Las Vegas City Commission Minutes, March 1, 1922 to May 10, 1929, lvc000002-167

Section 4. And it is hereby ordered and directed that any interest falling due on said Highway bonds on or before December 1, 1925, shall be and the same is hereby ordered appor­tioned and paid by the City Treasurer of said City from the General funds of said City or out of any funds belonging to said City not otherwise apportioned and for the purpose of providing necessary funds to reimburse said General Fund or other fund or funds for the Amount of any money borrowed from it, and also to pay the interest accrued on said bonds subsequent to January 1, 1926, promptly and after the same falls due and to constitute and maintain a fund to be designated "Las Vegas Highway Bonds (series 1925) redemption and sinking fund," sufficient to pay the interest on said bonds promptly and as the same falls due and to discharge the principal of said bonds promptly at their maturity, there shall be levied and collected annually a sufficient tax on all property, both real and personal within the boundaries of said City of Las Vegas, Clark County, Nevada, to pay the interest on said bonds as the same accrues according to the tenor and the maturity thereof, the principal of said bonds at the time provided therein and hereinabove set forth in this resolution. Such tax shall be levied and collected in the same manner and at the same time as taxes are assessed and collected in said City of Las Vegas, and the proceeds thereof shall be kept by the City Treasurer in a special fund. Section 5: That it be and it is hereby certified, recited and warranted that all conditions acts and things necessary and essential to the validity of the bonds of said City in this order mentioned, and required by law to be done, have been duly done and performed and the proceeds to be derived from the issue of said bonds are immediately necessary for the purpose aforesaid. Section 6: That the Mayor and Clerk of this Board and the Treasurer of said City, or any of either of them are hereby authorized, ordered and directed to furnish the purchaser of said bonds sufficient transcripts and other documents and proceedings preliminary to the issue and delivery of said bonds and the legality and sufficiency thereof and validity of said bonds and the acts of said officers in the premises are hereby declared ratified, approved and con­firmed. Section 7: That the provisions of this resolution and order and each of the bonds issued and delivered pursuant hereto, shall be and to constitute, and the same are hereby de­clared to be a binding an irrevocable contract between said City and purchaser and holder or holders of said bonds from time to time. Section 8: That all resolutions and orders or parts thereof of this Board in conflict with the provisions hereof, or which might in any manner prevent the issuance or delivery or impair the validity of said bonds be and the same are hereby repealed, rescinded and an­nulled and this resolution and order shall be irrepealable until the indebtedness hereby created both as to principal and interest, shall by said City have been fully paid, certified and dis­charged. Approved this 25th day of February, A.D. 1925. From the roll call the voting results were as follows: Commissioners Anderson, Matzdorf, and Elwell and His Honor the Mayor, W. C. German, Aye. Noes, none. There being no further business to come before the Board at this time, it was ordered upon motion duly made and carried that the Board adjourn until the next regular meeting to be held on the 3rd day of March, A.D. 1925.