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<br />Said liability insurance shall llame the State as a <br />co-insured. A copy of a certificate of said liability <br />insurance must be filed with the Colorado Water <br />Conservation Board prior to the start of the operation <br />of the project system. <br /> <br />8. Make the services of said project available witllin its <br />capacity to all persons in the COlltractor's service area <br />without discrimination as to race, color. religion, or natural <br />origin at reasonable charges (including assessments, taxes, or <br />fees). whether for one or more classes of service. in <br />accordance with a schedule of such cllarges formally adopted by <br />the Contractor ttlcough its Board of Directors. ~s may be <br />modified from time to time. The initial rate schedtlle must be <br />approved by the State. Thereafter. the ContractOJ: may. subject <br />to the approval of tile 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 tne rate schedule remains reasonable and <br />non-discriminatory. <br /> <br />9. Adjust its operating costs 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 witJI such periodic reports as the <br />State may require and permit periodic inspectiDns of its <br />operations and accounts by a designated representative of tile <br />State. <br /> <br />11. Repay to the State the total principal ~um lof Two <br />Hundred Ninety-One Thousand Four Hundred ~Dolla's ($2~1.400), <br />Wllich includes the" project 16an amount and int~rest at the <br />rate of five percent (5\) per annum. said repayment to Le made <br />in constant annual illstallments of Seven 'l'housJ.IId Two Hundred <br />Eighty-Five Dollars ($7.285) each. for forty (40) years. as <br />shown in Exhibit A. attached hereto and incorporated Ly <br />reference herein. wllich 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 tne date specified <br />in paragraph C.I.a. below. the Obligation to repay shall be <br />postponed for the 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 />Contractor pledges its full faith and c~edit 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 mailltain 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 tile Contractor until <br />the Contractor has repaid the loan in the full under the terms <br />of paragraph A.II. above. The State sllall be the sole insured <br />of this policy. The outstanding loan amount payable to the <br />State sllall be reduced~in the amount of any payments made to <br />the State under this insurance coverage. If only a portioll oC <br />the outstandiIlg loan amount is paid to the State \Inder this <br />pOlicy. the number of installment payments shall remain <br />unchanged; however. the amount of eac)1 payment shall be reduced. <br /> <br />13 , <br />attached <br />herein. <br /> <br />Comply with the ConstructioIl fund Program Procedures <br />hereto as Exhibit B and incorporated bY reference <br /> <br />~ ' <br /> <br />Page 1 of I Pages <br /> <br />\ <br />I: <br />t <br />