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Ha This hid does not require that the Water District consummate the transfer of title with the Las Vegas Land end Water Company prior to its delivery of bonds under the offer. Therefore, it is my opinion that the transfer need not necessarily take place until seme reasonable date subsequent to the delivery of bonds and receipt of / payment, and deposit of the same as provided in our ' contract with the District. The over-all average rate of interest on those bends was computed by a representative of the District 3.97046%. at At the afternoon meeting at 1:30, each of the bidders submitting the first and third proposals were permitted to make a statement as to shy they believed their proposal to be the most favorable to the Water District. The meeting was thou adjourned until 4:00 P.M. At the 4:00 meeting, it was unanimously resolved that the bid of Ira Ilaupt and Co. and Cruttenden and Co. be accepted and this group thereupon became the successful bidder. I am attaching hereto a list of 35 companies comprising this group, which list I obtained fro® Hr. Haramell, representing Lakeside Securities Corporation of Chicago, a member of this syndicate. I am also attaching hereto (not included with copies of letters to fir. Smith and Mr. Bennett) two brief news stories which were released to the press in relation to the acceptance of the foregoing bid. CALVIN M. C0K3T /