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Mr. 5. E. Stoddard 2 and it seems that some provision should be made for handling advances accruing subsequent to that date. Presumably, these subsequent advances by sub-dividers should be turned over to the District, but they should not have any effect on the offered price after Sept. 1, 1952. It seems to me that this feature should be covered in some form of agreement with the District* In regard to paragraph (f), I see no objection to the proposed encumbrance of all other lands of the various compa­nies for a term of fifty years, except that I believe we should retain the right to drill one stand-by well in the shop grounds which may be drilled to a depth exceeding 100 feet. In regard to the second paragraph at the top of page 2 of the proposal, providing that nSaid purchase price shall be paid to you in cash or in such other medium of payment as you may designate": This paragraph it seems to me, as stated, fully protects our right to demand cash payment. While the Water Dis­trict people are very desirous that we should take all, or part, of the payment for the properties in bonds, we certainly could not be required to do so, in view of this paragraph. Consideration will have to be given to the mechanics of transferring the properties involved to the Las Vegas Valley Water District. I assume the distribution system of the Las Vegas Land and Water Company may be conveyed directly to the Water District, the pipe lines, preumably,, by bill of sale and any Water District land by deed. In the case of the collection system of the