Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-348

324 "(Form of Coupon) No. _____ $___________ May "On the first day of November, A. D. 19___*(unless the bond to which this coupon is attached has been called for prior redemption) the City of Las Vegas in the County of Clark, State of Nevada, will pay the bearer ___________________ Dollars at the office of the City Treasurer in Las Vegas, Nevada, in lawful money of the United States of America, being six months' interest on its Sewage Disposal Bonds, Series of May 1, 1948. Bond No. ______ ____(Facsimile Signature)____________ City Treasurer "*(To be inserted in coupons maturing after May 1, 1953 attached to bonds numbered 176 to 350, both inclusive.)" Section 3. That Section 7 of said Emergency Ordinance No. 353 adopted by the Board of City Commissioners of Las Vegas on the 23rd day of April, 191*8, be and the same is hereby amended to read as follows, to-wit: "Section 7. The principal and interest falling due on said bonds on May 1, 1949 and the interest falling due on November 1, 1949, shall be paid out of the general fund of said City, or any other funds that may be available for such purpose, and there shall be levied in the year 191*9 on all property both real and personal, subject to taxation within the boundaries of said City, including the net proceeds of mines, a tax sufficient to reimburse said fund or funds for such installments of interest and principal, and for the purpose of creating a fund for the payment of said bonds and the interest thereon, there shall be levied in the year 1949 and annually thereafter, a sufficient tax on all property, both real and personal, subject to taxation within the boundaries of the City of Las Vegas, Clark, County, Nevada, including the net proceeds of mines, sufficient to pay the interest on said bonds and to pay and retire the same as hereinabove provided; and provided further that in the preparation of the annual appropriation ordinance for the City, the Board of City Commissioners shall first make proper provision, through the levy of sufficient taxes, for the payment of the interest on and the retirement of the principal of the bonded indebtedness of the City, and the amount of money necessary for this purpose, together with the amounts necessary for the payment of principal of and interest on the other bonded indebtedness of the City, shall be a first charge against all of the revenue received by said City. In any year in which the total taxes levied by all overlapping political subdivisions and taxing units in Las Vegas, Clark County, Nevada, may exceed the limitation of five cents on the dollar imposed by Section 2 of Article X of the Constitution of the State of Nevada, and it shall become necessary by reason thereof to reduce the levies made in behalf of said City, the reductions so made shall be in taxes levied for or by such City for purposes other than the payment of its bonded indebtedness and interest thereon, and the taxes levied hereafter for the payment of such bonded indebtedness, and the interest thereon, shall always enjoy a priority over taxes levied for or on behalf of such City for ary other purposes where reduction is necessary in order to comply with the limitations of said Section 2 of Article X of the Nevada constitution, or with the City Charter of Las Vegas, Nevada. Such tax shall be levied and collected in the same manner and at the same time as other taxes are levied and collected, and the proceeds thereof shall be kept by the County Treasurer in a special fund to be known as the "Sewage Disposal Bond, Series of May 1, 1948, Fund", which shall be used for no other purpose than the payment of principal and interest as the same fall due. Such tax shall be levied in the year 1949 and annually thereafter until all of said bonds, and the interest thereon, shall have been fully paid, satisfied and discharged. Any sums coming due on said bonds at any time when there are on hand from such tax levy or levies, insufficient funds to pay the same, shall be promptly paid when due from general funds on hand belonging to the City of Las Vegas, reimbursement to be made to such general funds in the sums thus advanced when taxes herein provided for shall have been collected." Section 4. That nothing herein contained shall be so construed as to pre­vent the City of Las Vegas from applying to the payment of the bonds authorized to be issued under Emergency Ordinance No. 353* duly adopted by the Board of City Commis­sioners on the 23rd day of April, 191*8, as amended and supplemented, any funds avail­able for that purpose, including the net revenues derived from the imposition of rates, fees and charges for the use of the sewage disposal system in accordance with the provisions of Ordinance No. 364 duly adopted by the Board of City Commissioners on the 7th day of September, 1948, it being the intention hereof that the holder or holders from time to time of the bonds so authorized to be issued shall have the benefit of all the covenants contained in this ordinance and in said Emergency Ordi­nance No. 353 and said Ordinance No. 364. Section 5. This ordinance shall be and become effective immediately after its adoption, approval and the publication thereof for two consecutive weeks in the Las Vegas Evening Review-Journal, a daily newspaper published in the City of Las Vegas. Section 6. The City Clerk of the City of Las Vegas is hereby authorized and directed to cause this ordinance to be published in the Las Vegas Evening Review-Journal