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O F F irE R S AND DIRECTORS T H O M A S A . C A M P B E L L PRESIDENT S P E N C E R L. B U T T E R F IE L D LAS VEGAS VALLEY WATER DISTRICT VICE-PRESIDENT W IL L IA M C O U L T H A R D 9 0 0 S O U T H 5 ™ S T R E E T SEC Y.-TREA S. H A R R Y E. M IL L E R JA M E S C A S H M A N JO H N B U N C H Mr*. Wm, Reinhardt L A S V E G A S , N E V A D A T e l e p h o n e S 9 2 0 - 2 - Aprll 1, 1954 basic purchase price o f $ 2 ,5 0 0 ,0 0 0 , pursuant to the provisions o f Paragraph (a) o f Section 9 of the Purchase Contract entered Into by the District under date o f June 1, 1953. As stated In Mr* Montgomery's letter. It Is now clearly evident that the District will not be Implemented with funds to carry the purchase agreement Into effect and develop the urgently needed supplemental supply In time to cope with the approaching critical summer season. The D istrict is now diligently taking the necessary steps to sell the $ 8 ,7 0 0 ,0 0 0 authorized Issue o f bonds a t the earliest practicable time to provide the funds for carrying out the agreement. All o f the preliminary steps to this end, involving the preparation of a volum­inous o fficial prospectus and a comprehensive engineering report, were completed last weak. Invitations to several hundred prospective bond underwriting firms throughout the country are now being moiled out. Sealed bids will be received a t the District offices, 900 South fifth Street, Las Vagas, Navada, on or before April 28, 1954„ Under usual procedure, at least thirty days and frequently cm much a| sixty days must ba allowed after award of bonds until the proceeds become av ailab le. Consequently, It ap­pears that the District can not now anticipate taking over the Las Vegas Land and Water Company's production and distributing system e t any date earlier than the 1st o f Ju ne, or possibly some time later. By then It will be too late for the District to develop additional L production facilities before the heavy summer demand begins. Very truly yours, LAS VEGAS VALLEY WATER DISTRICT By Thomas A. Ca mpbe II, rresi dent TACtfb enclosure