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<br /> final closing of the sale and purchase, a separate written notice <br /> executed and acknowledged by the seller which shall contain the <br /> information required by Section 54.016(h)(4)(A) of the Texas <br /> Water Code. The District shall comply with Section <br /> 54.016(h) (4) (B) of the Texas Water Code. <br /> E. It is expressly understood and agreed that the City <br /> may annex the District's lands, without dissolving the District, <br /> upon the following terms and conditions, pursuant to <br /> subsection (h) of Section 54.016 Texas Water Code: <br /> ( 1) The City may not annex the District's lands <br /> pursuant to this Paragraph E prior to eight (8) years from the <br /> date of the election confirming the creation of the District. <br /> ( 2) Upon annexation of the District's lands <br /> pursuant to this Paragraph E, the provisions of this Agreement <br /> shall remain in full force and effect until the District is <br /> dissolved in accordance with the provisions of subsection (5). <br /> ( 3) The total ad valorem taxes collected by the <br /> City and the District on taxable property within the District <br /> during any year between annexation of the District and <br /> dissolution of the District shall not exceed an amount greater <br /> than the City's ad valorem tax upon such property. As between <br /> the City and the District, the District shall be entitled to levy <br /> and collect an ad valorem tax which, when added to the projected <br /> revenues of the District for the next year, will yield an amount <br /> sufficient to meet all financial obligations of the District and <br /> provide a contingency fund equal to 10% of the revenues projected <br /> to be required the next year to meet the District's obligations <br /> and operating costs after taking into account any surplus or <br /> contingency funds that will be carried into the next year. The <br /> City shall be entitled to levy and collect an ad valorem tax <br /> which, when added to that which the District is entitled to levy <br /> and collect, shall not cause the total ad valorem taxes on <br /> taxable property within the District to exceed the limitation set <br /> forth above. It is provided, however, that if the foregoing <br /> -19- <br />