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<br />--- -;'"..." <br />, " I <br /> <br />8. Make the services of said project available within its capacity to all qualified persons <br />in the Contractor's service area without discrimination as to race, color, religion, or natural <br />origin at reasonable charges (including assessments, taxes, or fees), whether for one or more <br />classes of service, in accordance with a schedule of such charges formally adopted by the <br />Contractor through its Board of Trustees, as may be modified from time to time. The initial <br />rate schedule must be approved in writing by the State before any such charges are initially <br />assessed. Thereafter, the Contractor may, subject to the approval of the State, make such <br />modifications to the rate schedule as the Contractor deems necessary to efficiently and <br />economically provide for the financial requirements of the system, including repayment of <br />the State, as long as the rate schedule remains reasonable and non-discriminatory. <br /> <br />9. Pursuant to its By-Laws, adjust its operating costs and service charges and levy <br />assessments from time to time as necessary, upon written notice from the State, to provide <br />sufficient funds for adequate operation and maintenance, emergency repair services, <br />obsolescence reserves, and debt reserves, and to assure repayment of the project loan to the <br />State as provided herein. <br /> <br />10. Pursuant to its By-Laws, have its Board of Trustees take all necessary actions <br />consistent therewith to adopt an order or a resolution authorizing the Contractor to contract <br />this loan debt, and authorizing the President and Secretary to pay the indebtedness. Such <br />orders shall be attached hereto as Exhibit A and included herein. The Contractor, by a <br />majority vote of its Board of Trustees, shall also authorize the Deed of Trust security <br />interest required by the State in paragraph A. 14. below. Such authorization shall be <br />attached hereto and incorporated herein as Exhibit B. The above conditions must be <br />performed by the Contractor prior to the State performance under this contract. <br /> <br />v' <br /> <br />11. Pursuant to its By-Laws the Contractor, through its Board of Trustees, shall take <br />all necessary actions consistent therewith to levy assessments to raise sufficient funds to pay <br />this contract loan debt in a timely manner and as required by the terms and conditions <br />herein to assure repayment of the project loan to the State. In the event that the <br />assessment(s) levied by the Contractor, or the revenues resulting therefrom, are or become <br />insufficient to assure repayment to the State as required by the terms and conditions herein, <br />then the Contractor, upon written notice thereof from the State, shall immediately take all <br />necessary action consistent with its By-Laws, including but not limited to additional <br />assessments, to raise sufficient revenue to assure repayment of the project loan to the State. <br /> <br />12. Provide the State with such periodic reports as the State rnay require and permit <br />periodic inspections of its operations and accounts by a designated representative of the <br />State. <br /> <br />13. Repay to the State the total sum of One Hundred Sixty-Six Thousand Six Hundred <br />Eighty Dollars and Eighty Cents ($166,680.80), which includes the project loan amount with <br />interest at the rate of five percent (5%) per annum, said repayment to be made in constant <br />annual installments of Four Thousand One Hundred Sixty-Seven Dollars and Two Cents <br />($4,167.02) each, for forty (40) years, as shown in Exhibit C, attached hereto and <br />incorporated by reference herein, which first installment shall be due and payable on the <br />first day of the month next succeeding the rnonth in which the State determines that the <br /> <br />Page 1 of 11 pages <br />