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(b) District shall pay to Company, as purchase price for said sewer, a sum equal to total actual and direct cost of construction of said sewer and appurtenant works, including costs, if any, expended by Company in acquisition of rights of way, less sum of $1 5 $,000.00, which shall be amount of contribution of Company toward defrayal of total actual and direct costs of construction of said sewer and appurtenant works. Purchase price shall not be less than amounts paid by Company to contractor for constructing sewer, plus costs, if any, expended by Company in acquisition of rights of way, minus $1 5 8 >000.00, payable as follows: On or before January 1, 19 6 6 , $70,000, plus interest on unpaid balance, On or before January 1, 1 9 6 7 , $70,000, plus interest on unpaid balance, On or before January 1 , 19 6 8 , $70,000, plus interest on unpaid balance, On or before January 1, 19 6 9 , $70,000, plus interest on unpaid balance, On or before January 1 , 1970, entire balance in full, unpaid balance of purchase price to bear interest at yjo per annum from date of acceptance of title by Board of Directors of Dlstriot. 4. District, in consideration of Company's contributing $1 5 2 ,000.00 toward cost of construction, to waive payment by Company of annexation and connection charges; be, and the same is hereby, ratified, approved and confirmed. - 4 -