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X Relative to the inquiry concerning the financing of the sale of the Las Vegas Water Company to the Las Vegas Valley Water District or the City of Las Vegas, we would enter into an agreement concerning such financ­ing on substantially the following terms and conditions; 1, Our agreement would be with the Union Pacific Railroad, which we will refer to as the "Railroad Company", 2, The Railroad Company would agree that upon the execution of the contract it would make its books and records relating to the Las Vegas Water Company available to John Nuveen & Co. and the engineers of John Nuveen k Co. for examination and study. The Railroad Company would, in such agreement, set forth the price for which it would sell the Water Company, such sale to be only to said Water District or City. 3, If, after preliminary examination of the books and records of the Water Company, it appears that the price asked by the Railroad Company for the water properties is such that it could be paid by the Water District or the City from the proceeds of an issue of water revenue bonds, allowing for | necessary cash for working capital and presently needed im­provements and extensions, then John Nuveen Sc Co. would di­rect its engineers to make a complete survey of the proper­ties, the water supply* probable future growth, potential demands on the system, and other pertinent and related fac­tors and to make a report thereon. Such report would also include a history of the operation of the properties, rev­enue Available for payment of debt service requirements on