser:vice charges from time to time to pr:ovide for adequate operation and maintenance, emergency repair services, obsolescence reserves, debt service and debt reserves. 7. Expand the system fr:om time to time to meet reasonable growth or service requirements in the area within its jurisdiction. ! 8. pr:ovide the State with such per:iodic r:epor:ts as it may requir:e and permit periodic inspections of its operations and accounts by a designated representative of the State. The Color:ado Water: Conser:vation Boar:d, its agents and employees, is her:eby designated as the agent of the State for the purposes of this contract. 9. To pur:chase fr:om the State all of the State's right, title and interest in said project and any facilities thereof at a 'total purchase pr:ice of Three Hundred Seventy Nine Thousand Five Hundred Twenty-Four Dollars and Twenty Cents ($379,524.20), payable in twenty (20) annual installments of Eighteen Thousand Nine Hundr:ed Seventy-Six Dollar:s and Twenty-One Cents ($18,976.21) each, which fir:st installment shall be due and payable on September 1, 1979, and yearly thereafter until the entir:e pr:incipal sum shall have been paid. Said installment payment shall be made payable to the Color:ado Water Conser:vation Boar:d, payable at the offices of said boar:d in Denver:, Color:ado. 10. Upon default in the payments herein set for:th to be made by the Contractor, or in the per:formance of any covenant or agree- ment contained herein, the State, at its option may (a) declare the entir:e ~rincipal amount then outstanding immedi.atelY due and payable, (b) for: the account of the Contr:actor: incur and pay reasonable expenses for repair, maintenance, and operation of the domestic water system herein described and such other: reasonable expenses as may be necessary to cur:e the cause of default, and/or Page ~ of 1 pages