Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-473

441 Section 1. That the sewage disposal bonds of the City of Las Vegas, Series July 1, 1949, be sold at public sale to the person or persons offering the best and most advantageous terms to said City. The Mayor and the City Clerk be and they are hereby authorized and directed to give notice offering said sewage disposal bonds for sale, and calling for bids for the purchase of said bonds, by publishing a notice once a week for four consecutive weeks ty five insertions at weekly intervals in the Las Vegas Evening Review-Journal, the official newspaper of the City of Las Vegas, which notice shall be in substantially the following form: notice OF SALE CITY of LAS VEGAS, NEVADA Sewage Disposal Bonds Series July 1, 1949 $350,000.00 NOTICE iS HEREBY GIVEN that the City of Las Vegas. Clark County. Nevada. will on the 7 day of Sep­tember, 1949. at the hour of 3 o'clock, P. M., at the City Office In Las Ve­gas, Nevada, offer for sale the follow­ing described general obligation bonds of said City: City of Las Vegas Sewage Dis- posal Bonds. Series of July !. 1949. dated July 1. 1949, In the aggre­gate principal amount of $350,- 000.00, In denominations of $1,000.00 each maturing serially $8,000.00 July 1. 1950 and $18,000.00 In each of the years July 1. 1951 to 1969, both Inclusive. all bonds maturing on and after the first day of July, 1955, being subject to redemption In Inverse numerical order at the option of the City on the first day of July. 1954, or on any Interest payment date thereafter, and all of said bonds to bear Interest at a rate of not more than three per centum per anum. payable semi- annually on the first days of Jan­uary and July In each year, both principal and Interest being pay­able at the office of the City Treasurer Las Vegas, Nevada. Said bonds will constitute the gen­eral obligation bonds of the City of Las Vegas, payable from ad valorem taxes which may be lev- led subject to the limitations Im­posed by the laws of the State of Nevada. Bidders are required to submit a bid or bids specifying (a) the lowest rate of Interest and premium. If any, above par at which the bidders will purchase said bonds, or (b) the lowest rate of Interest at which the bidders will pur­chase said bonds at par. Bidders may submit a bid or bids for all or a part of the Issue. If the City makes an award to more than one bidder. It will average the maturities as between bidders. The bonds will be sold to the bidder or bidders making the best bid. subject to the right of the City Of­ficials 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 neg!ect 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 City of Las Vegas and. In that event, the corporate authorities of said City may accept the bid of the one making the next best bid: or if all bids are re­jected. such authorities may readver- tize said bonds for sale. If there be two or more equal bids, and such bids are the best bids received and are not less than par and accrued Interest, the corporate authorities will determine which bid shall he accepted. The legal- ity of the bonds will be approved by Messrs. Pershing, Bosworth. Dick & Dawson. Attorneys at Law. Denver. Colorado, whose opinion, together with the printed bonds, will be furnished the purchaser without charge. Dated at Las Vegas. Nevada, this 5th day of August. 1949. (SEAL) /s/ E. W. CRAGIN, ATTEST: Mayor /s/ SHIRLEY BALLINGER. City Clerk. Section 2. That a copy of said notice of sale shall be mailed at least three weeks prior to the date fixed for the sale of said bonds to the State Board of Finance, Carson City, Nevada. It was then moved by Commissioner Moore and seconded ty Commissioner Peccole that all rules of this Board which might prevent, unless, suspended, the final passage and adoption of the foregoing resolution at this meeting be, and the same are hereby suspended for the purpose of permitting the final passage and adoption of said re­solution at this meeting. The question being upon the adoption of said motion and the suspension of the rules, the roll was called with the following result: Those Voting Aye: Mayor E. W. Cragin Commissioner Wendell Bunker Commissioner Robert T. Moore Commissioner William Peccole Commissioner Reed Whipple Those Voting Nay: None All members of the Board of Commissioners having voted in favor of said motion, the