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<br />METROPOLITAN WATER DISTHICT ACT 339
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<br />which such agency may contract. Such contract may contain :;uch other and
<br />further coVenant~ and agreements as may be necessary and convenient to accom-
<br />plish thE' purposes hereof. The term "public corporation" as used in this sub.
<br />di\"ision shall be deemed to mean and include the United States or any other
<br />public a~oncy t'hereof or this 01' any other State 0\' any l)o\\ti~'J.~ d\~tr\d or sub-
<br />division thereuf.
<br />(10) To acquire watel' and water rights within or without the State; to
<br />develop, store antI transport water; to provide, sell and deliver water at whole-
<br />sale for municipal and domestic uses and Plll"pOSeS; to provide. sell, and deliver
<br />'water and water service to the United States of America, or to any hoard, de-
<br />partment or ag-ency thereof, or to the State of Cl'llifornia, for any use or purpose,
<br />pursuant. to contract thenfor, which contract may be for permanent ser.....ice,
<br />but ~ha]] pr'oviu~ foJ' th~ furnishing of such water or water service upon terms
<br />and conditions and at rates which will apportion an equitable share of the
<br />capital cost and operating expense of the district's works to tne contractee, and
<br />every such contract shall pro.....idt. that at the end of five year~ from the date of
<br />its execution and every three years thereafter there shall be such readjustment
<br />of the contract. upon the demand of either party thereto, either upwanl or
<br />uownwanJ :18 to rates, a~ the board of directors of the district may find to be
<br />just and reasonable in order to effectuate such equitable apportionment of the
<br />said capital cost and operating expense, and all water so contracted to be fur-
<br />nished by the district shall be ueemed not to be surplus water twailable for sale
<br />pursuant to the following provisions of this paragraph; also to provide, sell
<br />and deli\'el' surplus water of the district not needed or required by municipalities,
<br />the corporate area of whicn is inclndeu in s\lch district, for domest.ic or municipal
<br />uses therein, for beneficial purposes, but giving preference to uses within the
<br />district; provided, that the supplying of such surplus water shall, in every case,
<br />be subject to the paramount right of the district to dbc()utinue the same. in
<br />whole or in part, and to take and hold, or to provide, sell and deliver, such water
<br />for dome5tic or municipal uses within the district, upon one year's \I,.'l'itten notice
<br />to the purchaser or u!':cr of such gurplu~ water, such notice to be gi\'cn by the
<br />board of dir'ccton; of the di~trict whenever it shall be determined and declared
<br />by resolution adopted by said board of directors by a two-thirds vote thereof
<br />that such water is needed or refluil'ed by anJ' municipality, the c,orporate area of
<br />which is included within said district, for domestic or municipal uses therein;
<br />tn fix the rates therefor, and to acquin~, construct, operate and maintain any
<br />and all wOloks, facilities, imprQvements and property llecessar;r or convenient
<br />the ref 01'0
<br />(11) To inve"t any ~ur\llus money in the district t.reasury, including such
<br />money in any sinking- fund established for th(' purpose of providing fol' the
<br />payment of the principal 01' interest of any bonded or other indebtedn€s:,:, or
<br />for any other purpose, Ilot required fo\' the immediate necessiti(~s of th(' district,
<br />in its own bonus, or in treasury notes, or bonds. of the United States, or of this
<br />State, and such investment may be made by direct purchase of any issue of such
<br />bonds or trl;'asury notes, or part. thereof, at the original sale of the same, 01'
<br />by the subsequE'nt purchase of such bonds or tl'l;~asury notes, Any bonds (II'
<br />treasury notes thus pur-chased and held may, from time to time, be sold and the
<br />proceeds reinvested in bonds or treasury notes, as above provided. Sales of any
<br />bonds or treasury n(ltes thus purchased anu held shall, from time to time, be
<br />made in season so that the proceeds ma~o be applied to the purposes fol' which
<br />the money, with which the bonds or treHsury notes were originally purchased,
<br />was placed in the treasury of the district. The functions and duties authorized
<br />by this paragraph shall be performed by joint action of the Controller and
<br />Trea:,:,ul'er. with the approval of the attorney, under such rules and regulations
<br />a~ ~haH be prescribed by the board of directors of the district.
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