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Direct and Overlapping Debt: % Applicable Debt March 26, 1954 Clark County......*............ ......... ~~..................... *------ —...................... — 81.720% $ 1,053,371 Educational District No. 2..................................................................... 89.460 2,110,361 Henderson School District........................................................................ 100. 560,000 Las Vegas Grammar School District No. 12................................. 100. 2,602,000 Paradise School District.............. ............ ......... —.................................. 100. 492,000 City of Las Vegas...................... .— ....,— — 100. 1,879,000 City Special Assessment Bonds............................................................ 100. 948,219 Loans: Clark County................................................................................ 81.720 89,892 Educational District No. 2................................................... 89.460 3,578 Grammar School Districts..................................................... 100. 28,600 T O T A L O V ER LA PPIN G D E B T ............................................ $ 9,767,021 Las VegaS Valley W ater District (to be sold)........................... 8,700,000 T O T A L GROSS D IR EC T AND O V ER LA PPIN G D E B T ........................................................... $18,467,021 Ratios to assessed valuation ($80,081,742): Overlapping D e b t............................... 12.20% Direct Debt .......................................... 10.86% Total Gross Direct and Overlapping D e b t........................... 23.06% Per capita (estimated population 66,000) : Assessed Valuation .............................. $1,213 Overlapping D e b t.................................. $ 148 Direct Debt ............................................. $ 132 Total Gross Direct and Overlapping D eb t.............................. $ 280 Authorized and Unsold Bonds: L.V.V.W .D.'s Share Educational District #2...................................................................... $2,500,000 Las Vegas Grammar School District #12................................. 1,750,000 City of North Las Vegas.................................................................. 260,000 Pending Issues: City of Las Vegas (sewage disposal plant) $2,236,500 1,750,000 260,000 $800,000 Management: The governing body of the Las Vegas Valley W ater District 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 terms of service overlap. The electors must be owners of real property within the boundaries of the District. Recently one of the directors has been temporarily acting as general manager. The Board is currently seeking the employment of a permanent general manager 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 number of applications have been and are continuing to be received. It is anticipated that an appointment will be made before the award of the bonds. Accountants: The District has employed the accounting firm of Haskins & Sells to set up the District’s books of record and account and to establish its accounting and billing procedures. The local accountant who will advise the District from time to time 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. 27 Engineering Reports: Copies of the March, 1954, reports of the District’s consulting engineers, James M. Montgomery of Pasadena, California, and Black & Veatch of Kansas City, Missouri, are available to interested bidders upon request. Requests should be made to : (1) Harry E. Miller, Secretary, Las Vegas Valley W ater District, 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 statement has been prepared by California Municipal Statistics, Inc., under the supervision of O’Melveny & Myers, in collaboration with the Board of Directors of the Las Vegas Valley W ater District. While this information is not guaranteed, it has been compiled from sources we believe to be reliable. So far as any statements in this Official Statement involve matters of opinion whether or not expressly so stated, they are intended merely as such and not as representations of fact. Neither this Official Statement nor any statement which may have been made orally or in writing is to be construed as a contract with the purchasers of any of the bonds to be presently issued. All statements herein are made as of April 2, 1954, the date of approval of this document as a Proposed Official Statement, except (1) interest rates on the bonds, which are made as of the date of adoption of this Official Statement in final form, and (2) statistical information and other statements where some other date is indicated by the context. 28