Document:

<PAGE>

                                                                    EXHIBIT 4(B)

NOTE NO. R-1                                             CUSIP N0. 641423  AT  5

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO NEVADA POWER
COMPANY (THE "COMPANY") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THIS NOTE IS A BOOK-ENTRY SECURITY AND IS REGISTERED IN THE NAME OF A
DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF
THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED
CIRCUMSTANCES.

     THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
"SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF
THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

     THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED

                                       1
<PAGE>

OR OTHERWISE TRANSFERRED ONLY (1) INSIDE THE U.S. TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, (II) OUTSIDE THE U.S. IN A TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER
IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

                              NEVADA POWER COMPANY
                              FLOATING RATE NOTES
                       DUE OCTOBER 6, 2000 (THE "NOTES")

     Nevada Power Company, a corporation duly organized and existing under the
laws of the State of Nevada (the "Company"), for value received, hereby promises
to pay to Cede & Co., as the nominee of The Depository Trust Company, or
registered assigns, the principal amount of $100,000,000 on October 6, 2000 (the
"Maturity Date"), and to pay interest as set forth below on the outstanding
principal amount hereof from time to time from October 15, 1999 or from the most
recent Interest Payment Date (as defined below) to which interest has been paid
or duly provided for, quarterly in arrears on January 15, April 15 and July 15,
2000 and on the Maturity Date (each, an "Interest Payment Date"), commencing
January 15, 2000, until the principal hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date shall, as provided herein, be paid to the person in
whose name this Note (or one or more predecessor Notes) is registered at the
close of business on the fifteenth calendar day preceding each Interest Payment
Date (each, a "Regular Record Date"); provided, however, that interest payable
                                      --------  -------
on the Maturity Date shall be payable to the person to whom the principal amount
of this Note is payable. Any interest payable on any Interest Payment Date other
than the Maturity Date and not so punctually paid or duly provided for shall
forthwith cease to be payable to the person in whose name this Note is
registered at the close of business on such Regular Record Date and shall
instead be payable to the Person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on a special record
date for the payment of such interest to be fixed by the Company, notice whereof
shall be given to the registered holder of this Note (or one or more predecessor
Notes) not less than 10 days prior to such special record date. Principal of
this Note shall be payable against surrender hereof at the corporate trust
office of the Fiscal Agent or at such other office or agency of the Company as
may be designated by it for such purpose in the Borough of Manhattan, The City
of New York.

                                       2
<PAGE>

     Payment of the principal of and interest on this Note shall be made at the
corporate trust office of the Fiscal Agent or at such other office or agency of
the Company as may be designated by it for such purpose in the Borough of
Manhattan, The City of New York, in such coin or currency of the United States
of America as at the time of payment shall be legal tender for the payment of
public and private debts; provided, however, that, at the option of the Company,
                          --------  -------
payments of interest may be made by check mailed to the address of the person
entitled thereto as such address shall appear in the Note Register (as defined
in Section 3 hereof); and provided further, however, that in the case of Notes
                          -------- -------  -------
held by a depository (as defined in Section 3 hereof) or its nominee, payments
of principal and interest shall be made by wire transfer of immediately
available funds to an account designated by such depository.

     If any Interest Payment Date for this Note (other than an Interest Payment
Date at the Maturity Date) would otherwise be a day that is not a Business Day
(as defined in Section 1 hereof), such Interest Payment Date shall be postponed
until the next succeeding Business Day unless such Business Day falls in the
next calendar month, in which case such Interest Payment Date shall be the next
preceding Business Day. If the Maturity Date of this Note falls on a day that is
not a Business Day, the payment of principal and interest will be made on the
next succeeding Business Day, and no interest on such payment shall accrue for
the period from and after such Maturity Date, except as otherwise expressly
provided for herein.

     This Note is one of a duly authorized series of securities of the Company,
limited in aggregate principal amount of $100,000,000, issued under a Fiscal and
Paying Agency Agreement, dated as of October 12, 1999 (the "Fiscal Agency
Agreement"), duly executed and delivered by the Company to Bankers Trust
Company, as Fiscal and Paying Agent (the "Fiscal Agent"). All terms that are
used but not defined in this Note and that are defined in the Fiscal Agency
Agreement shall have the meanings set forth therein.

     This Note may be redeemed at the option of the Company, in whole, beginning
on April 15, 2000, and on the 15th day of each month thereafter, at a redemption
price equal to 100% of the unpaid principal amount plus accrued and unpaid
interest on this Note to the date of redemption. Any such redemption may be made
by the Company upon not less than 15 Business Days prior notice mailed to the
holder of this Note at its registered address by first-class mail. On and after
the redemption date, interest shall cease to accrue on this Note unless the
Company defaults in the payment of any principal then due and payable.

     1.   Calculation of Interest.  The period beginning on, and including,
October 15, 1999 and ending on, but excluding, the first Interest Payment Date
and each successive period beginning on, and including, an Interest Payment Date
and ending on, but excluding, the next succeeding Interest Payment Date is
herein called an "Interest Period". "Business Day" shall mean any day on which
commercial banks and foreign exchange markets are open for business, including
dealings in deposits in U.S. dollars in New York and London.

                                       3
<PAGE>

     The rate of interest payable from time to time in respect of this Note (the
"Rate of Interest") will be a floating rate determined by reference to LIBOR,
determined as described below, plus a margin of 0.79% per annum. All percentages
resulting from any calculation on this Note will be rounded to the nearest one
hundredth-thousandth of a percentage point, with five one millionths of a
percentage point rounded upwards (e.g., 9.876545% (or .09876545) would be
rounded to 9.87655% (or .0987655)), and all dollar amounts used in or resulting
from such calculation on the Notes will be rounded to the nearest cent (with
one-half cent being rounded upward).

          (a) At approximately 11:00 a.m. (London time) on the second day on
     which commercial banks are open for business (including dealings in U.S.
     Dollar deposits) in London (or, for purposes of paragraph (c) (ii) below,
     New York) prior to the commencement of the Interest Period for which such
     rate will apply (each such day an "Interest Determination Date"), Bankers
     Trust Company, or its successor in this capacity (the "Calculation Agent"),
     will calculate the rate of interest (the "Rate of Interest") for such
     Interest Period as, subject to the provisions described below, the rate per
     annum equal to 0.79% above the rate appearing on the Dow Jones Telerate
     Page 3750 (or such other page as may replace that page on the Dow Jones
     Telerate Service) for three-month U.S. dollar deposits in the London inter-
     bank market on such Interest Determination Date.

          (b) If on any Interest Determination Date an appropriate rate cannot
     be determined from the Dow Jones Telerate Service, the Rate of Interest for
     the next Interest Period shall, subject to the provisions described below,
     be the rate per annum that the Calculation Agent certifies to be 0.79% per
     annum above the arithmetic mean of the offered quotations, as communicated
     to and at the request of the Calculation Agent by not less than two major
     banks in London selected by the Calculation Agent (the "Reference Banks,"
     which expression shall include any successors nominated by the Calculation
     Agent), to leading banks in London by the principal London offices of the
     Reference Banks for three-month U.S. dollar deposits in the London inter-
     bank market as at 11:00 a.m. (London time) on such Interest Determination
     Date.

          (c)  If on any Interest Determination Date fewer than two of such
     offered rates are available, the Rate of Interest for the next Interest
     Period shall be whichever is the higher of:

               (i)  the Rate of interest in effect for the last preceding
          Interest Period to which (a) or (b) above shall have applied; and

               (ii) the Reserve Interest Rate.  The "Reserve Interest Rate"
          shall be the rate per annum which the Calculation Agent determines to
          be 0.79% per annum above either (1) the arithmetic mean of the U.S.
          dollar offered rates which New York City banks selected by the
          Calculation Agent are or were quoting, on the

                                       4
<PAGE>

          relevant Interest Determination Date, for three-month deposits to the
          Reference Banks or those of them (being at least two in number) to
          which such quotations are or were, in the opinion of the Calculation
          Agent, being so made, or (2) in the event that the Calculation Agent
          can determine no such arithmetic mean, the arithmetic mean of the U.S.
          dollar offered rates which at least two New York City banks selected
          by the Calculation Agent are or were quoting on such Interest
          Determination Date to leading European banks for a period of three
          months; provided, however, that if the banks selected as aforesaid by
          the Calculation Agent are not quoting as mentioned above, the Rate of
          Interest shall be the Rate of Interest specified in (i) above.

     The Calculation Agent shall, as soon as practicable after 11:00 a.m.
(London time) on each Interest Determination Date, determine the Rate of
Interest and calculate the amount of interest payable in respect of the
following Interest Period (the "Interest Amount").  The Interest Amount shall be
calculated by applying the Rate of Interest to the principal amount of each Note
outstanding at the commencement of the Interest Period, multiplying each such
amount by the actual number of days in the Interest Period concerned (which
actual number of days shall include the first day but exclude the last day of
such Interest Period) divided by 360 and rounding the resultant figure upwards
to the nearest cent (half a cent being rounded upwards). The determination of
the Rate of Interest and the Interest Amount by the Calculation Agent shall (in
the absence of willful default, bad faith or manifest error) be final and
binding on all parties.

     Notwithstanding anything herein to the contrary, the interest rate on the
Notes shall in no event be higher than the maximum rate permitted by New York
law, as the same may be modified by United States law of general application.

     Interest shall cease to accrue on this Note on the Maturity Date unless,
upon presentation of this Note, payment of principal is improperly withheld or
refused, in which case, interest shall continue to accrue.

     2.   Calculation Agent.  So long as any of this Note remains outstanding,
the Company shall maintain under appointment a Calculation Agent, which shall
initially be the Fiscal Agent, to calculate the Rate of Interest payable on this
Note in respect of each Interest Period. If the Calculation Agent shall fail to
establish the Rate of Interest for any Interest Period, or if the Company shall
remove the Calculation Agent, the Company shall appoint another commercial or
investment bank to act as the Calculation Agent. The Company may change the
Calculation Agent without notice.

     All certificates, communications, opinions, determinations, calculations,
quotations and decisions given, expressed, made or obtained for the purposes of
the provisions hereof relating to the payment and calculation of interest on
this Note by the Calculation Agent shall (in the absence of willful default, bad
faith or manifest error) be binding on the Company, the

                                       5
<PAGE>

Calculation Agent and all of the holders and owners of beneficial interests in
this Note, and no liability shall (in the absence of willful default, bad faith
or manifest error) attach to the Calculation Agent in connection with the
exercise or non-exercise by it of its powers, duties and discretions.

     3.   Registration; Registration of Transfer and Exchange. The Company shall
cause to be kept at an office or agency to be maintained by the Company a
register (the register maintained in such office being herein referred to as the
"Note Register") in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Notes and of
transfers of Notes. The Fiscal Agent is hereby appointed "Note Registrar" for
the purpose of registering Notes and transfers of Notes as herein provided. The
Company may appoint co-registrars and may change any Note Registrar or co-
registrar without notice.

     Notes shall be exchangeable pursuant to this Section 3 for Notes registered
in the name of, and a transfer of a Note may be registered to, any person other
than DTC or its successor depository (DTC or such successor being referred to as
a "depository") for such Note or its nominee only if (i) such depository
notifies the Company that it is unwilling or unable to continue as depository
for such Note or if at any time such depository ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a
successor depository is not appointed by the Company within 90 days, (ii) there
shall have occurred and be continuing an Event of Default (as defined below)
with respect to the Notes or (iii) the Company, in its sole discretion, elects
to terminate the book-entry system. Upon the occurrence of any one or more of
the conditions specified in clauses (i), (ii) or (iii) of the preceding
sentence, such Note shall be exchanged for Notes registered in the names of, and
the transfer of such Note shall be registered to, such persons (including
persons other than the depository with respect to such Notes and its nominee) as
such depository shall direct, in each case subject to Section 5 hereof.

     Subject to the restrictions on transfer and delivery set forth in this
Note, Notes may be presented for exchange or for registration of transfer (duly
endorsed or with the form of transfer endorsed thereon duly executed) at the
office of the Fiscal Agent or at the office of any other transfer agent
designated by the Company for such purpose. Such transfer or exchange shall be
effected upon the Fiscal Agent's or such other transfer agent's, as the case may
be, being satisfied with the documents of title and identity of the person
making the request. The Company may at any time designate additional transfer
agents or rescind the designation of any transfer agent or approve a change in
the office through which any transfer agent acts; provided, however, that there
                                                  --------  -------
shall at all times be a transfer agent in the Borough of Manhattan, The City of
New York.

     The Notes and any certificates for Notes issued in exchange for Notes or a
beneficial interest therein will bear the third legend set forth in this Note.
The holder of a certificated Note may transfer such Note, subject to compliance
with the provisions of such legend, as provided in the preceding paragraph. Upon
the transfer, exchange or replacement of Notes bearing such legend, or upon
specific request for removal of such legend on a Note, the Company will deliver
only Notes bearing such legend, or will refuse to remove such legend, as the
case may be, unless there is delivered to the Company such satisfactory
evidence, which may include an opinion of counsel, as may reasonably be required
by the Company that neither such legend nor the restrictions on transfer set
forth therein are required to ensure compliance with the provisions of the
Securities Act.

                                       6
<PAGE>

     4.   Acts by Holders.

          (a) Any request, demand, authorization, direction, notice, consent,
     waiver or other action provided by the Notes or the Fiscal Agency Agreement
     to be given or taken by holders may be embodied in and evidenced by one or
     more instruments of substantially similar tenor signed by such holders in
     person or by an agent duly appointed in writing; and, except as otherwise
     expressly provided in the Notes or the Fiscal Agency Agreement, such action
     shall become effective when such instrument or instruments are delivered to
     the Fiscal Agent and, where it is hereby expressly required, to the
     Company. Such instrument or instruments (and the action embodied therein
     and evidenced thereby) are herein sometimes referred to as the "Act" of the
     holders signing such instrument or instruments. Proof of execution of any
     such instrument or of a writing appointing any such agent shall be
     sufficient for any purpose of the Notes and the Fiscal Agency Agreement and
     conclusive in favor of the Fiscal Agent and the Company, if made in the
     manner provided in this Section.

