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36 \ under consideration the bringing of Lake Mead water to Las Vegas by means of a pipe line, pumping and storage system. 1/ In a report on the present and future water supply for Las Vegas Valley, prepared for the Water District, the feasibility and cost of such a project has been set forth, based upon the assumption that the entire existing Las Vegas water system would be acquired by the District and that its (the existing system’s) present water resources would be utilized. In this connection the report states; ”With the acquisition |g§ 2/ . of these properties the low-cost water from the well fields will, in some measure, offset the high-cost water from Lake Mead”. It is further estimated that under combined system operation in 1950, the average cost of water would be $81.80 per million gallons compared with $53.33 paid by the customers of the Las Vegas Land and Water Company in 1948 and $54.72 in 1949. That represents an increase of some 53$. Such increase in annual costs when capitalized at present rate of water consumption is in excess of the present total investment in the Water Utility. Such large capital amounts represent the real value of the water rights over the very nominal value included herein for rate pur­poses and represent a real saving to the water users. Any alternate method of supply would place a very substantial added burden in water costs and charges. The real significance of this probably will only be fully appreciated when outside water supplies are brought in to meet the ever increasing water requirements of the citizens of Las Vegas due to continued population growth. Attention should likewise be called to the fact that the present-day land values claimed of $100 per acre on little more than 1/ By Greeley and Hansen, Engineers Underscoring added under date of October, 1949