Las Vegas City Commission Minutes, May 26, 1952 to February 17, 1954, lvc000008-454

424 date, in a newspaper of general circulation in the City of Las Vegas, and a copy of such notice shall be sent by registered mail at least fifteen days prior to the redemption date to the F.T. BOISE & CO. & THORNTON D. MORRIS CO., the original purchasers of the bonds. Such notice shall specify the number or numbers of the bonds to be so redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date there will become and be due and payable upon each bond so to be redeemed at the office of the City Treasurer in the City of Las Vegas, the principal amount thereof with accrued interest to the redemption date, and that from and after such date interest will cease to accrue. Notice having been given in the manner hereinbefore provided, the bond or bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation thereof at the office of the City Treasurer, together with all appurtenant coupons maturing subsequent to the redemption date, the City of Las Vegas will pay the bond or bonds so called for redemption. Section 3. That said bonds and the interest thereon shall be payable from the special fund heretofore created, and designated "Street Improvement Assessment District No. 100-11 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. 100-11 in said City, said assessments bearing interest commencing May 1, 1953, 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 commencing on or before May 1, 1954, 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 s hall 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. Section 4. That said bonds and the coupons thereto attached shall be in substantially the following forms: (Bond Form) UNITED STATES OF AMERICA STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS ASSESSMENT DISTRICT NO. 100-11 STREET IMPROVEMENT BOND SERIES OF JUNE 1, 1953 NO. $900.00 457.99 The City of Las Vegas, in the County of Clark and State of Nevada, a municipal corporation duly organized and existing, for value received hereby promises, out of funds available for the purpose, as hereinafter set forth, to pay to bearer hereof the principal sum of NINE HUNDRED DOLLARS FOUR HUNDRED FIFTY-SEVEN AND NINETY-NINE ONE HUNDREDTHS DOLLARS on the first day of June, 1953, with interest thereon until maturity according to the interest coupons hereto attached, and thereafter until paid at the rate of five per centum (5%) per annum, payable annually on the first day of June in each year, both principal and interest being payable in lawful money of the United States of America, at the office of the City Treasurer, City of Las Vegas, Clark County, Nevada, upon presentation and surrender of this bond and of the annexed coupons as they severally become due. This bond is subject to redemption at the option of the City of Las Vegas on any interest payment date at a price equal to the principal amount thereof with accrued interest to the redemption date. Redemption shall be made upon not less then fifteen days’ prior notice by publication in a newspaper of general circulation in the City of Las Vegas in the manner and upon the con­ditions provided in the ordinance authorizing the issuance of this bond. This bond is one of a series of 10 special assessment, negotiable coupon, improvement bonds, numbered consecutively from one to 40, both inclusive, issued by the City of Las Vegas, all of which are of like date and designation and aggregate the total amount of Eight Thousand Five Hundred Fifty Seven and Nine-nine One-Hundredths Dollars ($8,557.99). This bond and the interest thereon shall be payable from a special fund designated "Street Improvement Assessment District No. 100-11 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. 100-11, which fund is and shall continue to constitute a sinking fund for and be deemed specially appropriated to the full and prompt payment of said bonds and the interest thereon, and shall be used for no other purpose whatever, provided, however, that in the event said fund shall be insufficient to pay said bonds and the interest thereon as they become due, the deficiency shall be paid out of the City’s General Fund. 7-1-53