W A T E R    R A T E S


RECLAIMED WATER SERVICE

AVAILABILITY:

           Reclaimed water service to specific portions of Gold Canyon Resort and elsewhere as provided, limited, and delineated in that certain Agreement dated March 15, 1989 between Arizona Water Company, Gold Canyon Sewer Company, and Superstition Mountain Investment, Ltd. (the "Reclaimed Water Agreement"), approved by the Arizona Corporation Commission in Decision No. 56631 on September 14, 1989.

RATE:

           $250.00 per acre foot; or such rate as the Arizona Corporation Commission approves; plus the applicable monthly minimum charge as set forth in the Arizona Water Company Apache Junction General Service tariff schedule, for appropriate meter size and applicable taxes and governmental levies pursuant to Paragraphs 4 and 11 of the Reclaimed Water Agreement.

TERMS AND CONDITIONS:

           Subject to the terms and conditions of the Reclaimed Water Agreement and the applicable rules, regulations, and conditions of Arizona Water Company and the Arizona Corporation Commission.