Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-148

130 WHEREAS, in accordance with the Laws of the State of Nevada and the Charter of the City of Las Vegas, Nevada, the Board of Commissioners of said City has heretofore caused to be issued and published a pro­clamation of the intention of the City to submit at the general election held May 6, 1947, the proposition of issuing bonds of the said City in the sum of $125,000, the proceeds of which are to be used to provide for the payment of an emergency loan authorized according to law, and required for the completion of the construction of the City police station, which said proclamation was published and posted in its entirety as required by law; and WHEREAS, at the general election held on the 6th day of May, 1947, there was submitted to the qualified electors, both property owners and non-property owners, the following question: "Shall the City of Las Vegas issue bonds in the sum of $125,000 to secure the necessary funds to finance the payment of an emergency loan for the completion of the construction of said police station"; and WHEREAS, Thereafter on May 16, 1947, the Board of Commissioners of the City of Las Vegas met for the purpose of canvassing the votes upon said question cast at the municipal election held May 6, 1947, and did find and declare that said question of issuing said bonds for the purpose and in the amount aforesaid, was carried by the approving vote of a majority of the qualified electors, both property owners and non-property owners. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS, NEVADA, DOES ORDAIN: Section 1. That all proceedings heretofore taken by the Board of Commissioners and by the officers of the City of Las Vegas directed toward the issuance of the $125,000 emergency loan and the issuance of its bonds for the purpose of obtaining funds to finance the payment of the emergency loan, be and the same are hereby ratified, approved and confirmed. Section 2. That for the purpose of securing funds in the sum of $125,000 to finance the payment of an emergency loan for the completion of the construction of the city police station, pursuant to the powers vested in the City and its Board of Commissioners under the Charter of the City and the general laws of the State of Nevada, there be issued bonds of the said City of Las Vegas, Nevada, designated Police Station Bonds, 1947, Series A, in the aggregate principal amount of $125,000, bearing interest at a rate of not exceeding three per centum per annum. Section 3. That the Mayor and City Clerk be and they are hereby authorized and directed to have said police station bonds prepared in the aggregate principal amount of $125,000. The proceeds from the sale of said bonds shall be used for the purpose of retiring the $125,000 emergency loan of said City hereto­fore issued for the purpose of completing the construction of the police station in the City of Las Vegas. Section 4. That for the purpose of providing funds as aforesaid, the City of Las Vegas on behalf of said City and upon the credit thereof shall issue the negotiable coupon bonds of said City in the aggregate principal amount of $125,000, consisting of 125 bonds in the denom­ination of $1,000 each, numbered from 1 to 125, both inclusive, bearing date as of the first day of October, 1947, bearing interest at a rate of not exceeding three per cent per annum, payable semi-annually on the first days of April and October in each year, as evidenced by interest coupons attached to said bonds, both principal and interest being payable in lawful money of the United States of America at the office of the City Treasurer of the City of Las Vegas in Las Vegas, Nevada. Said bonds shall mature serially in regular numerical order, $11,000 on October 1, 1948, and $6,000 on October 1st in each of the years 1949 to 1967, both inclusive. Bonds numbered 36 to 125, both inclusive, maturing on and after October 1, 1953, are subject to redemption in inverse numerical order at the option of the City of Las Vegas on the first day of October, 1952, or on any interest payment date thereafter prior 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 County Treasurer of Clark County, Nevada, as Ex-officio Treasurer of the City of Las Vegas in the name of the City of Las Vegas by publication of said notice at least once in each calendar week on any day of the week for at least four successive weeks prior to the redemption date in a newspaper of general circulation in the City of Las Vegas and a copy of such notice shall be sent by registered mail at least thirty days prior to the redemption date to the purchaser or purchasers of said bonds. 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 be come and be due and payable upon each bond so to be redeemed at the office of the City Treasurer 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 be come due and payable on the redemption date so designated and upon presentation thereof 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.