Skip to main content

Search the Special Collections and Archives Portal

upr000102 303

Image

File
Download upr000102-303.tif (image/tiff; 61.86 MB)

Information

Digital ID

upr000102-303
    Details

    Rights

    This material is made available to facilitate private study, scholarship, or research. It may be protected by copyright, trademark, privacy, publicity rights, or other interests not owned by UNLV. Users are responsible for determining whether permissions are necessary from rights owners for any intended use and for obtaining all required permissions. Acknowledgement of the UNLV University Libraries is requested. For more information, please see the UNLV Special Collections policies on reproduction and use (https://www.library.unlv.edu/speccol/research_and_services/reproductions) or contact us at special.collections@unlv.edu.

    Digital Provenance

    Digitized materials: physical originals can be viewed in Special Collections and Archives reading room

    Publisher

    University of Nevada, Las Vegas. Libraries

    bonds shall be set aside in the Bond Service Fund in cash at least one month prior to the date said next maturity or instalment of principal or interest becomes due. Any amount required to be set aside, transferred to and placed in the Bond Service Fund may be prepaid in whole or in part by being earlier set aside, transferred to and placed in the Bond Service Fund and in that event the monthly transfer which has been so prepaid need not be made at the time appointed therefor. In any event, at least one month prior to the due date of any maturity or installment of principal of or interest on the bonds all sums required for the payment thereof must be in such Bond Service Fund in cash. The Board of Directors of said District directs that such sums be set aside from the Revenue Fund through transfers or payment made into the Bond Service Fund in such amounts as may be necessary to comply with the foregoing provisions of this section. During the period of construction of any of the works referred to in the bond proposal set forth in the recitals hereof and for six months thereafter, if, for any reason, the moneys in the Bond Service Fund plus any sum available in the Reserve Fund for transfer thereto are insufficient to pay an instalment of interest when the same becomes due, there shall be set aside from the Construction Fund and transferred to and placed in the Bond Service Fund such amount as will, with any sum then in such Bond Service Fund, plus the amount available therefor in the Reserve Fund, be sufficient to pay such interest as it becomes due. Moneys set aside and placed in said Bond Service Fund shall remain therein until from time to time expended for the payment of principal and interest and shall not be used for any other purpose whatsoever except that any such moneys so set aside and placed in the Bond Service Fund which at any time may be in excess of the amount which at that time is required by the terms of this section to be in the Bond Service Fund in cash may be temporarily invested as hereinafter provided, but such investment shall not affect the obligation of the District to cause the full amount required by the terms of this section to be available in said Bond Service Fund in cash at the time required by the terms of this section. All money remaining in said Bond Service Fund in excess of the amount required to accomplish the purpose of its establishment shall be transferred to the Revenue Fund. If at the time any bond or interest coupon is presented for payment the moneys in the Bond Service Fund are insufficient to make such payment, moneys sufficient for such payment shall be set aside from the Reserve Fund and transferred to and placed in said Bond Service Fund. Section 19. R e s e r v e F u n d . Not later than the first day of the fourth month next succeeding that month in which the District shall acquire the water facilities of the Las Vegas Land and W ater Company and on the first day of each month thereafter, there shall be set aside from the Revenue Fund and transferred to and placed in the Reserve Fund a sum at least equal to l/36th of the maximum annual debt service. As used in this resolution “maximum annual debt service” shall mean the maximum amount required to be paid out of the Bond Service Fund in any year after the date of the bonds (except the year which ends March 1, 1 9 90 ) on account of interest to accrue and principal to become payable on the bonds. Said monthly transfers shall continue until such time as there has been paid into said Reserve Fund a sum at least equal to the maximum annual debt service, and thereafter there shall be maintained in said Reserve Fund a sum at least equal to said maximum annual debt service. No payment need be made into the Reserve Fund so long as there shall be in said fund a sum at least equal to said maximum annual debt service. Whenever moneys are withdrawn from the Reserve Fund to pay principal and interest of bonds, the amount of the Reserve Fund shall be restored to the amount required in this section by monthly transfers from the Revenue Fund made on the first day of each calendar month thereafter, each such transfer (except the last) to be not less than l/36th of the maximum annual debt service. Except as hereinafter in this paragraph provided, moneys in the Reserve Fund shall be used solely for the purpose of paying the principal of and interest on the bonds in the event that the moneys in the Bond