Las Vegas City Commission Minutes, November 20, 1957 to December 2, 1959, lvc000011-84

BE IT FURTHER RESOLVED, that the City Clerk and Clerk of the Board of Com­missioners be directed to publish in the said notice that the bids for said bonds will be received until 7:30 P.M. on Wednesday, the l6th day of April, 1958, and that 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. 100-35, STREET IMPROVEMENT BONDS SERIES OF MAY 1, 1958 NOTICE IS HEREBY GIVEN that the City of Las Vegas, Clark County, Nevada, will on the 16th day of April, 1958, at 8:00 o'clock P.M., P.S.T., 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: City of Las Vegas Assessment District No. 100-35; Street Improvement Bonds, Series of May 1, 1958, dated May 1, 1958. The principal amount of the bonds will be equal to the amount of special assessments which have been levied for said district remaining unpaid by the owners of the assessable property therein after April 7, 1958, the last day for payment of assessments without interest. The total of assessments levied is $120,263.52. The estimated total of assessments payable in installments with interest is $115,000.00, which is the estimated principal amount of the bonds. Such estimates shall not be construed as minimum or maximum figures for purposes of bidding on the bonds hereby offered for sale. Bidders may contact the City Clerk's Office, Las Vegas City Hall on or after April 10, 1958; to ascertain the actual amount to be sold, and the. actual maturities and denominations. Said bonds will be numbered consecutively, maturing serially in equal annual amounts except for the bonds to become due May 1, 1959; which may be in a greater or lesser amount. The bonds will mature serially in regular numerical order on the first day of May, 1959; and in each of the years 1960 to 1968, both inclusive. All bonds shall be subject to prior redemption on any interest payment date in inverse numerical order at the option of the City whenever funds are available therefor, after fifteen days published notice, upon the payment of the principal amount thereof with accrued interest to the redemption date, and bearing interest payable annually at a rate 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 interest thereon are payable from a special fund designated " Street Improvement Assessment District No. 100-35 Bond Interest and Redemption ," to contain the receipts upon collection thereof from the special assessments levied against and secured by a lien upon property in Street Improvement Assessment District No. 100-35 in said City, said assessments bearing interest commencing April 1, 1958 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 April 1, 1959; 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 unpair 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 become due, the deficiency shall be paid out of the City's general funds. 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; of (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. Dawson, Nagel, Sherman and Howard, Attorneys at Law, Denver, Colorado, whose opinion together with the principal bonds, will be furnished the purchaser without charge. Dated at Las Vegas, Nevada, this 7th day of March, 1958. PASSED, ADOPTED AND APPROVED this 7th day of March, 1958. 3-7-58