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I. I I I I I I I I I I I I I I I I I I ~ . 11. Deposits. All funds of the Authority shall be deposited, from time to time, to the credit of the Authority, pursuant to law, in such bank or banks as the Board of Directors may select. 12. Fiscal Years. The fiscal year of the Authority shall be the calendar year. 13. principal Place of Business. The principal place of business of the Authority shall be established by the Board of Directors. Annually, on or before the 1st day of February of each year, and within thirty (30) days fOllowing any change, the Authority shall file with the Division of Local Government the name of agent for service of process on the.Authority, and the address of the principal place of business of the Authority. 14. political Subdivision. Pursuant to C.R.S. Section 29-1-204.2(4), the Authority shall be a political subdivision and pUblic cor- poration of the State, separate from the Contracting Parties. It shall have the duties, privileges, immunities, rights, liabilities and disabilities of a public body politic and corporate. The provisions of Article 10.5 of Title 11, C.R.S., as amended, shall apply to monies of the entity. 15. Debt Not That of Contracting Parties. Pursuant to C.R.S. Section 29-1-204.2(5), the bonds, notes and other obligations of the Authority shall not be the debts, liabilities or obligations of the Con- tracting Parties or parties which may be future Contracting Parties. 16. Consolidation. If any two (2) or more of the Contracting Parties consolidate either their water service function or all of their respective functions, then, in that event, the entity in existence, after court approval of such consolidation, shall be the successor in interest to all those Contracting Parties which have been so consolidated. Upon issuance of a court order establishing a consolidated entity, those Con- tracting Parties consolidating shall no longer be entitled to separate representation on the Authority's Board of Directors. Instead, the consolidated entity shall be en- titled to one (1) principal member on the Board of Directors whose selection and term shall be as provided in paragraphs 3.2 and 3.3 hereof. As successor in interest, the con- solidated entity shall have all rights, powers, duties, and obligations hereunder as the original Contracting Parties. 17. Service Contract. ~ Within sixty (60) days of the effective date hereof, ~ each of the Contracting Parties shall enter into a separate " service contract with the Authority. Without obligating ,Contracting Parties, such service contracts are expected to ~rovide, among other terms and conditions, for the following: 10