Las Vegas City Commission Minutes, March 1, 1922 to May 10, 1929, lvc000002-252

WHEREAS, it is deemed necessary in order to protect the rights and interests of the City of Las Vegas and its citizens that further provision should be made with respect to the delivery of said deed of re-conveyance as hereinafter set forth, and Whereas, one of the principal considerations for the making and delivery of said deed of reconveyance was and is the assurance that the said tourist hotel and adjuncts would be completed and put in operation as provided in the said proposed agreement between said Las Vegas Land & Water Company and said A. L. Richmond, and it is also now considered and was considered in the adoption of said Resolution at this meeting, as aforesaid, that provision should be made for the reconveyance to said City of said public park in the event the said proposed agreement is executed and delivered by and between said Las Vegas Land & Water Company and said A. L. Richmond, and said A. L. Richmond shall fail to execute and deliver the ($50,000.00) indemnity bond provided for in said proposed agreement, and further that in the event said agreement is executed and delivered and said bond is also executed and delivered as proposed that said City of Las Vegas should have a reasonable share of the net proceeds derived from said indemnity bond in the event of its successful enforcement upon a breach of the conditions thereof. NOW THEREFORE BE IT RESOLVED , that as a further condition precedent to the delivery of said deed of reconveyance by said Mayor and City Clerk they shall on behalf of said City of Las Vegas under the hand of said Mayor, attested by said City Clerk under the seal of said City enter into an agreement with said Las Vegas Land & Water Company upon the following conditions; 1. That in the event said purposed agreement between said Las Vegas Land & Water Company and said A. L. Richmond is entered into substantially in the form provided for in said Resolution heretofore passed at this meeting, and said A. L. Richmond shall within the period of thirty days, provided for in said proposed agreement, fail to neglect or refuse to deliver the said $50,000.00 indemnity bond therein provided for, and said deed of reconveyance shall have passed to said Las Vegas Land & Water Company, then and in that event the said Las Vegas Land & Water Company shall re-convey said Public Park to the City of Las Vegas, in trust for public park purposes. 2. That in the event said purposed agreement and said bond are executed and delivered, as aforesaid, and in the event a breach of the conditions of said bond is made by said A. L. Richmond giving rise to a cause of action upon said bond by said Las Vegas Land & Water Company, then and in that event One sixth of the net Amount recorded in any but upon said bond shall be, upon its recovery by said Las Vegas Land & Water Company paid to said City of Las Vegas. The vote on said Resolution was as follows: Commissioners Mundy, Elwell, Smith, His Honor the Mayor voting aye. Noes none There being no further business to come before the Board it was made upon motion duly made and carried that the Board adjourn until Friday the 11th day of February, A. D. 1927, at the hour of three o'clock, P. M. Voting on said motion Commissioners, Mundy, Elwell, Smith and His Honor the Mayor, J. F. Hesse, Aye. Noes. none.