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Direct and Overlapping Debt: % Applicable Debt March 26, 1954 Clark C o u n t y ................................................................. 81.720% Educational D istrict No. 2............ ...........,........................... 89.460 H enderson School D istrict................................................................... 100. Las Vegas Grammar School D istrict No. 12............... ............... 100. Paradise School D istrict...................................................................... 100. City of Las Vegas__............................................... ............................ 100. City Special Assessment Bonds........................................................ 100. Loans : Clark County........................ .................................................. 81,720 Educational D istrict No. 2................................................ 89.460 Grammar School D istricts.................................................. 100. T O T A L O V E R L A P P IN G D E B T ....... I................................. Las Vegas Valley W ater D istrict (to be sold) TO T A L GROSS D IR E C T AND O V E R L A P P IN G D E B T ............................. $ 1,053,371 2,110,361 560.000 2,602,000 492.000 1.879.000 948,219 89,892 3,578 28,600 $ 9,767,021 8.700.000 $18,467,021 Ratios to assessed valuation ($80,081,742): Overlapping D e b t.............................. 12.20% Direct Debt ......... 10.86% Total Gross D irect and Overlapping D e b t.......................... 23.06% Per capita (estimated population 66,000) : Assessed Valuation ............................ $1,213 Overlapping Debt ................................ $ 148 D irect D ebt .......................................... $ 132 Total Gross Direct and Overlapping D e b t............................ $ 280 Authorized and Unsold Bonds: Educational D istrict #2................. ................................................ $2,500,000 Las Vegas Grammar School D istrict #12................................ 1,750,000 City of N orth Las V egas...........................................................260,000 Pending Issues: City of Las Vegas (sewage disposal plant) L.V.V.W.D/s Share $2,236,500 1,750,000 260,000 $800,000 Management: The governing body of the Las Vegas Valley W ater D istrict is the Board of Directors. Seven directors are elected to office by the duly registered voters of the seven areas within the District. The directors select a President, Vice-President, Secretary and Treasurer. The directors are elected for four years, and their term s of service overlap. The electors m ust be owners of real property within the boundaries of the District. Recently one of the directors has been tem porarily acting as general manager. The Board is currently seeking the employment of a perm anent general m anager who is qualified and experienced in water utility management, engineering, operation and accounting. The Board is prepared to pay a salary commensurate with the responsibilities of the position and adequate to attract a man of proven ability. A num ber of applications have been and are continuing to be received. It is anticipated th at an appointm ent will be made before the aw ard of the bonds. Accountants: The D istrict has employed the accounting firm of Haskins & Sells to set up the D istrict’s books of record and account and to establish its accounting and billing procedures. The local accountant who will advise the D istrict from tim e to tim e and who will make any examinations or reports required by an independent certified public accountant will be the firm of Conway, Moe, Hibbs & Funston, Las Vegas, Nevada. 2 7 Engineering Reports: Copies of the March, 1954, reports of the D istrict’s consulting engineers, James M. M ontgomery of Pasadena, California, and Black & Veatch of Kansas City, Missouri, are available to interested bidders upon request. Requests should be made t o : (1) H arry E. Miller, Secretary, Las Vegas Valley W ater D istrict, 900 South Fifth Street, Las Vegas, Nev. (2) James M. Montgomery, 15 N. Oakland Avenue, Pasadena 1, Calif. , (3) Black & Veatch, 4706 Broadway, Kansas City 2, Mo. General Statement: The information contained in this statem ent has been prepared by California Municipal Statistics, Inc., under the supervision of O ’Melveny & Myers, in collaboration w ith the Board of Directors of the Las Vegas Valley W ater District. W hile this information is not guaranteed, it has been compiled from sources we believe to be reliable. So far as any statem ents in this Official Statem ent involve m atters of opinion whether or not expressly so stated, they are intended merely as such and not as representations of fact. N either this Official Statem ent nor any statem ent which may have been made orally or in w riting is to be construed as a contract w ith the purchasers of any of the bonds to be presently issued. All statem ents herein are made as of April 2, 1954, the date of approval of this document as a Proposed Official Statem ent, except (1) interest rates on the bonds, which are made as of the date of adoption of this Official Statem ent in final form, and (2) statistical information and other statem ents where some other date is indicated by the context. 28