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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 ib b s & 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 W E S T HOOVER STREE T L A S V E G A S . N E V A D A T E L E P H O N E 7 0 2 0 June 9, 1954 CAMPBELL REALTY CO. Mr. Thomas A. Campbell, President Jun 11 ^ u l\M ’51! Las Vegas Valley Water District 900 South Fifth Street Las Vegas, Nevada Dear Sir: Under date of May 26, 1954* Mr, Bennett of the Union Pacific Railroad add— ressed a letter to Mr. Hamilton, wherein escrow instructions as to the sale of Las Vegas Valley Water System were discussed. In addition to a discussion as to the Preliminary Purchase Price, it was suggested that a Purchase Price Adjustment Fund of $239,336.37 be included in the escrow. This latter amount is to cover^ estimated additions to the purchase price between May 1 of this year and the final We have reviewed the outstanding work orders on file at the office of the Las Vegas Land and Water Company, and examined all existing contracts for additions to be made at their expense, and have determined that total known committments as of this date amount to $119,260.53• Tn addition, proposed betterments under Rule 9 will approximate $190,000.00, but such amounts will not add to the purchase price, since they will be offset by refund contracts. The $119,260.53 estimate of costs to be incurred has been referred to Mr. Maag and Mr. Davis of Las Vegas Land and Water Company, and they have expressed their concurrance thereto. Therefore we suggest that the proposed Purchase Price Adjustment Fund be reduced to that approximate amount, plus an estimated amount^ for taxes and escrow charges to be borne by the District, and a reasonable cushion for contingencies. cc: Mr. Franklin T. Hamilton 0*Melvany & Myers Attorneys at Law 433 South Spring Street Los Angeles 13* California sale date Yours very truly* CONWAY, MOE, HIBBS & FUNSTON NC/t