Las Vegas City Commission Minutes, August 11, 1942 to December 30, 1946, lvc000005-381

Commissioner Bates moved that the recommendation of the Recreation Board that Miss Wooley be reappointed as a member of said Board, be approved. Motion seconded by Commissioner Clark and carried by the following vote: Commissioners Baskin, Bates, Clark, Corradetti and His Honor voting aye; noes, none. An Ordinance entitled, "AN ORDINANCE AUTHORIZING THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS, COUNTY OF CLARK, STATE OF NEVADA TO BORROW NOT TO EXCEED $160,000.00 ON THE CREDIT OF THE CITY BY ISSUING ITS NEGOTIABLE COUPON BONDS FOR THE PURPOSE OF CONSTRUCTING TWO MUNICIPALLY OWNED SWIMMING POOLS AND INCIDENTAL FACILITIES THERETO; TO ISSUE AND SELL GENERAL OBLIGATION BONDS OF THE CITY OF LAS VEGAS, SPECIFYING THE TERMS THEREOF; PROVIDING FOR THE SALE OF SAID BONDS AND REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH AND PARTICULARLY ORDINANCE NO. 296 OF THE CITY OF LAS VEGAS, FINALLY APPROVED AND ADOPTED THE 6th DAY OF APRIL, 1945," was read to the Board for a second time. Thereafter Commissioner Bates moved that the foregoing Ordinance be adopted. Motion seconded by Commissioner Clark and carried by the following vote: Commissioners Baskin, Bates, Clark, Corradetti and His Honor voting aye; noes, none. Commissioner Bates introduced and moved the adoption of the following resolution: RESOLUTION WHEREAS, there has been authorized by ordinance duly enacted by the Board of City commissioners, the issuance of $160,000.00 of general obligation bonds for the construction of swimming pools in the City of Las Vegas, and it is the opinion of the Board of City Commissioners of the City of Las Vegas, Nevada, that these bonds should be sold As soon as legally possible. NOW, THEREFORE, BE IT RESOLVED, that the Clerk of the Board of City Commissioners be authorized and instructed to have published notice of sale of said $160,000.00 of bonds in the Las Vegas Evening Review-Journal, a daily newspaper published in the City of Las Vegas, Nevada, for a period of once a week for four consecutive weeks immediately following its adoption, which notice of sale shall be in substantially the following form, to-wit; NOTICE OF SALE OF $16,000.00 LAS VEGAS, NEVADA, SWIMMING POOL BONDS Series of 1947-1966 Notice is hereby given that the Board of City Commissioners of the City of Las Vegas, Clark County, Nevada, will on the 7th day of January, 1946, at the hour of 2:00 o'clock p.m., at the City Office in Las Vegas, Nevada, receive sealed bids, and publicly open same, for the purchase of City of Las Vegas Swimming Pool Bonds in an aggregate principal amount not exceeding $160,000, to bear interest at a rate not to exceed 4% per annum, to bear date of January 1, 1946, to be in the denomination of $1,000.00 each, to mature $8,000 on January 1, 1947; $8,000 on January 1, 1948; $8,000 on January 1, 1949; $8,000 on January 1, 1950; $8,000 on January 1, 1951; $8,000 on January 1, 1952; $8,000 on January 1, 1953; $8,000 on January 1, 1954; $8,000 on January 1, 1955; $8,000 on January 1, 1956; $8,000 on January 1, 1957; $8,000 on January 1, 1958; $8,000 on January 1, 1959; $8,000 on January 1, 1960; $8,000 on January 1, 1961; $8,000 on January 1, 1962; $8,000 on January 1, 1963; $8,000 on January 1, 1964; $8,000 on January 1, 1965; $8,000 on January 1, 1966. In the event that the cost of construction of the two swimming pools to be constructed from the proceeds from the sale of these bonds is less than $160,000.00, the number of bonds to be issued shall be reduced by a number equal to the last full $1,000 of said reduction, and shall be applied to the series in the reverse order of their maturity. The bonds are to be designated "Las Vegas Swimming Pool Bonds, Series of 1947-1966". Bidders are required to submit offers specifying: (a) The lowest rate of interest and premium, if any, above par at which said bidder will purchase such bonds; or (b) The lowest rate of interest at which the bidder will purchase said bonds at par. The bonds will be sold to the bidder making the best bid, subject to the right of the Board to reject any and all bids and readvertise. None of said bonds shall be sold at less than par and accrued interest, nor will any discount or commission be allowed or paid on the sale of such bonds. All bids shall be sealed and, except the bid of the State of Nevada, shall be accompanied by a deposit of five per cent, either cash or certified check, of the amount of the bid, which will be returned if the bid is not accepted; and if the successful bidder shall fail or neglect to complete the purchase of said bonds within thirty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the Board of City Commissioners of the City of Las Vegas, RECREATION BOARD ORDINANCE NO. 311 RESOLUTION - Swimming Pool Bond Issue