Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-196

176 EMERGENCY ORDINANCE NO. 34 AN ORDINANCE AUTHORIZING THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS, NEVADA, TO BORROW $250,000 ON THE CREDIT OF THE CITY; TO PROVIDE FOR THE ISSUANCE AND SALE BY THE CITY OF ITS NEGOTIABLE COUPON BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF $250,000 TO BE DESIGNATED "STORM SEWER BONDS, SERIES OF JANUARY 1, 1948", TO SECURE THE NECESSARY FUNDS TO FINANCE THE CONSTRUCTION OF STORM SEWERS AND STORM DRAINS; PRESCRIBING THE FORM OF SAID BONDS AND PROVIDE FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX TO PAY THE PRINCIPAL AND INTEREST ON SAID BONDS; PROVIDING FOR THE PUBLIC SALE OF SAID BONDS AND PRESCRIBING THE FORM OF THE SALE NOTICE AND AUTHORIZING THE EXECUTION OF THE SAID BONDS, AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS at the general_election held on the 6th day of May, 1947, there was submitted to the qualified electors, both property owners and non­property owners, the following question: "Shall the City of Las Vegas issue bonds in the sum of $250,000.00 to secure the necessary funds to finance the construction of storm sewers and storm drains"; 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, 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 its $250,000 of bonds for the purpose of financing the cost of the construction of storm sewers and storm drains, be and the same are hereby ratified, approved and confirmed. Section 2. That for the purpose of securing funds in the sum of $250,000.00 to finance the cost of construction of storm sewers and storm drains, 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 "Storm Sewer Bonds, Series of January 1, 1948", in the aggregate principal amount of $250,000.00, bearing interest at a fate 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 storm sewer bonds prepared in the aggregate principal amount of $250,000.00. The proceeds from the sale of said bonds shall be used for the purpose of financing the cost of construction of storm sewers and storm drains 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 $250,000.00, consisting of 250 bonds in the denomination of $1,000 each, numbered from 1 to 250, both inclusive, bearing date as of the first day of January, 1948, bearing interest at a rate not exceeding three per cent per annum, payable semi-annually on the first days of January and July in each year, as evidenced by interest coupons attached to s id 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, $3,000.00 on January 1, 1949, and $13,000 in each of the years 1950 to 1968, both inclusive, Bonds numbered 56 to 250, both inclusive, maturing on and after Jan­uary 1, 1954, are subject to redemption in inverse numerical order at — the option of the City of Las Vegas on the first day of January, 1953, 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, the 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 become 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 become due and payable on the redemption date so designated and upon presentation thereof at the office of the City Treasurer, together with all a purtenant coupons maturing subsequent to the redemption date the City of Las Vegas will pay the bond or bonds so called for redemption.