          (b) The fact and date of the execution by any person of any such
     instrument or writing may be proved by the affidavit of a witness of such
     execution or by a certificate of a notary public or other officer
     authorized by law to take acknowledgments of deeds, certifying that the
     individual signing such instrument or writing acknowledged to him the
     execution thereof. Where such execution is by a signer acting in a capacity
     other than his or her individual capacity, such certificate or affidavit
     shall also constitute sufficient proof of his or her authority. The fact
     and date of the execution of any such instrument or writing, or the
     authority of the person executing the same, may also be proved in any other
     manner which the Fiscal Agent deems sufficient.

          (c) The Company may set any day as the record date for the purpose of
     determining the holders of outstanding Notes entitled to make any request
     or demand or give any authorization, direction, notice, consent or waiver
     or take other action, provided or permitted by the Notes and the Fiscal
     Agency Agreement to be made, given or taken by holders of the Notes.

          With regard to any record date set pursuant to the immediately
     preceding paragraph, the holders of outstanding Notes on such record date
     (or their duly appointed agents), and only such persons, shall be entitled
     to take relevant action, whether or not such holders remain holders after
     such record date. With regard to any action that may be taken hereunder
     only by holders of a requisite principal amount of outstanding Notes (or
     their duly appointed agents) and for which a record date is set pursuant to
     the immediately preceding paragraph, the Company, may at its option, set an
     expiration date after which no such action purported to be taken by any
     holder shall be effective unless taken on or prior to such expiration date
     by holders of the requisite principal amount of outstanding Notes on such
     record date (or their duly appointed agents). On or prior to any expiration
     date set pursuant to this paragraph, the Company

                                       7
<PAGE>

     may, on one or more occasions at its option, extend such expiration date to
     any later date. Nothing in this paragraph shall prevent any holder (or any
     duly appointed agent thereof) from taking, at any time, any action contrary
     to or different from, any action previously taken, or purported to have
     been taken hereunder by such holder, in which event the Company may set a
     record date in respect thereof pursuant to this paragraph. Notwithstanding
     the foregoing, the Company shall not set a record date for, and the
     provisions to this paragraph shall not apply with respect to, any action to
     be taken by holders pursuant to Section 8 hereof.

          Upon receipt by the Fiscal Agent of notice of any default, any
     declaration of acceleration, or any rescission and annulment of any such
     declaration, or of any direction in accordance with Section 8 hereof, a
     record date shall automatically and without any other action by any person
     be set for the purpose of determining the holders of outstanding Notes
     entitled to join in such notice, declaration, or rescission and annulment,
     or direction, as the case may be, which record date shall be the close of
     business on the date the Fiscal Agent receives such notice, declaration,
     rescission and annulment or direction, as the case may be. The holders of
     outstanding Notes on such record date (or their duly appointed agent), and
     only such persons, shall be entitled to join in such notice, declaration,
     rescission and annulment, or direction, as the case may be, whether or not
     such holders remain holders after such record date; provided that, unless
                                                         --------
     such notice, declaration, rescission and annulment, or direction, as the
     case may be, shall have become effective by virtue of holders of the
     requisite principal amount of outstanding Notes on such record date (or
     their duly appointed agents) having joined therein on or prior to the 90th
     day after such record date, such notice of default, declaration, or
     rescission and annulment or direction given or made by the holders, as the
     case may be, shall automatically and without any action by any person be
     canceled and of no further effect. Nothing in this paragraph shall prevent
     a holder (or a duly appointed agent thereof) from giving, before or after
     the expiration of such 90-day period, a notice of default, a declaration of
     acceleration, a rescission and annulment of a declaration of acceleration
     or a direction, contrary to or different from, or, after the expiration of
     such period, identical to, a previously given notice, declaration,
     rescission and annulment, or direction, as the case may be, that has been
     canceled pursuant to the proviso to the preceding sentence, in which event
     a new record date in respect thereof shall be set pursuant to this
     paragraph.

          (d) The ownership of the Notes shall be proved by the Note Register.

          (e) Any request, demand, authorization, direction, notice, consent,
     waiver, or other Act of the holder of any Note shall bind every future
     holder of the same Note and the holder of every Note issued upon the
     registration of transfer thereof or in exchange therefor or in lieu thereof
     in respect of anything done, omitted or suffered to be done by the Fiscal
     Agent or the Company in reliance thereon, whether or not notation of such
     action is made upon such Note.

                                       8
<PAGE>

     5.   Denominations.  The Notes are issuable only in registered form without
coupons in denominations of $100,000 and integral multiples of $1,000 in excess
thereof.

     6.   Persons Deemed Owners.  The Company, the Fiscal Agent and any agent of
the Company or the Fiscal Agent may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment as herein
provided and for all other purposes whatsoever, whether or not this Note shall
be overdue, and neither the Company, the Fiscal Agent nor any such agent shall
be affected by notice to the contrary.

     7.   Amendments and Waivers.  Without the consent of any holders of the
Notes, the Company, when authorized by a resolution duly adopted by the Board of
Directors of the Company, and the Fiscal Agent, at any time and from time to
time, may amend the terms of the Notes and enter into one or more agreements
supplemental to the Fiscal Agency Agreement, in form satisfactory to the Fiscal
Agent, for any of the following purposes:

          (a) to evidence the succession of another person to the Company and
     the assumption by any such successor of the covenants of the Company herein
     and in the Fiscal Agency Agreement; or

          (b) to add to the covenants of the Company for the benefit of the
     holders of the Notes; or

          (e) to add any additional Events of Default; or

          (d) to secure the Notes; or

          (e) to evidence and provide for the acceptance of appointment Fiscal
     Agent with respect to the Notes; or by a successor

          (f) to amend the restrictions on transfer applicable to the on this
     Note; or Notes as set forth

          (g) to cure any ambiguity or to correct or supplement any provision
     herein which may be inconsistent with any other provision herein, or to
     correct or supplement any defective provision contained herein or in the
     Fiscal Agency Agreement, provided that such action pursuant to this clause
                              --------
     (g) shall not adversely affect the interests of the holders of the Notes.

     With the consent of the holders of not less than 66-2/3% in principal
amount of the outstanding Notes, by act of said holders delivered to the Company
and the Fiscal Agent, the Company, when authorized by a resolution duly adopted
by the Board of Directors of the Company, and the Fiscal Agent, at any time and
from time to time, may amend the terms of

                                       9
<PAGE>

the Notes and enter into an agreement supplemental to the Fiscal Agency
Agreement for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Notes, or the Fiscal Agency
Agreement as the same pertains to the Notes, or of modifying in any manner the
rights of the holders of the Notes: provided, however, that no such amendment or
                                    --------  -------
supplemental agreement shall, without the consent of the holder of each
outstanding Note affected thereby,

          (1) change the stated maturity of the principal of, or any installment
     of interest on, any Note, or reduce the principal amount thereof or the
     rate of interest thereon, or change any place of payment where, or the coin
     or currency in which, any Note or interest thereon is payable, or impair
     the right to institute suit for the enforcement of any such payment on or
     after the stated maturity thereof, or

          (2) reduce the percentage in principal amount of the outstanding
     Notes, the consent of whose holders is required for any such amendment or
     supplemental agreement or the consent of whose holders is required for any
     waiver provided for herein or in the Fiscal Agency Agreement, or

          (3) modify any of the provisions of this Section or Section 9, except
     to increase any such percentage or to provide that certain other provisions
     of the Notes cannot be modified or waived without the consent of the holder
     of each outstanding Note affected thereby.

     It shall not be necessary for any act of holders under this Section 7 to
approve the particular form of any proposed amendment or supplemental agreement,
but it shall be sufficient if such act shall approve the substance thereof.

     Upon the execution of any agreement supplement to the Fiscal Agency
Agreement as permitted by this Section 7, the Notes and the Fiscal Agency
Agreement shall be modified in accordance therewith, and such supplemental
agreement shall form a part of the Notes and the Fiscal Agency Agreement, as the
same pertains to the Notes, for all purposes; and every holder of the Notes
theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.

     8.   Defaults and Remedies. The occurrence of any of the following events
shall constitute an Event of Default with respect to the Notes:

          (a) default in the payment of the principal of any of the Notes when
     the same becomes due and payable; or

          (b) default in the payment of any installment of interest upon any of
     the Notes when the same becomes due and payable, and continuance of such
     default for a period of 30 days; or

                                       10
<PAGE>

          (c) failure on the part of the Company duly to observe or perform any
     other of the covenants or agreements on the part of the Company in the
     Notes for a period of 90 days after the date on which written notice of
     such failure, requiring the Company to remedy the same, shall have been
     given to the Company by the Fiscal Agent by registered or certified mail or
     to the Company and the Fiscal Agent by the holders of at least 25% in
     aggregate principal amount of the Notes, or

          (d) a decree or order by a court having jurisdiction in the premises
     shall have been entered adjudging the Company bankrupt or insolvent, or
     approving as properly filed a petition seeking reorganization of the
     Company under the Federal Bankruptcy Code or any other similar applicable
     Federal or State law, and such decree or order shall have continued
     undischarged and unstayed for a period of 60 days; or a decree or order of
     a court having jurisdiction in the premises for the appointment of a
     receiver or liquidator or trustee or assignee in the bankruptcy or
     insolvency of the Company or of its property, or for the winding up or
     liquidation of its affairs, shall have been entered, and such decree or
     order shall have continued undischarged and unstayed for a period of 60
     days; or

          (e) the Company shall institute proceedings to be adjudicated
     bankrupt, or shall consent to the filing of a bankruptcy proceeding against
     it, or shall file a petition or answer or consent seeking reorganization
     under the Federal Bankruptcy Code or any other similar Federal or State
     law, or shall consent to the filing of any such petition or shall consent
     to the appointment of a receiver or liquidator or trustee or assignee in
     bankruptcy or insolvency of it or of its property, or shall make an
     assignment for the benefit of creditors or shall admit in writing its
     inability to pay its debts generally as they become due.

     If an Event of Default occurs and is continuing, the holders of at least
25% in principal amount of the Notes then outstanding may declare all the Notes
to be due and payable immediately. Holders of a majority in principal amount of
the Notes may waive an Event of Default and rescind any related declaration
except as provided in Section 9(a) hereof. The Fiscal Agent may withhold from
holders of Notes notice of any continuing Event of Default, except in respect of
a default in the payment of principal of or interest on the Notes, if it
determines that withholding such notice is in their interest.

     9.   Waivers.

          (a) The holders of not less than a majority in principal amount of the
     outstanding Notes may on behalf of the holders of the Notes waive any past
     default hereunder with respect to the Notes and its consequences, except a
     default

               (1) in the payment of the principal of or interest on any Note,
          or

                                       11
<PAGE>

               (2) In respect of a covenant or provision hereof which under
          Section 7 cannot be modified or amended without the consent of the
          holder of each outstanding Note affected.

          Upon any such waiver, such default shall cease to exist, and any Event
     of Default arising therefrom shall be deemed to have been cured, for every
     purpose of the Notes; but no such waiver shall extend to any subsequent or
     other default or impair any right consequent thereon.

          (b) The Company may omit in any particular instance to comply with any
     term, provision or condition set forth in the Notes or the Fiscal Agency
     Agreement with respect to the Notes if before the time for such compliance
     the holders of at least 66-2/3% in principal amount of the outstanding
     Notes shall, by act of such holders, either waive such compliance in such
     instance or generally waive compliance with such term, provision or
     condition, but (i) without the consent of the holder of each Note affected
     thereby, no such waiver shall extend to or affect any term, provision or
     condition which under Section 7 cannot be modified or amended without the
     consent of the holder of each outstanding Note affected, and (ii) no such
     waiver shall extend to or affect any term, provision or condition except to
     the extent so expressly waived, and, until such waiver shall become
     effective, the obligations of the Company and any duties of the Fiscal
     Agent in respect of any such term, provision or condition shall remain in
     full force and effect.

     10.  Company May Consolidate Etc., Only on Certain Terms.  The Company
covenants that it will not merge or consolidate with any other corporation or
sell or convey all or substantially all of its assets to any person, firm or
corporation, except that the Company may merge or consolidate with, or sell or
convey all or substantially all of its assets to, any other corporation,
provided that (i) either the Company shall be the continuing corporation, or the
--------
successor corporation (if other than the Company) shall be a corporation
organized and existing under the laws of the United States of America or a State
thereof and such corporation shall expressly assume the due and punctual payment
of the principal of and interest on all the Notes, according to their tenor, and
the due and punctual performance and observance of all of the covenants and
conditions of this Note and the Fiscal Agency Agreement to be performed by the
Company, by supplemental agreement in form satisfactory to the Fiscal Agent,
executed and delivered to the Fiscal Agent by such corporation, and (ii) the
Company or such successor corporation, as the case may be, shall not,
immediately after such merger, consolidation, sale or conveyance, be in default
in the performance of any such covenant or condition.

     Upon any consolidation of the Company with, or merger of the Company into,
any other person or any sale or conveyance of all or substantially all of the
assets of the Company in accordance with this Section 10, the successor person
formed by such consolidation or into which the Company is merged or to which
such sale or conveyance is made shall succeed to, and be substituted for, and
may exercise every right and power of the Company under this

                                       12
<PAGE>

Note and the Fiscal Agency Agreement with the same effect as if such successor
person had been named as the Company herein, and thereafter, except in the case
of a lease, the predecessor person shall be relieved of all obligations and
covenants under the Notes and the Fiscal Agency Agreement.

     11.  Unclaimed Amounts. Any money deposited with the Fiscal Agent in trust
for the payment of the principal of or interest on any Note and remaining
unclaimed for twelve months after such principal or interest has become due and
payable shall be paid to the Company upon its request; and the holder of such
Note shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Fiscal Agent with respect
to such money shall thereupon cease.

     12.  Mutilated, Destroyed, Lost and Stolen Notes. If any Note becomes
mutilated or defaced or is apparently destroyed, lost or stolen, the Fiscal
Agent shall, subject to the provisions of this Section 12, authenticate and
deliver a new Note in exchange and substitution for the mutilated or defaced
Note or in lieu of or in substitution for the apparently destroyed, lost or
stolen Note.

