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<br />Said liability insurance shall name the State as a <br />co-insured. A copy of a certificate of said liability <br />insurance must be filed with the Colorado Water Conservation <br />Board prior to the start of the operation of the project <br />system. <br /> <br />8. Make the services of said projec~ available within its <br />capacity to all persons in the Contractor's service area <br />without discrimination as to race, cOlor, religion, or natural <br />origin at reasonable charges including assessments, taxes, or, <br />fees in accordance with a schedule of such charges, whether for <br />One or more classes of service, formally adopted by the <br />Contractor through its board of directors, as may be modified <br />from time to time by the Contractor. The initial rate schedule <br />must be approved by the State. Thereafter, the Contractor may, <br />subject to the approval of the State, make such modifications <br />to the rate schedule as the ContractOr deems necessary to <br />efficiently and economically provide for the financial <br />requirements of the system as long as the rate schedule remains <br />reasonable and 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. Expand the system from time to time to meet reasonable <br />growth or ~ervice requirements in the area within its <br />jurisdiction. <br /> <br />11. Provide the State with such periOdiC reports as it may <br />require and permit periodic inspections of its operations and <br />accounts by a designated representative of the State. <br /> <br />12. Purchase from the State all of the State's riqht, <br />title, and interest in said project and any facilities thereof <br />at a total purchase price of Nine Hundred Nine Thousand Three <br />Hundred Sixty Dollars ($909,360) payable in forty (40) annual <br />installments of Twenty-Two Thousand Seven Hundred Thirty-Four <br />Dollars ($22,734) each, Which first installment shall be due <br />and payable on July 15, 1982, and yearly thereafter uflt:.il the <br />entire principal sum shall have been paid. Said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board, payable at the offices of said Board in <br />Denver, Colorado. <br /> <br />Contractor may repay all or any amount of the Four <br />Hundred Fifty Thousand Dollars ($450,OOO) at any time during <br />the life of the contract without penalty. At the time of said <br />prepayment, amount and/or number of remaining installmen~s <br />shall be renegotiated. <br /> <br />13. Obtain and maintain general fire and hazard insurance <br />on the project system in an amount not less than the amount <br />owing to the State for purchase of the project system until the <br />Contractor has purchased the project system. The State shall <br />be the sole insured of this policy. The purchase price payable <br />to the State shall be reduced in the amount of any payments <br />made to the State under this insurance coverage; if only a <br />portion of the purchase price is paid to the State under this <br />policy, the number of installment payments shall remain <br />unchanged, however the amount of each payment shall be <br />reduced. <br /> <br />14. Comply with Construction Fund Program Procedures <br />attached hereto as SchedUle A. <br /> <br />15. Comply with the provisions of Section 5 of S.B. 439, <br />1981 Session of the Colorado General Assembly. <br /> <br />Page 3 of 7 Pages <br />