Imperial Valley press., 1916-01-04
Here Is the Contract
By Which the District
Buys Irrigation System

counts of said irrigation system shall
be Kept during the pendency of such
agency in such form and manner as
may be approved by the Auditor OF
the Southern Pacific Company, and
under his supervision and direction,
and all vouchers, checks and payrolls
shall be countersigned by said Audi
tor or his authorized representative.
The Southern Pacific Company NAV
at any time in its discretion terminate
the agency herein created and resume
the control and management Of said
irrigation system prior to the Vestlng
of the title to the said irrigation sys-
TEN as herein provided. In the event
that the said Irrigation District is un-
able to exchange valid bonds for said
irrigation system as herein contem-
plated. or the said Southern Pacific
Company is unable to vest the said
Irrigation District with the ownership
and control of said irrigation system
as herein contemplated, the agency
hereby created shall thereupon termi-
nate and the Southern Pacific Com
pany shall thereupon resume the con-
trol and operation of said system. and
shall be entitled 20 receive and take
over all moneys, credits and accounts
receivable resulting for the operation
of said irrigation system.
enth-lmmediately after the
sale of the bonds of the Imperial II
rigation District under the terms of
this agreement, such bonds as may be
awarded to the Southern Pacific Com
pany, together with any cash received
from the sale of the other bonds, shall
be placed in escrow with the Los An
gelcs Trust and Savings Bank as trus-
tee, together with % conveyance Of
the property and claims described III
Paragraph Fourth hereof; t2) the
conveyance Of the easements provided
for in Paragraph Fifth hereof; CD the
conveyance TO the Imperial Irrigation
District executed by w. j. Doran,
trustee, covering all his right, title
and interest in and to the properties
described in Paragraph Fourth here
of as having been conveyed to him by
the California DEVELOPMENT Company:
g) all the shares of the tompania de
Terrenos V Aguas de la Baia Cal'fOr-
MIA (Sociedad Anonima); (5) all Of
the shares of La Sociedad de irriga
cion Terrenos de Ia Baia California
(Sociedad Anonima) now held by the
Tite Insurance and Trust Company,
trustee; w. H. Holabird, receiver;
Epe, Randolph, W. J. Doran, or other
agents Of the Southern Pacific Com
pany, and also the right to any shares
Of said Mexican COMPANIES acquired
by the Southern Pacific Company by
the sale under said decree Of the Su-
pcrior Court of Los Angeles county
heretofore referred to, all Of said
shares Of said Mexican COMPANIES to
be properly endorsed in blank Like
wise there shall be deposited with such
trustee designations of all directors
of both the Mexican companies. I'm
mediately after the rendering Of the
opinion by the said Charles P. Eells
TO the effect that said bonds of the
Imperial Irrigation District are a valid
obligation of said district as herein
provided, or Immediately after the de-
termination of the Supreme Court to
the same effect, in the event of ar
adverse decision Of said Eells, the said
trustee shall deliver said bonds and
cash to the Southern Pacific Com
Dany and all of the other enumerated
instruments 10 the Imperial Irrigation