Service Fund are insufficient therefor, and for that purpose may be withdrawn and transferred to the Bond Service Fund. Whenever the aggregate moneys available in the Bond Service Fund, the Redemption Fund, and the Reserve Fund are sufficient to call and redeem, prior to maturity, all of the outstanding bonds of this issue, then the moneys in the Bond Service Fund and the Reserve Fund may be transferred to the Redemption Fund and all such outstanding bonds may be purchased prior to maturity or called and redeemed prior to 7 maturity. Whenever the aggregate amounts of money available in the Bond Service Fund and the Reserve Fund shall be sufficient to pay the principal and interest thereafter coming due and payable on all outstanding bonds of this issue, all or any part of the moneys in the Reserve Fund may be transferred to the Bond Service Fund and used for the purpose of paying principal and interest upon such outstanding bonds. Section 20. A d d i t i o n a l F u n d U s e s . So long as all principal and interest of the bonds are paid in accordance with the terms hereof, and all payments required to be made into the Bond Service Fund, Redemption Fund and Reserve Fund have been made, and all other covenants of the District contained herein have been duly performed, any moneys in the Revenue Fund may be used for any purpose of the District now or hereafter authorized by law, including but not limited to, transfers to the Bond Service Fund or Reserve Fund for prepayment of sums required to be placed therein, transfers to the Redemption Fund for the purchase or redemption of bonds prior to maturity, the acquisition and construction of extensions, additions, improvements, renewals and replacements (other than ordinary maintenance and repairs) to the works and properties of the District. Section 21. W a r r a n t y . Las Vegas Valley W ater District shall preserve and protect the security of the bonds and the rights of the bondholders and warrant and defend their rights against all claims and demands of all persons. In order to fully preserve and protect the priority and security of the bonds the District shall pay and discharge all lawful claims for labor, materials and supplies which, if unpaid, may become a lien or charge upon the revenues prior to or superior to the lien of the bonds or impair the security of the bonds. Section 22. C o v e n a n t s . So long as any of the bonds issued hereunder are outstanding and unpaid, or so long as provision for the full payment and discharge thereof at maturity or upon redemption prior to maturity through the setting apart in the Bond Service Fund or in the Redemption Fund or in a special trust fund to insure the payment or redemption thereof (as the case may be) of money sufficient for that purpose has not been made, the District covenants with the bondholders as follows: C o v e n a n t 1. As soon as funds are available therefor, the District will commence the acquisition and construction of revenue producing works and properties and continue the same to completion with all practical dispatch and in an economical manner. C o v e n a n t 2. The District shall at all times operate its works and properties in a sound and economical manner and shall maintain, preserve and keep the same, with appurtenances and every part and parcel thereof, properly or cause the same to be so maintained, preserved and kept, in good repair, working order and condition, and will from time to time make, or cause to be made, all necessary and proper repairs, replacements and renewals so that at all times the operation of the waterworks may be properly and advantageously conducted. C o v e n a n t 3. The works and properties of the District shall not be sold or leased or other­wise disposed of as a whole, or substantially as a whole, unless such sale, lease or other disposition be so arranged as to provide for a continuance of payments into the Sinking Fund at least sufficient in amount to provide the sums required for such fund under the terms of this resolution, and unless sold or leased in such manner the District shall operate its works and properties continuously. C o v e n a n t 4. The District shall at all times maintain with responsible insurers all such insurance as is customarily maintained with respect to works and properties of like character against loss of or damage to such works or properties and against public or other liability to the extent reasonably necessary to protect the interest of the District and the bondholders. If any useful part of the works and properties shall be damaged or destroyed, the District shall repair or replace the damaged works or properties so as to restore the same to use. The proceeds of any insurance policies covering any such loss or damage shall be payable to the District, and shall be applied to the District’s reasonable and necessary reconstruction costs and, to the extent not so applied, shall be paid into the Revenue Fund and used in the same manner as other moneys in said fund. C o v e n a n t 5. The District will keep proper books of record and account, in accordance with sound accounting practice, in which complete and correct entries shall be made of its trans­actions relating to its works and properties and the revenues received therefrom, which, together with all other books and papers and properties of the District shall at all times be sub­ject to the reasonable inspection of the holder or holders of not less than five per cent (5%) in 8