Las Vegas City Commission Minutes, March 1, 1922 to May 10, 1929, lvc000002-269

It appearing to the Board that this is the time set by notice for action upon the following resolution, heretofore adopted by this Board, relating to the borrowing of Four Thousand Five Hundred ($4,500.00) Dollars, to be used for General City purposes, as set forth in said Resolution and, It further appearing to the Board that said resolution had been introduced at a regularly adjourned meeting of the Board, held on the 14th day of March, A. D. 1927, and that subsequent to such meeting, said resolution was published in the Las Vegas age, a weekly newspaper published in the City of Las Vegas, Clark County Nevada, for two publications, one week apart, to-wit: March 19 and March 26, 1927, and, It further appearing that fifteen days (15) has elapsed since the date of the first publication, It was thereupon moved by Commissioner Mundy, and seconded by Commissioner Smith, that said resolution be and the same is hereby adopted, and, It was further ordered that the Clerk of the Board be and he is hereby direct­ed to forward a certified copy of said resolution together with a certified copy of the transcript of the proceedings of said Board to the State Board of Finance at Carson City, Nevada, for approval. RESOLUTION WHEREAS, the City Budget adopted in the year 1926 to provide funds for the con­duct of the various departments of the City of Las Vegas for the year 1927 was based upon an estimated assessed valuation of $2,982,000, and WHEREAS, the valuation for taxation as finally fixed by the tax officers for the year 1926 was only $2,682,003, and instead of raising by taxation the necessary funds, as aforesaid, the actual amount of taxes raised fell far below the estimate of $25,300.00, re­quired to be raised by taxation, viz: a deficit of $4,651.76, and WHEREAS, the amounts received from licenses and fines fell $2,355.50 below the estimate in said budget therefore, and WHEREAS, there are not sufficient moneys in the various funds of the City to permit of the conduct of various departments until the next tax paying period in June, 1927, and there is necessary to be raised therefore in the various funds the following: General Fund $1,800.00: Police and Fire Fund $2,100.00: Street Department Fund $600.00, aggregating a total of $4,500.00, and a great emergency exists for the securing of such funds, and WHEREAS, for the purposes aforesaid it will be necessary for said City to bor­row the sum of $4500.00 for a period of two and one-half years by the issuance of the neg­otiable note or notes of said City, bearing interest at the rate of not to exceed eight per cent per annum, redeemable as by law provided out of an emergency tax fund, NOW THEREFORE, BE IT RESOLVED, that the Board of City Commissioners of said City Of Las Vegas do hereby authorize and empower the Mayor and City Clerk to borrow, for the purposes aforesaid, the sum of Four Thousand Five Hundred Dollars for a period of not to exceed two and one-half years, and to issue as evidence thereof the negotiable promissory notes of said City in the aggregate of said sum of Four Thousand Five Hundred Dollars, the same to bear interest at a rate of not to exceed eight per cent per annum, to be re­deemable at the option of this Board at any time when money is available in the Emergency Tax Fund, to be known as "City of Las Vegas, Nevada Emergency Tas," to be levied by this Board at the first tax levy following the Creation of such indebtedness, as by law provided. The vote upon said resolution was as follows: Commissioner Mundy: : Aye. Commissioner Smith: Aye. His Honor, the Mayor Hesse: Aye. Noes: None