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On motion duly made and seconded, i t was RESOLVED, that the officers and Board of Directors of Las Vegas Land and Water Company hereby express their appreci­ation to J . W. Padden for his faithful and efficien t services as Director and Member of the Executive Committee over many years and hereby wish Mrs. Padden and him a long and happy retirement. On motion duly seconded, i t was RESOLVED, that the action of President Stoddard in executing Agreement C.L.D. No. l464l, C.D. No. 4459^-1> dated November 26, 1963, between Las Vegas Land and Water Company, called "Applicant", and Vallecito Water Company, called "Utility", providing: 1. U tility , at its expense, to furnish necessary materials and labor and construct water main extension to serve Lots 1 and 2 of Block 21 of Tract 134-3, City of Industry, California; 2. Applicant to advance U tility $2,100.00, estimat­ed cost of installing water main extension, prior to commencement of construction. If actual cost to U tility of said water main extension varies from amount advanced, Applicant shall pay to U tility upon demand the excess of such cost over amount advanced, or, U tility shall refund to Applicant upon its demand the excess of such amount over such cost; 3 . U tility to own said water main extension; 4. U tility to refund to Applicant each year after commencement of rendition of service, 22$ of estimated annual revenue of prior calendar year received by i t from consumers taking direct ser­vice from water mains installed, for period of 20 years from date of completion of said in sta ll­ation, but the total of refunds made by U tility shall not exceed amount of advance and payment made by Applicant; be, and the same is hereby, ra tifie d , approved and confirmed. On motion duly seconded, i t was -2-