     Application for the authentication and delivery of a substitute Note
pursuant to this Section 12 may be made at the office of the Fiscal Agent.  If
the applicant for any substitute Note shall furnish to the Company and the
Fiscal Agent (i) in the case of any such request in case of loss or theft, such
security or indemnity as may be required by the Company and the Fiscal Agent in
their sole discretion to indemnify and defend and to save each of them and any
agent of either of them harmless, and (ii) in the case of any request for a
substitute Note in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Fiscal Agent of the apparent destruction,
loss or theft of such Note and of the ownership thereof, then, in the absence of
notice to the Company or the Fiscal Agent that such Note has been acquired by a
bona fide purchaseer, the Company shall execute and the Fiscal Agent shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a
new Note of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

     In case any such mutilated, destroyed, lost or stolen Note has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Note, pay such Note.

     Upon the issuance of any substitute Note under this Section 12, the Company
may require the payment of a sum sufficient to cover any tax assessment or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Fiscal Agent) connected
therewith.

     Every new Note issued pursuant to this Section in lieu of any destroyed,
lost or stolen Note shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Note
shall be at any time enforceable by anyone, and shall be

                                       13
<PAGE>

entitled to all the benefits of the Fiscal Agency Agreement equally and
proportionately with any and all other Notes.

     The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

     13.  No Recourse Against Others. A director, officer, employee or
stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the Notes or the Fiscal Agency Agreement, or
for any claim based on, in respect of or by reason of such obligations or their
creation. Each holder (and each beneficial owner) of a Note by accepting such
Note (or acquisition of a beneficial interest therein) waives and releases all
such liability. Such waiver and release are part of the consideration for the
issuance of the Notes.

     THIS NOTE SHALL FOR ALL PURPOSES BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     This Note shall not be valid or obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Fiscal Agent
under the Fiscal Agency Agreement.

           [The remainder of this page is left blank intentionally.]

                                       14
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be signed in
its corporate name, manually or by facsimile, by an Authorized Representative
and a facsimile of its corporate seal to be affixed hereunto or imprinted
hereon, attested by the manual or facsimile signature of its Secretary or one of
its Assistant Secretaries.

                                      NEVADA POWER COMPANY

Attest:  ____________________         By: __________________________
                                          Name:
                                          Title:

Dated:   October 15, 1999

                  FISCAL AGENT'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Fiscal Agency
Agreement.

                                      BANKERS TRUST COMPANY, as
                                      Fiscal Agent

                                      By: __________________________
                                          Authorized Signer

                                       15<PAGE>

                                                                    EXHIBIT 4(C)

________________________________________________________________________________

                             NEVADA POWER COMPANY

(Formerly DESERT Merger Sub, Inc., a wholly owned subsidiary of Sierra Pacific
          Resources and successor by merger to Nevada Power Company)

                                      TO

                             BANKERS TRUST COMPANY

                                  as Trustee

                            _______________________

                     TWENTY-SEVENTH SUPPLEMENTAL INDENTURE

                            _______________________

                            Dated as of July 1, 1999

________________________________________________________________________________

                                       1
<PAGE>

     THIS TWENTY-SEVENTH SUPPLEMENTAL INDENTURE dated as of July 1, 1999 made by
and between NEVADA POWER COMPANY (formerly DESERT Merger Sub, Inc., a wholly
owned subsidiary of Sierra Pacific Resources and successor by merger to Nevada
Power Company), a corporation duly organized and existing under the laws of the
State of Nevada (the "Company"), having its principal place of business at Las
Vegas, Nevada, party of first part, and BANKERS TRUST COMPANY (successor to
FIRST INTERSTATE BANK OF NEVADA, N.A., formerly FIRST NATIONAL BANK OF NEVADA,
RENO, NEVADA), a banking corporation duly organized and existing under and by
virtue of the banking laws of the State of New York, having its principal
corporate office at 130 Liberty Street, New York, New York (hereinafter
sometimes called the "Trustee"), party of the second part;

     WHEREAS, the Company has heretofore executed and delivered to the Trustee
its Indenture of Mortgage and Deed of Trust ("Original Indenture") dated October
1, 1953, to secure the payment thereunder; and, for the purpose of amending and
supplementing and further confirming the lien of the Original Indenture, has
heretofore executed and delivered the following Supplemental Indentures and
Instrument of Further Assurance, each dated as hereinafter set forth:

                 Instrument                           Date
                 ----------                           ----

         First Supplemental Indenture            August 1, 1954
         Instrument of Further Assurance         as of April 1, 1956
         Second Supplemental Indenture           September 1, 1956
         Third Supplemental Indenture            as of May 1, 1959
         Fourth Supplemental Indenture           as of October 1, 1960
         Fifth Supplemental Indenture            as of December 1, 1961
         Sixth Supplemental Indenture            as of October 1, 1963
         Seventh Supplemental Indenture          as of August 1, 1964
         Eighth Supplemental Indenture           as of April 1, 1968
         Ninth Supplemental Indenture            as of October 1, 1969
         Tenth Supplemental Indenture            as of October 1, 1970
         Eleventh Supplemental Indenture         as of November 1, 1972
         Twelfth Supplemental Indenture          as of December 1, 1974
         Thirteenth Supplemental Indenture       as of October 1, 1976
         Fourteenth Supplemental Indenture       as of May 1, 1977
         Fifteenth Supplemental Indenture        as of September 1, 1978
         Sixteenth Supplemental Indenture        as of December 1, 1981
         Seventeenth Supplemental Indenture      as of August 1, 1982
         Eighteenth Supplemental Indenture       as of November 1, 1986
         Nineteenth Supplemental Indenture       as of October 1, 1989
         Twentieth Supplemental Indenture        as of May 1, 1992
         Twenty-First Supplemental Indenture     as of June 1, 1992
         Twenty-Second Supplemental Indenture    as of June 1, 1992
         Twenty-Third Supplemental Indenture     as of October 1, 1992
         Twenty-Fourth Supplemental Indenture    as of October 1, 1992
         Twenty-Fifth Supplemental Indenture     as of January 1, 1993
         Twenty-Sixth Supplemental Indenture     as of May 1, 1995

the Original Indenture, as amended and supplemented by the instruments listed
above and as to be supplemented by this Twenty-Seventh Supplemental Indenture
and as it may from time to time be

                                       2
<PAGE>

amended or supplemented pursuant to the provisions thereof, is hereinafter
sometimes called the "Indenture";

     WHEREAS, the Original Indenture, the Instrument of Further Assurance and
the Supplemental Indentures listed in the foregoing paragraph were recorded in
Offices of the County Recorders of the States of Nevada, Arizona and Utah as set
forth in Exhibit A attached hereto and incorporated herein by reference;

     WHEREAS, in addition to thirteen series of Bonds heretofore issued under
the Indenture, all of which have been retired, there have heretofore been issued
under the Indenture: $15,000,000 principal amount of First Mortgage Bonds, 7
5/8% Series L Due 2002 of which $15,000,000 is now outstanding; $15,000,000
principal amount of First Mortgage Bonds, 7.80% Series T Due 2009 of which
$15,000,000 is now outstanding; $105,000,000 principal amount of First Mortgage
Bonds, 6.70% Series V Due 2022 of which $105,000,000 is now outstanding;
$39,500,000 principal amount of First Mortgage Bonds, 6.60% Series W Due 2019 of
which $39,500,000 is now outstanding; $78,000,000 principal amount of First
Mortgage Bonds, 7.20% Series X Due 2022 of which $78,000,000 is now outstanding;
$45,000,000 principal amount of First Mortgage Bonds, 6.93% Series Y Due 1999 of
which $45,000,000 is now outstanding; and $45,000,000 principal amount of First
Mortgage Bonds, 8.50% Series Z Due 2023 of which $45,000,000 is now outstanding;
and 7.06% Series AA Due 2000 of which $85,000,000 is now outstanding (each such
series of outstanding bonds being referred to herein as the "First Mortgage
Bonds");

     WHEREAS, First Interstate Bank of Nevada, N. A. heretofore resigned as
Trustee under the terms of the Original Indenture, effective July 24, 1992 and
Bankers Trust Company was duly appointed by the Company as temporary Trustee on
such date by an instrument dated such date and recorded in various counties in
the States of Nevada, Arizona and Utah, and Bankers Trust Company was thereafter
duly elected by the bondholders as successor Trustee, and duly accepted such
appointments, all in accordance with the Original Indenture; and

     WHEREAS, on April 29, 1998 Nevada Power Company (formerly Southern Nevada
Power Co. and referred to herein as the "Merged Company") entered into a Merger
Agreement with Sierra Pacific Resources, a Nevada utility holding company,
pursuant to which DESERT Merger Sub, Inc., a wholly owned subsidiary of Sierra
Pacific Resources, merged with the Merged Company and DESERT Merger Sub, Inc.
became the surviving corporation and changed its name to Nevada Power Company;
and

     WHEREAS, Section 8.15 of the Indenture provides in part that the Merged
Company will not merge into any corporation, or permit any other corporation to
merge into it, unless:

          (1)  any such merger shall be upon such terms as fully preserve the
               lien and security of the Indenture and all of the rights and
               powers of the Trustee and the Bondholders under the Indenture;
               and

          (2)  Upon any such merger, the successor corporation shall execute and
               deliver to the Trustee a supplemental indenture in form
               satisfactory to the Trustee expressly assuring the due and
               punctual payment of principal, premium, if any, and interest on
               all of the Bonds according to their

                                       3
<PAGE>

               tenor and effect, the due and punctual performance and observance
               of all of the covenants and conditions of the Indenture to be
               performed by the Merged Company and all obligations with respect
               to the lien created by the granting clauses hereof or properties
               hereafter acquired; and

     WHEREAS, the Company, as successor by merger to the Merged Company, desires
to comply with Section 8.15 of the Indenture by entering into this Twenty-
Seventh Supplemental Indenture to assume all and to secure the performance and
observation of each and every of the covenants and conditions contained in the
Indenture, and without in any way limiting the generality or effect of the
Indenture insofar as by any provision thereof any of the properties therein or
hereinafter referred to are now subject, or are now intended to be subject to
the lien and operation thereof, but to such extent confirming such lien and
operation, to this Twenty-Seventh Supplemental Indenture and by these presents
does grant, bargain, sell, warrant, alien, remise, release, convey, assign,
transfer, mortgage, pledge, set over and confirm, unto Bankers Trust Company, as
Trustee aforesaid, and to its successors in the trust hereby created, in trust
upon the conditions, terms and provisions of the Indenture, subject to the
encumbrances and other matters permitted by the Indenture, all and singular the
following premises, properties, interests and rights, all to the same extent and
with the same force and effect as though owned by the Company at the date of
execution of the Original Indenture and described in the same detail in the
Granting Clauses of the Original Indenture, such premises, properties, interests
and rights having been generally described and referred to in the Original
Indenture, and to such ends the company hereby supplements, as below set forth,
the Granting Clauses of the Original Indenture.

     WHEREAS, all conditions and requirements necessary to make this Twenty-
Seventh Supplemental Indenture a valid, binding and legal instrument have been
done, performed and fulfilled, and the execution and delivery hereof have been
in all respects duly authorized;

     NOW, THEREFORE, to secure the performance and observation of each and every
of the covenants and conditions contained in the Indenture, and without in any
way limiting the generality or effect of the Indenture insofar as by any
provision thereof any of the properties therein or hereinafter referred to are
now subject, or are now intended to be subject to the lien and operation
thereof, but to such extent confirming such lien and operation to this Twenty-
Seventh Supplemental Indenture and by these presents does grant, bargain, sell,
warrant, alien, remise, release, convey, assign, transfer, mortgage, pledge, set
over and confirm, unto Bankers Trust Company, as Trustee aforesaid, and to its
successors in the trust hereby created, in trust upon the conditions, terms and
provisions of the Indenture, subject to the encumbrances and other matters
permitted by the Indenture, all and singular the following premises, properties,
interests and rights, all to the same extent and with the same force and effect
as though owned by the Company at the date of execution of the Original
Indenture and described in the same detail in the Granting Clauses of the
Original Indenture, such premises, properties, interests and rights having been
generally described and referred to in the Original Indenture, and to such ends
the Company hereby supplements, as below set forth, the Granting Clauses of the
Original Indenture:

                                       4
<PAGE>

                               GRANTING CLAUSES

     FIRST: All those certain parcels of land, leasehold estates and interests
in land, situate in the County of Clark, State of Nevada, and described on
Exhibit B attached hereto and incorporated herein by reference.

     SECOND:  All of the premises, property, franchises and rights of every kind
and description, real, personal and mixed, tangible and intangible, now owned or
hereafter acquired by the Company and wherever situate.

     Together with all and singular the tenements, hereditament and
appurtenances belonging or in anywise appertaining to the aforesaid property or
any part thereof, with the reversion and reversions, remainder and remainders,
tolls, rents, revenues, issues, income, products and profits thereof and all the
estate, right, title, interest and claim whatsoever at law as well as in equity,
which the Company now has or may hereafter acquire in and to the aforesaid
property and franchises and every part and parcel thereof.

     Excepting and excluding, however, any and all property, premises and rights
of the kinds or classes which by the terms of the Indenture are excepted and
excluded from the lien and operation thereof, and therein sometimes referred to
as "Excepted Property" (subject, however, to the Trustee's rights to possession
of Excepted Property in case of default, as set forth under "Excepted Property"
in the Original Indenture).

     TO HAVE AND TO HOLD in trust with power of sale for the equal and
proportionate benefit and security of all holders of all Bonds and the interest
coupons appertaining thereto, now or hereafter issued under the Indenture, and
for the enforcement and payment of Bonds and interest thereon when payable, and
the performance of and compliance with the covenants and conditions of the
Indenture, without any preference, distinction or priority as to lien or
otherwise of any Bonds or coupons over any others thereof by reason of the
difference in the time of the actual issue, sale or negotiation thereof, or by
reason of the date of maturity thereof, or for any other reason whatsoever,
except as otherwise expressly provided in the Indenture, so that each and every
Bond shall have the same lien and so that the interest and principal of every
Bond shall, subject to the terms thereof, be equally and proportionately secured
by said lien, as if such Bond had been made, executed, delivered, sold and
negotiated simultaneously with the execution and delivery of the Original
Indenture.

