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PROPOSED OFFICIAL STATEMENT respecting $8,700,000 Waterworks Bonds, 1954 of the LAS VEGAS VALLEY WATER DISTRICT Clark County, Nevada This is the Official Statem ent of the Las Vegas Valley W ater D istrict prepared to be used in the sale of the bonds herein described. The Bonds: $8,700,000 W aterw orks Bonds, 1954, issued pursuant to Chapter 167, Statutes of Nevada 1947, as amended and supplemented. The bonds are general obligations of the Las Vegas Valley W ater District, for the payment of which the full faith, credit and resources of the D istrict are pledged. The bonds are dated March 1, 1954, m ature from 1957 to 1990, inclusive, and bear interest payable annually for the first year and semi-annually thereafter. The bonds m aturing on or after March 1, 1965, are callable in inverse numerical order, at 100y% plus y2°/o for each twelve-month period or fraction thereof to date of m aturity, but not to exceed 105%, as follows: Bonds m aturing March 1, 1990, are callable on March 1, 1959, or on any subsequent interest date (but may not be called from proceeds of refunding bonds prior to March 1, 1964). Bonds m aturing on or after March 1, 1965, are callable on March 1, 1964, or on any subsequent interest date. TABLE OF INTEREST RATE Bond Numbers (Inclusive) M aturity Date Interest Rate l l i o o ....................................... March 1, 1957 101- 205....................................... March 1, 1958 206- 315...................................... , March 1, 1959 316- 430....................................... March 1, 1960 431- 555....................................... March 1, 1961 556- 685....................................... March 1, 1962 686- 820........................... March 1, 1963 821- 960.................................. March 1, 1964 961-1110....................................... March 1, 1965 1111-1265..................... :................. March 1, 1966 1266-1425....................................... M arch 1, 1967 1426-1595....................................... March 1, 1968 1596-1775....................................... March 1, 1969 1776-1960....................................... March 1, 1970 1961-2155....................................... March 1, 1971 2156-2360....................................... March 1, 1972 2361-2575....................................... March 1, 1973 2576-2800....................................... March 1, 1974 2801-3035....................................... March 1, 1975 3036-3280....................................... March 1, 1976 3281-3540..-,,,.......,...... ................... March 1, 1977 3541-3810............................... March 1, 1978 3811-4095...................... March 1, 1979 4096-4390........................................ March 1, 1980 4391-4700....................................... March 1, 1981 4701-5025....................................... March 1, 1982 5026-5365........... March 1, 1983 5366-5720..................... March 1, 1984 1 TABLE OF INTEREST RATE (Continued) Bond Num bers (Inclusive) M aturity Date Interest Rate 5721-6095........... .......................? March 1, 1985 6096-6485....................................... March 1, 1986 6486-6895.... ................................... March 1, 1987 6896-7325........................................ March 1, 1988 7326-7775....... March 1, 1989 7776-8700........................................ March 1, 1990 Tax Exemption: In the opinion of O ’Melveny & Myers, Los Angeles, California, bond counsel for the Las Vegas Valley W ater District, interest on the said bonds is exempt from taxation by the U nited States of America under present federal income tax laws. Legal Opinion: All of the proceedings in connection with these bonds are subject to the approval of Messrs. O ’Melveny & Myers, of Los Angeles, California. The unqualified opinion of said attorneys approving the bonds as to legality will be furnished to the purchasers at the tim e of delivery of the bonds. Location: The Las Vegas Valley W ater D istrict is located in Clark County in southern Nevada about 240 air line miles northeast of Los Angeles. It covers an area of 196,480 acres (307 square miles) and has an estimated population of 66,000. The D istrict comprises the incorporated cities of Las Vegas, N orth Las Vegas and Henderson, the towns of Vegas Heights, Paradise, W inchester, W hitney and Pittm an, and a large adjacent area, including several unincorporated residential areas. The Nellis Air Force Base is also within the boundaries of the D istrict. A ltitudes range generally from 1500 feet to 2300 feet, w ith an average of 2000 feet at Las Vegas. The D istrict is traversed by U. S. H ighways 91, 93, 95 and 466 and the Union Pacific Railroad, and is served by T.W.A., United, W estern and Bonanza air lines. Climate: The Las Vegas Valley is semi-arid, w ith a typical desert climate. The average annual rainfall is 4.35 inches. The annual average tem perature is 66.8 degrees F, and daily variation is great. V ariations between mean monthly maximum and mean m onthly minimum are about 27 degrees. LAS VEGAS MEAN TEM PERATURES AND RAINFALL Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Year Mean Daily Maximum (°F ) 55.4 62.1 68.9 78.6 87.9 98.9 105.4 103.3 96.2 81.7 67.1 58.1 80.3 Mean Daily Minimum (°F ) 33.0 38.6 44.0 52.6 60.2 68.2 75.6 73.5 65.1 53.0 40.6 35.5 53.3 Daily Mean (°F ) 44.2 50.4 56.5 65.6 74.1 83.6 90.5 88.4 80.7 67.4 53.9 46.5 66.8 Mean Precipita­tion (inches) 0.44 0.58 0.35 0.24 0.16 0.13 0.46 0.53 0.34 0.32 0.22 0.58 4.35 Geology: The Valley is surrounded by hills and mountains, but has flood drainage to the Colorado River. The Valley is composed of alluvial fill, including alluvial gravels, sand, silt, clay, and caliche. The gravels and sands are the principal water-bearing strata and w ater contained therein is largely confined by beds of silt and clay. Near surface w ater occurs over most of the valley, ranging from zero to 50 feet below the surface. Relatively thick lenses of water-bearing sands and gravels occur underneath a clay layer at from 380 to 450 feet below the surface. 2