Las Vegas City Commission Minutes, February 17, 1954 to September 21, 1955, lvc000009-198

Said bonds and the interest theron are payable from a special fund designated "Street Improvement Assessment District No. 100-23 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. 100-23 in said City; said assessments bearing interest commencing June 1, 1954, and payable annually on each principal paying date at the same rate of interest as borne by said bonds; said assess­ments being payable in ten substantially equal annual install­ments of principal on or before June 1, 1955, and on or before the same day in each year thereafter until paid in full; or, at the owner's option; the whole of the unpaid principal 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 became due, the deficiency shall be paid out of the City's general fund. Bidders are required to submit a bid specifying (a) the lowest rate of interest and premium, if any, above par 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, and said interest shall 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 par 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 Las 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 2nd day of June, 1954. ______C. D. Baker_________ Attest: Mayor Shirley Ballinger _____ City Clerk Motion seconded by Commissioner Sharp and carried by the following vote: Commis­sioners Bunker, Jarrett, Sharp, Whipple and Bis Honor voting aye; noes, none. Commissioner Whipple moved the following resolution for Bond Issue on Assessment District No. 100-25 be adopted; said bids to be opened on July 7, 1954 at 7:30 P.M. RESOLUTION WHEREAS, the Board of Commissioners of the City of Las Vegas have taken steps to create certain public improvements; and WHEREAS, the time has now arrived to authorize and direct the City Clerk to advertise for bonds all in accordance with the proceedings heretofore taken to construct said improvements by special assessment; NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the City of Las Vegas at a regular meeting thereof held on the 2nd day of June, 1954, that the City Clerk and Clerk of the Board of Commissioners be and she is hereby dir­ected to publish notice that the Board of Commissioners will receive bids for bonds for Special Assessment District No. 100-25 in the aggregate principal amount of $162,446.67. BE IT FURTHER RESOLVED, that the City Clerk and Clerk of the Board of Commissioners be and she hereby is directed to publish notice of the receipt of bids for said bonds by publication on June 6, 13, 20, 27 and July 4, 1954, in the Las Vegas Review Journal, a daily newspaper published in the City of Las Vegas; and BE IT FURTHER RESOLVED, that the City Clerk and Clerk of the Board of Commissioners be directed to publish in said notice that the bids for said bonds will be received until 7:30 P.M. on Wednesday, the 7th day of July, 1954. and said bids will be opened at 7:30 P.M. or thereabouts on said day. BE IT FURTHER RESOLVED, that said notice shall be in substantially the form attached to this Resolution and made a part hereof. NOTICE OF SALE OF CITY OF LAS VEGAS, NEVADA, ASSESSMENT DISTRICT NO. 100-2$, STREET IMPROVEMENT BONDS SERIES OF JULY 1, 1954 $162,446.67 NOTICE IS HEREBY GIVEN that the City of Las Vegas, Clark County, Nevada, will on the 7th day of July, 1954, at 7:30 o'clock P.M., at the City Hall in Las Vegas, Nevada, offer for sale, receive sealed bids and publicly open the same for, the following described special assessment negotiable coupon bonds of said City: 6-2-54 ASSESSMENT DISTRICT NO. 100-2$ Resolution for Bond Issue