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Transcription
• 2 - V 'The Ranch, in the past* has been irrigated in part by water which was allowed to overflow at the reservoir, and by effluent from the Las Vegas City Sewage Disposal System. In the interest of conserving water for municipal purposes we found it necessary to eliminate the overflow at the reservoir, and as the Gity upon completion of the new disposal plant will abandon the present sewage disposal plant the effluent will no longer be available, the Ranch will not have adequate water to irrigate. We had hoped by drilling one or more wells to provide sufficient water for the Lessees to continue their present operations. However, as the well to all intent and purpose was a complete failure, producing merely 50 gallons per minute, which is of no practical value so far as the Lessee is concerned, we cannot increase his rent. I see no objection to the method of accounting you suggest, however, I believe consideration should be given to writing off the cost to expenses during the current year as the well is of no value. If on the other hand it is decided to retain the cost in our Investment account and accrue depreciation, 1 believe we should likewise accrue depreciation on the 300 ft. well and 3 in. water line constructed on the Ranch in 1939 under VO-383. Wm. Reinhardt 2m 4 0& / w : m DEC 1
