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3- be in the beat interests of the issuer in order to have a bond that is marketable, taking into consideration an efficient and economical operation of the properties with sufficient latitude for capital requirements, renewals and replacements, and reason­ably expected growth over the life of the bond issue. The water revenue bonds would be authorised by a duly adopted resolution of the issuer and would contain the usual and customary cove­nants, terns and conditions that are found in resolutions au­thorising water revenue bonds of like character with similar security. The date of delivery of such bonds would be with­in 90 days from the date of the commitment, such delivery to be at a bank in the City of Chicago to be designated by John Nuveen & Co. 5. The Railroad Company would then proceed to negotiate with the Water District for the sale of the water properties to the Dis­trict on the basis that the Railroad Company would accept, and the District would deliver, water revenue bonds in full payment of the purchase price, together with such additional water rev­enue bonds as might be required to provide sufficient funds for presently needed additions and betterments to the Water System and to provide the necessary working capital. In the event such negotiations with the Water District prove unproductive, the Railroad Company would conduct negotiations with the City of Las Vegas for the sale and purchase, respectively, of the Las Vegas Water Company and of the water revenue bonds of the City. The Railroad Company would agree in its initial agree­ment with John Nuveen k Co. to-sell and deliver all of any such 'bonds to John Nuveen k Co. on the terms set forth in the commit­ment of John Nuveen & Co. above mentioned in paragraph 4 hereof.