     The Trustee executes this Twenty-Seventh Supplemental Indenture only on the
condition that it shall have and enjoy with respect thereto all of the rights,
privileges and immunities as set forth in the Indenture.

     The Company has agreed and covenanted and does hereby agree and covenant
with the Trustee and its successors and assigns, and with the respective holders
from time to time of the Bonds, or any thereof, as follows:

                                    PART I

                                       5
<PAGE>

                                   ARTICLE I

                           ASSUMPTION OF OBLIGATIONS

     (S) 1.01  The Company hereby expressly assumes the due and punctual payment
of principal, premium, if any, and interest on all of the Bonds according to
their tenor and effect, and also hereby assumes the due and punctual performance
and observance of all of the covenants and conditions of the Indenture to be
performed by the Company, and all obligations with respect to the lien created
by the granting clauses thereof on properties hereafter acquired.

     (S) 1.02  The Company hereby covenants and agrees that it will take any and
all action necessary or advisable or desirable to preserve the lien and security
of the Indenture and all of the rights and powers of the Trustee and the
Bondholders thereunder.

                                       6
<PAGE>

                                  ARTICLE II

                        REPRESENTATIONS AND WARRANTIES

     (S) 2.01  The Company represents and warrants that, as of the date of
execution of this Twenty-Seventh Supplemental Indenture, it has good and
marketable title in fee simple to all the real properties described in the
Granting Clauses of the Original Indenture, the First Supplemental Indenture,
the Instrument of Further Assurance, the Second Supplemental Indenture, the
Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth
Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh
Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth
Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh
Supplemental Indenture, the Twelfth Supplemental Indenture, the Thirteenth
Supplemental Indenture, the Fourteenth Supplemental Indenture, the Fifteenth
Supplemental Indenture, the Sixteenth Supplemental Indenture, the Seventeenth
Supplemental Indenture, the Eighteenth Supplemental Indenture, the Nineteenth
Supplemental Indenture, the Twentieth Supplemental Indenture, the Twenty-First
Supplemental Indenture, the Twenty-Second Supplemental Indenture, the Twenty-
Third Supplemental Indenture, the Twenty-Fourth Supplemental Indenture, the
Twenty-Fifth Supplemental Indenture, the Twenty-Sixth Supplemental Indenture and
this Twenty-Seventh Supplemental Indenture (except any property heretofore
released from the lien of the Indenture in accordance with the terms thereof),
free and clear of any liens and encumbrances except Permitted Encumbrances and
those, if any, referred to in said Granting Clauses, and that it has good and
marketable title and is lawfully possessed of all other properties described in
said Granting Clauses (except any properties therein described as to be acquired
by the Company after the date of this Twenty-Seventh Supplemental Indenture and
except any property heretofore released from the lien of the Indenture in
accordance with the terms thereof), and the Indenture constitutes a direct and
valid first mortgage lien on all such properties, subject only to Permitted
Encumbrances and those, if any, referred to in said Granting Clauses.  The
Company represents and warrants that it has and covenants that it will continue
to have, subject to the provisions of the Indenture, good right, full power and
lawful authority to grant, bargain, sell, warrant, alien, remise, release,
convey, assign, transfer, mortgage, pledge, set over and confirm to the Trustee
all properties of every kind and nature described or referred to in said
Granting Clauses (except any properties therein described as to be acquired by
the Company after the date of this Twenty-Seventh Supplemental Indenture) which
by the provisions of the Indenture are intended to be subject to the lien of the
Indenture and that it will defend the title to such property and every part
thereof to the Trustee forever, for the benefit of the holders of the Bonds,
against the claims and demands of all persons whomsoever.

                                    PART II

                           MISCELLANEOUS PROVISIONS

     Except insofar as herein otherwise expressly provided, all of the
definitions, provisions, terms and conditions of the Indenture shall be deemed
to be incorporated in, and made a part of, this Twenty-Seventh Supplemental
Indenture; and the Original Indenture as amended and supplemented by the First
Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth
Supplemental

                                       7
<PAGE>

Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture,
the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth
Supplemental Indenture, the Eleventh Supplemental Indenture, the Twelfth
Supplemental Indenture, the Thirteenth Supplemental Indenture, the Fourteenth
Supplemental Indenture, the Fifteenth Supplemental Indenture, the Sixteenth
Supplemental Indenture, the Seventeenth Supplemental Indenture, the Eighteenth
Supplemental Indenture, the Nineteenth Supplemental Indenture, the Twentieth
Supplemental Indenture, the Twenty-First Supplemental Indenture, the Twenty-
Second Supplemental Indenture, the Twenty-Third Supplemental Indenture, Twenty-
Fourth Supplemental Indenture, the Twenty-Fifth Supplemental Indenture and the
Twenty-Sixth Supplemental Indenture is in all respects ratified and confirmed
and supplemented by this Twenty-Seventh Supplemental Indenture; and the Original
Indenture as amended and supplemented shall be read, taken and construed as one
and the same instrument; provided, however, that no provision of this Twenty-
Seventh Supplemental Indenture is intended to reinstate any provisions in the
Original Indenture which were amended and superseded by the Trust Indenture
Reform Act of 1990.

     All covenants, promises, agreements, undertakings and provisions of the
Indenture which exist for the benefit of, or while or so long as Series L Bonds,
Series T Bonds, Series V Bonds, Series W Bonds, Series X Bonds, Series Y Bonds,
Series Z Bonds or Series AA Bonds are outstanding, are hereby confirmed and the
Company warrants and represents that each such covenant, promise, agreement,
undertaking and provisions shall be observed, performed and complied with by the
Company.

     This Twenty-Seventh Supplemental Indenture shall be effective as of the
date first hereinabove set forth, and may be executed simultaneously or from
time to time in several counterparts, and each counterpart shall constitute an
original instrument, and it shall not be necessary in making proof of this
Twenty-Seventh Supplemental Indenture or of any counterpart thereof to produce
or account for any of the other counterparts.

                                       8
<PAGE>

     IN WITNESS WHEREOF, said Nevada Power Company has caused this Twenty-
Seventh Supplemental Indenture to be executed on its behalf by its President or
one of its Vice Presidents and its corporate seal to be hereto affixed, and the
said seal and this Twenty-Seventh Supplemental Indenture to be attested by its
Secretary or Assistant Secretary; and said Bankers Trust Company, in evidence of
its acceptance of the trust hereby created has caused this Twenty-Seventh
Supplemental Indenture to be executed on its behalf by its Chairman of the Board
and Chief Executive Officer, President or a Vice President and its corporate
seal to be hereto affixed and said seal and this Twenty-Seventh Supplemental
Indenture to be attested by its Secretary or an Assistant Secretary, all as of
the 1st day of July, 1999.

                                    NEVADA POWER COMPANY

[S E A L]
                                    By:
                                         William E. Peterson
ATTEST:                                  Senior Vice President
                                         and General Counsel

                                    BANKERS TRUST COMPANY, as Trustee

                                    By:
                                               Assistant Vice President

[S E A L]

ATTEST:

                                       9
<PAGE>

STATE OF NEVADA          )
                    )  ss.
COUNTY OF __________)

     On this ____ day of ___________, 1999, personally appeared before me, a
Notary Public in and for said County and State, __________________________ and
___________________________, known to me to be the ___________________________
and ______________________, respectively, of Nevada Power Company, one of the
corporations that executed the foregoing instrument, and upon oath did depose
that they are the officers of said corporation as above designated; that they
are acquainted with the seal of said corporation and that the seal affixed to
said instrument is the corporate seal of said corporation; that the signatures
to said instrument were made by officers of said corporation as indicated after
said signatures, and that the said corporation executed the said instrument
freely and voluntarily and for the uses and purposes therein mentioned.

                              ________________________________________
                                    Notary Public

     On ____________, 1999, before me, ________________________, personally
appeared _______________________________ [_] personally known to me OR [_]
proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and
that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument.

     WITNESS my hand and official seal.

___________________________________
                                          Signature of Notary

[SEAL]

                                       10
<PAGE>

STATE OF NEW YORK  )
                   )  ss.
COUNTY OF NEW YORK )

         On this ____ day of __________, 1999, before me personally came
___________________, to me known, who, being by me duly sworn, did depose and
say that he resides at ______________________ ________________________; that he
is an Assistant Vice President of Bankers Trust Company, one of the corporations
described in and which executed the above instrument; that he knows the seal of
said corporation; that the seal affixed to said instrument is such corporate
seal; that it was so affixed by order of the Board of Directors of said
corporation, and that he signed his name thereto by like order.

[Notarial seal]                 ________________________________________

         On ____________, 1999, before me, ________________________, personally
appeared _______________________________ [ ] personally known to me OR [ ]
proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and
that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument.

         WITNESS my hand and official seal.

_______________________________________
                                                Signature of Notary

[SEAL]

                                       11
<PAGE>

                                   EXHIBIT A

         The Original Indenture, First Supplemental Indenture, an Instrument of
Further Assurance, Second Supplemental Indenture, Third Supplemental Indenture,
Fourth Supplemental Indenture, Fifth Supplemental Indenture, Sixth Supplemental
Indenture, Seventh Supplemental Indenture, Eighth Supplemental Indenture, Ninth
Supplemental Indenture, Tenth Supplemental Indenture, Eleventh Supplemental
Indenture, Twelfth Supplemental Indenture, Thirteenth Supplemental Indenture,
Fourteenth Supplemental Indenture,  Fifteenth Supplemental Indenture, Sixteenth
Supplemental Indenture, Seventeenth Supplemental Indenture, Eighteenth
Supplemental Indenture, Nineteenth Supplemental Indenture, Twentieth
Supplemental Indenture, Twenty-First Supplemental Indenture, Twenty-Second
Supplemental Indenture, Twenty-Third Supplemental Indenture, Twenty-Fourth
Supplemental Indenture, Twenty-Fifth Supplemental Indenture and Twenty-Sixth
Supplemental Indenture were recorded in Offices of the County Recorders of the
States of Nevada, Arizona and Utah as follows:

<TABLE>
<CAPTION>
                                          NEVADA
                                       CLARK COUNTY

                                         RECORDED         DOC. NO.    RECORDS
                                         --------         --------    ---------
<S>                                     <C>               <C>        <C>
Original Indenture                      Nov. 6, 1953       417,677   Trust Deeds
First Supplemental Indenture            Sept. 23, 1954      20,904   Official Records
Instrument of Further Assurance         Apr. 19, 1956       75,779   Official Records
Second Supplemental Indenture           Sept. 19, 1956      89,423   Official Records
Third Supplemental Indenture            May 15, 1959       160,878   Official Records
Fourth Supplemental Indenture           Oct. 28, 1960      215,907   Official Records
Fifth Supplemental Indenture            Dec. 4, 1961       267,362   Official Records
Sixth Supplemental Indenture            Oct. 18, 1963      391,466   Official Records
Seventh Supplemental Indenture          Aug. 7, 1964       451,010   Official Records
Eighth Supplemental Indenture           May 10, 1968       700,126   Official Records
Ninth Supplemental Indenture            Oct. 16, 1969      791,246   Official Records
Tenth Supplemental Indenture            Oct. 2, 1970        53,871   Official Records
Eleventh Supplemental Indenture         Oct. 27, 1972      233,640   Official Records
Twelfth Supplemental Indenture          Dec. 6, 1974       438,246   Official Records
Thirteenth Supplemental Indenture       Oct. 19, 1976      629,589   Official Records
Fourteenth Supplemental Indenture       May 4, 1977        693,961   Official Records
Fifteenth Supplemental Indenture        Sept. 5, 1978      898,343   Official Records
Sixteenth Supplemental Indenture        Dec. 4, 1981     1,453,990   Official Records
Seventeenth Supplemental Indenture      Aug. 19, 1982    1,569,991   Official Records
Eighteenth Supplemental Indenture       Nov. 13, 1986        00622   Official Records
Nineteenth Supplemental Indenture       Oct. 12, 1989        00576   Official Records
Twentieth Supplemental Indenture        April 30, 1992       01212   Official Records
Twenty-First Supplemental Indenture     June 19, 1992        01239   Official Records
Twenty-Second Supplemental Indenture    June 19, 1992        01240   Official Records
Twenty-Third Supplemental Indenture     October 26, 199      00858   Official Records
Twenty-Fourth Supplemental Indenture    November 2, 199      00901   Official Records
Twenty-Fifth Supplemental Indenture     January 11, 199      00710   Official Records
Twenty-Sixth Supplemental Indenture     May 18, 1995         00625   Official Records
</TABLE>

                                       12
<PAGE>

                                    NEVADA
                                  NYE COUNTY

<TABLE>
<CAPTION>
                                             RECORDED      DOC. NO.     RECORDS
                                             --------      --------     -------
  <S>                                     <C>              <C>       <C>
  Original Indenture                      Sept. 19, 1956     24,334  Trust Deeds
  First Supplemental Indenture            Sept. 19, 1956     24,335  Official Records
  Instrument of Further Assurance         Sept. 19, 1956     24,336  Official Records
  Second Supplemental Indenture           Sept. 19, 1956     24,337  Official Records
  Third Supplemental Indenture            May 15, 1959       31,466  Official Records
  Fourth Supplemental Indenture           Oct. 28, 1960      37,060  Official Records
  Fifth Supplemental Indenture            Dec. 5, 1961       39,876  Official Records
  Sixth Supplemental Indenture            Oct. 18, 1963      46,249  Official Records
  Seventh Supplemental Indenture          Aug. 7, 1964       48,660  Official Records
  Eighth Supplemental Indenture           May 10, 1968       05,910  Official Records
  Ninth Supplemental Indenture            Oct. 17, 1969      15,192  Official Records
  Tenth Supplemental Indenture            Oct. 5, 1970       20,294  Official Records
  Eleventh Supplemental Indenture         Oct. 30, 1972      35,265  Official Records
  Twelfth Supplemental Indenture          Dec. 9, 1974       45,632  Official Records
  Thirteenth Supplemental Indenture       Oct. 19, 1976      55,802  Official Records
  Fourteenth Supplemental Indenture       May 4, 1977        58,169  Official Records
  Fifteenth Supplemental Indenture        Sept. 5, 1978      70,767  Official Records
  Sixteenth Supplemental Indenture        Dec. 4, 1981       54,601  Official Records
  Seventeenth Supplemental Indenture      Aug. 19, 1982      65,354  Official Records
  Eighteenth Supplemental Indenture       Nov. 13, 1986     171,431  Official Records
  Nineteenth Supplemental Indenture       Oct. 12, 1989      245632  Official Records
  Twentieth Supplemental Indenture        April 30, 1992     307547  Official Records
  Twenty-First Supplemental Indenture     June 19, 1992      310469  Official Records
  Twenty-Second Supplemental Indenture    June 19, 1992      310470  Official Records
  Twenty-Third Supplemental Indenture     October 26, 1992   320357  Official Records
  Twenty-Fourth Supplemental Indenture    November 2, 1992   320802  Official Records
  Twenty-Fifth Supplemental Indenture     January 11, 1993   324817  Official Records
  Twenty-Sixth Supplemental Indenture     May 18, 1995       372538  Official Records
</TABLE>

