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11. Payments. The charge for water shall be paid annually in advance. In addition, Lessee will <br />pay to the Board upon execution of this Agreement a non - reimbursable fee of $250 in <br />consideration of legal and administrative costs incurred by the Board for this Agreement. The <br />first annual payment for water shall be due April 1, 2011 andadditional annual payments <br />shall be due from Lessee to the Board on the 1 day of April each year thereafter for the term <br />of this Agreement. Delinquent balances shall be subject to a late payment charge of 1.5% per <br />month on the unpaid balance. No water will be delivered under this Agreement if the Lessee <br />has an unpaid balance. <br />12. Escalation. The charge for water delivered by the Board to Lessee for the first contract year, <br />and for each year thereafter, shall be adjusted based upon the percentage increase, if any, <br />over the previous year of the Board's water rates for its general customers for treated water. <br />The Board will give to Lessee at least 30 days written notice of any rate increase pursuant to <br />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 />Page 4 of 9 <br />