Mr. Hamilton, as representative of the law offices of O'Melveny & Myers addresses Mr. Campbell, president of the Las Vegas Valley Water District, outlining facts about the Las Vegas Valley Water District, Basic Management Inc., history of land and water rights, and the issuance of bonds.

Detailed discussion of why the purchase price set by the Nevada Public Service Commission for the purchase by the Las Vegas Valley Water District was too low.

Estimated amount to be added to appraisal of Los Angeles & Salt Lake Railroad Company and Las Vegas Land and Water Company water producing and distribution facilities to cover facilities constructed or proposed subsequent to date of inventory December 31, 1950. Estimated cost of reproduction new and less depreciation of water production and transmission facilities. Itemized list of improvements made by the water company subsequent to the previous inventory.

Suggestions that the Railroad should develop its own water so that it will not be subject to rationing as experienced by other water districts. Dividing the water production from all other assets of the Las Vegas Land and Water Company may be the best option for the Railroad to protect its water rights.