                                       13
<PAGE>

                                    NEVADA
                                LINCOLN COUNTY

<TABLE>
<CAPTION>
                                            RECORDED       DOC. NO.      RECORDS
                                            --------       --------      -------
<S>                                     <C>               <C>       <C>
Original Indenture                      Sept. 1, 1972       52,162  Official Records
First Supplemental Indenture            Sept. 1, 1972       52,163  Official Records
Instrument of Further Assurance         Sept. 1, 1972       52,164  Official Records
Second Supplemental Indenture           Sept. 1, 1972       52,165  Official Records
Third Supplemental Indenture            Sept. 1, 1972       52,166  Official Records
Fourth Supplemental Indenture           Sept. 1, 1972       52,167  Official Records
Fifth Supplemental Indenture            Sept. 1, 1972       52,168  Official Records
Sixth Supplemental Indenture            Sept. 1, 1972       52,169  Official Records
Seventh Supplemental Indenture          Sept. 1, 1972       52,170  Official Records
Eighth Supplemental Indenture           Sept. 1, 1972       52,171  Official Records
Ninth Supplemental Indenture            Sept. 1, 1972       52,172  Official Records
Tenth Supplemental Indenture            Sept. 1, 1972       52,173  Official Records
Eleventh Supplemental Indenture         Oct. 30, 1972       52,330  Official Records
Twelfth Supplemental Indenture          Dec. 6, 1974        55,557  Official Records
Thirteenth Supplemental Indenture       Oct. 19, 1976       58,659  Official Records
Fourteenth Supplemental Indenture       May 4, 1977         59,627  Official Records
Fifteenth Supplemental Indenture        Sept. 5, 1978       62,731  Official Records
Sixteenth Supplemental Indenture        Dec. 4, 1981        74,010  Official Records
Seventeenth Supplemental Indenture      Aug. 19, 1982       75,970  Official Records
Eighteenth Supplemental Indenture       Nov. 13, 1986       85,911  Official Records
Nineteenth Supplemental Indenture       Oct. 12, 1989        92444  Official Records
Twentieth Supplemental Indenture        April 30, 1992       98382  Official Records
Twenty-First Supplemental Indenture     June 19, 1992        98558  Official Records
Twenty-Second Supplemental Indenture    June 19, 1992        98559  Official Records
Twenty-Third Supplemental Indenture     October 26, 1992     99552  Official Records
Twenty-Fourth Supplemental Indenture    November 2, 1992     99062  Official Records
Twenty-Fifth Supplemental Indenture     January 11, 1993     99782  Official Records
Twenty-Sixth Supplemental Indenture     May 18, 1995        103516  Official Records
</TABLE>

                                       14
<PAGE>

                                    ARIZONA
                                 NAVAJO COUNTY

<TABLE>
<CAPTION>
                                          RECORDED         DOC. NO.       RECORDS
                                          --------         --------       -------
<S>                                     <C>               <C>        <C>
Original Indenture                      Oct. 5, 1970        330/196  Official Records
First Supplemental Indenture            Oct. 5, 1970        330/301  Official Records
Instrument of Further Assurance         Oct. 5, 1970        330/340  Official Records
Second Supplemental Indenture           Oct. 5, 1970        330/351  Official Records
Third Supplemental Indenture            Oct. 5, 1970        330/422  Official Records
Fourth Supplemental Indenture           Oct. 5, 1970        330/464  Official Records
Fifth Supplemental Indenture            Oct. 5, 1970        330/496  Official Records
Sixth Supplemental Indenture            Oct. 5, 1970        330/530  Official Records
Seventh Supplemental Indenture          Oct. 5, 1970        330/567  Official Records
Eighth Supplemental Indenture           Oct. 5, 1970        330/604  Official Records
Ninth Supplemental Indenture            Oct. 5, 1970        330/635  Official Records
Tenth Supplemental Indenture            Oct. 5, 1970         330/80  Official Records
Eleventh Supplemental Indenture         Oct. 30, 1972       376/364  Official Records
Twelfth Supplemental Indenture          Dec. 9, 1974        426/148  Official Records
Thirteenth Supplemental Indenture       Oct. 19, 1976       473/494  Official Records
Fourteenth Supplemental Indenture       May 4, 1977         486/754  Official Records
Fifteenth Supplemental Indenture        Sept. 5, 1978       531/167  Official Records
Sixteenth Supplemental Indenture        Dec. 4, 1981        647/828  Official Records
Seventeenth Supplemental Indenture      Aug. 19, 1982       671/789  Official Records
Eighteenth Supplemental Indenture       Nov. 13, 1986       846/551  Official Records
Nineteenth Supplemental Indenture       Oct. 12, 1989       970/816  Official Records
Twentieth Supplemental Indenture        April 30, 1992     1076//21  Official Records
Twenty-First Supplemental Indenture     June 19, 1992      1083/537  Official Records
Twenty-Second Supplemental Indenture    June 19, 1992      1083/557  Official Records
Twenty-Third Supplemental Indenture     October 26, 1992    1103/36  Official Records
Twenty-Fourth Supplemental Indenture    October 30, 1992     1104/1  Official Records
Twenty-Fifth Supplemental Indenture     January 11, 1993   1112/693  Official Records
Twenty-Sixth Supplemental Indenture     May 18, 1995      1995/7363  Official Records
</TABLE>

                                       15
<PAGE>

                                    ARIZONA
                                COCONINO COUNTY

<TABLE>
<CAPTION>
                                            RECORDED      DOC. NO.      RECORDS
                                            --------      --------      -------
<S>                                     <C>               <C>       <C>
Original Indenture                      Oct. 1, 1970           370  Official Records
First Supplemental Indenture            Oct. 1, 1970           370  Official Records
Instrument of Further Assurance         Oct. 1, 1970           370  Official Records
Second Supplemental Indenture           Oct. 1, 1970           370  Official Records
Third Supplemental Indenture            Oct. 1, 1970           370  Official Records
Fourth Supplemental Indenture           Oct. 1, 1970           370  Official Records
Fifth Supplemental Indenture            Oct. 1, 1970           370  Official Records
Sixth Supplemental Indenture            Oct. 1, 1970           370  Official Records
Seventh Supplemental Indenture          Oct. 1, 1970           370  Official Records
Eighth Supplemental Indenture           Oct. 1, 1970           370  Official Records
Ninth Supplemental Indenture            Oct. 1, 1970           370  Official Records
Tenth Supplemental Indenture            Oct. 5, 1970           370  Official Records
Eleventh Supplemental Indenture         Oct. 30, 1972          445  Official Records
Twelfth Supplemental Indenture          Dec. 9, 1974           528  Official Records
Thirteenth Supplemental Indenture       Oct. 19, 1976          606  Official Records
Fourteenth Supplemental Indenture       May 4, 1977            628  Official Records
Fifteenth Supplemental Indenture        Sept. 5, 1978          697  Official Records
Sixteenth Supplemental Indenture        Dec. 4, 1981           862  Official Records
Seventeenth Supplemental Indenture      Aug. 19, 1982          896  Official Records
Eighteenth Supplemental Indenture       Nov. 13, 1986         1125  Official Records
Nineteenth Supplemental Indenture       Oct. 12, 1989         1304  Official Records
Twentieth Supplemental Indenture        April 30, 1992        1471  Official Records
Twenty-First Supplemental Indenture     June 19, 1992         1483  Official Records
Twenty-Second Supplemental Indenture    June 19, 1992         1483  Official Records
Twenty-Third Supplemental Indenture     October 26, 1992      1515  Official Records
Twenty-Fourth Supplemental Indenture    October 30, 1992      1517  Official Records
Twenty-Fifth Supplemental Indenture     January 11, 1993      1535  Official Records
Twenty-Sixth Supplemental Indenture     May 18, 1995          1769  Official Records
</TABLE>

                                       16
<PAGE>

                                    ARIZONA
                                 MOHAVE COUNTY
<TABLE>
<CAPTION>

                                            RECORDED      DOC. NO.      RECORDS
                                        ----------------  --------  ----------------
<S>                                     <C>               <C>       <C>

Original Indenture                      Aug. 28, 1972           50  Official Records
First Supplemental Indenture            Aug. 28, 1972           50  Official Records
Instrument of Further Assurance         Aug. 28, 1972           50  Official Records
Second Supplemental Indenture           Aug. 28, 1972           50  Official Records
Third Supplemental Indenture            Aug. 28, 1972           50  Official Records
Fourth Supplemental Indenture           Aug. 28, 1972           50  Official Records
Fifth Supplemental Indenture            Aug. 28, 1972           50  Official Records
Sixth Supplemental Indenture            Aug. 28, 1972           50  Official Records
Seventh Supplemental Indenture          Aug. 28, 1972           51  Official Records
Eighth Supplemental Indenture           Aug. 28, 1972           51  Official Records
Ninth Supplemental Indenture            Aug. 28, 1972           51  Official Records
Tenth Supplemental Indenture            Aug. 28, 1972           51  Official Records
Eleventh Supplemental Indenture         Oct. 30, 1972           67  Official Records
Twelfth Supplemental Indenture          Dec. 9, 1974           250  Official Records
Thirteenth Supplemental Indenture       Oct. 19, 1976          355  Official Records
Fourteenth Supplemental Indenture       May 4, 1977            390  Official Records
Fifteenth Supplemental Indenture        Sept. 5, 1978          489  Official Records
Sixteenth Supplemental Indenture        Dec. 4, 1981           765  Official Records
Seventeenth Supplemental Indenture      Aug. 19, 1982          865  Official Records
Eighteenth Supplemental Indenture       Nov. 13, 1986         1264  Official Records
Nineteenth Supplemental Indenture       Oct. 12, 1989         1612  Official Records
Twentieth Supplemental Indenture        April 30, 1992    92-12800  Official Records
Twenty-First Supplemental Indenture     June 19, 1992     92-33181  Official Records
Twenty-Second Supplemental Indenture    June 19, 1992     92-33182  Official Records
Twenty-Third Supplemental Indenture     October 26, 1992  92-58584  Official Records
Twenty-Fourth Supplemental Indenture    October 30, 1992  92-59727  Official Records
Twenty-Fifth Supplemental Indenture     January 11, 1993      2160  Official Records
Twenty-Sixth Supplemental Indenture     May 18, 1995          2568  Official Records
</TABLE>

                                       17
<PAGE>

                                      UTAH
                                  KANE COUNTY
<TABLE>
<CAPTION>

                                            RECORDED      DOC. NO.      RECORDS
                                        ----------------  --------  ----------------
<S>                                     <C>               <C>       <C>

Original Indenture                      Sept. 12, 1972          35  Official Records
First Supplemental Indenture            Sept. 12, 1972          35  Official Records
Instrument of Further Assurance         Sept. 12, 1972          35  Official Records
Second Supplemental Indenture           Sept. 12, 1972          35  Official Records
Third Supplemental Indenture            Sept. 12, 1972          35  Official Records
Fourth Supplemental Indenture           Sept. 12, 1972          35  Official Records
Fifth Supplemental Indenture            Sept. 12, 1972          35  Official Records
Sixth Supplemental Indenture            Sept. 12, 1972          35  Official Records
Seventh Supplemental Indenture          Sept. 12, 1972          35  Official Records
Eighth Supplemental Indenture           Sept. 12, 1972          35  Official Records
Ninth Supplemental Indenture            Sept. 12, 1972          35  Official Records
Tenth Supplemental Indenture            Sept. 12, 1972          35  Official Records
Eleventh Supplemental Indenture         Oct. 30, 1972           35  Official Records
Twelfth Supplemental Indenture          Dec. 9, 1974            44  Official Records
Thirteenth Supplemental Indenture       Oct. 19, 1976           53  Official Records
Fourteenth Supplemental Indenture       May 4, 1977             55  Official Records
Fifteenth Supplemental Indenture        Sept. 5, 1978           59  Official Records
Sixteenth Supplemental Indenture        Dec. 4, 1981            71  Official Records
Seventeenth Supplemental Indenture      Aug. 19, 1982          074  Official Records
Eighteenth Supplemental Indenture       Nov. 13, 1986          093  Official Records
Nineteenth Supplemental Indenture       Oct. 12, 1989         0106  Official Records
Twentieth Supplemental Indenture        April 30, 1992       72900  Official Records
Twenty-First Supplemental Indenture     June 19, 1992        73283  Official Records
Twenty-Second Supplemental Indenture    June 19, 1992        73284  Official Records
Twenty-Third Supplemental Indenture     October 26, 1992     74584  Official Records
Twenty-Fourth Supplemental Indenture    October 30, 1992     74641  Official Records
Twenty-Fifth Supplemental Indenture     January 11, 1993     75203  Official Records
Twenty-Sixth Supplemental Indenture     May 18, 1995         83330  Official Records
</TABLE>

                                       18
<PAGE>

                                      UTAH
                               WASHINGTON COUNTY
<TABLE>
<CAPTION>

                                            RECORDED      DOC. NO.      RECORDS
                                        ----------------  --------  ----------------
<S>                                     <C>               <C>       <C>

