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<br />6. Adjust its operating costs and service charges from <br />time to time to provide for adequate operation and main- <br />tenance, emergency repair serv~ces, obsolescence reserves, <br />debt service and debt reserves. <br /> <br />7. Expand the system from time to time to meet reasonable <br />growth or service requirements in the area within its <br />jurisdiction. <br /> <br />8. Provide the state with such periodic reports as it may <br />require and permlt periodic inspections of its operations <br />and accounts by a designated representative of the state. <br />The Colorado Water Conservation Board, its agents and <br />employees, is hereby de~ignated as the agent'of the state <br />for the purposes 'of this contract. <br /> <br />9. To purchase from the state all of the state1s right, <br />titl~ and interest in said project and any facilities', <br />thereof at,a total purchase price of Seven Hundred Seventy- <br />Five Thousand Two Hundred Sixty Dollars ($775,260). payable <br />in thirty (30) annual installments 'of Twenty-Five Thousand <br />Eight Hundred Forty-Two Dollars ($25,842) each, which first <br />installment shall be due and payable on December 1, 1977, <br />and yearly thereafter until, the entire principal sum shall <br />have been paid. Said installment payment shall be made <br />payable to the Colorado Water Conservation Board, payable <br />at the offices of said board in Denver, Colorado. <br /> <br />10. Upon default in the payments herein set forth to be <br />made by the Contractor, or in the performance of any <br />covenant or agreement contained herein, the state, at its <br />option may (a) declare the' entire principal amount then <br />outstanding immediately due and payable, (b) for the account <br />of the Contractor incur and pay ,reasonable expenses for <br />repair, maintenance, a~d operation of the domestic water <br />system herein described and such other. reasonable expenses <br />as may be necessary to cure the cause of default, and/or <br />(c) take possession of the system, repair, maintain, and <br />qperate or' lease it; provided that the Farmers Home Adminis- <br />tration shall have the first right to lease or otherwise <br />acquire the State's interest in tne system upon terms and <br />conditions mutually agreeable to the state ahd the Farmers <br />Home Administration. In addition, the provisions of this <br />contract may be enforced by the state, at its option without <br />regard to prior waivers by it Of-previous defaults by the. <br />Contractor, through judicial proceedings to require specific <br />performance of this contract or by such other proceedings in <br />law 'or equity as. may be deemed 'necessary by the state to <br />'insure compliance with provisions of this contract and the <br />laws and regulations under which this contract is ,made. <br /> <br />B. The state agrees. that it will: <br /> <br />1. Make available to the contractor for the purpose of <br />this contract the sum of Five Hundred Thousand Dollars <br />($500,000). Said Five Hundred Thousand Dollars ($500,000) <br />shall be made available to the Contractor in accordance with <br />the following terms, schedule and conditions: <br /> <br />Page 3 of 5 pages <br />