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#10 Mr. Thomas A Campbell 1-18-57 a political subdivision to contract with a private corporation and to bind itself against altering the rates to be charged by the private corporation pursuant to the contract. "The contract once having been made, the power of the city over the subject, so far as altering the rates of fare or other matters properly involved in and being part of the contract, is sus­pended for the period of the running of the contract.” (P. 3 8 2 .) Accord: Home Teleph, & Teleg. Co. v. City of L. A.. 211 0.3. 2o$, 273.~" It would be hard to find a more "’clear and unequivocal” Intention by the Legislature to suspend the State’s police power with respect to regulation of rates than is found in the Las Vegas Valley District Act. In 1951* the provisions of Section 19 giving the Public Service Conpission jurisdiction were repealed, and in the same bill the Legislature provided (Sec, l6d of District Act) that ”no board or commission other than the governing body of the district shall have authority to fix or supervise the mak­ing of such rates and charges.** In 195^, the district adopted its resolution providing for the issuance of bonds and covenanting with the bondholders that the Board of Directors would fix rates. Thereafter, the Nevada Legislature adopted a statute validating all of the terms and provisions of this resolution. It is our opinion that even though the Legislature may at one time have had the power to regulate the affairs and rates of the Water District by subjecting the Water District to the jurisdiction of the Public Service Commission, such power was suspended by the clear and unequivocal provisions of the statutes in force at the time of the Issuance and sale of the bonds, and that the Legislature cannot now, without impairing the bondholders’ obligation of contract, provide for the regulation of the dis­trict ’a affairs and rates by the Public Service Commission. In addition to our opinion on the law, as above set forth, you have requested our views covering the probable effect of the proposed legislation on the affairs of the district and future district financing. These necessarily involve questions of judgment and policy, on which there can be honest but different viewpoints. We will, however, point out some matters which, in our view, cast serious doubt on the wisdom of enacting such legis­lation. First, turning to the effect of the proposed legisla­tion upon the district: The functions of the Board of Directors