Original Indenture                      Sept. 22, 1972         124  Official Records
First Supplemental Indenture            Sept. 22, 1972         124  Official Records
Instrument of Further Assurance         Sept. 22, 1972         124  Official Records
Second Supplemental Indenture           Sept. 22, 1972         124  Official Records
Third Supplemental Indenture            Sept. 22, 1972         124  Official Records
Fourth Supplemental Indenture           Sept. 22, 1972         124  Official Records
Fifth Supplemental Indenture            Sept. 22, 1972         124  Official Records
Sixth Supplemental Indenture            Sept. 22, 1972         124  Official Records
Seventh Supplemental Indenture          Sept. 22, 1972         124  Official Records
Eighth Supplemental Indenture           Sept. 22, 1972         124  Official Records
Ninth Supplemental Indenture            Sept. 22, 1972         124  Official Records
Tenth Supplemental Indenture            Sept. 22, 1972         124  Official Records
Eleventh Supplemental Indenture         Oct. 30, 1972          127  Official Records
Twelfth Supplemental Indenture          Dec. 9, 1974           163  Official Records
Thirteenth Supplemental Indenture       Oct. 19, 1976          204  Official Records
Fourteenth Supplemental Indenture       May 4, 1977            218  Official Records
Fifteenth Supplemental Indenture        Sept. 5, 1978          239  Official Records
Sixteenth Supplemental Indenture        Dec. 4, 1981           302  Official Records
Seventeenth Supplemental Indenture      Aug. 19, 1982          313  Official Records
Eighteenth Supplemental Indenture       Nov. 13, 1986          431  Official Records
Nineteenth Supplemental Indenture       Oct. 12, 1989          537  Official Records
Twentieth Supplemental Indenture        April 30, 1992      405624  Official Records
Twenty-First Supplemental Indenture     June 19, 1992       409301  Official Records
Twenty-Second Supplemental Indenture    June 19, 1992       409302  Official Records
Twenty-Third Supplemental Indenture     October 26, 1992    417975  Official Records
Twenty-Fourth Supplemental Indenture    October 30, 1992    418495  Official Records
Twenty-Fifth Supplemental Indenture     January 11, 1993    423543  Official Records
Twenty-Sixth Supplemental Indenture     May 18, 1995        500264  Official Records
</TABLE>

                                       19
<PAGE>

The foregoing document was recorded as follows:
<TABLE>
<CAPTION>

                               RECORDED      DOC. NO.       RECORDS
                            --------------  ----------  ----------------
<S>                         <C>             <C>         <C>

Clark County, Nevada        August 5, 1999       01202  Official Records

Nye County, Nevada          August 5, 1999      475120  Official Records

Lincoln County, Nevada      August 5, 1999      113157  Official Records

Navajo County, Arizona      August 5, 1999  1999 16074  Official Records

Coconino County, Arizona    August 5, 1999     3017077  Official Records

Mohave County, Arizona      August 5, 1999    99047383  Official Records

Kane County, Utah           August 5, 1999       99595  Official Records

Washington County, Utah     August 5, 1999    00657403  Official Records
</TABLE>

                                       20
<PAGE>

                                   EXHIBIT B

                              PROPERTY ADDITIONS

     All that Real Property situate in the County of Clark, State of Nevada
bounded and described as follows:

PARCEL 1:
--------

     Government Lot Eight (8) in Section 19, Township 21 South, Range 60 East,
     M.D.B. & M.

PARCEL 2:
--------

     That portion of the Northwest quarter (NW1/4) of Section 18, Township 22
     South, Range 63 East, M.D. B & M described as follows:

     Parcel (2) as shown by map thereof in file 76 of Parcel Maps, page 41, in
     the office of the County Recorder, Clark County, Nevada.

     Also known as:

     A portion of Parcel F per Document No. 645527 in Book 803, Official
     Records, Clark County, Nevada.

     The above referred to parcel of land, situate in the County of Clark, State
     of Nevada, is that portion of the Northwest Quarter (NW1/4) of Section 18,
     Township 22 South, Range 63 East, M.D.M., Nevada, described as follows:

     COMMENCING at the Northwest (NW) corner of said Section 18; thence North 89
     (degrees) 42' 30" East, along the North line thereof, 1553.94 feet to a
     point on the West right of way line of BMP Entrance Road; thence South
     08(degrees) 51' 37" East, along the West line thereof, 294.54 feet to a
     point hereinafter designated as POINT "A"; thence continuing South
     08(degrees) 51' 37" East, along said West line, 30.00 feet to a point of
     intersection of Avenue "L" and BMP Entrance Road; thence South 81(degrees)
     08' 23" West, along the centerline of Avenue "L", 53.00 feet; thence North
     08(degrees) 51' 37" West, 30.00 feet to the POINT OF BEGINNING; thence
     continuing North 08(degrees) 51' 37" West, 270.00 feet; thence South
     81(degrees) 08' 23" West, 300.00 feet; thence South 08(degrees) 51' 37"
     East, 270.00 feet; thence North 81(degrees) 08' 23" East, 300 feet to the
     point of beginning.

PARCEL 3:
--------

     The Northeast Quarter (NE 1/4) of the Northeast Quarter (NE 1/4) of the
     Northeast Quarter (NE 1/4) of the Southwest Quarter (SW 1/4) of Section 5,
     Township 20 South, Range 60 East, Mount Diablo Meridian, Nevada.

PARCEL 4:
--------

     THAT PORTION OF THE NORTH HALF (N 1/2) OF SECTION 27, TOWNSHIP 20 SOUTH,
     RANGE 62 EAST, M.D.B. & M., DESCRIBED AS FOLLOWS:

                                       21
<PAGE>

     BEGINNING AT THE NORTHWEST CORNER OF SECTION 27, TOWNSHIP 20 SOUTH, RANGE
     62 EAST, M.D.B. & M.; THENCE 89 53' 57" EAST, ALONG THE NORTH LINE THEREOF
     A DISTANCE OF 265.40 FEET TO A POINT ON THE WEST RIGHT OF WAY LINE OF A 100
     FOOT WIDE RIGHT OF WAY DEDICATED TO THE LINCOLN COUNTY POWER DISTRICT NO.
     1, RECORDED JANUARY 19, 1956 AS DOCUMENT NO. 67575 OF OFFICIAL RECORDS,
     CLARK COUNTY, NEVADA; THENCE SOUTH 00 03'22" EAST ALONG SAID WEST RIGHT OF
     WAY LINE A DISTANCE OF 1344.03 FEET TO A POINT ON THE SOUTH LINE OF THE
     NORTHWEST QUARTER (NW 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SAID
     SECTION 27; THENCE NORTH 89 46'46" WEST ALONG SAID SOUTH LINE A DISTANCE OF
     267.56 FEET TO A POINT IN THE WEST LINE OF THE NORTHWEST QUARTER (NW 1/4)
     OF SECTION 27; THENCE NORTH 00 02'10" WEST A DISTANCE OF 1342.53 FEET ALONG
     SAID WEST LINE TO THE TRUE POINT OF BEGINNING.

     EXCEPT THE INTEREST IN AND TO THE WESTERLY FORTY (40) FEET OF SAID LAND AS
     CONVEYED TO CLARK COUNTY, NEVADA FOR STREET AND ROAD PURPOSES BY DEED
     RECORDED JUNE 16, 1954 AS DOCUMENT NO. 12744 OF OFFICIAL RECORDS, CLARK
     COUNTY, NEVADA.

     ALSO EXCEPTING THEREFROM AN UNDIVIDED ONE-HALF (1/2) INTEREST IN ALL OIL
     AND GAS RIGHTS IN AND UNDER SAID LAND AS RESERVED BY JOHN E. CAVANAUGH, ET
     AL, IN DEED RECORDED MARCH 4, 1954 AS DOCUMENT NO. 4535 OF OFFICIAL
     RECORDS, CLARK COUNTY, NEVADA RECORDS.

PARCEL 5:
--------

     The South Half (S 1/2) of the North Half (N 1/2) of the Northeast Quarter
     (NE 1/4) of the Southeast Quarter (SE 1/4) of Section 31, Township 19
     South, Range 61 East, M.D.M.

     EXCEPTING THEREFROM the interest in and to the East Forty (40.00) feet
     thereof as conveyed to the City of North Las Vegas by Deed Recorded July
     17, 1987 as Document No. 00590, Official Records.

     Said land also being Lot Five Hundred Sixty-three (563) of that certain
     Record of Survey Recorded October 18, 1989 in File 52, Page 70 of surveys.

PARCEL 6:
--------

     That portion of the northeast Quarter (NE 1/4) of Section 2, Township 20
     South, Range 61 East, M.D.M., Nevada, being the Northerly 436.56 feet of
     Lot 2 per File 55 of Parcel Maps, Page 78, recorded February 25, 1988, as
     Document No. 00935 in Book 880225 of Official Records, Clark County,
     Nevada.

PARCEL 7:
--------

     U.S. GOVERNMENT TRACT THIRTY-EIGHT (38) in Section 20 and 21, Township 17
     South, Range 64 East, M.D.B.&M.

                                       22
<PAGE>

PARCEL 8:
--------

     THE NORTHWEST QUARTER (NW 1/4) OF THE NORTHEAST QUARTER (NE 1/4) OF THE
     SOUTHWEST QUARTER (SW 1/4) OF THE NORTHEAST QUARTER (NE 1/4) OF SECTION 25,
     TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.B. & M.

     EXCEPTING AND RESERVING ALSO TO THE UNITED STATES ALL OIL, GAS, AND OTHER
     MINERAL DEPOSITS IN THE LAND, TOGETHER WITH THE RIGHT TO PROSPECT FOR, MINE
     AND REMOVE THE SAME ACCORDING TO THE PROVISIONS OF THE ACT OF JUNE 1, 1938,
     AS RESERVED IN THE PATENT RECORDED JULY 31, 1957, IN BOOK 136, OF OFFICIAL
     RECORDS, CLARK COUNTY, NEVADA RECORDS, AS DOCUMENT NO. 111808.

PARCEL 9:
--------

     All of Lot 7 of Block C, containing approximately 2561 acres, as shown on
     the subdivision map of "The Crossing at Summerlin Village 8 - Unit No. 1 -
     Phase 3," on file in Book 63 of Plats at Page 92, in the Office of the
     County Clerk of Clark County, Nevada.

PARCEL 10:
---------

     THE NORTHWEST QUARTER (NW 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF THE
     SOUTHWEST QUARTER (SW 1/4) OF THE NORTHEAST QUARTER (NE 1/4) OF SECTION 25,
     TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.B. & M.

     EXCEPTING AND RESERVING ALSO TO THE UNITED STATES ALL OIL, GAS, AND OTHER
     MINERAL DEPOSITS IN THE LAND, TOGETHER WITH THE RIGHT TO PROSPECT FOR, MINE
     AND REMOVE THE SAME ACCORDING TO THE PROVISIONS OF THE ACT OF JUNE 1, 1938,
     AS RESERVED IN THE PATENT RECORDED MAY 4, 1960, IN BOOK 242, OF OFFICIAL
     RECORDS, CLARK COUNTY, NEVADA RECORDS, AS DOCUMENT NO. 196507.

PARCEL 11:
---------

     The Southwest Quarter of the Southwest Quarter of the Southwest Quarter of
     the Southwest Quarter (SW1/4 SW1/4 SW1/4 SW1/4) of Section 9, Township 20
     South, Range 60 East, M.D.B.&M.

PARCEL 12:
---------

     The West Half (W 1/2) of the Southwest Quarter (SW 1/4) of the Southwest
     Quarter (SW 1/4) of the Southwest Quarter (SW 1/4) of the Southwest Quarter
     (SW 1/4) of Section 9, Township 20 South, Range 60 East, M.D.B.& M.

                                       23
<PAGE>

PARCEL 13:
---------

     The North Half (N 1/2) of the Northeast Quarter (NE 1/4) of the Northeast
     Quarter (NE 1/4 of the Northeast Quarter (NE 1/4) Section 23, Township 22
     South, Range 61 East, M.D.B.&M.

PARCEL 14:
---------

     PARCELS ONE (1), TWO (2) AND THREE (3) OF THAT CERTAIN PARCEL MAP, IN FILE
     23 OF PARCEL MAPS, PAGE 72, RECORDED JANUARY 12, 1979 IN BOOK 895 OF
     OFFICIAL RECORDS, CLARK COUNTY, NEVADA.

     TOGETHER WITH AN EASEMENT FOR RAILROAD PURPOSES OVER A STRIP OF LAND TEN
     (10.00) FEET IN WIDTH LYING EASTERLY OF, AND IMMEDIATELY ADJACENT TO, THE
     FOLLOWING DESCRIBED LINE:

     COMMENCING AT THE SOUTHWEST CORNER OF THE SAID SOUTHEAST QUARTER (SE 1/4)
     OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 20, TOWNSHIP 21 SOUTH, RANGE
     61 EAST; THENCE NORTH 0(DEGREES) 02'39" WEST ALONG THE WEST LINE OF THE
     SAID SOUTHEAST QUARTER (SE 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF
     SECTION 20 A DISTANCE OF 352.04 FEET TO A POINT; THENCE SOUTH 89(DEGREES)
     04'49" EAST ALONG THE NORTH LINE OF THE SOUTH 352.00 FEET OF THE SAID WEST
     HALF (W 1/2) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE NORTHWEST QUARTER (NW
     1/4) OF SECTION 20, A DISTANCE OF 324.52 FEET TO THE NORTHWEST CORNER OF
     THE DAIS EAST HALF (E 1/2) OF THE SOUTH 352.00 FEET OF THE WEST HALF (W
     1/2) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF
     SECTION 20, THE TRUE POINT OF BEGINNING OF SAID LINE; THENCE ALONG THE WEST
     LINE OF SAID EAST HALF (E 1/2) SOUTH 0(DEGREES) 14'37" WEST 312.01 FEET;
     ALSO KNOWN AS THE WESTERLY TEN (10.00) FEET OF PARCEL FOUR (4) AS SHOWN BY
     MAP THEREOF ON FILE IN FILE 23 OF PARCEL MAPS, PAGE 72, IN THE OFFICE OF
     THE COUNTY RECORDER OF CLARK COUNTY, NEVADA.

PARCEL 15:
---------

     THE EAST HALF (E 1/2) OF THE NORTHEAST QUARTER (NE 1/4) OF THE NORTHWEST
     QUARTER (NW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 26, TOWNSHIP
     19 SOUTH, RANGE 60 EAST, M.D.B.&M.

