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Union P a e ifie , et al 1 1 . December 10, 1952 to serve properties being developed by them, subject to re­fund of the cost pursuant to the said Rules and Regulations of the Las Vegas Land and Water Company* Upon the sale date a l l such contracts which are s t i l l wholly or p a rtially un­performed shall be assigned to the D istrict, and the District w ill, as of said date, assume a ll lia b ilit ie s , including lia ­b ilit y for further refunds, under said contracts. In the event there are in the possession of the Las Vegas Land and Water. Company upon the sale date sums of money deposited with i t ^ as advances for the construction of water mains which have not been expended for that purpose, said unexpended suras sh all be paid to the District to be used by the D istrict in accordance with the provisions of said contracts. 7* All taxes levied and assessed upon or properly at­tributable to any of the properties referred to in paragraphs (a) to (©} of Section 1 hereof in the calendar year in which the sale date occurs shall be prorated between you and the D istrict as of the sale date and the purchase price adjust­ed accordingly. &. Said purchase price shall be paid in cash or in such other medium of payment as you may designate. It is understood that in order to finance this purchase i t is necessary that the undersigned be authorized to issue bonds pursuant to the statute under which the undersigned was ere-