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upr000154-131
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I agree.Mr. W.R, House Pag© 2 May 15, 1951 For your Information, upon receipt of your telephone call# I called Mr. James L. Beebe, a partner in the firm of O’Melveny & Myers, which firm specializes in legal opinions on bond Issues. This firm has been employed by the Las Vegas Valley Water District to guide it through the technicalities of the issuance of these bonds and presumably to pass upon their legality prior to the offer of sale. Hr. Beebe states that In his opinion the Interest on these bonds will be exempt from all federal income taxes under the present federal law and exempt from all taxes under the existing Nevada laws. As X told you over the telephone, the bonds have not as yet been voted on although they now state they expect to have a bond election sometime in August but the district is undoubtedly authorized and empowered to issue euoh bonds and X am inclined to agree with Mr. Beebe that the Interest thereon would be tax exempt. E. E. Bennett EEB:AF