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\ s a le d ate th e y w i l l n o t, w ith ou t th e p reced en t app roval o f th e D is ­t r i c t : (a) s e l l , t r a n s f e r or encumber any o f th e p ro p e rty to be t r a n s f e r r e d to th e D i s t r i c t pursuant to t h i s agreem ent e x cep t as o th e rw ise provided in S e c tio n 12 h e r e o f , or (b) c o n s tr u c t , c o n tr a c t to c o n s tr u c t or a u th o r­iz e th e c o n s tr u c tio n o f any works f o r a d d itio n s and. b e tte rm e n ts to or e x te n s io n s o f th e w ater p ro d u ctio n , s to r a g e , tra n s m is s io n and d is t r ib u t io n f a c i l i t i e s m entioned in subparagraphs ( b ) , (d) and ( f ) o f S e c ­t io n 1 h e r e o f , e x c e p tin g herefrom any such works in c o n s t r u c t i o n , c o n tra c te d f o r or a u th o riz e d to be con­s tr u c te d - on th e d ate o f t h i s agreem en t, or which a re now or h e r e a f t e r may be ordered to be c ons tru e te c L b y th e P u b lic. S e r v ic e Commission, or any in d iv id u a l p r o j­e c t o r easo n ab ly estim a te d to c o s t l e s s th an Two Thous­and D o lla r s ( $ 2 ,0 0 0 .0 0 ) , S e c tio n 1 4 . T h is agreem ent s h a l l be e f f e c t i v e upon th e d ate h e re o f and s h a l l t h e r e a f t e r rem ain in e f f e c t u n le s s and u n t i l term in a ted as h e r e in a f t e r p rov id ed . In ord er to fin a n c e th e purchase o f th e p r o p e r tie s r e ­fe r r e d to in S e c tio n 1 h e r e o f, i t w i l l be n e c e s s a ry f o r th e D is ­t r i c t to be a u th o riz e d to is s u e bonds pursuant to th e s t a t u t e under which th e D i s t r i c t was c re a te d and i s a c tin g and to s e l l and r e c e iv e th e proceed s o f such bonds. A cco rd in g ly th e D i s t r i c t s h a l l n ot be o b lig a te d to pu rch ase th e p r o p e r tie s r e fe r r e d to in S e c tio n 1 h e r e o f, and F i r s t P a r t ie s s h a l l not be o b lig a te d to s e l l and convey s a id p r o p e r tie s to th e D i s t r i c t f o r th e purchase p r ic e provided in t h i s agreem ent u n le s s , p r io r to th e tim e t h i s a g r e e ­ment s h a l l te rm in a te a*s h e r e in a f t e r p rov id ed , th e D i s t r i c t s h a l l s e l l , and r e c e iv e th e proceed s o f , duly a u th o riz ed bonds s u f f i c i e n t in amount to en ab le th e D i s t r i c t to pay th e pu rchase p r ic e h e re in provided and d e p o s it th e amount of th e R e lo c a tio n Fund r e fe r r e d to in S e c tio n 5 . The D i s t r i c t a g re e s to hold an e l e c t io n on or b e fo re O ctober 3 1 , 1 9 5 3 , f o r th e purpose o f su b m ittin g to th e q u a lif ie d v o te r s o f th e D i s t r i c t a p r o p o s itio n to in c u r a bonded in d e b te d ­n ess f o r th e pu rch ase o f th e p r o p e r tie s h e r e in m entioned and f o r th e c r e a t io n o f sa id R e lo c a tio n Fund. I f th e D i s t r i c t s h a l l not have h eld such an e l e c t io n on or b e fo r e O ctober 3 1> 1 9 5 3> o r i f ® I Il V M R.. 29. 7-300M-