Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-285

261 Vegas Sweet Shop M.E. Ward, H.E. Ward & Reba I. Truesdall Ray & Vick's Ser. ADDITIONALS L. L. Henry Swiss Village ] Kroloff Dist. Co. Abe Kroloff The Nevada Bar Vegas Sweet Shop Ward, Ward & Truesdell Tivoli Tavern RENEWALS Harry Levy The Market Spot S. Grant Stewart First St. Grocery Vegas Sweet Shop (Oper.New Location) Butterly's Cafe W. H. Usborne Tropical Drive In Harry Levy Market Spot Liq.Store Edward Koch Fitch Market Thereafter Commissioner Clark moved that the foregoing applications for gaming for the third quarter of 1948 be granted. Motion seconded by Commissioner Moore and carried by the following vote: Commissioners Clark, Moore, Whipple and His Honor voting aye; noes, none. Absent: Commissioner Baskin. At the hour of 3:45 P.M. this meeting recessed. At the hour of 4:50 P.M. this date the meeting reconvened with all members present as of the opening session. SEWER BOND ISSUE Commissioner Whipple moved that the proposal of Lauren W. Gibbs, Salt Lake L. W. GIBBS City, Utah, dated June 30, 1948, for the purchase of the $350,000.00 Proposal Sewer Disposal Plant Bond Issue be accepted subject to the attached stipulations: June 30, 1948 Honorable Mayor and City Commission Las Vegas, Nevada Gentlemen: WHEREAS, you have heretofore voted $350,000 Sewer Disposal Plant Bonds to mature over twenty years and to carry interest and not to ex­ceed 3%, and when said bonds were offered at public sale no bids were received and your efforts since that time to secure and offer at par for the bonds, have been fruitless, and WHEREAS, you have had under consideration an ordinance providing for monthly sewer service charges to be levied against property owners receiving service, and the tentative schedule now drawn up by you is estimated to bring approximately $90,000 per year, and WHEREAS, I believe that in cooperation with my bond attorneys I can work out a legal method whereby said service charges can be pledged to the retirement of principal and interest on the referred to bond issue, and thus be used to supplement if necessary the taxes levied and available for the purpose of bond servicing, and I believe I can, under the direction of my bond attorneys, provide to you such procedures and mechanisms as will insure collections of the monthly service charges, and will set up proper trust funds for the monies so collected together with legal and sound safe guards so that disbursements may be properly and economically made, and so that the above referred to bond issue may be supported with the provisions and security which are normally had by revenue bonds, and therefore bring about the result that you can market the 3% bonds at par, NOW THEREFORE, I PROPOSE to have prepared and submitted to you an ordinance providing for the monthly service charges designated by you and for the handling and collection of the monies and their proper dis­bursement, and for pledging said monthly service charges to the repay­ment of the bonds and interest thereon, and to submit to you the neces­sary procedures as outlined above, all of which will be prepared and dir­ected by my bond attorneys and submitted for the approval of your City Attorney and your City Commission, I agree also, to supply the bond forms, lithographed and prepared for your signature. Immediately upon approval of my bond attorney for your legal right, so to proceed both under your City Charter and under the laws of the State of Nevada, and upon your subsequent approval of the ordinance and procedure -- with such changes and amendments as you and your city attorney desire and to which my bond attorneys will agree, I will have presented to you a bid of par or better, for your referred to $350,000 bond issue, maturing as heretofore provided by you over a 20 year period and carrying interest at 3% and I will qualify said bid by attaching thereto a certi­fied check as required by law. The last ten maturities of the bond is­sue will contain an option of retirement on your part on any annual in­terest date and the remainder optional five years from their issuance and on any interest date thereafter. For these services, you are to pay me Five Dollars per One Hundred