Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-427

In any year in which the total taxes levied by overlapping political subdivisions and taxing units in Las Vegas may exceed the limitation of five cents on the dollar imposed by Section 2 of Article X of the Constitution of the State of Nevada, and it shall became necessary by reason thereof to reduce the levies made in behalf of said City, the reduction so made shall be in taxes levied for or by such City for pur­poses other than the payment of its bonded indebtedness and interest thereon, and the taxes levied herein­after for the payment of said bonded indebtedness and the interest thereon shall always enjoy a priority over taxes levied for on or behalf of such City for any other purposes where reduction is necessary in order to comply with the limitation of Section 2, Article X of the Nevada Constitution. Such tax shall be levied and collected in the same manner and at the same time as other taxes are levied and collected, and the proceeds thereof shall be kept by the City Treasurer in each said special fund, which shall be used for no other purpose than the payment, for the issue for which each fund has hereby been created, of principal and interest due on said bonds and any prior redemption premium in connection therewith. Such taxes shall be levied in the year 1955 and annually thereafter until al1 of said bonds and the interest thereon shall have been fully paid, satisfied and discharged. Any sums coming due on said bonds at any time when there are on hand, from such tax levy or levies, insufficient funds to pay the same, shall be promptly paid when due from general funds on hand belonging to the City of Las Vegas, reimbursement to be made for such gen­eral funds in the amounts so advanced when the taxes herein provided for have been collected. Section 9. That it shall be the duty of the Board of Commissioners of the City of Las Vegas, annually, at the time and in the manner provided by law for levying other city taxes, if such action shall be necessary to effectuate the provisions of this ordinance, to ratify and carry out the provisions hereof with reference to the levy and collection of taxes, and said Board shall require the officers of said City to levy, extend and collect such taxes in the manner provided by law for the purpose of creating a fund for the payment of the principal of said bonds and the interest accruing thereon. Such taxes, when col­lected, shall be kept for and applied only to the payment of the principal of and interest on said bonds as hereinbefore specified. Section 10. That the City Council does hereby find and declare that the life of the improve­ments to be acquired and established out of the proceeds of the sale of said bonds shall and will be in excess of twenty years from their date. Section 11. That the officers of the City of Las Vegas be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this ordinance, including, without limiting the generality of the foregoing, the printing of said bonds and the execution of such certificates as may be required by the purchaser thereof relating to the signing of the bonds, the tenure and identity of the municipal officials, the assessed valuation and indebtedness of the City of Las Vegas, the rate of taxes levied against the taxable property within the City of Las Vegas, the re­ceipt of the bond purchase price, and, if in accordance with the facts, the absence of litigation, pending or threatened, affecting the validity thereof. Section 12. That al1 by-laws, orders, resolutions, and ordinances, or parts of by-laws, orders, resolutions, and ordinances in conflict with this ordinance, are hereby repealed. After the bonds hereby authorized have been issued, this ordinance shall constitute a contract between said City and the holder or holders of said bonds, and shall be and remain irrepealable until said bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 13. That if any one or more sections, sentences, clauses or parts of this ordinance shall, for any reason, be questioned or be held invalid, such judgment shall not affect, impair or invali­date the remaining provisions of this ordinance, but shall be confined in its operation to the specific sections, sentences, clauses, or parts of this ordinance so held unconstitutional and invalid, and the in­applicability and invalidity of any section, sentence, clause, or part of this ordinance, in any one or more instances shall not affect or prejudice in any way the applicability and validity of this ordinance in any other instances. Section 14. That be reason of the fact that the City of Las Vegas is in immediate and serious need of the benefits to be derived from the issuance of said bonds, if is hereby declared that an emergency exists and that this ordinance is necessary for the immediate preservation of the public peace, health and safety. Section 15. That the City Clerk and Clerk of the Board of Commissioners of the City of Las Vegas shall cause this ordinance to be published once a week for two successive weeks immediately follow­ing its final reading and adoption in the Las Vegas Sun, a daily newspaper published in said City, and this ordinance shall become effective immediately following the second publication thereof. PASSED, ADOPTED AND APPROVED, this 9th day of December, 1955. /s/ C.D. BAKER___________ (SEAL) Mayor ATTEST: /s/ SHIRLEY BALLINGER City Clerk The Commissioners voting in favor of the adoption of the foregoing ordinance were as follows: Those voting Aye: Commissioner Bunker Commissioner Fountain Commissioner Sharp Commissioner Whipple Mayor Baker Those voting Nay: None /s/ C.D. BAKER____________________ (SEAL) Mayor ATTEST: /s/ SHIRLEY BALLINGER City Clerk