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\ operation, or until Subdivider shall have been re­funded an amount equal to $39,256.84, plus the actual cost to Subdivider of constructing said 5800-ft. extension, whichever occurs first, but in no event exceeding the sum of $61,666.84; 6 - Company to own said water mains and extension; be, and the same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of Vice President Reinhardt in executing letter-agreement C. A. No. 10489, dated December 22, 1948, with Waale, Camplan & Tiberti, Inc., covering the construc­tion and laying of approximately 908 ft. of 12" cast iron water main at Las Vegas, Nevada; Water Company to furnish all necessary pipe, valves, fittings and material, in connection with acquisi­tion by this company from said Waale, Camplan & Tlberti, Inc. of water system in Bonanza Village; Water Company to pay Contractor as consideration for all services performed, including rental of equipment, a sum equal to $1.70 per lineal foot of water main constructed, plus actual cost of premium on Surety Bond; be, and the same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of Vice President Reinhardt in executing lease agreement C.L.D. No. 8974, dated December 23, 1948, with Russell G. Krinard, W. J. Mazzetti, Max L. Cardey and Mel Alexander, a co-partnership doing business as "Krinard Pack­ing Company", Lessee, covering premises for the storage of auto­mobiles, located at 4th and Vine Streets, Riverside, Calif., for term beginning November 1, 1948, and extending to November 1, 1953; rental, $42.00 per annum, payable annually in advance; sub­ject to termination by either party upon 30 days’ written notice; 3