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j Revi ew-Journal January 1 2, 1950 * * * if if i f ¥ ¥ * Underwriter Unit Agrees to Help Set up Project Construction of the water system w h i c h would serve Las Vegas and the Vegas valley, which is planned by the Las Vegas valley water district, moved a step closer to realization last night, when underwriting agencies, inter­ested in aiding the district in setting up the system, assured such a project the board that bond sales for probably would have a good variety of takers. Members of the water district^ board were highly elated over the report received from the agencies last evening, and have tentatively set a bond election for April of this year at which time approval for a $5,000,000 bond issue will be sought and election of three members to the board will be held. Harry E. Miller, chairman of the board, reported today that representatives from the under­writing agencies, located in Den- | ver, Chicago, Los Angeles and San Francisco, were highly en­thusiastic over the project and had agreed to assist the district board in investigating all phases of the financing picture. They also reported there probably J would be little difficulty experi­enced" in disposing of the bonds. A * complete survey of the financial picture will be made in the next few weeks, the board , reported, and from all indica­tions a favorable report will be made by the underwriting agen­cies. From a preliminary ex­amination, Miller said, the agencies expect no difficulty whatever in setting up the pro­gram. As soon as a final report is re­ceived from the agencies, if fa­vorable, machinery- win be set up for a bond election and, at the same time, the citizens of the area will elect three mem­bers to the board. Three terms expire in October, Miller said. The trio now on the board, whose terms expire, Miller said, are his own, Thomas Campbell and James Cashman. At the meeting last night, the board selected a member to take the place of Victor Shurtliff, who has. moved out of the district, and named William Coulthard, local attorney, to the position. Miller said the underwriting agencies were high in their praise of the cooperation which has been given to the district board, especially by the Ne­vada Colorado river commis­sion. The river board has assured the district board that 8,000,000 gallons will be available for use, when and if wanted, and that the gallonage may be upped to 10,000,000. “ We are elated over the re­port we received last night,” Miller said, “ and it appears we are on the brink of a new era in the district.” _ — -----n—i______ I