upr000069 72

M r. R . M . S u t t o n : ( 2 ) L a s V e g a s , N evada J u l y 2 0 , 19 5 ^ 7 0 4 -3 6 b c c : M r. L . R. Maag R e p o r t Mo. 8 We are continuing the progress on current work leading tip to determining the final sale price for the water properties. Review has been made of the water rates for the period ended June 30, 1954, and in doing so there was found a number of corrections necessary which resulted in an aggregate adjustment of about #46.00 in our favor. I n t h i s c o n n e c t io n t h e W a te r D i s t r i c t ’ s F i e l d I n s p e c t o r s b r o u g h t i n a number o f v a c a n c y c o r r e c t i o n s a p p l i c a b l e t o t h e m onths o f F e b r u a r y t h r o u g h J u n e , 1954"# w h ic h t o t a l #107»30• T h e s e c o r ­r e c t i o n s h a v e b e e n p o s t e d t o t h e a d ju s tm e n t colum n o f Forms 26 f o r t h e m onth o f J u l y , 1 9 5 4 . H o w ev er, we u n d e r s t a n d t h a t Comray a n d Company w i l l n o t c o n c u r i n t h e D i s t r i c t a ssu m in g t h e s e a d j u s t ­m ents and t h a t t h e y w i l l d i s a l l o w them when c h e c k in g o u t o u r A c c o u n ts R e c e i v a b l e a s o f J u l y 1, 1954- Section 9(e) on page 25 of the Agreement dated June X, 1953- provides for the balance in Account 113* ftAccounts Receivable1' on the sal® date, to be added to the basic purchase price and makes no provision whatever for excluding anything therefrom. Accordingly, It is our intention to discuss this matter with Mr. M aag, after which the latter, in our opinion, should obtain the views of Mr, Bennett for our guidance. The importance of the above is emph&si zed by the fact that we have no assurance that the amount of #107*3® Is final, because such claims do not arise until the Field Inspectors check up on delinquent accounts. This condition could prevail for an indefinite period, - We a r e now e n g a g e d i n d r a f t i n g f o r M r, P e a r t , some f in a l-s a l e p r i c e f i g u r e s a s t h e y a p p e a r i n t h e r e c o r d s h e r e . T h e s e w i l l b e f o r w a r d e d t o Omaha i n due c o u r s e f o r c h e c k an d r e v ie w and f o r s e t t i n g up i n f i n a l fo rm when t h e f i n a l s a l e p r i c e h a s b e e n d e t e r ­m in e d , M r, Maag in fo r m e d u s t h a t t h e W ate r D i s t r i c t w i l l t a k e o v e r o u r s m a ll t o o l s and sh o p eq u ip m en t t h a t w e re c h a r g e d t o o p e r a t i n g e x p e n s e s when p u r c h a s e d , a t t h e p r e f e r r e d p r i c e u f $ 2 ,0 7 6 .0 0 an d Mr, R e in h a r d t h a s a p p ro v e d t h e s a l e o f th em . B i l l C o l l e c t i b l e w i l l b e fo r w a r d e d t o Mr. P e a r t t o d a y f o r a u d i t and f u r t h e r h a n d l i n g . We a r e n e x t g o in g t o b r i n g t h e l o c a l r e g i s t e r up t o d a t e w h ic h r e f l e c t s t h e b a la n c e s d u e num erous s u b d i v i d e r s f o r 00n s Induct*! on sub^ooU t*o Tiios® £igui*# s w i l l bo