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#13 Mr. Thomas A. Campbell 1-18-57 and rates in the Public Service Commission rather than the Board of Directors of the district ia an unconstitutional impairment of the bondholder's contract. Even if the Legis­lature could constitutionally provide for regulation of the district by the Public Service Commission, we are of the view that the Commission would be required to abide by and perform all laws and covenants made for the protection of the bondholders, and any failure on the part of the Commission in this regard would be an unconstitutional impairment of the contract. Apart from any questions of legality, we seriously doubt the wisdom of the proposed legislation. Only a very small number of states have legislation placing the affairs and rates of publicly-owned utilities under the supervision and regulation of state-wide public utilities commissions. The reason for the absence of such legislation is obvious. Where the voters or water consumers already have a voice in the policies of the owning agency by their direct or indirect control over the governing body, such legislation serves no useful purpose. It merely impedes policy decisions concerning operations and rates and further handicaps the agency in the sale of its bonds. We believe that this result would undoubted­ly follow if the Las Vegas Valley Water District is placed under the supervision and control of the Nevada Public Service Com­mission. Respectfully submitted,