upr000257 247

LAS VEGAS LAND AND WATER COMPANY % A a E • S T O D D A R D , P R E S I D E N T . OMA H A . N E B R . A , J o S E I T Z , V I C E - P R E S . . . OMA H A . N E B R . W M. R E I N H A R D T , V I C E - P R E S * . L O S A N G E L E S . C A L . W. H. J OHNS ON I S E C R E T A R Y . L O S A N G E L E S . C A L . F » Do COPE » A S S I S T A N T S E C R E T A R Y . OMA H A . N E B R , Lo J . B ACHMAN, A S S I S T A N T S E C R E T A R Y . OMA H A . N E B R . R« Mo S U T T O N . A U D I T O R . OMA H A . N E B R . L . t o B U R R I . T R E A S U R E R , OMA H A . N E B R . C* Mo B A T E S , A G E N T . L O S A N G E L E S . C A L . Las Vegas Valley Water District 900 South 5th Street Las Vegas, Nevada Gentlemen: L . R . MA A G, A C T I N G G E N E R A L MA N A G E R L A S V E G A S . N E V . C . M. C O R Y . L A S VE G A S . N E V . June 14, 1954 Mr. Bennett has Informed me of his discussions with Mr. Miller, Mr. Conway, and Mr. Renshaw, representing the Dis­trict, at Las Vegas on June 10th, concerning the purchase price figures and the transfer of the Las Vegas water system to the District. Mr. Bennett informs me that the District now desires not to complete the transfer until August 1, 1954. All of our previous negotiations have been with the understanding that the transfer could be completed on June 1, 1954, or at the latest on July 1, 1954. In May, Mr. Campbell informed me that the proceeds of the bonds would be received in the latter part of that month, and the tenor of his conversation was that the District would take over the distribution system on July 1, 1954. It is my understanding that the proceeds of the bonds were received by the District on May 28, 1954, and accordingly there is no reason why the District should defer the transfer subsequent to July 1, 1954. Section 7 of the Agreement dated June 1, 1953# for the sale of the Las Vegas water system, provides that the Dis­trict, within 30 days from the date it receives the proceeds from the sale of its bonds, shall deposit in the escrow not less than the purchase price of all the properties to be con­veyed to it, plus the amount required for establishment of the relocation fund provided for in Section 5 of that Agreement. Unless the District desires to default under the terms of the contract, it must deposit the amounts above mentioned in the escrow not later than June 27# 1954. The attorneys for our companies and the District have agreed upon the form of the escrow instructions and of the conveyance documents. There is no reason, therefore, why the escrow can not close, as original­ly contemplated, on July 1, 1954. Your auditors have already completed the audits of the accounts of our companies up to May 1st, 1954, and have verified a preliminary purchase price of $2,317#663.43 as of May 1, 1954, with the possible exception of an item of $18,500.00