PARCEL 16:
---------

     LOTS EIGHT (8) AND NINE (9) IN BLOCK THREE (3) OF NELLIS INDUSTRIAL PARK
     UNIT NO. 1, AS SHOWN BY MAP THEREOF ON FILE IN BOOK 10 OF PLATS, PAGE 76,
     IN THE OFFICE OF THE COUNTY RECORDER OF CLARK COUNTY, NEVADA.

                                       24
<PAGE>

PARCEL 17:
---------

     THAT PORTION OF THE NORTH HALF (N 1/2) OF THE SOUTHEAST QUARTER (SE 1/4) OF
     SECTION 15, TOWNSHIP 22 SOUTH, RANGE 62 EAST, M.D.M., MORE PARTICULARLY
     DESCRIBED AS FOLLOWS:

     LOT FOUR (4) AS SHOWN BY MAP THEREOF ON FILE IN BOOK 84 OF PARCEL MAPS,
     PAGE 31, IN THE OFFICE OF THE COUNTY RECORDER OF CLARK COUNTY, NEVADA.

PARCEL 18:
---------

     The Northeast Quarter (NE 1/4) of the Southwest Quarter (SW 1/4) of the
     Southeast Quarter SE1/4) of the Southwest Quarter (SW1/4) of Section 4,
     Township 22 South, Range 60 East, M.D.B. & M.

     EXCEPTING THEREFROM that portion lying within Tomsik Street and Warm
     Springs Road as conveyed to Clark County, by Document recorded January 10,
     1980 in Book 1171 of Official Records, Clark County, Nevada Records as
     Document No. 1130768.

     Said land is also shown as Lot 1 on that certain Certificate of Land
     Division No. LD-209-79, recorded January 10, 1980 in Book 1171 of Official
     Records, Clark County, Nevada Records, as Document No. 1130767.

PARCEL 19:
---------

     The Southeast Quarter (SE1/4) of the Southwest Quarter (SW1/4) of the
     Southeast Quarter (SE1/4) of the Southwest Quarter (SW1/4) of Section 4,
     Township 22 South, Range 60 East, M.D.B. & M.

     EXCEPTING THEREFROM that portion lying within the Tomsik Street and Warm
     Springs Road as conveyed to Clark County, by Document recorded January 10,
     1980 in Book 1171 of Official Records, Clark County, Nevada Records as
     Document No. 1130768.

     Said land is also shown as Lot 2 on that certain Certificate of Land
     Division No. LD-209-79, recorded January 10, 1980 in Book 1171 of Official
     Records, Clark County, Nevada Records, as Document No. 1130767.

PARCEL 20:
---------

     THE WEST ONE-HALF (W 1/2) OF THE SOUTHWEST ONE-QUARTER (SW 1/4) OF THE
     SOUTHWEST ONE QUARTER (SW 1/4) OF THE NORTHWEST ONE-QUARTER (NW 1/4) OF
     SECTION 11, TOWNSHIP 22 SOUTH, RANGE 60 EAST, M.D.B. & M.

     EXCEPT THEREFROM THE WESTERLY FIFTY (50) FEET AS CONVEYED TO CLARK COUNTY
     BY DEED RECORDED NOVEMBER 23, 1965 IN BOOK 673 OF OFFICIAL RECORDS, AS
     DOCUMENT NO. 541383, OFFICIAL RECORDS.

                                       25
<PAGE>

PARCEL 21:
---------

     Government Lot 35 in Section 30, Township 21 South, Range 60 East, M.D.M.,
     being the West Half (W 1/2) of the Southeast Quarter (SE 1/4) of the
     Southwest Quarter (SW 1/4) of the Southwest Quarter (SW 1/4) of said
     Section 30.

     EXCEPTING THEREFROM the South 50 feet of said land as conveyed to Clark
     County for road and other public purposes by Deed recorded June 6, 1973 as
     Document No. 293773 of Official Records, Clark County, Nevada.

PARCEL 22:
---------

     That portion of the Southwest Quarter (SW 1/4) of the Southwest Quarter (SW
     1/4) of Section 33, Township 21 South, Range 63 East, M.D.B. & M.,
     described as follows:

     Lots A-1 and B-111 as shown by map thereof in File 32 of Parcel Maps, Page
     17 in the Office of the County Recorder, Clark County, Nevada.

     Less and Except those portions conveyed to the City of Henderson in deeds
     recorded on September 19, 1984 in Book 1993 as Document Nos. 1962934 and
     1952935.

PARCEL 23:
---------

     THE SOUTH HALF (S 1/2) OF THE NORTH HALF (N 1/2) OF THE SOUTHWEST QUARTER
     (SW 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 25, TOWNSHIP 19
     SOUTH, RANGE 60 EAST, M.D.B. & M.

     EXCEPTING THEREFROM THE WESTERLY FIFTY (50) FEET AND SOUTHERLY FIFTEEN (15)
     FEET AND EASTERLY FIFTEEN (15) FEET THEREOF, TO BE USED AS A PUBLIC ROAD
     AND FOR UTILITIES.

     FURTHER DESCRIBED AS LOT THREE HUNDRED SEVEN (307) AS SHOWN IN THAT CERTAIN
     RECORD OF SURVEY RECORDED OCTOBER 18, 1989 IN BOOK 891018 AS DOCUMENT NO.
     0057 IN FILE 52 OF SURVEYS, PAGE 70.

PARCEL 24:
---------

     East One-Half (E-1/2) of the Southeast Quarter (SE-1/4) of the Northwest
     Quarter (NW-1/4) of Southeast Quarter (SE-1/4) of Section Twenty-five (25),
     Township 21 South, Range 60 East M.D.B.M.

     EXCEPTING THEREFROM the North Thirty feet (30.00'), the East Thirty Feet
     (30.00') and the South Thirty-feet (30.00') and these certain spandrels in
     the Northeast and Southeast corners as conveyed to Clark County, Nevada,
     for roads and incidental purposes in a Deed recorded November 6, 1986 in
     Book 861106 as Instrument No. 00494, Official Records, Clark County,
     Nevada.

                                       26
<PAGE>

PARCEL 25:
---------

     The West Half (W-1/2) of the Southeast Quarter (SE-1/4) of the Northwest
     Quarter (NW-1/4) of the Southeast Quarter (SE-1/4) of Section 25, Township
     21 South, Range 60 East, M.D.B. & M.

PARCEL 26:
---------

     THAT PORTION OF THE NORTHEAST QUARTER (NE1/4) OF THE NORTHWEST QUARTER
     (NW1/4) OF THE SOUTHWEST QUARTER (SW1/4) OF SECTION 26, TOWNSHIP 19, SOUTH,
     RANGE 61 EAST OF M.D.M. DESCRIBED AS:

     PARCEL TWO (2) AS SHOWN BY MAP THEREOF ON FILE IN FILE 86 OF PARCEL MAPS
     PAGE 72 IN THE OFFICE OF THE COUNTY RECORDER, CLARK COUNTY, NEVADA.

PARCEL 27:
---------

     The South Half (S 1/2) of the Southwest Quarter (SW 1/4) of the Northeast
     Quarter (NE 1/4) of the Southwest Quarter (SW 1/4) of Section 26, Township
     22 South, Range 61 East, M.D.B. & M.

PARCEL 28:
---------

     The South Half (S 1/2) of the Southeast Quarter (SE 1/4) of the Northeast
     Quarter (NE 1/4) of the Southwest Quarter (SW 1/4) in Section 26, Township
     22 South, Range 61 East, M.D.B. & M.

PARCEL 29:
---------

     The North Half (N 1/2) of the Northeast Quarter (NE 1/4) of the Southeast
     Quarter (SE 1/4) of the Southwest Quarter (SW 1/4) of Section 26, Township
     22 South, Range 61 East, M.D.B. & M.

PARCEL 30:
---------

     The basis of bearing for this property description is the easterly line of
     the Northeast Quarter (NE 1/4) of Section 15, Township 22 South, Range 62
     East, M.D.M., City of Henderson, County of Clark, State of Nevada, which
     bears North 00(degrees)46'25" East, as per map recorded in Book 56, Page 36
     of Plats in the Office of the County Recorder of said County.

     Being a portion of Lot 3, of GIBSON BUSINESS PARK III (A COMMERCIAL
     SUBDIVISION) in the City of Henderson, County of Clark, State of Nevada, as
     per map recorded in Book 56, Page 36 of Plats in the Office of the County
     Recorder of said County, a portion of said map being amended in Book 76,
     Page 51 of Plats, situated in the Northeast Quarter (NE 1/4) of Section 15,
     Township 22 South, Range 62 East, M.D.M., more particularly described as
     follows:

     COMMENCING at the southeast corner of said Northeast Quarter (NE 1/4);
     Thence along the southerly line thereof, South 89(degrees)33'34" West,
     489.54 feet to the northwesterly line of that certain 60.00 foot wide
     B.M.I. easement recorded June 29, 1956 in Book 99, Instrument No. 82187,
     Official Records, said point also being the POINT OF BEGINNING; Thence
                                                 ------------------
     continuing along said southerly line, South 89(degrees)33'34", West 482.52
     feet to a point on the northeasterly right-of-way line of that certain
     200.00 foot wide Union Pacific Railroad right-of-way as shown per map
     recorded in File 53, Page 98 of Parcel Maps; Thence along said right-of-way
     line, North 74(degrees)12'35" West, 7.91 feet to a point on said line;
     Thence departing said line, North 00(degrees)46'25" East, 843.85 feet;
     Thence South 89(degrees)13'36" East, 929.48 feet to a point on the westerly
     right-of-

                                       27
<PAGE>

     way line of Gibson Road, being 50.00 feet wide half street width as per
     said Parcel Map; Thence along said right-of-way line, South
     00(degrees)46'25" West, 452.86 feet to a point on the aforementioned
     northwesterly line of said 60.00 foot wide B.M.I. easement; Thence along
     said line, South 88(degrees)11'07" West, 475.94 feet to the POINT OF
     BEGINNING.

PARCEL 31:
---------

     THAT PORTION OF LOT 2 OF "HUGHES CHEYENNE CENTER PHASE 1" AS SHOWN BY MAP
     THEREOF ON FILE IN BOOK 76, PAGE 87 OF PLATS IN THE CLARK COUNTY RECORDER'S
     OFFICE, CLARK COUNTY, NEVADA, LYING WITHIN THE NORTHEAST QUARTER (NE 1/4)
     OF SECTION 16, TOWNSHIP 20 SOUTH, RANGE 61 EAST, M.D.M., CITY OF NORTH LAS
     VEGAS, CLARK COUNTY, NEVADA AND DESCRIBED AS FOLLOWS:

     COMMENCING AT THE NORTHEAST CORNER OF SAID SECTION 16: THENCE ALONG THE
     NORTH LINE OF SAID SECTION 16, SOUTH 89(degrees)33'23" WEST, 750.00 FEET TO
     THE INTERSECTION WITH THE CONTROL LINE OF TRADE DRIVE (VARYING WIDTH -
     PRIVATE STREET): THENCE ALONG SAID CONTROL LINE, THE FOLLOWING THREE (3)
     COURSES: SOUTH 00(degrees)26'37" EAST, 281.00 FEET; THENCE CURVING TO THE
     RIGHT ALONG THE ARC OF A 372.50 FOOT RADIUS CURVE, CONCAVE NORTHWESTERLY,
     THROUGH A CENTRAL ANGLE OF 90(degrees)00'00", AN ARC LENGTH OF 585.12 FEET;
     THENCE SOUTH 89(degrees)33'23" WEST, 920.58 FEET; THENCE SOUTH
     00(degrees)26'37" EAST 27.50 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY
     LINE OF TRADE DRIVE SAID POINT BEING THE NORTHWEST CORNER OF THAT CERTAIN
     PARCEL OF LAND DESCRIBED BY "GRANT BARGAIN AND SALE DEED" RECORDED
     SEPTEMBER 30, 1997 IN BOOK 970930 OF OFFICIAL RECORDS AS INSTRUMENT NO.
     02714; THENCE ALONG THE WEST LINE OF SAID PARCEL OF LAND SOUTH
     00(degrees)26'37", 379.76 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING
     ALONG SAID WEST LINE, SOUTH 00(degrees)26'37" EAST, 244.61 FEET TO A POINT
     ON THE NORTHERLY RIGHT-OF-WAY LINE OF BROOKS STREET; THENCE ALONG SAID
     RIGHT-OF-WAY LINE, SOUTH 89(degrees)31'21" WEST, 598.46 FEET; THENCE
     CONTINUING ALONG SAID RIGHT-OF-WAY LINE, CURVING TO THE RIGHT ALONG THE ARC
     OF A 25.00 FOOT RADIUS CURVE, CONCAVE NORTHEASTERLY, THROUGH A CENTRAL
     ANGEL OF 89(degrees)49'30", AN ARC LENGTH OF 39.19 FEET TO A POINT ON THE
     EASTERLY RIGHT-OF-WAY LINE OF MARTIN L. KING BOULEVARD; THENCE ALONG SAID
     RIGHT-OF-WAY LINE, NORTH 00(degrees)39'09" WEST, 219.68 FEET; THENCE
     DEPARTING SAID RIGHT-OF-WAY LINE, NORTH 89(degrees)31'21" EAST, 624.28 FEET
     TO THE POINT OF BEGINNING.

PARCEL 32:
---------

     ALL OF PARCEL 3 AS SHOWN ON THE SUMMERLIN SOUTH PARCEL MAP #2 ON FILE IN
     FILE 89 OF PLATS AT PAGE 78, IN THE OFFICE OF THE COUNTY RECORDER OF CLARK
     COUNTY, NEVADA.

PARCEL 33:
---------

     The Northwest Quarter (NW1/4) of the Northwest Quarter (NW1/4) of Section
     14, Township 20 South, Range 61 East, M.D.B.&M.

