Las Vegas City Commission Minutes, May 26, 1952 to February 17, 1954, lvc000008-446

416 Section 1. That the Clerk of the Board of Commissioners of the City of Las Vegas, Nevada, be, and she hereby is authorized and instructed to have published a notice of sale of said bonds in the Las Vegas Review Journal, the official news­paper of said City, being of general circulation and published therein, once a week for four consecutive weeks by five insertions at weekly intervals, which notice of sale shall be in substantially the following form: NOTICE OF SALE OF $900,000.00 CITY OF LAS VEGAS, NEVADA GENERAL OBLIGATION SEWER BONDS SERIES OF SEPTEMBER 1, 1953 Sealed proposals will be received by the Board of Commissioners of the City of Las Vegas, Clark County, Nevada, at the office of the City Treasurer of the City of Las Vegas, in Las Vegas, Nevada, on Wednesday, the 5th day of August, 1953, up to and including the hour of 8:00 o'clock P.M., Pacific Daylight Time, at which time all bids will be publicly opened and considered by the Board of Commissioners for $900,000.00 City of Las Vegas, Nevada, General Obligation Sewer Bonds, Series of September 1, 1953. Said bonds will be in the denomination of One Thousand Dollars ($1,000.00) each, will be dated September 1, 1953, and will mature serially $36,000.00 on the first day of September in each of the years 1954 to 1978, both inclusive, the bonds maturing on and after September 1, 1964, being subject to prior redemptions on September 1, 1963, and on any interest payment date thereafter, in inverse numerical order at the City's option for the principal amount of the bonds redeemed and accrued interest to the date of redemption, all of said bonds shall bear interest at a maximum rate not exceeding five per cent (5% ) per annum, interest payable March 1, September 1 in each year commencing March 1, 1954, both interest and principal will be payable in lawful money of the United States of America without deduction for exchange or collection charges, at the office of the City Treas­urer, Las Vegas, Nevada, or at the option of the holder or holders thereof, at the Harris Trust and Savings Bank, Chicago, Illinois. All of the bonds shall constitute the general obligation bonds of the City of Las Vegas, and shall be payable from general ad valorem taxes, subject to the limitations imposed by the Constitution and laws of the State of Nevada. Bidders are required to specify: a. The lowest rate of interest and premium, if any, above par, at which such bidder will purchase said bonds 5 or b. The lowest rate of interest at which the bidder will purchase said bonds at par. Said bonds shall be sold to the bidder making the best bid, subject to the right of the corporate authorities to reject any and all bids and readvertise. It is permissible to bid different interest rates for the issue of bonds, but none of said bonds shall be sold at less than par and accrued interest, nor shall any discount or commission be allowed or paid on the sale of said bonds. The best bid will be determined by deducting the amount of the premium bid, if any, from the total amount of interest which the City would be required to pay from the date of said bonds to the respective maturity dates at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City. The purchaser must pay accrued interest from the date of the bonds to the date of delivery. All bids shall be sealed and enclosed in an envelope addressed to the City Treasurer and marked "Proposal for $900,000.00 City of Las Vegas, Nev­ada, General Obligation Sewer Bonds", except for the bid of the State of Nevada, if one is received, shall be accompanied by a deposit of five percent, either cash or certified check made payable to the City of Las Vegas, Nevada, of the amount of the bid, which shall be returned if the bid is not accepted. The good faith deposit will be credited to the purchaser (without accruing interest) at the time delivery is made, 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 may accept the bid of the one making the next best bid or, if all bids are rejected, such corporate authorities shall readvertise said bonds for sale. If there be two or more equal bids, and such bids are the best bids received, and not less than par and accrued interest, the corporate auth­orities shall determine which bid shall be accepted. The City reserves the privi­lege of waiving any irregularity or informality in any bid. Delivery will be made to the successful bidder as soon as practicable at the office of the City Treasurer or at some bank in Las Vegas, Nevada, or, at the successful bidder's request and expense, delivery will be made elsewhere, as requested. The legality of the bonds will be approved by Messrs. Pershing, Bosworth, Dick & Dawson, Attorneys at Law, Equitable Building, Denver, Colorado, whose opin­ion, together with the printed bonds and a certified transcript of the legal pro­ceedings will be furnished the purchaser without charge by the City. BY ORDER OF THE BOARD OF COMMISSIONERS of the City of Las Vegas, Clark County, Nevada, this 1st day of July, 1953. C.D. BAKER Mayor ATTEST: SHIRLEY BALLINGER City Clerk 7-1-53