Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-198

178 *(To be inserted in coupons maturing on and after July 1, 1953 attached to bonds numbered 56 to 250, both inclusive.) Section 7. That said Storm Sewer Bonds, Series of January 1, 1948, shall be sold at public sale to the person or persons offering the best and most advantageous term to said City. The Mayor and City Clerk be and they are hereby authorized and directed to give notice offer­ing said storm sewer bonds for sale and calling for bids for the purchase of said bonds by publishing a notice once a week for four consecutive weeks by five insertions at weekly intervals in The Las Vegas Evening Review-Journal, the official newspaper of the City of Las Vegas and by py of such notice at least three weeks prior to the date fixed for the sale to the State Board of Finance, Carson City, Nevada, which said Notice shall be in substantially the following form: NOTICE OF SALE OF CITY OF LAS VEGAS. STORM SEWER BONDS. SERIES OF JANUARY 1, 1948 §250.000.00 - JANUARY 1. 1948 NOTICE IS HEREBY GIVEN that the City of Las Vegas, Clark County, Nevada, will on the 22nd day of January, 1948, at 2:00 o'clock P.M., at the City Office in Las Vegas, Nevada, offer for sale the following described general obligation bonds of said City: City of Las Vegas Storm Sewer Bonds, Series of January 1, 1948, dated January 1, 1948, in the aggregate principal amount of $250,000.00, numbered from 1 to 250, both in­clusive, in the denomination of $1,000.00 each, maturing ser­ially in numerical order, $3,000.00 on January 1, 1949 and $13,000.00 on January 1st in each of the years 1950 to 1968, both inclusive; Bonds numbers 56 to 250, both inclusive, maturing on the first day of January in each of the years 1954 to 1968, both inclusive, being subject to redemption in inverse numerical order at the option of the City on the first day of January, 1953, or on any interest payment date thereafter upon the payment of the principal amount thereof and accrued interest to the redemption date, and all of said bonds bearing interest at a rate not to exceed three per centum per annum, payable semi-annually on the first days of January and July in each year, both principal and interest being payable at the office of the City Treasurer, Las Vegas, Nevada. Bidders are required to submit a bid specifying (a) the lowest rate of interest and premium, if any, above par at which the bidder will purchase said bonds; or (b) the lowest rate of interest at which the b bidder will purchase said bonds at par. The bonds will be sold to the bidder making the best bid, subject to the right of the corporate authorities of the City of Las Vegas to reject any and all bids and re­advertise. None of said bonds shall be sold at less than par and accrued interest, nor will any discount or commission be allowed or paid on the sale of such bonds. All bids shall be sealed and, except the bid of the State of Nevada, shall be accompanied by a deposit of five per cent, either cash or certified check, of the amount of the bid, which will be returned if the bid is not accepted; and if the successful bidder shall fail or neglect to complete the purchase of said bonds within thirty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the City of Las Vegas, and, in that event, the corporate authorities of said City may accept the bid of the one making the next best bid, or if all bids are rejected, such author­ities may re-advertise said bonds for sale. If there be two or more equal bids and such bids are the best bids received, and are not less than par and accrued interest, the corporate authorities will determine which bid shall be accepted. The legality of the bonds will be approved by Messrs. Pershing, Bosworth, Dick and Dawson, Attorneys at Law, Denver, Colorado, whose opinion, together with the printed bonds, will be furnished the pur­chaser without charge. Dated at Las Vegas, Nevada, this 22nd day of December, A. 1947. (SEAL) E. W. Cragin__________ Mayor Section 8. That when said bonds have been duly executed and sold, the City Treasurer of the City of Las Vegas shall deliver them to the lawful purchaser thereof on receipt of the purchase price. The funds realized from the sale of said bonds shall be applied solely to the construction of storm sewers and storm drains in the City of Las Vegas, but the purchaser of said bonds shall in no manner be responsible for the application by said City or any of its officers of any of the funds derived from the sale thereof. Section 9. The interest falling due on said bonds on JUly 1, 1948 shall be paid out of the general fund of said City, or any other funds that may be available for such purpose, and there shall be levied in the year 1948 on all property both real and personal, subject to taxation within the boundaries of said City, including the net proceeds of mines, a tax sufficient to reimburse said fund or funds for such