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<br /> Section 54.016, Texas Water Code. Paragraph E shall not be <br /> binding on the parties hereto unless the District executes this <br /> Agreement prior to the first issue of bonds, notes, warrants or <br /> other obligations of the District. It is agreed that the purpose <br /> and intent of the parties is to assure that the City will be <br /> fully compensated for the assumption by the City of the <br /> obligations of the District upon annexation of the District to <br /> the City, regardless of the method of annexation followed by the <br /> City. <br /> D. It is expressly understood and agreed that the Ci ty <br /> may annex the District's lands and dissolve the District upon the <br /> following terms and conditions, pursuant to subsection (h) of <br /> Section 54.016, Texas Water Code: <br /> ( 1) The District agrees that at least ninety <br /> percent (90%) (as defined in Paragraph De2», of the total <br /> District facilities, which facilities are limited to those listed <br /> in Exhibit "B" attached hereto, to be constructed and for which <br /> District bonds are authorized ("requisite percentage of District <br /> facilities") will be installed within eight ( 8) years from the <br /> date of the election confirming the creation of the District. At <br /> any time following the installation of the requisite percentage <br /> of District facilities, the annexation process may begin on land <br /> within the District and such land may be included in the <br /> corporate boundaries of the City. <br /> ( 2) If installation of ninety percent (90%) (as <br /> hereafter defined) or more of the facilities as listed in Exhibit <br /> "B" attached hereto has not been accomplished by the end of the <br /> eight-year period, the City Council of the City, at its option, <br /> may revoke its authorization for or approval of the installation <br /> of any further items of District facilities, and may also revoke <br /> its authorization for the issuance of the balance of the <br /> District's unissued bonds; provided, however, that the City's <br /> right to revoke such authorizations may be exercised only if the <br /> City concurrently annexes into the City the entire District as it <br /> -16- <br />