Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-608

577 any part thereof, within said period of one week should be conclusively considered an election on the part of all persons interested to pay said assessment in tan substantially equal annual In­stallments of principal, the first of which installments of principal shall be due end payable on or before the 1st day of December 1, 1951, and annually thereafter on the same day in each year until paid, at the seme rate interest as that provided for the special assessment bonds to be thereafter authorized, sold, issued end delivered, but not to exceed seven per centum (7%) per annum; and WHEREAS, said City and the officers thereof have determined, end do hereby determine, that it is necessary and for the best interests of said City and the inhabitants thereof that it issue its Assessment District No. 100-2 Street Improvement Bonds, Series of January 1, 1951, in an aggregate principal amount equal to the aggregate principal amount of said unpaid assessments, to-wit, $225,463.75, to defray said entire cost end expense of making said improvements, except to the extent funds ere available therefor from the assessments which have been heretofore paid; end WHEREAS, said City end the officers thereof desire to sell said bonds after public adver­tisement therefor, pursuant to the laws of the State of Nevada and the City of Las Vegas. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS, NEVADA; That the special assessment, negotiable coupon, Assessment District No. 100-2 Street Im­provement Bonds, Series of January 1, 1951, of the City of Lea Vegas, in the aggregate principal amount of $225,463.75 shall be sold at public sale to the person or persons offering the best and moat advantageous terms to said City. The Mayor end the City Clerk be end they are hereby authorized end directed to give notice offering said 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 mailing a copy of such notice at least three weeks prior to the date fixed for the sale of said bonds 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, NEVADA, ASSESSMENT DISTRICT NO. 100-2 STREET IMPROVEMENT BONDS SERIES OF JANUARY 1, 1951 $225,463.75 NOTICE IS HEREBY GIVEN that the City of Las Vegas, Clark County, Nevada, will on the 11th day of April, 1951, at 3:30 o'clock P.M., at the City Hall in Las Vegas, Nevada, offer for sale, receive sealed bids and pub­licly open the same for, the following described special assessment, neg­otiable bonds of said City: City of Las Vegas Assessment District No. 100-2 Street Improvement Bonds, Series of January 1, 1951, in the aggregate principal amount of $225,463.75, dated January 1, 1951, consisting of two hundred thirty- one bonds numbered consecutively from 1 to 231, both inclusive, being in the denomination of $1,000.00 and $500.00 each, except bond numbered one, is in the denomination of $463.75, maturing serially in regular numerical order on the first day of January, $22,963.75 in the year 1952, and $22,500.00 in each of the years 1953 to 1961, both inclu­sive, all bonds being subject to prior redemption on any interest payment date in inverse numerical order at the option of the City whenever funds ere available therefor, after fifteen days published notice, upon the payment of the principal amount thereof with accrued interest to the redemption date, end bearing interest payable annually at a rate of not exceeding seven per centum (7%) per annum, both principal and interest being payable at the office of the City Treasurer at las Vegas, Nevada. Said bonds and the interest thereon are payable from a special fund de­signated "Street Improvement Assessment District No. 100-2 Bond Interest and Redemption Fund," containing the receipts upon the collection thereof from the special assessments levied against and secured by a lien upon property in Street Improvement Assessment District No. 100-2 in said City, said assessments bearing interest payable annually on each principal paying date at the same rate of interest as borne by said bonds and being payable in ten substantially equal annual installments of principal on or before December 1, 1951, and on or before the seme day in each year thereafter until paid in full, or, at the owner's option, the whole of the unpaid prin- cipal with interest accruing thereon to the next interest paying date being payable at any time; provided, however, that in the event said fund shall be insufficient to pay said bonds and interest thereon as they become due, the deficiency shall be paid out of the city's general fund. Bidders ere required to submit a bid specifying (a) the lowest rate of interest end premium, if any, above per at which the bidder will purchase said bonds; or (b) the lowest rate of interest at which the bidder will purchase said bonds at par. All of the bonds shall bear one rate of interest, but said interest may be payable by one or more sets of coupons. 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 per 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 percent, 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 Lea 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 readvertise 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 9th day of March, 1951. (Signed) E. W. Cragin Mayor