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Los Angeles* June 22, 1956 80-11 Mr. W. R. Rouse - Omaha; W M . R. JUN 28 1956 oc - Mr. Wm. Reinhardt - Los Angeles In connection with contract C.L.D. No. 11342* dated June 1* 1953# between the Railroad Companies, the Las Vegas Land and Water Company and the Las Vegas Valley Water District pertaining to the sale to the District of certain of the facilities of the Water Company in Las Vegas* it was provided in said contract that the District would deposit in escrow the sum of $352*000, to be used by the District for the construction and relocation of certain facilities by the District contemplated under Section 5 of that contract. At the time the contract was made it was thought that as the work progressed the District would, with the approval of the Railroad Company and the Water Company* draw down such portions of said fund as were necessary to pay current bills for said construction. However, instead of handling the matter that way the District apparently paid for such construction out of other income and the entire fund is still being held in escrow by the First National Bank of Nevada, Some time ago the President of the District talked to me about releasing this fund. I told him that If all the bills were paid that we would have no objection to so releasing the fund as provided in the last paragraph of Section 5 of said contract. There were some disputes going on between the District and some of their contractors and the matter was held in abeyance and I am now advised that all payments have been made to the contractors and there are no outstanding indebtednesses by the District covering any of the work done under Section 5 of said contract. The District has now submitted to me a contract providing for the release of said fund out of escrow to the District, At first it was felt that these funds could be released by formal notice to the escrow holder* but in order to take care of the possibility of any contingent claims or demands later filed, it was felt advisable that a contract be prepared including a provision that the District would JUN 25 1256 6 c. q E. E , D. Jl/N 28 19St