Las Vegas City Commission Minutes, May 14, 1929 to February 11, 1937, lvc000003-92

Whereas, it appears to this Board that the qualified electors of said City of Las Vegas have authorized the issuance of highway bonds of the City of Las Vegas in the amount of Fifty Thousand Dollars ($50,000); and WHEREAS, it appears to this Boards that the issuance of not to exceed Fifty Thousand Dollars $50,000) of said highway bonds have been authorized by said act of the legislature of the State of Nevada, and such issuance ratified by the vote of the qualified electors of the City of Las Vegas at a general election in said City, held as aforesaid, and WHEREAS, the Board of Commissioners of the City of Las Vegas deem it advisable for the best interests of the City of Las Vegas that it offer for sale at this time Las Vegas High­way Bonds in the sum of One Thousand Dollars ($1,000.00) of said authorized issue of Fifty Thousand Dollars ($50,000) of said bonds and that the same be sold at private sale, NOW THEREFORE BE IT RESOLVED, that pursuant to and in compliance with the provisions and authority of said above-mentioned Act, and the ratification there of at said general City election as aforesaid, it be and it is hereby ordered that prior to the 1st day of May 1930, a bond of said City of Las Vegas in the amount of not to exceed One Thousand Dollars ($1,000), exclusive of interest, being a part of said issue authorized of Fifty Thousand Dollars ($50,000) of Las Vegas Highway Bonds for the purpose of providing funds for the construction of a highway through said City of Las Vegas to connect with Route 6 of the State Highway System of the State of Nevada, be prepared and ready for issuance: that said bond as so prepared shall be in the sum of One Thousand Dollars, numbered 50, and shall bear interest at the rate of six per cent per annum from the date thereof, payable semi-annually on the first July, and the 2nd day of January of each year, payable at the office of the City Treasurer of said City of Las Vegas, in the City of Las Vegas, County of Clark, State of Nevada; that said bond shall be designated Las Vegas Highway Bonds (1930 Series) and shall be dated July 1, 1930, and that said bond shall be a negotiable coupon bond and shall mature and become due and payable as follows: Bond number 50, to become due and payable on the 1st day of July 1948. The payment and redemption of said bond shall be in the order of its issuance. Said bond shall have coupons attached representing each interest installment to the d date of maturity of the principal. Both interest and principal of said bond shall be payable in gold coin of the United State of America, at present standard of weight and fineness, at the office of the City Treasurer of the City of Las Vegas, in the County of Clark, State of Nevada. Interest on said bond shall cease as the same matures. It is further resolved that said bond and coupons, with the necessary variations, shall be substantially in the following form, to-wit: ( Form of Bond) No. 50 UNITED STATES OF AMERICA $1000.00 STATE OF NEVADA COUNTY OF CLARK LAS VEGAS HIGHWAY BONDS 1930 Series KNOW ALL MEN BY THESE PRESENT: That the City of Las Vegas, a municipal corporation duly organized and existing under the laws of the State of Nevada, acknowledges itself to be indebted and for value received hereby promises to pay the bearer on the_____________day of _____________, 19 ___________, the principal sum of One Thousand Dollars, together with interest thereon from date hereof until paid, at the rate of six percent (6%) per annum, payable semi­annually on the first day of July and the 2nd day of January of each year, which interest to the date of maturity of the principal is evidenced by and payable upon presentation and surrender of the annexed interest coupons as they severally become due. Interest on this bond shall cease on the date the bond becomes due and payable. Both principal and interest on this bond are payable in gold coin of the United States of America, at present standard of weight and fineness, at the office of the City Treasurer in the City of Las Vegas, County of Clark State of Nevada, and for the prompt payment of the principal and interest of said bond as they respectively become due, the full faith, credit and resources of said City are hereby irrevocably pledged. This bond is one of a series issued for the purpose of constructing a highway through said City of Las Vegas to connect with Route 6 of the State Highway System, and pursuant to an election duly called and held at which more than a majority of the qualified electors voted in favor of the issuance of said bonds, and proceedings of the Board of City Commission­ers duly passed and adopted, and is authorized by and issued in full conformity with the re­quirements of the Constitution and laws of the State of Nevada, including Chapter 74 of the Session Laws of said State of Nevada for the year 1923, and all acts of the legislature amendatory thereof and supplemental thereto. It is further certified and recited that 11 acts, conditions and things required by the Constitution and laws of the State of Nevada to exist, happen and to be performed percent to and in the issuance of this bond have existed, happened and have been performed in regular and due form, time and manner as required by law, and that the amount of this bond together with all other indebtedness of said City does not exceed any constitutional or statutory limitations. IN WITNESS WHEREOF, Said Board of City Commissioners of said City have caused this bond to be signed by the Mayor of the City, countersigned by the City Treasurer and authen­ticated by the signature of the City Clerk and the seal of said City, and the interest coupons hereto annexed to be authenticated with the lithographed facsimile signatures of said Mayor, and the City Treasurer, and this bond to be dated the 1st day of July, 1930.