Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-168

149 WHEREAS, the anticipated revenues of the City of Las Vegas applicable to the General Funds for the period between October 1 and November 30, 1947 will amount to Fifty Thousand Nine Hundred Ninety Dollars and Seventy-seven Cents ($50,990.77), and its anticipated necessary expenditures for said period, payable out of said Funds, will amount to One Hundred Fifty-two Thousand Two Hundred Seventy-eight Dollars and Fifty-one Cents ($152,278.51,),thereby resulting in a deficit in said Funds on November 30, 1947 to the extent of One Hundred Seven Thousand Four Hundred Thirteen Dollars and Seventy Cents ($107,413.70), and WHEREAS, said deficit is due to the receipt of revenues by the City of Las Vegas during the period between January 1 and September 30, 1947 below the amount anticipated for that period as based upon estimates gained from experience in previous years, and WHEREAS, said deficit is further due to advances of approximately Thirty Thousand Dollars ($30,000.00) made from said funds to defray the cost of labor and materials in connection with street lighting and paving improvements in the City of Las Vegas for which special assessments have been authorized but not yet collected, and WHEREAS, the anticipated necessary expenditures, aforesaid, for the period between October 1, and November 30, 1947 includes the sum of approximately Eighty thousand Dollars ($80,000.00) for the following necessary general operating expenses and present accrued indebtedness of the City of Las Vegas, to-wit: 1. Police Department Salaries $ 16,000.00 2. Police Department Supplies 2,500.00 3. Fire Department Salaries 7,500.00 4. Fire Department Supplies 1,000.00 5. Sewage Disposal Department Salaries & Supplies 2,500.00 6. Garbage Disposal Expense 5.500.00 7. Street Lighting Department Salaries and Supplies 3,000.00 8. An accrued indebtedness and binding obligation of the City of Las Vegas, provision for which was made in the 1947 Budget, for necessary costs over and above the sum made available therefor by bond issues in connection with the construction of the Police Station of said City, amounting to approximately 21,000.00 9. An accrued indebtedness and binding obligation of the City of Las Vegas provision for which was made in the 1947 Budget, for necessary costs over and above the sum made available therefor by bond issues in connection with the construction of the municipal Swimming Pools and Bath Houses, amounting to approximately 21,000.00 and WHEREAS, by reason of the foregoing, a great necessity and emergency exists in connection with the continued governmental operations of the City of Las Vegas, requiring the immediate acquisition of the sum of Eighty Thousand Dollars ($80,000.00) to defray the costs of such continued operations, now, therefore, be it RESOLVED by the Board of Commissioners of the City of Las Vegas, pursuant to an Act of the legislature of the State of Nevada entitled "An Act regulating the fiscal management of counties, cities, towns, school districts, and other governmental agencies," approved March 22, 1917, as amended, that a temporary loan by the City of Las Vegas in the sum of Eighty Thousand Dollars ($80,000.00) be and the same is hereby authorized for the purpose of meeting the necessity and emergency aforesaid, and be it further RESOLVED that the Mayor and City Clerk be and they are hereby authorized and directed to make, execute and deliver, as evidence of said emergency loan, the negotiable promissory note or notes, or short-time negotiable bond or bonds of the City of Las Vegas, to mature not later than Two and One-half (2 1/2) years from the date of the issuance thereof, to bear interest not to exceed eight per cent (8%) per annum, and be redeemable at the option of the City of Las Vegas at any time when money is available in the emergency tax fund hereinafter provided, and be it further RESOLVED that, at the first tax levy of the City of Las Vegas following the creation of the emergency indebtedness aforesaid, the Ex-officio city Assessor of the City of Las Vegas shall and he is hereby empowered, authorized and directed to levy a tax sufficient to pay said indebtedness which shall be designated "City of Las Vegas Emergency Tax," and the proceeds thereof shall be paid into an emergency fund in the treasury of the City of Las Vegas and shall be used solely for the purpose of redeeming the emergency loan for which the same is levied, and be it further RESOLVED that the City clerk be and she is hereby authorized and directed to immediately forward a certified copy of this emergency resolution to the State Board of Finance, at Carson City, Nevada, for its approval, as required by the Act aforesaid.