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B. Make the services of said project available within its capacity to all qualified persons in the Contractor's service area without discrimination as to race, color, religion, or natural origin at reasonable charges (including assessments, taxes, or fees), whether for one or more classes of service. in accordance with a schedule of such charges formally adopted by the Contractor through its elected officials, as may be modified from time to time. The initial rate schedule must be approved in writing by the State before any such charges ar~ initially assessed. Thereafter. the Contractor may. subject to the approval of the State, make such modifications to the rate schedule as the Contractor deems necessary to efficiently and economically provide for the financial requirements of the system. including repayment of the State. as long as the rate schedule remains reasonable and non-discriminatory. 9. Pursuant to its By-Laws. adjust its operating costs and service charges and levy assessments from time to time as necessary. upon written notice from the State. to provide sufficient funds for adequate operation and maintenance. emergency repair services. obsolescence reserves, and debt reserves. and to assure repayment of the project loan to the State as provided herein. Should the stockholders fail to set any assessment. the Contractor shall establish an adequate assessment for purposes of this contract pursuant to Section 7-42-104(2). CRS (1986). 10. Pursuant to its Articles of Incorporation and to its By-Laws, including but not limited to Article 4, have its Board of Directors take all necessary actions consistent therewith to adopt an order or resolution authorizing the Contractor to contract this loan debt. and authorizing the President and the Secretary to pay the indebtedness. Such resolution shall be attached hereto as Exhibit E and included herein. The Contractor. through a majority vote of the stockholders. shall also authorize the warranty deed security interest required by the State in paragraph B.14. below, and shall approve the contracting of this loan debt for the principal sum of Three Hundred Twenty Thousand Dollars ($320,000), its repayment by the President and Secretary, the levying and pledging of assessments in an amount sufficient to repay and assure repayment of the loan, and the signing of the security interest in such assessments. Such authorization shall be attached hereto and incorporated herein as Exhibit F. The above conditions must be performed by the Contractor prior to the State performance under this contract. \ \ J I 11. Pursuant to Section 7-42-104, CRS (1986). and to its Articles of Incorporation and to its By-Laws. including but not limited to Article 4, the Contractor, through either its stockholders or its Board of Directors. shall take all necessary actions consistent therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the project loan to the State. In the event that the assessment(s) levied by the Contractor, or the revenues reSUlting therefrom. are or become insufficient to assure repayment of the State as required by the terms and conditions herein. then the Contractor, upon written notice thereof from the State, shall immediately take all necessary action consistent with its By-Laws and Section 7-42-104, eRS (1986). including but not limited to additional assessments. to raise sufficient revenue to assure repayment of the project loan to the State. 12. Provide the State with such periOdic reports as the State may require and permit periOdic inspections of itE operations and accounts by a designated representative of the State. Page ~ of II Pages