     EXCEPTING THEREFROM THE FOLLOWING THOSE PORTIONS PORTIONS DESCRIBED IN DEED
     TO THE CITY OF NORTH LAS VEGAS, RECORDED MAY 13,

                                       28
<PAGE>

     1977 IN BOOK 738 AS DOCUMENT NO. 697671 OF OFFICIAL RECORDS, DESCRIBED AS
     FOLLOWS:

     PARCEL I:

     That portion of the Northwest Quarter (NW1/4) of the Northwest Quarter
     (NW1/4) of Section 14, Township 20 South, Range 61 East, M.D.M., Nevada,
     more particularly described as follows:

     BEGINNING at the Southeast (SE) corner of said Northwest Quarter (NW1/4) of
     the Northwest Quarter (NW1/4) of Section 14; thence North 89(degrees)07'48"
     West along the South line thereof a distance of 14.09 feet; thence North
     31(degrees)00'00" East a distance of 27.75 feet to a point on the East line
     of said Northwest Quarter (NW1/4) of Section 14; thence North
     89(degrees)07'48"k West along the South line thereof a distance of 14.09
     feet; thence North 31(degrees)00'00" East a distance of 27.75 feet to a
     point on the East line of said Northwest Quarter (NW1/4) of the Northwest
     Quarter (NW1/4); thence South 0(degrees)29'01" West along said East line a
     distance of 24.00 feet to the POINT OF BEGINNING.

     PARCEL II:

     That portion of the Northwest Quarter (NW1/4) of the Northwest Quarter
     (NW1/4) of Section 14, Township 20 South, Range 61 East, M.D.M., Nevada,
     more particularly described as follows:

     COMMENCING at the Southeast (SE) corner of said Northwest Quarter (NW 1/4)
     of the Northwest Quarter (NW 1/4) of Section 14; thence North
     0(degrees)29'01" East along the East line thereof a distance of 181.54 feet
     to the POINT OF BEGINNING; thence South 31(degrees)00'00" West along the
     Northwesterly right-of-way line of Losee Road (80.00 feet in width) a
     distance of 175.21 feet; thence North 89(degrees)07'48" West along a line
     parallel to and 30.00 feet measured Northerly and at right angles from the
     South line of said Northwest Quarter (NW1/4) of the Northwest Quarter
     (NW1/4) said line also being the North right-of-way line of Brooks Avenue,
     a distance of 25.96 feet to a point on a tangent curve concave to the
     Northwest, having a radius of 25.00 feet and subtending a central angle of
     59(degrees)52'12'; thence along the arc of said curve a distance of 26.12
     feet to a point of tangency; thence North 31(degrees)00'00" East along a
     line parallel to and 10.00 feet measured Northwesterly and at right angles
     from said Losee Road right-of-way line a distance of 183.58 feet to a point
     on the East line of said Northwest Quarter (NW1/4) of the Northwest Quarter
     (NW1/4); thence South 0(degrees)29'01" West along said East line a distance
     of 19.69 fee to the POINT OF BEGINNING.

     FURTHER EXCEPTING THEREFROM THE NORTH FIFTY (50) FEET OF THE NORTHWEST
     QUARTER (NW1/4) OF THE NORTHWEST QUARTER (NW1/4) OF SECTION 14, TOWNSHIP 20
     SOUTH, RANGE 61 EAST, M.D.B. & M. AS DESCRIBED IN DEED TO THE CITY OF NORTH
     LAS VEGAS, RECORDED MARCH 16, 1965 IN BOOK 612 AS DOCUMENT NO. 492646 OF
     OFFICIAL RECORDS.

     FURTHER EXCEPTING THEREFROM Those portions of the Northwest Quarter of the
     Northwest Quarter of Section 14, Township 20 South, Range 61 East, M.D.B. &
     M., described in Deed to the City of North Las Vegas, Recorded April 8,
     1965 in Book 618 as Document No. 496957 of Official Records, more
     particularly described as follows:

     PARCEL 1:

     COMMENCING at the Southeast Corner of the Northwest Quarter (NW1/4) of the
     said Northwest Quarter (NW1/4), the true point of beginning; thence South
     89(degrees)47'06" West along the

                                       29
<PAGE>

     South line of said Northwest Quarter (NW1/4) a distance westerly of 118.59
     feet to a point; thence North 31(degrees)00'00" East, a distance of 234.75
     feet more or less to the East line of the Northwest Quarter (NW1/4) of the
     said Northwest Quarter (NW1/4); thence South 0(degrees)29'01" West along
     the East line of the Northwest Quarter (NW1/4) of the Northwest Quarter
     (NW1/4) a distance of 201.23 feet to the point of beginning.

     PARCEL 2:

     The South 30.00 feet of the Northwest Quarter (NW1/4) of the Northwest
     Quarter (NW1/4), saving and excepting Parcel 1, above described.

     FURTHER EXCEPTING THEREFROM The West Fifty (50) of said Northwest Quarter
     (NW 1/4) of the Northwest Quarter (NW 1/4) as described in Deed to the City
     of North Las Vegas, recorded September 18, 1997 in Book 970918 as Document
     No. 00342 of Official Records.

PARCEL 34:
---------

     BEING A PORTION OF THE SOUTH HALF (S 1/2) OF THE NORTHWEST QUARTER (NW 1/4)
     OF SECTION 11 TOWNSHIP 22 SOUTH, RANGE 60 EAST, MOUNT DIABLO MERIDIAN,
     CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

     BEGINNING AT THE NORTH SIXTEENTH CORNER OF SAID SECTION 11, COMMON TO
     SECTION 10 OF SAID TOWNSHIP AND SAID RANGE, BEING THE NORTHWEST CORNER OF
     THE SOUTHWEST QUARTER (SW 1/4) OF SAID NORTHWEST QUARTER (NW 1/4), MARKED
     BY A NAIL AND TIN IN A 2 INCH IRON PIPE; THENCE NORTH 87(degrees)16'05"
     EAST, ALONG THE NORTH LINE OF THE WEST HALF (W 1/2) OF THE NORTHWEST
     QUARTER (NW 1/4) OF SAID SOUTHWEST QUARTER (SW 1/4), A DISTANCE OF 332.69
     FEET TO THE EAST LINE OF SAID WEST HALF (W 1/2); THENCE SOUTH
     01(degrees)17'39" WEST, DEPARTING SAID NORTH LINE, ALONG SAID EAST LINE,
     400.05 FEET; THENCE SOUTH 87(degrees)16'05" WEST, DEPARTING SAID EAST LINE,
     331.92 FEET TO THE WEST LINE OF SAID WEST HALF (W 1/2) THENCE NORTH
     01(degrees)11'07" EAST, ALONG SAID WEST LINE, 400.00 FEET TO SAID NORTH
     SIXTEENTH CORNER OF SECTION 11, SAME BEING THE POINT OF BEGINNING AS SHOWN
     ON THE EXHIBIT TO ACCOMPANY LAND DESCRIPTION ATTACHED HERETO AND MADE A
     PART HEREOF.

     CONTAINING 3.04 ACRES, AS DETERMINED BY COMPUTER METHODS.

     BASIS OF BEARINGS

     NORTH 87(degrees)03'00" EAST, BEING THE BEARING OF THE SOUTH LINE OF THE
     SOUTHWEST QUARTER (SW 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 11,
     TOWNSHIP 22 SOUTH, RANGE 60 EAST, MOUNT DIABLO MERIDIAN, CLARK COUNTY,
     NEVADA, AS SHOWN ON A MAP ON FILE IN THE CLARK COUNTY RECORDERS OFFICE IN
     FILE 86 OF SURVEYS, AT PAGE 38.

PARCEL 35:
---------

     That portion of the Northwest Quarter (NW 1/4) of the Northwest Quarter (NW
     1/4) of Section 27, Township 20 South, Range 62 East, M.D.B. & M., lying
     within that Final Judgment in favor of Lincoln County Power District No. 1,
     recorded January 19, 1956 in Book 81, as Document No. 67575, Official
     Records, and being described as follows:

                                       30
<PAGE>

     BEGINNING at a point on the North line of Section 27, distant along said
     North line East 265.40 Feet from the Northwest Corner of said Section 27;
     Thence Southerly 1344.47 Feet to a point on the South line of the Northwest
     Quarter (NW 1/4) of the Northwest Quarter (NW 1/4) of said Section 27;
     Thence East 100.00 Feet to the West boundary line of Sunrise View Estates
     Unit No. 1A, as shown by map thereof on file in Book 24 of Plats, Page 21;
     Thence North along said West boundary 1344.47 Feet to the North line of the
     Northwest Quarter (NW 1/4) of the Northwest Quarter (NW 1/4) of said
     Section 27; Thence West along said North line a distance of 100.00 Feet to
     the POINT OF BEGINNING.

     EXCEPTING THEREFROM any portion lying within Owens Avenue.

PARCEL 36:
---------

     THE SOUTH HALF (S 1/2) OF THE NORTHWEST QUARTER (NW 1/4) OF THE NORTHEAST
     QUARTER (NE 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 9, TOWNSHIP
     23 SOUTH, RANGE 61 EAST, M.D.B. & M.

                                       31
<PAGE>

PARCEL 37:
---------

     A portion of the Northwest Quarter (NW 1/4) of the Southeast Quarter (SE
     1/4) of Section 30, Township 22 South, Range 62 East, M.D.M., Clark County
     Nevada, more particularly described as follows:

     Commencing at the Northeast corner of the Southeast Quarter of said Section
     30;
     thence North 8926'01" West along the North Line of the Southeast Quarter
     (SE 1/4) a distance of 2016.98 feet;
     thence South 0019'53" West along the Centerline of Annet Street a distance
     of 894.07 feet to THE POINT OF BEGINNING OF THIS DESCRIPTION;
     thence South 00(degrees)19'53" West, 380.00 feet;
     thence North 89(degrees)31'33" West 435.00 feet;
     thence North 00(degrees)19'53" East, 380.00 feet;
     thence South 89(degrees)31'33" East, 435.00 feet to THE POINT OF BEGINNING

PARCEL 38:
---------

     THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF
     THE SOUTHWEST QUARTER OF SECTION 29, TOWNSHIP 21 SOUTH, RANGE 61 EAST
     M.D.M.

     EXCEPTING THEREFROM THE INTEREST IN AND TO THE SOUTH FORTY (40) FEET OF
     SAID LAND AS CLAIMED AND ACCEPTED BY THE BOARD OF COMMISSIONERS OF CLARK
     COUNTY FOR ROAD AND INCIDENTAL PURPOSES AS DISCLOSED BY RESOLUTION RECORDED
     AUGUST 7, 1956 AS DOCUMENT NO. 85856, AND AS ILLUSTRATED BY RECORD OF
     SURVEY RECORDED AUGUST 7, 1956, KNOWN AS FILE 6, PAGE 35.

     ALSO ACCEPTING THEREFROM THE NORTH TEN (10) FEET OF THE SOUTH FIFTY (50)
     FEET AND THE WEST THIRTY (30) FEET OF THE SOUTHWEST QUARTER OF THE
     SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID
     SECTION 29, TOGETHER WITH THAT CERTAIN SPANDREL AREA IN THE SOUTHWEST
     CORNER THEREOF, ALSO BEING THE NORTHEAST CORNER OF THE INTERSECTION OF
     PROCYON STREET AND RUSSELL ROAD BOUNDED AS FOLLOWS: ON THE SOUTH BY THE
     NORTH LINE OF SOUTH FIFTY (50) FEET; ON THE WEST BY THE EAST LINE OF THE
     WEST THIRTY (30) FEET; AND ON THE NORTHEAST BY THE ARC OF A CURVE CONCAVE
     NORTHEASTERLY, HAVING A RADIUS OF TWENTY-FIVE (25) FEET AND BEING TANGENT
     TO THE NORTH LINE OF SAID SOUTH FIFTY (50) FEET AND TO THE EAST LINE OF
     SAID WEST THIRTY (30) FEET AS CONVEYED BY THAT CERTAIN DEED RECORDED MAY
     20, 1977 AS DOCUMENT NO. 699997.

PARCEL 39:
---------

     All of Parcel 3 as shown on the Summerlin 3435 Zone Reservoir Parcel Map on
     file in File 91 at Page 28 in the Office of the County Recorder of Clark
     County, Nevada.

                                       32
<PAGE>

PARCEL 40:
---------

     All of Parcel 4 as shown on the Summerlin 3435 Zone Reservoir Parcel Map on
     file in File 91 at Page 28 in the Office of the County Recorder of Clark
     County, Nevada.

PARCEL 41:
---------

     Government Lot One Hundred Ten (110) and Government Lot One Hundred Sixty-
     two (162) in the Southwest Quarter (SW1/4) of the Southwest Quarter (SW1/4)
     of Section 28, Township 22 south, Range 61 East, M.D.M.

     EXCEPTING THEREFROM any State or County roads that may exist in said land.

PARCEL 42:
---------

     Lots One Hundred Nine (109) and One Hundred Sixty-One (161) in Section 28,
     Township 22 South, Range 61 East, M.D.M.

     EXCEPTING THEREFROM any State or County Roads that may exist in said land.

PARCEL 43:
---------

     The Northwest Quarter (NW1/4) of the Northeast Quarter (NE1/4) of the
     Southwest Quarter (SW1/4) of the Southwest Quarter (SW1/4) of Section 28,
     Township 22 South, Range 61 East, M.D.B.&M, being further described as
     Government Lot One Hundred Eight (108)

PARCEL 44:
---------

     THE NORTHWEST QUARTER (NW 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION
     29, TOWNSHIP 19 SOUTH, RANGE 61, M.D.B.&M.

PARCEL 45:
---------

     THE NORTHWEST QUARTER (NW1/4) OF THE SOUTHEAST QUARTER (SE1/4) OF THE
     SOUTHWEST QUARTER (SW1/4) OF THE SOUTHWEST QUARTER (SW1/4) OF SECTION 29,
     TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.B.&M.

PARCEL 46:
---------

     THE EAST HALF (E 1/2) OF THE NORTHWEST QUARTER (NW 1/4) OF THE NORTHWEST
     QUARTER (NW 1/4) OF THE NORTHWEST (NW 1/4) OF SECTION 1, TOWNSHIP 19 SOUTH,
     RANGE 59 EAST, M.D.B. & ., ALSO BEING DEPICTED AS GOVERNMENT LOT THIRTY-ONE
     (31).

                                       33

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00004-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00004-of-00352.parquet"}]]