Las Vegas City Commission Minutes, November 7, 1949 to May 21, 1952, lvc000007-505

City Treasurer and ex-officio Tax Collector of said City, without interest and without demand, within one week after the special assessment roll for said District was confirmed and approved; and WHEREAS, said roll was confirmed and approved on the 13th day of November, 1951; and WHEREAS, within said week there was paid the aggregate sum of $16,459.36, and there remains unpaid assessments in the aggregate principal amount of $108,830.71; and WHEREAS, said City heretofore provided that the failure to pay the whole of any assessment, or any part thereof, within said period of one week should be conclusively con­sidered an election on the part of all persons interested to pay said assessment in ten sub­stantially equal annual installments of principal, the first of which installments of princi­pal shall be due and payable on or before the 1st day of November, 1952, and annually there­after on the same day in each year until paid, at the same rate of interest as that provided for the special assessment bonds to be thereafter authorized, sold, issued and delivered, but not to exceed seven per centum (7%) per annum; and WHEREAS, said City and the officers thereof have determined, and do hereby determine, that it is necessary and for the best interests of said City and the inhabitants thereof that it issue its Assessment District No. 100-6, Street Improvement Bonds, Series of December 1, 1951, in an aggregate principal, amount equal to the aggregate principal amount of said unpaid assessments, to-wit, $108,830.71, to defray said entire cost and expense of making said im­provements, except to the extent funds are available therefor from the assessments which have been heretofore paid; and WHEREAS, said City and the officers thereof desire to sell said bonds after public advertisement therefor, pursuant to the laws of the State of Nevada and the City of Las Vegas. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS. OF THE CITY OF LAS VEGAS, NEVADA: Section 1. That special assessment negotiable coupon bonds designated Assessment District No. 100-6, Street Improvement Bonds, Series of December 1, 1951, of the City of Las Vegas, in the aggregate principal amount of $108,830.71 shall be sold for not less than their par value at public sale to the person or persons offering the best and most advantageous terms to said City. The Mayor and the City Clerk be and they are hereby authorized and directed to give notice offering said bonds for sale and calling for bids for the purchase of said bonds by publishing a notice once a week for four consecutive weeks by five insertions at weekly intervals in the Las Vegas Evening Review-Journal, the official newspaper of the City of Las Vegas, and by mailing a copy of such notice at least three weeks prior to the date fixed for the sale of said bonds to the State Board of Finance, Carson City, Nevada, which notice shall be in substantially the following forms NOTICE OF SALE CITY OF LAS VEGAS, NEVADA ASSESSMENT DISTRICT NO. 100-6 STREET IMPROVEMENT BONDS Series of December 1, 1951 $108,830.71 NOTICE IS HEREBY GIVEN that the City of Las Vegas, Clark County, Nevada will on the 16TH DAY OF JANUARY, 1952 at 7:30 o’clock P.M., at the City Hall in Las Vegas, Nevada, offer for sale, receive sealed bids, and publicly open the same for, the following described special assessment negotiable coupon bonds of said City; City of Las Vegas Assessment District No. 100-5, Street Improvement Bonds, Series of December 1, 1951, in the aggregate principal amount of $108,830.71 dated December 1, 1951, consisting of 110 bonds numbered consecutively from 1 to 110, both inclusive, being in the denomination of $1,000.00 and $900.00 each, except bond numbered one is in the denomination of $730.71, maturing serially in regular numerical order on the first day of December, $10,730.71 in the year 1952, and $10,900.00 in each of the years 1953 to 1961, both inclusive, all bonds being subject to prior redemption on any interest payment date in inverse nu­merical order at the option of the City whenever funds are available therefor, after fifteen days published notice, upon payment of the principal amount thereof with accrued interest to the redemption date, and bearing interest payable an­nually at a rate of not exceeding seven per centum (7%) per annum, both prin­cipal and interest being payable at the office of the City Treasurer at La's Vegas, Nevada. Said bonds and the interest thereon are payable from a special fund designated “Street Improvement Assessment District No. 100-6 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 Street Improve­ment Assessment District No. 100-6 in said City, said assessments bearing inter­est commencing November 1, 1951 and payable annually on each principal paying date at the same rate of interest as borne by said bonds, said assessments being payable in ten substantially equal annual installments of principal on or before November 1, 1952 and on or before the same day in each year thereafter until paid in full, or, at the owner’s option, the whole of the unpaid principal with interest accruing thereon to the next interest paying date being payable at any time, provided, however, that in the event said fund shall be insufficient to pay said bonds and interest thereon as they become due, the deficiency shall be paid out of the City’s general fund.