Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-147

Treasurer and City Clerk, which officers, by the execution of said bonds, shall adopt as and for their signatures the facsimiles thereof appearing on said coupons, and -when said bonds are executed, said coupons shall constitute the binding obligations of said City for said interest. Said bonds and coupons bearing the signatures of the officers in office at the time of the signing thereof shall be the valid and binding obligations of the City of Las Vegas, notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices. All of said bonds are subject to prior redemption in inverse numerical order at the option of the City on any interest payment date prior to maturity, at a price equal to the principal amount thereof with accrued interest to the redemption date, whenever funds are available therefor. Notice of redemption shall be given by the City Treasurer in the name of the City of Las Vegas by publication of such notice at least once in each calendar week on any day of the week for at least two successive weeks, the first publication to be at least fifteen days prior to the redemption 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 SECURITY NATIONAL BANK OF RENO, 180 West First Street, Reno, Nevada, the original purchaser 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 "Assessment District No. 200-3 Sanitary Sewer Improvement 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 said Sanitary Sewer Improvement Assessment District No. 200-3, 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 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 form: (Bond Form) UNITED STATES OF AMERICA STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS ASSESSMENT DISTRICT NO. 200-3 SANITARY SEWER IMPROVEMENT BOND SERIES OF SEPTEMBER 1, 1952 $1,000.00 NO. __________ 310.10 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 ONE THOUSAND DOLLARS FIVE HUNDRED TEN AND TEN ONE HUNDREDTHS DOLLARS on the first day of September, 1953 with interest thereon until maturity according to the interest coupons attached hereto, and thereafter until paid at the rate of Four and Forty One Hundredths per centum (4.40%) per annum, payable annually on the first day of September 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 than 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 twenty special assessment, negotiable coupon improvement bonds numbered consecutively from one to twenty, both inclusive, issued by the City of Las Vegas, all of which are of like date and designation and aggregate the total amount of NINETEEN THOUSAND FIVE HUNDRED TEN AND TEN ONE HUNDREDTHS DOLLARS ($19,310.10). This bond and the interest thereon shall be payable from a special fund designated ’’Assess­ment District No. 200-3 Sanitary Sewer Improvement 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 Sanitary Sewer Improvement Assessment District No. 200-3, 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. Said special assessments made and levied to defray said cost, with accruing interest thereon, constitute a lien upon and against the property upon which assessments were made and levied from and