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agreements set forth hereinafter, the parties do agree as <br />follows: <br />1. It is understood that the County has approved the <br />advertising for engineering bids for the design and construction <br />of a distribution system for water commencing at the connection <br />point from the County's existing system to the State Road 60 <br />corridor.. The County shall instruct its consulting engineers to <br />design the waterline so that it will be of at least sufficient <br />size upon completion to service 2,050 water taps (defined as <br />2,050 equivalent residential connections). County shall not <br />award bids for the construction of such facility until the <br />financing contemplated by this agreement is complete. In the <br />event the County instructs its engineers to design the project <br />and thereafter financing contemplated by this agreement fails and <br />no other suitable means of financing the project can be arranged, <br />then the County shall have the right to elect to forego this <br />project, in which event Corporation shall reimburse County for <br />all expenses in connection with design of the waterline to that <br />date. County agrees to instruct its engineers to provide the <br />contractor selected to-do the -work with a schedule sufficient to <br />complete the line by February, 1985. County also agrees to use <br />its best efforts to aid in the completion of the project by <br />February, 1985; however, County shall not be responsible to <br />Corporation or any member thereof for delays in completion of the <br />project beyond February, 1985. <br />2. The Corporation shall deliver to the County an <br />IRREVOCABLE LETTER OF CREDIT from a local lending institution in <br />the amount of $650,000.00 representing the reservation of water <br />capacity for 2,050 taps. Such reservation shall be assigned to <br />specific land areas by the Corporation upon the approval of the <br />County. Thereafter, the reservation shall run with the land and <br />may not be sold, transferred or assigned by the Corporation or <br />any of its participants except to the purchasers of the fee <br />simple title of the land to which the reservations have been <br />distributed. In the event the reserved taps are not needed by <br />the projects contemplated to be constructed on the specific land <br />a. <br />JAN19� -2- Q90K �� f 11D <br />