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Upon execution of this Agreement,Lessee shall pay to the Board the first annual payment for <br /> water. Additional annual payments shall be due from Lessee to the Board on the I" day of <br /> April each year thereafter for the term of this Agreement. <br /> 12.Escalation. The charge for water delivered by the Board to Lessee for the second contract <br /> year, and for each year thereafter, shall be adjusted based upon the percentage increase, if <br /> any, over the previous year of the Board's water rates for its general customers for treated <br /> water. The Board will give to Lessee at least 34 days written notice of any rate increase <br /> pursuant to this paragraph before such increase shall be effective. <br /> 13.Pueblo City Charter Provision. This Agreement involves the use of water outside the <br /> territorial limits of the City of Pueblo and is specifically limited by the provisions of the City <br /> Charter governing such use. The Charter provides, among other things, that: "The Board of <br /> Water Works shall have and exercise all powers which are granted to Cities of the First Class <br /> by the Constitution and laws of the State of Colorado, except the power to levy and collect <br /> taxes directly or indirectly. Surplus water may be supplied to territories outside the City until <br /> same is needed by the inhabitants of the City." <br /> 14.Determination of Water Availability by Board The extent to which limitation of water <br /> delivery outside Pueblo may be necessary to enable the Board to provide adequately for users <br /> inside Pueblo is a fact to be determined by the Board in the exercise of its reasonable <br /> discretion from time to time as occasion may require. The Board has determined that the <br /> welfare of Pueblo and its inhabitants requires a stable water supply not only for its citizens <br /> but also for the other customers of the Board putting to beneficial use the water belonging to <br /> the Board. <br /> Page 4 of 9 <br />