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<br />" '. <br />. , <br /> <br />. <br /> <br />. <br /> <br />- 9 - <br /> <br />obtain in a reasonable period of time, provided, however, that the <br />gross sale price shall not be for less than 85% of the appraised <br />value. <br /> <br />3. Forthwith after the annexation date, the City <br />shall also use its best efforts to sell, for the best sale prices <br />it can obtain in a reasonable period of time, all of the rest of <br />the District real property and pistrict personal property that the <br />City deter~ines is not and will not be needed by the City to meet <br />its obligations to the District and its residents under this Plan <br />and Agreement. Real property a~sets shall be appraised prior to <br />sale, and the gross sale price for real property shall not be less <br />than 85% of appraised value. NO appraisals shall be required for <br />personal property which is sold, After this initial surplus real <br />and personal property is sold, ~he City shall, from time to time <br />until the District's bonded indebtedness is paid off, examine the <br />remaining District real and per~onal property to determine whether <br />any additional real or personal property is not needed by the City <br />to meet its obligations hereunder, or to provide services to city <br />residents, and any such unneedea property shall be sold by the <br />city for the best sale prices i~ can obtain. <br /> <br />.. 4. The District: water rights willncontinue to be <br />used by the City to supply irrigation water to the District's <br />residents. The City may sell anY of the District water rights <br />that are not needed, and will not in the future be needed, to sup- <br />ply irrigation water to the residents of the District. In deter- <br />mining whether the water rights are or will be needed, the City <br />shall consider the amount of irrigation water that w~ll be needed <br />if the District lands are fully developed. City reserves the <br />right to substitute other water or water rights so long as the <br />supply of water to the District residents is not diminished. <br /> <br />5. All of the net proceeds from the sale of the <br />District real property, personal property, and water rights pur- <br />suant to the provisions of this Paragraph D. shall be applied by <br />the city in the manner specified in Paragraph 3.F., below. <br /> <br />E. Cash and StandbY fees. <br /> <br />1. Cash: As of November 15, 1991, the District <br />had cash on hand of approximatelY $752,400.00. The parties agree <br />that between the effective date of this Plan and Agreement and the <br />annexation date, the District will be prudent and conservative in <br />its expenditures. On the annexation date, the City and the <br />District will apply the cash of the District as follows: <br /> <br />a. All current debts and obligations of the <br />District, the settlement with cweB, and all obligations of the <br />District to its employees for salaries and benefits, shall be paid <br />immediately after the annexation date. <br /> <br />-::md <br />