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) NELSON CONWAY, C.P.A. KERMIT MOE, C.P.A. CLARENCE T. HIBBS, C.P.A. R. YORK FUNSTON, C.P.A. C o n w a y , Mo e , H ibbs & F u n s t o n C E R T IF IE D P U B L I C A C C O U N T A N T S MEMBERS AMERICAN INSTITUTE OF ACCOUNTANTS 4 4 0 H O O VER S TR E E T L A S VEG A S, N E V A D A TE LE P H O N E 7 0 2 0 June 9, 1954 CAMPBELL REALTY CO, Mr. Franklin T. Hamilton Jun 11 9 i i AH #!| 0' Melv&ny & Myers Attorneys at Law 433 South Spring Street Los Angeles 13, California Dear Sirs We enclose a copy of our report to the District in connection with our ex­amination of the April 30, 1954 Preliminary Purchase Price. Our only exception to the amount computed by the auditors for the ttailroad is with reference to the propriety of including donated betterments as an addition to the purchase price, since such donations are made at no cost to the Las Vegas Land and Water Company. The entire matter has been discussed with the District's Board, and it is their opinion that such donations be excluded, but they have asked that we forward a copy of our report to you, so that you may resolve the question with Mr. Bennett. We enclose also a copy of our letter to Mr. Campbell as to our computation of the "Purchase Price Adjustment Fund". Mr. Campbell has also expressed his de­sire that you try to work out a mutually agreeable total for this purpose, to be made a part of the escrow instructions. Please advise if we can be of any assistance as to any of these matters. fours very truly CONWAY, MOL, HIBBS & FUNSTON ccs Mr. T. A. Campbell, President Las Vegas Valley Water District 900 South Fifth Street Las Vegas, Nevada NC/t end.