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Las Vega*, Mev*ida April 28, 1054 Hr, Wra* Reinhardt s oc - Hr* E* 2* Bennett Wr« Bang Smith „ Confirming our telephone conversation tai». please be advised that at 10800 A*M* this morning, April 28, 1954, three bide for the purchase of water bends ware submitted to the Las Vegas Valley Water District, which are enumerated as follows: 1* Mr* Miles Pelikan, on behalf of John Nuveen a M Company and associates, offered te purchase #8,700,000.00 worth of b«ids for #8,700,906*54. This bid was accompanied with Cashier*# thook in the amount of #200,000*00, con­ditioned. upon application of said sum towards the purchase price, if accepted, and return, if not accepted, with a forfeiture of said sum in event of acceptance but failure of performance by bidder* the bonds were specified to be general obligation bends of the district, secured by a pledge of revenues of the district, with the condition that the district increase its water rates and install meters* Bonds maturing in the following years were to bear interest as follows: 1957 - 1961 4 H 1962 - 1976 4% 1977 - 1979 3*80$ 1980 - 1989 4% 1990 3*90|o A check by the Water District established that the over­all average rate ef interest was 3*97215^* The bid of this bidder was fer the purchase of all bonds and was conditioned upon the Las Vegas Valley Water District taking title to the Las Vegas land and Water Company simultaneously with delivery of bonds which are to be delivered under the notice of bid and bid within 30 days after award of the bid. John Nuveen et al. further specified that Section 19 of the bond resolution relating to the establishment of a reserve fund should be amended to provide that said fund shall be maintained from revenue, and in the event that revenue is insufficient te maintain said reserve fund for a period of six months