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will be added annually to the municipal rate. The 2009 Colorado River Storage Project municipal <br />water rate has been set at $85.23 per acre-foot plus $1.00 per acre-foot for O&M expenses. <br />(b) The first annual payment in the amount of $431.15 for 5.0 acre-feet of water shall be <br />made by the Contractor upon execution of the contract. <br />(c) For each annual payment thereafter, the United States will bill the Contractor and the <br />Contractor agrees to pay for 5.0 acre-feet at the current rate charged for such water. Payments shall <br />be made annually by February 1. <br />(d) All payments from the Contractor to the United States under this contract shall be by <br />the medium requested by the United States on or before the date payment is due. The required <br />method of payment may include checks, wire transfers, or other types of payment specified by the <br />United States. <br />(e) Payment received by the United States for the sale of water under this contract shall be <br />credited pursuant to Section 5 of the Colorado River Storage Project Act. <br />4. CHARGES FOR DELINQUENT PAYMENTS Ir <br />(a) The Contractor shall be subject to interest, administrative, and penalty char4es on <br />delinquent payments. If a payment is not received by the due date, the Contractor shall pay an <br />interest charge on the delinquent payment for each day the payment is delinquent beyond the due <br />date. If a payment becomes 60 days delinquent, in addition to the interest charge, the Contractor <br />shu-tli pay an administrative charge to cover additional costs of billing and processing the <br />delinquent payment. If a payment is delinquent 90 days or more, in addition to the interest and <br />%admiirdsciatIV" c;h-arges, the Contractor :hall pay a penatty l?a?e for each day =he pay ssi??lt is <br />delinquent beyond the due date, based on the remaining balance of the payment due at the rate of 6 <br />e3 en; per y ti ter, = he C;onas s? it a;;r <br />z i n p'c any fees inu re for i eba coneczton serk-71ces <br />WILL-? ie U-C.L119MUCr i °9L{? _[lvlii_ <br />(b) The interest charge rate shall be the greater of either the rate prescribed quarterly in the <br />A7.1WjNi Kcu sar-1 DY Inc. U U-10 I IUd?N'MV IRA 4:111 j32i,.:{UILI?£ Ei3 UVC iILIC. I-hAVIR -i b Li 111 <br />interest rate of 0.5 percent per month. The interest charge rate will be determined as of the due <br />i12 E titiie _e r[MY, I cii 101 me is tuouciu of me 01M81&?} ewt pe.I. `,L <br />(c) When a partial payment on a delinquent account is received, the amount received shall <br />+? rah p i i i 1M. iii Me JzX---i1" Y L•laxa -ge.s. -sCi--OrIlt to the. <br />tililla ?l3 L1dC ti%=..! isGLa <br />iiir.CiiiV ti, iiie f_i