Las Vegas City Commission Minutes, May 26, 1952 to February 17, 1954, lvc000008-510

of delivery and a premium of $18.00, said bonds to bear interest at the rates hereinafter provided, which bid was the best bid received; and WHEREAS, the Board of Commissioners of said City has determined, and does hereby determine, that it is necessary and for the best interests of the City of Las Vegas and the inhabitants thereof that said bonds be so issued; and WHEREAS, siad City has not issued and does not have bonds outstanding, including those hereinafter authorized to be issued, in an amount in excess of twenty percent of the total valuation of the taxable property within said City as shown by the last preceding tax list or assessment roll. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS DO ORDAIN. Section 1. That said election resulted in the approval of the issuance of said bonds, and the result of said election is hereby so declared. Section 2. That all action heretofore taken (not inconsistent with the provisions of this ordinance) by the Board of Commissioners and the officers of the City of Las Vegas, directed toward acquiring, constructing and establishing additional sanitary sewer trunk lines and interceptors to the existing municipal sewerage system, and the issuance of its City of Las Vegas, Nevada, General Obligation Sewer Bonds, Series of September 1, 1953, for that purpose, be, and the same hereby is, ratified, approved and confirmed, including, without limiting the generality of the foregoing, the acceptance of the proposal for the purchase of said bonds submitted by Schwabacher & Co., San Francisco, California and associates. Section 3. That for the purpose of providing funds for acquiring, constructing and establishing additional sanitary sewer trunk lines and interceptors to the existing municipal sewerage system owned and operated by the City of Las Vegas for its use and the use of its inhabitants, the City of Las Vegas, on behalf of said City and upon the credit thereof, pursuant to the powers vested in said City and its Board of Commissioners under the general laws of the State of Nevada and the Charter of said City shall issue the negotiable coupon bonds of said City, designated "City of Las Vegas, Nevada, General Obligation Sewer Bonds, Series of September 1, 1953," in the aggregate principal amount of $900,000.00, consisting of 900 bonds in the denomination of $1,000.00 each, numbered from 1 to 900, both inclusive, bearing date as of the first day of September, 1953, said bonds to bear interest at the rates hereinafter provided, payable semi-annually on the first days of March and September in each year commencing March 1, 1954, as evidenced by interest coupons attached to said bonds, both principal and interest being payable in lawful money of the United States of America, without deduction for exchange or collection charges, at the office of the City Treasurer, Las Vegas, Nevada, or at the option of the holder or holders thereof, at the Harris Trust & Savings Bank, Chicago, Illinois, said bonds being numbered, maturing serially in regular numerical order on the first day of September in each of the designated years, and bearing interest, as. follows: Bond Numbers Interest Year Amount (All Inclusive) 1 - 36 Rate 5% 1954 $36,000.00 37 - 72 5 1955 36,000.00 73 - 108 5 1956 36,000.00 109 - 144 5 1957 3 6 ,0 0 0 .0 0 145 - 180 5 1958 3 6 ,0 0 0 .0 0 181 - 2 1 6 5 1959 3 6 ,0 0 0 .0 0 217 - 252 5 1 960 3 6 ,0 0 0 .0 0 253 - 288 5 1 9 6 1 3 6 ,0 0 0 .0 0 289 - 324 5 1 9 6 2 3 6 ,0 0 0 .0 0 325 - 360 5 1963 3 6 ,0 0 0 .0 0 361 - 396 4-1/4 1964 3 6 ,0 0 0 .0 0 397 - 432 4-1/4 1965 3 6 ,0 0 0 . 00 43 3 - 4 6 8 4-1/4 1 9 6 6 3 6 , 0 0 0 .0 0 469 - 504 4-1/4 1967 3 6 ,0 0 0 .0 0 505 - 5 40 4-1/2 1 9 6 8 3 6 ,0 0 0 .0 0 541 - 576 4-1/2 1969 3 6 ,0 0 0 .0 0 5 7 7 - 6 1 2 4-1/2 4-1/2 4-1/2 1970 36,000.00 6 1 3 - 648 1971 36,000.00 649 - 684 1972 36,000.00 685 - 720 4.30 1973 36,000.00 721 - 756 4.30 1974 36,000.00 757 - 792 4.35 1975 36,000.00 793 - 828 4.35 1976 3 6 ,0 0 0 .0 0 829 - 864 4 -3 /8 1977 36,000.00 865 - 900 4-3/8 1978 36,000.00 - Bonds numbered 361 to 900, both inclusive, maturing on and after the first day of September, 1964, are subject to prior redemption in inverse numerical order, at the option of the City of Las Vegas on the first day of September, 1 9 6 3 , or on any interest payment date thereafter pri or to maturity, at a price equal to the principal amount thereof with accrued interest to the redemption date. Notice of redemption shall be given by the City Treasurer, in the name of the City, by publication of such notice at least once, not less than thirty nor more than sixty days prior to the redemption, date, in a newspaper of general circulation in the City of Las Vegas, and copy of such notice shall be sent by registered mail at least thirty days prior to the redemption date to Schwabacher & Co., San Francisco, California. Such notice shall specify the number or numbers of the bonds to be so redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date there will become and be due and payable upon each bond so to be redeemed at the office of the City Treasurer in Las Vegas, Nevada, the principal amount thereof with accrued interest to the redemption date, and that from and after such date interest will cease to accrue. Notice having been given in the manner hereinbefore provided, the bond or bonds so called for redemption shall become due and payable on the redemption date so designated, and upon presentation t hereof at the office of the City Treasurer, together with all appurtenant coupons maturing subsequent to the redemption date, the City of Las Vegas will pay the bond or bonds so called for redemption. 9-2-53