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to be sold shall have been transferred to West Riverside Canal Company* The authority hereby granted is granted upon the following conditions and not otherwise* 1, The stoek hereby authorized to be issued shall be issued as part payment for the canal system and Rights appertaining thereto, described in Exhibit "A" attached hereto, said stock thereafter to be distributed to the owners of flowage or capacity rights in said canal system, on the basis of #50,00 par value of stock for each inch of flowage or capacity right in said canal system* 2, The right to have water carried through the caftal shall be governed by an agreement separate and apart from the stock certificate. 3, West Riverside Canal Company shall file with the Commission for approval, a copy of its stock certificate and also a copy of the agreement relating to the use of the canal* 4* The bonds hereby authorized to be issued shall be sold so as to net, West Riverside Canal Company nob less than 97 per cent of their face value, plus accrued interest* The proceeds obtained from the sale of the bonds shall be used for the following purposes; a. To pay in part for canal system and rights appertaining thereto, described in Exhibit nAM attached hereto.* *.....,........*.?.....#25,000.00 b. To pay notes issued by Committee to obtain funds to reconstruct the canal....15,000.00 c. To discharge bills payable representing expenditures to reconstruct canal........10,203,81 d. To pay for proposed improvements 6,150,00 e. Amount to be expended as hereafter authoriaed .......... ...................... 1,846,19 6. At least eighty per cent of the stofek hereby authorized to be issued, shall be issued concurrently with the bonds. 7. The approval herein given of said mortgage or deed of, trust is for the purpose of this proceeding, only, and an approval in so far as this commission has jurisdiction under the terms of the Public Utilities Act and is not intended as an approval of said mortgage or deed of trust as to such other legal requirements to which said mortgage or deed of trust a^re subject, BfeCJ . i!? . vlJVB-B A 10