Las Vegas City Commission Minutes, February 17, 1937 to August 4, 1942, lvc000004-256

At this time the following resolution was presented before the Board for their con­sideration. RESOLUTION WHEREAS the City of Las Vegas, Clark County, Nevada, did on the 12th, day of September, A. D. 1935, enter into a lease with Las Vegas Post Number 8, The American legion, Department of Nevada, a corporation, which lease was on the 3rd, day of June, 1936 recorded in the office of the County Recorder of Clark County, Nevada, in Book 12 of Miscellaneous, at pages 8 and 9 thereof, and by the terms of which said lease the said City did lease and let unto said Post for the term of fifty years from and after the 1st, day of September, A. D. 1935, at the annual rent of $1.00, the following described land: Commencing at the northeast corner of Block thirty-three (33) of Clark's Las Vegas Townsite as per map of said Townsite on file and of record in the office of the County Recorder of Clark County, Nevada, thence east along the prolongation of the easterly line of said Block 33 N. 28° 13' E. eighty (80) feet to the point of beginning; thence N. 6l° 47' W. 275.0 feet; thence N. 28° 13' E. 300.0 feet; thence N. 68° 01' 20" E. 117.15 feet; thence S. 61? 47' E. 200.0 feet; thence S. 28° 13' W. 390.0 feet to the point of beginning, comprising a net area of 2.385 acres; and WHEREAS the said Post did then and thereafter cause to be erected upon said land a large building known as The War Memorial Building, at a cost far in excess of the sum of fifteen thousand dollard ($15,000.00) against which there are now outstanding some ten thousand dollars in bonds, including interest, all of which are now due; and WHEREAS the said City of Las Vegas did during the month of February A. D. 1940 enter into negotiations with said Post for the purchase by said City of said building, including equipment therein contained of the appraised or cost value of five thousand nine hundred seventy-nine dollars ($5,979.00); and WHEREAS said agreement was duly executed by both said Post and said City, and according to the terms thereof the sum of ten thousand dollard ($10,000.00) has already been placed in escrow with the First National Bank of Nevada, Las Vegas Branch, for the purpose of retiring said bonds; and WHEREAS pursuant to such agreement of purchase, the said City of Las Vegas has agreed to pay unto said Post the additional sum of five thousand dollars ($5,000.00) on or before the 31st, day of December, A. D. 1940; and WHEREAS the said City of Las Vegas does not at this time have the said sum of fifteen thou­sand dollars available for such purpose; and WHEREAS it is necessary that the said sum of ten thousand dollars so placed in said bank to retire said bonds be returned to the said City of Las Vegas and made available to it for the pur­poses of carrying on its regular governmental functions; and WHEREAS it became necessary for said City to make the said purchase of said War Memorial Building during the said month of February, nr not at all; and WHEREAS the Board of Commissioners of said City deemed it advisable to make said purchase in order to maintain the Auditorium in said building contained as and for a public auditorium for present and future use, and also the remodeling of the down stairs front rooms of said building as and for City offices and city hall purposes; and WHEREAS the said City of Las Vegas is badly in need of additional room for its City Library and the room now being used as the City Clerk's office which adjoins said library, will furnish such room and fill such need, if vacated as an office for the City Clerk; and WHEREAS the downstairs portion of said War Memorial Building, in front of said large audi­torium room, can be converted into office rooms sufficient to meet all of the present needs of said City: and WHEREAS the expense thereof, consisting of moving the present stairway, moving certain transformers, altering the entrance, moving certain partitions and remodeling said front portion for use as City offices, together with the expense of additional equipment, will amount to the sum of five thousand ($5,000.00) dollars; and WHEREAS the said Board of Commissioners of said City did at the time of consummating such purchase, intend to apply for and make an emergency loan from said bank in the sum of twenty thousand ($20,000.00) dollars to cover the purchase price of said building and its equipment, and the remodeling of the downstairs portion thereof; and WHEREAS there are at present no funds in the treasurer of said City not allocated to other purposes, which can be used for such purpose, and by reason of the foregoing facts an emergency exists sufficient to warrant said City in making a loan of twenty thousand dollars ($20,000.00) which can be obtained from the First National Bank of Nevada, Las Vegas Branch, at the rate of interest not to exceed five percent per annum: NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of Las Vegas, that the City of Las Vegas, Clark County, Nevada do borrow from the said First National Bank or Nevada, Las Vegas Branch, the sum of twenty thousand dollard ($20,000.00) for the term of two and one- half years with interest at the rate not to exceed five percent per annum; and BE IT FURTHER RESOLVED that the Mayor of said City of Las Vegas and the City Clerk be, and they hereby are authorized and empowered to make, execute and deliver a promissory note, or promissory notes on behalf of said City, aggregating said sum of twenty thousand dollars ($20,000.00) to be redeemable at the option of said Board at any time when money is available in the emergency loan fund of said City, to be levied by said City and included in its budget for the years 1940 and 1941, as provided by law.