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“LAS VEGAS REVIEW-JOURNAL", Sunday, May 25, 1952. Wafer District Starts Action To Buy System Negotiations for the taking over of the Las Vegas water system by the Las Vegas Valley Water District began immedia­tely following the transfer Fri­day of BMI assets. Included in the agreement on the sale of Basic assets are provisions for five million gallons of Lake Mead water a day to the water! district. Tom Campbell, president of the district, said the board of directors yesterday asked the district engineer James M. Montgomery to proceed with the appraisal of property of the Las Vegas Land and Water com? pany. ,The water district intends to buy out the company which is controlled by the Union Pacific railroad. Campbell said he intends to call Ed Bennett, counsel for. the TJ.P. today to arrange negotia­tion meetings on the'sale. Campbell explained that the (Continued from Page 41 sale of the company, to the wai­ter district mitst ’be Completed before a bond election, to raise funds for the purchase o f the company, can he scheduled. He estimated that the earliest, possible time for the election was “sometime in early fall.” Campbell said that a prelim­inary figure of $2 ,000,000 as the | value of the1 company has been mentioned frequently. But that sum was merely an estimated figure, mentioned once* by Ben­nett. A c t u a l l y , Campbell said, there has been no complete ap­praisal of company "assets. A preliminary appraisal has been made of the company’s physical assets, but nothing has been done about setting a value of its real estate or water rights. ' Campbell said it is possible j that a “friendly” condemnation ; proceeding might have to be held in court.-,SQ that judicial ap- j proval • of the, final sale figure could| . fbt?e.. .,!-rgtvafti nde id-r^ua - ^-h•—3 ® - '••• -?'« 1