Las Vegas City Commission Minutes, February 17, 1954 to September 21, 1955, lvc000009-481

date on or after ten years from the date of said bonds, and shall as nearly as practicable be issued for a period which shall be equivalent to the life of such improvements which is hereby determined to be at least 25 years from the date of said bonds. Said bonds (if their issuance is approved by the regularly qualified electors) shall be sold publicly in accordance with the statutes of the State of Nevada in such case made and provided, and shall contain such provisions relative to call and otherwise, as will adequately protect the City. SECTION 7. That the City of Las Vegas acquire, construct, and establish at an estimated initial cost of $200,000.00, an automatic fire alarm system, complete with a headquarters building, controls and panels for serving and supplying its inhabitants with additional fire protection. SECTION 8. That the City proposed to incur a bonded indebtedness (subject to the approval of the regularly qualified electors of the City) to defray, in part, the cost of so acquiring, constructing and erecting an automatic fire alarm system, complete with a headquarters building, controls and panels, there­fore, by the issuance of its negotiable coupon General Obligation Fire Alarm System Bonds in the aggregate principal amount of $200,000.00, or so much thereof as may be necessary, said bonds to be payable from an annual tax levy on all the taxable property in the City sufficient in amount (subject to the limitations imposed by the Constitution and Laws of the State of Nevada) to meet the annual and semi-annual payments of principal and interest, and from such other sources, available therefor as the Board of Commissioners at its option determine, said bonds to mature serially, in regular numerical order at annual intervals in substanti­ally equal amounts of principal and interest, commencing not later than the year 1958, and ending not later than the year 1980, both inclusive, provided that bonds maturing in the years 1965 to 1980, both inclusive, shall be redeemable, at the option of the City, on any interest paying date, on or after ten (10) years from the date of said bonds, and shall as nearly as practicable be issued for a period which shall be equivalent to the life of such improvements which is hereby determined to be at least twenty-five (25) years from the date of said bonds. Said bonds (if their issuance is approved by the regularly qualified electors) shall be sold publicly in accordance with the statutes of the State of Nevada in such case made and provided, and shall contain such provisions relative to call and otherwise as will adequately protect the City. SECTION 9. That at the next general City Election, which will be held on Tuesday, the 3rd of May, 1955, the following four proposals shall each be submitted to the regularly qualified electors of said City, and said proposals shall read as follows: (a) "Shall the City of Las Vegas issue its negotiable coupon General Obligation Sewer Bonds in the aggregate principal amount of $2,000,000.00, or so much thereof as may be necessary, for the purpose of defraying, in part, the cost of acquiring, constructing and establishing additional sanitary sewer lines, an additional sanitary sewerage disposal plant, a sanitary sewer effluent disposal system and other appurtenances to the existing municipal sanitary sewerage system, said bonds to bear interest at a rate of not more than seven (7) percent per annum, and to mature serially in regular numerical order at annual intervals in substantially equal amounts of principal and interest, commencing not later than the year 1958, and ending not later than the year 1980, both inclusive, said bonds maturing after the year 1965, to be subject to prior redemption, at the option of the City on such terms as the Board of Commissioners may determine on any interest payment date on and after ten (10) years from the date of the bonds, said bonds to be payable from an annual general tax levy and from such other sources available therefor as the Board of Commissioners may at its option determine." (b) "Shall the City of Las Vegas issue its negotiable coupon General Obligation Police Protection Bonds in the aggregate principal amount of $275,000.00, or so much thereof as may be necessary, for the purpose of defraying, in part, the cost of enlarging and modernizing the present Las Vegas Police Station to increase the jail facilities and to establish and construct a Las Vegas Police Prison Farm with a building therefor, said bonds to bear interest at a rate of not more than seven (7) percent per annum, and to mature serially in regular numerical order at annual intervals in substantially equal amounts of principal or substantially equal amounts of principal and interest, commencing not later than the year 1958, and ending not later than the year 1980, both inclusive, said bonds maturing after the year 1965, to be subject to prior redemption, at the option of the City on such terms as the Board of Commissioners may determine on any interest paying date on and after ten (10) years from the date of the bonds, said bonds to be payable from an annual tax levy, and from such other sources available therefor as the Board of Commissioners may at its option determine." (c) "Shall the City of Las Vegas issue its negotiable coupon General Obligation Fire Protection Bonds in the aggregate principal amount of $400,000.00, or so much thereof as may be necessary, for the purpose of defraying in part, cost of providing additional fire extinguishing equipment, and buildings therefor, together with such additional sites and grounds as may be necessary, and to modernize existing fire protection facilities where needed to the existing municipal fire department, said bonds to bear interest at a rate of not more than seven (7%) percent per annum, and to mature serially in regular numerical order at annual intervals in sub­stantially equal amounts of principal, or substantially equal amounts of principal and interest, commencing not later than the year 1958, and ending not later than the year 1980, both inclusive, said bonds maturing after the year 1965, to be subject to prior redemption, at the option of the City on such terms as the Board of Commissioners may determine on any interest paying date on and after ten (10) years from the date of the bonds, said bonds to be payable from an annual general tax levy, and from such other sources available there­for, as the Board of Commissioners may, at its option determine." (d) "Shall the City of Las Vegas issue its negotiable coupon General Obligation Fire Alarm System Bonds in the aggregate principal amount of $200,000.00, or so much thereof as may be necessary, for the purpose of defraying in part the cost of acquiring, constructing and establishing an automatic fire alarm system complete with headquarters building and controls and panels, said bonds to bear interest at a rate of not more than seven (7) per cent per annum, and to mature serially in regular numerical order at annual intervals in sub­stantially equal amounts of principal and interest, commencing not later than the year 1958, and ending not later than the year 1980, both inclusive, said bonds maturing after the year 1965, to be subject to prior redemption, at the option of the City on such terms as the Board of Commissioners may determine on any interest paying date on and after ten (10) years from the date of the bonds, said bonds to be payable from an annual tax levy, and from such other sources available therefor as the Board of Commissioners may at its option determine." 4-6-55