Las Vegas City Ordinances, March 31, 1933 to October 25, 1950, lvc000014-425

EMERGENCY ORDINANCE NO. 387. AN ORDINANCE PROVIDING FOR THE ISSUANCE BY THE CITY OF LAS VEGAS, NEVADA, OF ITS NEGOTIABLE COUPON BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF $350,000.00 SERIES JULY 1, 1949, TO FINANCE THE PURCHASE, EXTENSION AND IMPROVE­MENT OF A SEWER SYSTEM; PRESCRIBING THE TERMS THEREOF AND PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX THEREFOR; AND DECALRING AN EMERGENCY. WHEREAS, at an election duly called on the 6th day of May, 1947, the qualified electors of the City of Las Vegas authorized the issuance of the bonds of the City in the amount of $350,000.00 to finance the purchase, extension and improvement of a sewer system; and WHEREAS, thereafter on the 16th day of May, 1947, the Board of Commissioners of the City of Las Vegas met for the purpose of canvassing the notes upon said question cast at said election, and found and declared that the issuance of said bonds was approved by vote of a majority of the qualified electors of the City of Las Vegas, both property owners and non-property owners noting thereon; and WHEREAS, said bonds have heretofore been publicly sold in accordance with the laws of the State of Nevada. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS DO ORDAIN: Section 1. That all proceedings heretofore taken by the Board of Commissioners and by the officials of the City of Las Vegas directed toward the purchase, extension and improvement of a sewer system, in accordance with the authority conferred by the qualified electors voting at the May 6, 1947 election, and the issuance of its sewer bonds, Series July 1, 1949, for that purpose, be and the same is hereby ratified, approved and con­firmed, including, without limiting the generality of the foregoing, the acceptance of the proposal for the pur­chase of said bonds submitted by Wheelock and Cummins. Inc., Chicago. Illinois: Lucas, Eisen and Waeckerle, Inc., Kansas City, Missouri: Garrett-Bromfield and Company, Denver. Colorado. Section 2. That for the purpose of providing funds to finance the cost of purchasing, extending and improving a sewer system as a part of, and in connection with, the sewerage system of said City, for the use of the City of Las Vegas and the inhabitants thereof, pursuant to the powers vested in said City and the Board of Commissioners under the Charter of said City and the general laws of the State of Nevada, there shall be issued bonds of said City of Las Vegas designated "City of Las Vegas Sewer Bonds, Series July 1, 1949" in the aggregate principal amount of $359,000.00, consisting of 350 bonds in the denomination of $1.000.00 each, bearing interest at the rate of three per centum per annum, both principal and interest being payable in lawful money of the United States of America at the office of the City Treasurer, Las Vegas, Nevada, all dated as of July 1, 1949, numbered consecutively from 1 to 350, both inclusive, and maturing serially $8,000.00 on the first day of July in the year 1950, and $18,000.00 on the first day of July in the years 1951 to 1969, both inclusive. Interest on said bonds shall be payable semi-annually commencing January 1, 1950, and thereafter on the first days of July and January in each year until the principal of said bonds has been fully paid and discharged. Bonds numbered 81 to 350, maturing on and after the first day of July, 1955, are subject to redemption in inverse numerical order at the option of the City of Las Vegas on the first day of July, 1954, or an any interest pay­ment date thereafter prior to maturity, at a price equal to the principal amount thereof, with accred interest to the redemption date. Notice of redemption shall be given by the City 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, 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 said bonds. Such notice shall specify the number or numbers of the bonds to be so redeemed (if lees than all are to be redeemed), and the date 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 will 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 3. That said bonds shall be signed by the Mayor of the City of Las Vegas, countersigned by the City Treasurer of the City of Las Vegas, and attested and countersigned by the City Clerk of the City of Las Vegas under the seal of said City. The coupons attached to said bonds shall bear the facsimile signatures of the Mayor, City Treasurer, and City Clerk, which officers, by the execution of said bonds, shall adopt as and for their signatures the facsimiles thereof appearing on said coupons. Section 4. That said bonds and the coupons attached thereto shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS SEWER BONDS SERIES JULY 1, 1949 No. ________ $1,000.00 The City of Las Vegas, in the County of Clark and State of Nevada, for value received, hereby acknowledges itself indebted and promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the first day of July, A.D., 19___, with interest thereon at the rate of three per centum per annum payable semi-annually on the first days of January and July in each year upon pre­sentation and surrender of this bond and the attached coupons as they severally become due, both principal and interest being payable in lawful money of the United States of America at the office of the City Treasurer of the City of Las Vegas, Nevada. *( This bond is subject to redemption at the option of the City of Las Vegas on the first day of July, 1954, or on any interest payment date thereafter at a price equal to