Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-329

installments of principal on or before June 1, 1955 and on or before June 1, 1955, and on or before the same day in each year thereafter until paid in full or, at the owner's option, the whole of the unpaid principal with interest accruing thereon to the next interest paying date being payable at any time; provided, however, that in the event said funds shall be insufficient to pay said bonds and interest thereon as they become due, the deficiency shall be paid out of the City's general fund. SECTION 4. That said bonds and the coupons attached thereto shall be in substantially the following form: (BOND FORM) United States of America STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS ASSESSMENT DISTRICT NO. 100-25 STREET IMPROVEMENT BONDS SERIES OF---July 1, 1954 $1,000.00 200.00 646.67 No. _______________ The City of Las Vegas, in the County of Clark and State of Nevada, a municipal corporation duly organized and existing, for value received hereby promises, out of funds available for the purpose, as hereinafter set forth, to pay to bearer hereof the principal sum of ONE THOUSAND DOLLARS TWO HUNDRED DOLLARS SIX HUNDRED FORTY SIX AND SIXTY SEVEN ONE HUNDREDTHS DOLLARS on the first day of July, 1955, with interest thereon until maturity according to interest coupons hereto attached, and thereafter until paid at the rate of Four and Forty One Hundredths per centum (4.40%) per annum, payable annually on the first day of July in each year, both principal and interest being payable in lawful money of the United States of America, at the office of the City Treasurer, City of Las Vegas, Clark County, Nevada, upon presentation and surrender of this bond and of the annexed coupons as they severally become due. This bond is subject to redemption at the option of the City of Las Vegas on any interest payment date at a price equal to the principal amount thereof with accrued interest to the redemption date. Redemption shall be made upon not less than 15 days' prior notice by publication in a newspaper of general circulation in the City of Las Vegas in the manner and upon the conditions provided in the ordinance authorizing the issuance of this bond. This bond is one of a series of 170 special assessment, negotiable coupons, improvement bonds, numbered consecutively from one to one-hundred seventy, both inclusive issued by the City of Las Vegas, all of which are of like date and designation and aggregate the total amount of One-Hundred Sixty Two Thousand, Four-Hundred Forty-Six and Sixty Seven One-Hundredths Dollars ($162.446.67). This bond and the interest thereon shall be payable from a special fund designated "Street Improvement Assessment District No. 100-25 Bond Interest and Redemption Fund," containing the receipts upon the collection thereof from the special assessments levied against and secured by a lien upon property in Street Improvement Assessment District No. 100-25, which fund is and shall continue to constitute a sinking fund for and be deemed specially appropriated to the full and prompt payment of said bonds and the interest thereon, and shall be used for no other purpose whatever, provided, however, that in the event said fund shall be insufficient to pay said bonds and the interest thereon as they became due, the deficiency shall be paid out of the City's general fund. Said special assessments made and levied to defray said cost, with accruing interest thereon, constitute a lien upon and against the property upon which such assessments were made and levied from and after the 10th day of May, 1954, the date upon which the assessment roll therefor was confirmed and approved by the Board of Commissioners of said City. It is hereby certified, recited and declared that all acts, conditions and things essential to the validity of the bond exist, have happened and have been done in due time, form and manner as required by law, and that the total issue of said improvement bonds of said City for said improvements and incidental expenses, including this bond, does not exceed the amount authorized by law nor the special assessments levied to cover the cost of said improvements. It is hereby further certified, recited and declared that the proceedings, with reference to making such improvements and levying the assessments to pay therefor, have been regularly had and taken in compliance with law, and that all prerequisites to the fixing of the assessment lien against the property benefited by the improvements and of the personal liability of the owner or owners of such property therefor have been performed. This bond is subject to the condition, and every holder hereof by accepting the same agrees with the obligor and every subsequent holder hereof, that (a) the delivery of this bond to any transferee shall vest title in this bond and in the interest coupons attached hereto in such transferee to the same extent for all purposes as would the delivery under like circumstances of any negotiable instrument payable to bearer; (b) the obligor and any agent of the obligor may treat the bearer of this bond as the absolute owner hereof for all purposes, and shall not be affected by any notice to the contrary; (c) the principal of and the interest on this bond shall be paid, and this bond and each of the coupons appertain­ing thereto are transferable, free from and without regard to any equities between the obligor and the original of any intermediate holder hereof, or any set-offs or cross-claims; and (d) the surrender to the obligor or any agent of the obligor of this bond and each of the coupons shall be a good discharge to the obligor for the same.