man000182 30

sale date they will not, without the precedent approval of the Dis­trict : (a) sell, transfer or encumber any of the property to be transferred to the District pursuant to this agreement except as otherwise provided in Section 12 hereof, or (b) construct, contract to construct or author­ize the construction of any works for additions and betterments to or extensions of the water production, storage, transmission and distribution facilities mentioned in subparagraphs (b), (d) and (f) of Sec­tion 1 hereof, excepting herefrom any such works in construction, contracted for or authorized to be con­structed on the date of this agreement, or which are now or hereafter may be ordered to be constructed by the Public Service Commission, or any individual proj­ect reasonably estimated to cost less than Two Thous­and Dollars ($2,000.00). Section 14. This agreement shall be effective upon the date hereof and shall thereafter remain in effect unless and until terminated as hereinafter provided. In order to finance the purchase of the properties re­ferred to in Section 1 hereof, it will be necessary for the Dis­trict to be authorized to issue bonds pursuant to the statute under which the District was created and is acting and to sell and receive the proceeds of such bonds. Accordingly the District shall not be obligated to purchase the properties referred to in Section 1 hereof, and First Parties shall not be obligated to sell and convey said properties to the District for the purchase price provided in this agreement unless, prior to the time this agree­ment shall terminate as hereinafter provided, the District shall sell, and receive the proceeds of, duly authorized bonds sufficient in amount to enable the District to pay the purchase price herein provided and deposit the amount of the Relocation Fund referred to in Section 5. The District agrees to hold an election on or before October 31* 1953> for the purpose of submitting to the qualified voters of the District a proposition to incur a bonded indebted­ness for the purchase of the properties herein mentioned and for the creation of said Relocation Fund. If the District shall not have held such an election on or before October 31, 1953, or if 29.