LOSS OR REDUCTION OF DISTRICT REVENUE. 7.1 The parties recognize the possibility that during the term of this Agreement, the District may suffer a major reduction or loss of revenues as the result of the passage of a State initiative or statue which in turn would have an adverse financial impact on the District and impair its ability to meet its obligations under the provisions of this Agreement. In such an event and upon notice to the Association by the District as to which provisions of the Agreement may be affected thereby, and upon request of the District or PETA, such provisions shall be subject to immediate renegotiation.
