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CA0LE ADDRESS — ? AM E R IC A L % o - / / ** * 13044 NATIONAL S^iHSly^rS ASSOCIATION 8AN FRANCISCO HEADQUARTERS SAN FRANCISCO 20, CALIFORNIA January 7, 195U Mr* Thomas k» Campbell, President Las Vegas Valley Mater District 900 South Fifth Street Las Vegas, Nevada Dear Mr. Campbelli This is to acknowledge your letter of January 1* in which you enclose drafts of an act to validate all acts and proceedings of the Las Vegas Water District for the authorisation, issuance and sale of bonds of said District and an outline of Resolution of Issuance of the Las Vegas Water District Waterworks bonds, 1951*, In addition to these documents, we have received, under date of January 6, from Mr. James M. Montgomery, Consulting Engineer, an engineering report dated December 8, 1953, on the Proposed Supplemental Water Supply and Reinforcement of Distribution System. Prior to this, we received a copy of a report on the proposed official statement of the Las Vegas Valley Water District prepared by California Municipal Statistics, Inc. In accordance with your request, we have reviewed the various documents and while we have not been able to devote as much time to this as we would like to, we can appreciate that a great deal of excellent work has been done in an effort to establish a marketable security. It is still our considered opinion that to provide a good security and a readily marketable security, the Las Vegas Valley Water District would be well advised to employ a recognized financial consultant to coordinate the work of the engineer and attorneys and d^elop'Financiai^data necessary and required for bidders and the ultimate investor. We feel that this issue being the largest that has been approved within the State of Nevada, representing area which is not too well known from the credit standpoint and with the limitations imposed by Nevada law requires every possible effort to make the bonds salable.