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Las Vegas - Dee ember 12, 19U$ V 23-1-51 Mr* 33, £* Bennetts Will appreciate year opinion of the proper method of refunding under C/A — X0#f0g the o on tract be- tween the LYL&V Co,, and Shipley and ing v&ter mains Installed la Creatwoo Ads sHoocnieast eTsr,a ctc,over­We have been refunding under the first portion of the contract covering Hooks 1, 2, and the Snaolret hw ahsa lfdu olfy rHeoccekiv e%d , cOooevte rSitnagt etmheisn tp aonrtdi oBinl lo fo ft he cons traction referred to as Unit # 1 where nine house s have been completed in Hook 1 and eighteen houses in Hook 2# cons true tiAardtdlitcil en aIlI Iw partoevri dmea#i nst hatto esuerbdvel vtihdee rr seamya in­Sitnag teHmoeonkts enadn d Bailflt erof thSiasl eh assu bmbietetne dd,o nwee a wnidl lt hree Cfousntd 50% of the revenues received fro® the South half of Hook 3* and Hooks b,5,6,7, and 8, He has now completed btuhte whaast enro mta iynest bseutbwmeietnt eHd oCookst 6 Satnatde 7m#e nta nadn dH o3c1k11 7 oaf nSda 8le, beoaus^ the line in Houston Drive has not be installed. 7 and 8, fTrhoimr wthyi hcohu wsees ahraev er ecbeeievni cnogn rsetvreuncuteesd ainnd Htohoeka question is whether we can refund 50% of these revenue s from Hocks 7 and # before the final oompletlonoCftthe contract. vlthhild tFhreosem are lfeugndasl usnttainld posiuncth, t1i maes assu mhee w eco mcpolueltde s the pipe line in Houston Drive and submits Cost Statem ent and Bill of Sale to ooverj however the intent of the con­rtervaecntu weass frtoo ma falflo rwda tSehri plseeyrv aicne so ppionr ttuhnei ttyr actot irenc aeniv ee ffort to reimburse him as far as possible for the *approaoh pipe which he Installed to the tract, tinder your interpretation of this contract ctoruacltd, weo rr meufsutn dw e$0 %b e ofc oanlfli nreedv etnou eH#o crkec 1ei, v2ed, farnodm t htehe naotr tthhi hs altfim oef i s3 7 to Hayv ooibdj eacnt airgnu bmreinntg isnugc ht ahse wseub hjaecdt w uipt h the Huntridge pip^le on the difference between a lege! obligation and a moral obligation to refund pipe line costs. A. M. Folger