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MX ItOB Angelas, Almost 28, 1929 ^ 3703 i°flk In reply to your mailgraa J-33?, f i l e 20-6-1, o f July 3, 1929, asking that we supplement our valuation o f June 12th, o f j,as Vegas Lend and Mater Company * s water f a c i li t i e s at la s Vegas, Mevada, with a f a i r value o f 3000 gallons per minute o f water owned by the L.V .L. and W. Co,, together with advice as to amount to include fo r general expenditures fo r rate making purposes. 100 acres o f land, the value o f 3000 gallons per minute should be 1200,475. fo the cost o f water f a c i li t i e s , to distribu te the water to it s users, should be added two and one-half M J percent to cover general expenditures, except interest during construction. For the la t t e r , assuming that the f a c i li t i e s could be reproduced in s ix months, and adopting the method o f the X.C.C. Bureau o f Valuation that a l l o f the money i s in use h a lf o f the time plus three months there should be added, at ©£ per annum, to cover the interest during construction. some charges fo r maintenance o f the water f a c i li t i e s , as a reserve fo r renewals, but none o f the percentages or charges suggested are applicable to the value o f the water. Assuming that one second-foot o f water w ill irrig a te You w ill probably wish to include in the water rates Valuation Engineer