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Union Pacific, et al 11. 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 all such contracts which are still wholly or partially un­performed shall be assigned to the District, and the District will, as of said date, assume all liabilities, including lia­bility 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 it as advances for the construction of water mains which have not been expended for that purpose, said unexpended sums shall, be paid to the District to be used by the District 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 (e) of Section 1 hereof in the calendar year in which the sale date occurs shall be prorated between you and the District as of the sale date and the purchase price adjust­ed accordingly. S. 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 it is necessary that the undersigned be authorized to issue bonds pursuant to the statute under which the undersigned was ere-