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• <br />Contract - Page 2. l <br />• <br />III. <br />Ownership of said water line, and associated facilities, <br />which shall be constructed, operated and maintained by the City <br />of Lomax, shall vest in the City of Lomax, for the term of this <br />contract, and shall revert to the City of La Porte upon the <br />termination of this contract. <br />IV. <br />The term of this contract shall extend until June 1, 1997, <br />subject to termination by either party hereto upon twelve (12) <br />months prior notice in writing, and subject to the other provi- <br />sions hereof.' <br />V. <br />For and in consideration of the fresh water supply services <br />to be provided by LOMAX to LA PORTE, LA PORTE agrees to pay to <br />LOMAX, contemporaneously with the execution of this contract, <br />the sum of Five Thousand Eight Hundred Sixty-six Dollars and <br />One Cent ($5,866.01), in full, final, and complete satisfaction <br />of all obligations of the City of La Porte hereunder. <br />VI. <br />The La Porte residents served by the City of Lomax under <br />the terms of this agreement, shall be considered for all pur- <br />poses to be customers of the City of Lomax, and the City of <br />La Porte shall have no responsibility for any charges incurred <br />by said residents. Said residentsshall be subject to all terms <br />and provisions of all ordinances, rules, and regulations promul- <br />gated from time to time by the City of Lomax, touching upon the <br />operation of its fresh water supply system. LA PORTE hereby <br />grants to LOMAX, a license to construct said fresh water supply <br />system within necessary street rights -of -way of the City of <br />La Porte, and to maintain and operate said system so located. <br />WITNESS OUR HANDS and the seal of our respective Cities, <br />• this 3rd day of December, 1973. <br />CITY OF LA PORTE <br />By a2 . A. ThomaZ.146104 <br />0 <br />