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<br />Thereafter, the Contrr .-->-r.... may make such modifications +-., '"he rate schedule <br />as the Contractor deE. .:essarY". to efficiently and ( ically provide for <br />,the financial requirements of the system, including repayment of the State, as <br />long as the rate schedule remains reasonable and nondiscriminatory. ~ <br /> <br />asses sed. 'Fh-e-r-eo!!f~r.--Ht-e-eontra-c-t",-,.r-may;-1n1bj"Bl:rt:"-t'O--Che <br />~a,.pf>-c~a 1- -o-~ - t.fte. -6t-a-t-e i" - -m-a-k: e- -&u-e h- i{t()-t'j i {"-i-c-a t .toil-8 - -t-o- -e he- -eo!! t-e <br />'1 i s-eh-e-du],e--a-s--the--€eil-t-E-ae-t~E--6-e-e-mB--n-e-ee'5-sa:-r-y--t-'&-e{-t-i:-cien-e-rY-"81Td <br />r &e g-no-m i- €a-l-l-y - .p-r-o-v i -de- -f 6i:--t:-he- -{-i,. Aai'l"C"ia i - -r:-eq tl-i-t"e me-n-~I! - 'O'f- -e h-e <br />_ s-yst.-em r -4.~l: 1:i&i-A-~-'f:-e-~ayineTt:~--o-{--efl-e- -Ste-t"'e-,-'6:s...-l-Oft'Cj-as- -the -t:-ate <br />s-e he-du l-Q- -c-€-ma-i -n-& - :E-e-a-s-e A-a-b-l-e- -a-nd - fl:o-n.-d i"S:"C-f" i rn-i-rta t C"'CY;- <br /> <br />9. Adjust its operating costs and service charges and l~vy <br />assessments from time to time as necessary to provide <br />sufficient funds [or adequate operation and ~aintenance. <br />emergency repair services. obsolescence rese(ves. and debt <br />reserves. <br /> <br />10. Provide the State with such periOdic reports as the <br />State may require and permit periOdic inspections of its <br />operations and accounts by a designated representative of the <br />State, <br /> <br />11. Repay to the State the total sum of three Hundred <br />Forty-Five Thousand Forty-Three Dollars and twenty Cellts <br />($345.043.20). which includes the project loan amount and the <br />Twenty-Two Thousand Six Hundred Eighty-Three Dollars ($22,683) <br />feasibility report amount. together with interest at the rate <br />of Five percent (S\) per annum, said repayment to be made in <br />constant annual installments of Seventeen ~housand Two Hundred <br />F'ifty-Two Dollars and Sixteen Cents ($17,252,16) each, for / <br />twenty (20) years. as shown in Exhibit C. attached hereto and <br />incorporated by reference herein. which first installment shall <br />be due and payable on the first day of the month next <br />succeeding the month in which the State determines that the <br />project has been substantially completed. and yearly thereafter <br />until the entire principal sum and interest shall have been <br />paid. Said installment payments shall be made payable to the <br />Colorado Water Con~ervation Board. payable at the offices of <br />said Board in Denver. Colorado. The Contractor pledges its <br />full faith and credit in support of this obligation and <br />warrants that it has taken all steps necessarY to pledge its <br />full faith and credit for this Obligation. <br /> <br />At the Contractorts option. the total principal repayment <br />cost can be repaid to the State by the Contractor at any time <br />within the twenty- (20) year repayment period. thereby <br />terminating this contract. The repayment of the total <br />principal payment cost prior to the end of the twenty- (20) <br />year period can be done by submittin~ a .final payment to the <br />State equal in amount to the outstanding unpaid principal of <br />the total principal repayment cost when this tinal payment is <br />made. plus the interest accumulated on the un~aid total <br />principal repayment cost principal calculated at a rate of five <br />percent (5\) per annum for that periOd trom the last scheduled <br />annual payment date to the date final payment of the <br />outstanding total principal repayment cost principal is <br />received by the State. <br /> <br />12. As security for the loan to be made to it by the State. <br />execute a warranty deed within thirty (30) dayS of the <br />substantial completion of the project as deter.mined by paragraph <br />8,11, above that shall convey to the State the fOllowing: <br /> <br />An undivided one-half (l/2) interest in and to the <br />Barnes Meadow Dam and Reservoir. as described in the <br />const(uction contract documents. the terms of which <br />are incorporated herein. together with all structures <br />appurtenant thereto Qr used in connection therewith. <br /> <br />The deed shall be recorded by the Cootractor in the <br />proper county or counties and all recording fees shall <br />be paid by the Contractor. The construction retainage <br />held by the State shall not be paid to the Contractor <br />until this deed has been executed. recorded. and filed <br />with the state, <br /> <br />Page ~ of 10 Pages <br />