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man000177-092
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Purchase of LV Land & Water Co. legal documents (2 of 2)
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SPENCER L. BUTTERPIELD V I C E P R E S I D E N T WILLIAM COULTHARD 3 E C Y . - T R E A S . HARRY E. MILLER E. OTTO UNDERHILL JAMES CASHMAN JO H N BUNCH O fficers a n d D irectors THOMAS A. CAMPBELL P R E S I D E N T LAS VEGAS VALLEY WATER DISTRICT 9 0 0 S O U T H 5 TH S T R E E T LAS VEGAS, NEVADA T e l e p h o n e 5 9 2 0 HOWARD F. CLARK C H I E F E N G I N E E R A N D M A N A G E R P. O . BOX 1 4 4 8 M e e t i n g 9 t o 9 : 1 5 We d n e s d a y PSC v a l u a t i o n o f o n l y $ 1 , 1 9 7 , 2 2 0 T h a t ’ s what UP l a w s u i t i s a b o u t . P r e l i m i n a r y m e e t i n g . UP h a s n ' t r e c e i v e d d e c i s i o n , R t h i n k s b e t t e r d e l a y # Wo n ’ t g e t b e f o r e f i r s t o f we e k . P u b l i c i t y r e l e a s e d b e f o r e s e n d i n g i n t e r ­e s t e d p a r t i e s c o p i e s . L a w s u i t : V a l u a t i o n t i e s i n t o l i t i g a t i o n s e e k i n g 4 2 $ r a t e i n c r e a s e P r i n c i p a l t h i n g on wh i c h low i n c r e a s e b a s e d i s PSC v a l u a t i o n s e t up. b r a n d e d a s r i d i c u l o u s by up# M u s t f i n d o u t on what b a s i s PSC h a s e s t a b l i s h e d v a l u a t i o n t h e n p r o c e e d t o show w h e r e w r o n g . PSC has u s e d p r o c e d u r e w h i c h h a s been u s e d by a i l u t i l i t y c o m m i s s i o n f o r e s t a b I i s h m e n t o f r a t e s . H i s t o r i c a l v a l u e r a t h e r t h a n p r e s e n t v a l u e . Even on h i s t o r i c a l b a s i s v a l u a t i o n i k e as s e t up by PSC as b a s i s f o r t h e i r r a t e s i s some $ 6 0 0 , 0 0 0 l e s s t han t h e h i s t o r i c a I v a l u e s e t up by UP on b a s i s o f a c t u a l c o s t a s r e f l e c t e d by b o o k s . wehe r e p o r t , a l l f i g u r e s t a k e n o u t o f b o o k s , f e a t u r e c u r i o u s a l i e n s e t s up v a l u e on p r o p e r t y on b a s i s o f r a t h e r r a p i d d e p r e c i a t i o n , then when he f i g u r e s i ncome ( t h a t w r i t e o f f f o r i n c ome ) he t a k e s a v e r y s l o w r a t e . " g e t s us b o t h g o i n g a n c o m i n g . " e x p l a i n UP n o t a a c c e p t i n g . W i l l c a r r y t o US S upr eme c o u r t . i f n e c . wont a c c e p t 3 2 . a s k e d f o r 4 2 and wi I I p r e s s t h i s on b a s i s of v a l u a t i o n as r e f i r e c t e d by UP b o o k s , not same as d e p r e c i a t e d r e p r o d u c t i o n c o s t . No a r g ume n t a b o u t t h a t . when s e t t i n g r a t e s d o i n g i t w i t h p r o c e d u r e p r e t t y w e l l u s e d a l l o v e r t h e c o u n t r y , n ame l y h i s t o r i c a l v a l u e . But t h a t i s n o t t h e p r o p e r b a s i s f o r e s t a b l i s h i n g a f a i r s a l e v a l u e . In o t h e r w o r d s , r a t e s a r e n o r m a l l y b a s e d on h i s t o r i c a l o r i n v e s t m e n t c o s t and i t i s g e n e r a l l y a c c e p t e d t h a t r a t e s s h o u l d be p r e d i c a t e d on t h a t . Bu t when i t comes t o s e l l i n g , what you p a i d f o r a p r o p e r t y i s n o t t h e y a r d s t i c k f o r t h e p r e s e n t f a i r m a r k e t w o r t h , even i f h i s t o r i c a l c o s t o n l y a b o u t 1 , 8 0 0 , 0 0 0 - p r e s e n t f a i r ma r k e t w o r t h may be g r e a t l y i n e x c e s s o f t h a t . R h e i n h a r d t e n d o r s e s p r e l i m i n a r y t a l k . F i r s t t a l k e d T u e s d a y p r e l i m and t h e n a We d n e s d a y m e e t i n g . S c h e d u l e d m e r i t i n g p o s t p o n e d p e n d i n g an o p p o r t u n i t y to e x ami n e PSC r e c e n t r a t e i n c r e a s e d e c i s i o n , w i t h p a r t i c u l a r r e f e r e n c e t o t h e v a l u a t i o n f i g u r e o f $ 1 , 1 9 7 , 2 2 0 in r e l a t i o n t o t h e r e p r o d u c t i o n d o s t d e p r e c i a t e d f i g u r e s d e v e l o p e d by UP and D i s t r i c t .