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<br /> additional rates or surcharges for water and/or sewer services <br /> for the property that was in the District at the time of <br /> annexation of the land to the City, for the purpose of wholly or <br /> partially compensating the City for the assumption of the <br /> obligations of the District. Paragraph D of this Article <br /> constitutes the written contract between the City and the persons <br /> petitioning for creation of the District setting forth the time <br /> and conditions of annexation, as specified in subsection (h) of <br /> Section 54.016, Texas Water Code. Paragraph E of this Article <br /> contains the terms of the proposed allocation agreement between <br /> the District and the City whereby the District may continue to <br /> exist following the annexation to the City of the territory <br /> within the District, as provided in subsection (f) of <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 City <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 D(2», 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 five ( 5) 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 /> -15- <br />