Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-49

34 WHEREAS, by Ordinance No. 311 finally adopted and approved on December 7, 1945, the Board of Commissioners of the City of Las Vegas were authorized to issue the swimming pool bonds of said City in the aggregate principal amount of $160,000.00 for the purpose of acquir­ing and establishing two municipal swimming pools and incidental facilities thereto; and WHEREAS, in accordance with the authority so conferred, the Board of Commissioners has heretofore issued and sold said bonds in the amount of $160,000.00 and is in the process of constructing two swimming pools in the City of Las Vegas; and WHEREAS, the Board of Commissioners has determined and does hereby determine on the basis of the City's experience in the construction of sid swimming pools and on the recommen­dation of the engineer acting on behalf of the City that by reason of unanticipated increases in the construction costs, said swimming pools and incidental facilities cannot be completed by the expenditure of $160,000.00 derived from the sale of said bonds; and WHEREAS, in order to complete the construction of said swimming pools and incidental facilities and in order to protect the City's financial investment in the pools now under construction, it is necessary and for the best interests of the City and its inhabitants that the City borrow an additional $100,000.00 and issue its bonds in like amount; and WHEREAS, in accordance with the laws of the State of Nevada and the charter of the City of Las Vegas, the Board of Commissioners of said City has heretofore caused to be publish­ed a proclamation stating the intention of the City to issue its swimming pool bonds in the amount of $100,000.00, which proclamation was published in the manner and for the time requir­ed by law; and WHEREAS, in response to said proclamation, no petition was or has been filed asking for an election on the question of whether or not the proposed ordinance authorizing said swimming pool bonds should be passed and the Board of Commissioners of Said City is now em­powered to enact such an ordinance and to issue said swimming pool bonds; and WHEREAS, the Board of Commissioners has found and determined and does hereby find and determine that an emergency exists by reason of the fact that the two swimming pools and incidental facilities proposed to be acquired with the proceeds of the bonds authorized by Ordinance No.311 above referred to cannot be so acquired without the expenditure of additional funds at this time. 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 acquisition of two swimming pools and incidental facilities within the City of Las Vegas and the issuance of its bonds for the acquisition and establishment of aaid municipal swimming pools be and the same are hereby ratified, approved and confirmed. Section 2. That by virtue of and in pursuance of the charter of the City of Las Vegas and the laws of the State of Nevada there shall be issued bonds of said City to be denom­inated Swimming Pool Bonds, Series A, in the aggregate principal amount of $100,000.00, bear­ing interest at a rate of not exceeding three per centum per annum, for the purpose of ac- quiring and establishing municipal swimming pools and facilities incidental thereto within the City of Las Vegas. Section 3. That the Mayor and City Clerk be and they are hereby authorized and directed to have said swimming pool bonds prepared in the aggregate principal amount of $100,000.00. 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 $100,000.00, consisting of 100 bonds in the denomination of $1,000.00 each, numbered from 1 to 100, both inclusive, bearing date as of he first day of April, 1947, bearing interest at the rate of not exceeding three per centum per annum, payable semiannually on the first days of April and October of each year as evidenced by interest coupons attached to said bonds, both principal and interest being pay- able 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, $5,000.00 on the first day of April in each of the years 1948 to 1967, both inclusive. Bonds numbered 26 to 100, both inclusive, maturing on and after April 1, 1953 are subject to redemption in inverse numerical order at the option of the City of Las Vegas on the first day of April, 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 of 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 ate 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 appurtenant coupons maturing subsequent to the re­demption date the City of Las Vegas will pay the bond or bonds so called for redemption. Section 5. Said bonds shall be signed by the Mayor of the City of Las Vegas, shall be attested by the City Clerk of the City of Las Vegas under the seal of said City and shall be countersigned by the County Treasurer of Clark County, Nevada as Ex Officio City Treasurer of the City of Las Vegas. The coupons attached to said bonds shall bear the facsimile signa­ture of said City Treasurer which officer by the execution of said bonds shall adopt as and for his signature the facsimile thereof appearing on said coupons. Section 6. That said bonds and the coupons thereto attached shall be in substan­tially the following form: UNITED STATES OF AMERICA STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS SWIMMING POOL BOND, SERIES A NO.______________ $1,000.00 The City of Las Vegas in the County of Clark and State of Nevada acknowledges itself indebted and hereby promises to pay to bearer hereof the sum of ONE THOUSAND DOLLARS