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161 BYLAWS Ihe Directors discussed the various matters they felt should be covered in the District bylaws. Attorney McNamee advised that he would draw up a proposed set of bylaws and Director Cornwall agreed to check them with him. The bylaws will be presented to the Board for consideration at a later date. PROPOSED LEGISLATION Ihe Directors discussed the possibility of having the District Act changed so that the registration and election procedures could be handled by the County Clerk. Director Cornwall, Director Coulthard and Attorney McNamee, previously appointed as a committee, were requested to prepare the necessary legislation. PURCHASE OF DISTRICT BONDS President Campbell reported receiving an inquiry relative to the Districts policy on purchase of District bonds. He mentioned that 0TMelveny & Myers had furnished an opinion in the past on the subject, indicating that the District could not legally purchase bonds on the open market without following certain procedures. In response to a question the Manager advised that under the bond covenants, purchases of bonds prior to November 1, 1958 were prohibited. OtMelveny & Myers had pointed this out in their opinion, but had suggested certain procedures in connection with open market purchases of bonds prior to that date which would greatly reduce the risk of a bondholder collecting damages. Two procedures were suggested, namely, advertising for bids and maintaining a sufficient balance in the Redemption Fund to redeem any bonds which might be offered on November 1, 1958. President Campbell noted that the matter could be discussed later, but that he had been asked what the District»s policy would be and that the Board should be in a position to answer the question. In response to a question from Director Miller, the Manager advised that purchases could only be made from the Redemption Fund in which there was no balance at present. However, he pointed out that there was approximately $53,000 in the Revenue Fund earmarked for bond redemption, which could be transferred to the Redemp­tion Fund at any time for that purpose. After a brief discussion, consideration of the matter was deferred to a later date. MINUTES President Campbell advised that a check of the Minute Book indicated that minutes were missing from January 11, 1952 to May 27, 1953- Following a general discussion, the matter was referred to counsel for study and a report on what had to be done, if anything. LETflSR FROM MR DAVIS The President read the following letter from M. E. Davis, assistant to the Manager. Board of Directors December 12, 1956 Las Vegas Valley Water District Las Vegas, Nevada Gentlemen: On behalf of the entire staff of the Las Vegas Valley Water District, I wish to extend to each and every one of you a Merry Christmas and Happy New Year. Yours very truly, LAS VEGAS VALLEY WATER DISTRICT By /s/ M. E. DAVIS __________ M. E. Davis Assistant to General Manager