Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-533

503 RESOLUTION NOTICE OF INTENTION TO VOTE ON A RESOLUTION TO SE­CURE AH EMERGENCY LOAN WHEREAS, there is a great necessity and emergency for the securing of cash to con­tinue the program for repair and maintenance of streets within the confines of the City of Las Vegas during the remaining portion of 1944, and WHEREAS the 1944 Budget of the City of Las Vegas does not have adequate funds to meet the necessary expenditures for the maintenance and repair of said streets, and WHEREAS the delay of repair and maintenance to such streets will be unwise and uneconomical, and WHEREAS the only method of supplying funds to do this work is through an emergency loan; IT IS THE INTENTION of the Board of City Commissioners of the City of Las Vegas, Clark County, Nevada, to declare the existence of a great necessity and emergency to meet the payroll and expenses necessitated by the existence of the need for such repairs and maintenance of the streets of the City of Las Vegas, and to request the State Board of Finance of the State of Nevada to grant to the City of Las Vegas authority to make an emergency loan of Twenty-five Thousand Dollars ($25,000.00.), or whatever part thereof the Board of City Commissioners of the City of Las Vegas deem necessary or expedient to borrow, at an interest rate not to exceed eight percent (8%) per annum; and to provide, in the subsequent annual budgets of the City of Las Vegas, for the repayment thereof, both principal and interest, in accordance with the provisions of the statutes of the State of Nevada. IT IS THE INTENTION of the Board of City Commissioners of the City of Las Vegas to vote on the adoption of the aforementioned resolution on the seventh day of September, 1944 at the Chambers of the City Commission in the City Hall at Las Vegas, Clark County, Nevada at 2:30 p.m. on such date, at which time any person or persons wishing to object to the adoption of said resolution are invited to appear and voice such objection. BOARD OF CITY COMMISSIONERS BY E. W. Cragin Mayor ATTEST: Helen Scott Reed, City Clerk - - - ooOoo - - - RESOLUTION WHEREAS there is a great necessity and emergency for the securing of cash to continue the program for repair and maintenance of streets within the confines of the City of Las Vegas for the remaining portion of 1944, and WHEREAS, the 1944 Budget of the City of Las Vegas does not have adequate funds to meet the necessary expenditures for the maintenance and repair of said streets, and WHEREAS, the delay of repair and maintenance to such streets will be unwise and uneconomical, and WHEREAS, the only method of supplying funds for doing this work is through an emergency loan, NOW, THEREFORE, BE IT RESOLVED by the board of City Commissioners that the City of Las Vegas do borrow the sum of Twenty Five Thousand dollars ($25,000.00) or whatever part thereof the Board of Commissioners of the City of Las Vegas finds necessary or expedient to borrow, at an Interest rate of not to exceed eight percent (8%) per annum, and provide in the subsequent annual budgets for the repayment thereof, of both principal and interest, within the period of two (2) years from the date of borrowing said sum, and BE IT FURTHER RESOLVED THAT the Mayor and City Clerk, be and they are hereby authorized and empowered to make, execute, and deliver such promissory note or notes and other evidence of Indebtedness as may be necessary from time to time to carry into effect this resolution, and BE IT FURTHER RESOLVED that the City Clerk of the City of Las Vegas execute and deliver a certified copy of this resolution to the State Board of Finance of the State of Nevada.