Las Vegas City Commission Minutes, June 22, 1911 to February 7, 1922, lvc000001-27

Stewart and Coughlin of said Board who have been appointed by said Board to report the estimated cost of a sewerage system for said City having been read and adopted, and in which the cost of said sewerage system was estimated at a cost of $40,000.00 it was deemed necessary by said Board to incur indebtedness of $40,000.00 for and on the part of said City of Las Vegas by issuing negotiable coupon bonds of said City for the purpose of applying the proceeds from the sale thereof to the construction of adequate sewerage system therein, and whereas an ordinance to that effect was regularly introduced, read, passed and approved by the unanimous vote of said Board, said ordinance being as follows: ORDINANCE No. 18 An ordinance to provide for the installation of a system of sewerage in Las Vegas, Nevada, and to provide for issuing of bonds of said City of Las Vegas for the purpose of raising money necessary for such enterprise. The Board of Commissioners of the City of Las Vegas do ordain: That, whereas, it is the opinion of the Board of Commissioners of Las Vegas, Nevada, that the sanitary condition of said City present a great and urgent need for the establishment of an adequate system of sewerage in said City, and whereas, it is the opinion of the said Board of Commissioners that $40,000.00 will serve to construct and install a presently adequate system of sewerage in said City: Section 1. Therefor: Be it ordained by said Board of Commissioners that due notice be given of an election to be held in said City of Las Vegas which election is hereby called to be held in said City on the 10th. day of October, 1911 and that at such election there be submitted to the electors of said City the question "Shall the City of Las Vegas issue Las Vegas Sewerage bonds in the sum of $40,000.00 for the purpose of installing and establishing an adequate system of sewerage in said City?" Said bonds to bear interest at the rate of six per cent per annum from the date thereof: Section 2. That the said City of Las Vegas hereby proposes to build, establish and install an adequate system of sewerage in said City, and the estimated cost thereof as shown by the report of the Commissioners heretofore selected and delegated by said City Commissioners to ascertain such cost, will be approximately $40,000.00. Section 3* That it, is proposed by the said City Commissioners of Las Vegas, Nevada, to incur and create a bonded indebtedness of not to exceed $40,000.00 to provide a fund for the building, establishment and installation of such adequate system of sewerage, such bonds to be issued in denominations of $1,000.00 each and to bear annual interest at the rate of six per cent per annum, payable semi-annually and said bonds to be numbered consecutively from No.l to 40 inclusive and to become payable as follows, that is to say, numbers 1 to 4 inclusive to become due on or before 10 years after the date thereof and numbers 5 to 8 inclusive to become due on or before 11 years after the date thereof, and numbers 9 to 12 inclusive to become due on or before 12 years after the date thereof, numbers 13 to 16 inclusive to become due on or before 13 years after the date thereof, numbers 17 to 20 inclusive to become due on or before 14 years after the date thereof, numbers 21 to 24 inclusive to become due on or before 15 years after the date thereof, numbers 25 to 28 inclusive thereof to become due on or before 16 years after the date thereof, numbers 29 to 32 inclusive to become due on or before 17 years after the date thereof, numbers 33 to 36 inclusive to become due on or before 18 years after the date thereof, and numbers 37 to 40 inclusive shall become due on or before 19 years after the date thereof. And each of the said bonds shall bear upon the face thereof the solemn promise and agreement of the City of Las Vegas, Nevada to pay to the holder thereof the sum of one thousand dollars in gold coin of the United States of America of the present standard of weight and fineness together with interest thereon as hereinbefore provided. such bonds shall be signed by the Mayor of the said City and attested and countersigned