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1 2 date hereof and shall thereafter remain in effect unless and until 3 terminated as hereinafter provided. 4 In order to finance the purchase of the properties re- 5 ferred to in Section 1 hereof it will be necessary for the District 6 to be authorized to issue bonds pursuant to the statute under which 7 the District was created and is acting and to sell and receive the 8 proceeds of such bonds. Accordingly the District shall not be ob- 9 ligated to purchase the properties referred to in Section 1 hereof, 10 and First Parties shall not be obligated to sell and convey said 11 properties to the District for the purchase price provided in this 12 agreement unless, prior to the time this agreement shall terminate 13 as hereinafter provided, the District shall sell, and receive the 14 proceeds of, duly authorized bonds sufficient In amount to enable 15 the District to pay the purchase price herein provided and deposit 16 the amount of the Relocation Fund referred to in Section 5* 17 The District agrees to hold an election on or before 0c- 18 tober 31, 1953» for the purpose of submitting to the qualified vot- 19 ers of the District a proposition to incur a bonded indebtedness for 20 the purchase of the properties herein mentioned and for the creation 21 of said Relocation Fund. If the District shall not have held such 22 an election on or before October 31, 1953# or if at such an election 23 the proposition to incur such a bonded Indebtedness shall have been 24 defeated, after said date either the First Parties or the District 25 may at any time terminate this agreement by giving written notice of PR such termination to the other party, and after the giving of said no- 27 28 Section 111. This agreement shall be effective upon the