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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Section 3,4» This agreement shall he 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 re* ferred to In Section 1 hereof it will he necessary for the District to he 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 at such an election the proposition to incur such a bonded indebtedness shall have been defeated, after said date either the First Parties or the District may at any time terminate this agreement by giving written notice of such termination to the other party, and after the giving of said no- 44*