AZ vs. CA:07 California Exhibits, Vol. VII; Nos. 326-370

page 40

Submission to state water commission. -40- trustees is able to agree with said water company upon what they deem to be a fair valuation of said properties to be fixed as the purchase price thereof, then the proposed plan of purchase and the price agreed to be paid therefor, with the terms and manner of payment, shall be reduced to writing, duly executed by both parties, and shall constitute the basis of acquisition, and shall be carried out as agreed upon. If, however, the trustees and said water company are unable to agree upon the price, terms or manner of purchase, the proposal to purchase may, at the option of the board of trustees, be submitted to the water commission of the State of California, for determination of the value of the property and property rights to be acquired, and the terms and manner of carrying the purchase into effect, provided the water company shall agree to such submission and to be bound thereby. If the submission is agreed upon, it shall be the duty of the water commission to cause an investigation to be made in such manner and to such extent as it may deem necessary or proper (but at the expense of the district) and may, if it deems proper to do so, have a public hearing thereon conducted at such time and place and in such manner and after such notice as may be prescribed by the commission. But the commission shall, within ninety days after notice of the agreement of submission, make findings of the reasonable and fair valuation of the properties and property rights in-