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Mr. A E. Stoddard 2* for $2,000,000, or over, that we be authorized to agree to accept general obligation bonds in lieu of cash. We have been assured that these bonds will be tax free. 3) In case it would be advantageous to the District, we be authorized to make them a proposition whereby we will take a down payment on the properties in the amount of $1 ,500,000 in bonds and permit them to purchase the properties under a sale contract with twenty years to pay the balance, with interest at In case we are able to negotiate the sale at $2,500,000, it would require monthly payments of $6326.50 to amortize the $1,000,000 in twenty years, or monthly payments of $3163.25> If we negotiate the sale for no more than $2,000,000. I am attaching hereto two photostats showing the 507 acres of land to be included in the purchase by the Las Vegas Valley Water District. In my opinion it is essential that we be advised promptly if the foregoing recommendations are approved, and if not, what basis we will be authorized to negotiate and reach an agree­ment as to the price for the sale of these properties. W. H. HULSIZER ATT