Las Vegas City Commission Minutes, September 21, 1955 to November 20, 1957, lvc000010-86

prior redemption, at the option of the City on such terms as the Board of Commissioners may determine on any interest pay­ment date on and after ten (10) years from the date of the bonds, principal and interest to be payable from an annual general tax levy, and from such other sources available there­for as the Board of Commissioners may at its option determine." (c) "Shall the City of Las Vegas issue its negotiable coupon General Obligation Fire Extinguishing System Bonds in the aggregate prin­cipal amount of $400,000.00, or so much thereof as may be nec­essary, for the purpose of defraying, in part, the cost of im­proving the municipal Fire Extinguishing System, by acquiring additional fire extinguishing equipment, and buildings therefor, together with such additional sites and grounds as may be nec­essary, and by improving existing fire department buildings and fire extinguishing equipment, said bonds to bear interest at a rate of not more than seven (7) percent per annum, and to mature serially in regular numerical order at annual intervals, com­mencing not later than the year 1938, and ending not later than the year 1980, both inclusive, said bonds maturing after the year 1966, to be subject to prior redemption, at the option of the City on such terms as the Board of Commissioners may de­termine on any interest payment date on and after ten (10) years from the date of the bonds, principal and interest payable from an annual general tax levy, and from such other sources available therefor as the Board of Commissioners may at its option determine." (d) "Shall the City of Las Vegas issue its negotiable coupon General Obligation Fire Alarm System Bonds in the aggregate principal amount of $200,000.00, or so much thereof as may be necessary for the purpose of defraying, in part, the cost of improving the municipal Fire Extinguishing System, by acquiring, construct­ing and establishing an automatic fire alarm system complete with headquarters building and controls and panels, said bonds to bear interest at a rate of not more than seven (7) percent per annum, and to mature serially in regular numerical order at annual intervals, commencing not later than the year 1938, and ending not lather than the year 1980, both inclusive, said bonds maturing after the year 1966, to be subject to prior re­demption, at the option of the City on such terms as the Board of Commissioners may determine on any interest payment date on and after ten (10) years from the date of the bonds, prin­cipal and interest to be payable from an annual general tax levy, and from such other sources available therefor as the Board of Commissioners may at its option determine." WHEREAS, each of said propositions was carried by the vote of more than a majority of such qualified voters of the City of Las Vegas voting thereon; and WHEREAS, thereafter pursuant to notice duly given in accordance with the statutes of the State of Nevada, sealed bids for the purchase of the bonds of each said issue were received and publicly opened on the 16th day of November, 1955, at the hour of 8.00 o'clock P.M.; and WHEREAS, pursuant to said notice all of said bonds were than sold and awarded to John Nuveen & Co., Chicago, Illinois, and associates, the bidder making the best bid for each said issue, at a price equal to the principal amount thereof and accrued interest to the date of de­livery; and WHEREAS, the Board of Commissioners of said City has determined, and does hereby determine, that it is necessary and for the best interests of the City of Las Vegas and the inhabitants thereof that said bonds be so issued; and WHEREAS, said City has not issued and does not have bonds out­standing, including those hereinafter authorized to be issued, in an amount in excess of twenty percent of the total valuation of the tax­able property within said City as shown by the last preceding tax list or assessment roll. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS DO ORDAIN: Section 1. That said election resulted in the approval of the issuance of said bonds, and the result of said election is hereby so de­clared. Section 2. That all action (not inconsistent with the provis- sions of this ordinance) heretofore taken by the Board of Commissioners and the officers of the City of Las Vegas, directed toward accomplishing the purposes stated in the aforesaid propositions and the issuance of bonds for those purposes be, and the same hereby is, ratified, approved and confirmed, including, without limiting the generality of the fore­going, the acceptance of said proposals of John Nuveen & Co., Chicago, Illinois, and associates, for the purchase of said bonds. Section 3. That to provide funds for the following stated purposes,the City of Las Vegas, on behalf of said City and upon the credit thereof, pursuant to the powers vested in said City and its Board of Commissioners under the general laws of the State of Nevada and the Charter of said City, shall issue the following negotiable cou­pons of said City: (a) General Obligation Sewer Bonds, Series December 1, 1955, 12-9-55