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PROPOSED OFFICIAL STATEMENT respecting $ 8 ,7 0 0 ,0 0 0 Waterworks Bonds, 1 9 5 4 of the LAS VEGAS VALLEY WATER DISTRICT Clark County, Nevada This is the Official Statement of the Las Vegas Valley W ater District prepared to be used in the sale of the bonds herein described. The Bonds: $8,700,000 Waterworks 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 District are pledged. The bonds are dated March 1, 1954, mature from 1957 to 1990, inclusive, and bear interest payable annually for the first year and semi-annually thereafter. The bonds maturing on or after March 1, 1965, are callable in inverse numerical order, at 100*4% plus J4% for each twelve-month period or fraction thereof to date of maturity, but not to exceed 105%, as follows: Bonds maturing 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 maturing on or after March 1, 1965, are callable on March 1, 1964, or on any subsequent interest date. T A B L E O F IN T E R E S T R A TE Bond Numbers (Inclusive) Maturity Date Interest Rate 1- 100.......................................... 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 l, 1965 1111-1265...... March 1, 1966 1266-1425............................. ,........... March 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 T A B L E O F IN T E R E S T R A T E (Continued) Maturity 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 United 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 time of delivery of the bonds. Location: The Las Vegas Valley W ater District 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 District comprises the incorporated cities of Las Vegas, North Las Vegas and Henderson, the towns of Vegas Heights, Paradise, Winchester, Whitney and Pittman, and a large adjacent area, including several unincorporated residential areas. The Nellis Air Force Base is also within the boundaries of the District. Altitudes range generally from 1500 feet to 2300 feet, with an average of 2000 feet at Las Vegas. The District is traversed by U. S. Highways 91, 93, 95 and 466 and the Union Pacific Railroad, and is served by T.W .A., United, Western and Bonanza air lines.. Climate: The Las Vegas Valley is semi-arid, with a typical desert climate. The average annual rainfall is 4.35 inches. The annual average temperature is 66.8 degrees F, and daily variation is great. Variations between mean monthly maximum and mean monthly minimum are about 27 degrees. LAS VEGAS MEAN T EM P E R A T U R E S AND R A IN FA L L 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 Bond Numbers (Inclusive) 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 water contained therein is largely confined by beds of silt and clay. Near surface water 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