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9 S P E N C E R L . B U T T E R F I E L D L A S V E G A S V A L L E Y W A T E R D IS T R IC T V I C E - P R E S I D E N T W I L L I A M C O U L T H A R D 9 0 0 S O U T H 5T H S T R E E T s e c y . - t r e a s . L A S V E G A S , N E V A D A H A R R Y E. M I L L E R J A M E S C A S H M A N TE L E PH O NE 5 9 2 0 J O H N B U N C H O f f i c e r s a n d D i r e c t o r s T H O M A S A . C A M P B E L L PRESIDENT A p ril 23 , 1954 M E M O R A N D U M Accountants Audit o f Las Vegas Land and Water Company figures y The following was excerpted from recorded telephone conversation o f A p ril 22 , 1954 between Thomas A . Cam pbell and Franklin T . Hamilton of O 'M o lvo n y & Myers: M r- Ham ilton stated that M r. Bennett of the UPRR had contacted him on several occasions regarding getting started on the escrow. A breakdown of the gross p rice , as of January 3 1 , 1954, ham boon received by the District from M r. Reinhardt, af UPRR. M r. Ham ilton agrees w ith M r. Bennett that to fix the purchase p rice , they should start with an up-set date w ell in advance o f the sole date, since there are numerous Items such as accounts receivable, unpaid wages, contracts of purchase o f equipment mid m aterial, e tc . which ore made during the last few weeks and can’t be determined at the last m inute, so w ill not bo able to got a firm price on the solo date, but can use on up-sot date of one or two months In advance o f the solo data and provide for an adjustment to be made after the final figures are ascer­tained. This w ill require the services o f bath the accountants and engineer. Apparently the UPRR has the accounting procedure pretty w ell set up and the District should have their accounts examined on behalf af the District to ascertain that proper Items are covered and that no Improper items a re ln e k id e d . M r, Conway should InMIata the contact w ith M r. M agg of the Las Vegas Land and try to work out a method a f establishing an up-sat price and than the final price which would be reflected b y an adjustment of thd up-set p rice . Mechanics should be worked out b y the accountant, M r. Conw ay, who should consult 4th Hadclns and Sells If any matters come up In which they should have o vo ice . The UPRR accountants can make some arangement to meet In Law Vegas w ith M r. Conway and work out the details. The tiltla l contact Is to be 4th M r. M aag. M r. Hamilton feels the upset dete should be as close as possible to the sale data, probably about March 31 If the District Is to effect the sale on June 1. The accountants should satisfy themselves on the adjustments - whether they are proper Items, such as correct depreciation, to what extent contracts providing for refund o f construction money hove been performed, e tc. It is strictly cm accounting matter of determing proper charges. The entire price w ill be cm adjustment o f the up-set p rice . B