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February 12, 195^ 80-11 Mr. Wm. Reinhardt: FEB 12 i1td$il$l Referring to Mr. Stoddard's S-357 on your file which I am returning herewith, I phoned Mr. Beebe and had a very long-winded talk with him in which I was able to cull the following data for your information: He stated that he had issued instructions that the famous prospectus, which was (due December 15th, must be completed by March 1st. He also stated that at the insistence of some of the bond houses an eastern engineering firm had been employed to make a study of revenues and expenses, and that their report would have to be in likewise by March 1st. Mr. Beebe stated further that he was still checking into the law as to the necessity of bringing a friendly law suit, but at the present writing he was inclined to believe such a suit would- not be necessary but he was not finally convinced. He also stated that there would have to be some sort of letter of understanding or amendment to the outstanding contract fixing a definite date within which the District might take over the Water Company as the bond houses were criticizing the ninety-day cancellation option in Section 14 of the contract. Mr. Beebe also expressed the view that if the bonds could not stand on their own feet as revenue bonds, it would be very difficult to sell them. He likewise suggested that the District employ a superintendent to move into the Water Company offices some time prior to the actual transfer to familiarize himself with the operations. I told him I had made that suggestion to Mr. Harry Miller some considerable time ago but nothing had come of it. He then stated that the District had no money to employ such a man until the actual transfer, and asked if we would be willing to put him on our payroll as some sort of assistant, the understanding being that the District would reimburse us for his salary when the final transfer had been made'. I told him that would have to be taken up with you. Lastly, he stated he expected to ask for private sealed bids, which bids would have to be returnable either FEB 12 1954 Ep* C. C«