Las Vegas City Ordinances, March 31, 1933 to October 25, 1950, lvc000014-376

EMERGENCY ORDINANCE NO. 376 AN ORDINANCE RELATING TO THE AUTHORIZATION AND ISSUANCE OF THE CITY OF LAS VEGAS SEWAGE DISPOSAL BONDS, SERIES OF MAY 1, 1948, IN THE AGGREGATE PRINCIPAL AMOUNT OF $350,000.00 AND AMENDING AND SUPPLEMENTING EMERGENCY ORDINANCE NO. 353 ADOPTED THE 23RD OF APRIL, 1948 WHEREAS, Emergency Ordinance No. 353 duly adopted by the Board of Commissioners of the City of Las Vegas on the 23rd day of April, 1948, as amended and supplemented, provided for the issuance and sale of the General Obligation Sewage Disposal Bonds of the City of Las Vegas, Series of May 1, 1948, in the aggregate principal amount of $350,000.00, said bonds to bear interest at the rate of not more than three per centum per annum and to mature serially $8,000.00 on the first day of May, 1949 and $18,000.00 on the first day of May in the years 1950 to 1968, both inclusive, all bonds maturing on and after May 1, 1954 to be subject to redemption on May 1, 1953, or on any interest payment date thereafter; and WHEREAS, pursuant to said ordinance said bonds were thereafter offered at public sale with a maxi­mum interest rate of three per centum per annum (which was the maximum interest rate approved by the electors) but no bids were received for their purchase; and WHEREAS, thereafter, a resolution was duly adopted by the Board of City Commissioners of Las Vegas on the 27th day of August, 1948, authorizing the reoffering of said bonds at public sale on the 5th day of October, 1948 describing said bonds with alternative maturity dates and stating that prior to the delivery of said bonds the City would adopt an ordinance providing for the establishment and maintenance of sewage disposal service charges sufficient to pay the principal and interest of the bonds and that the proceeds derived therefrom would be pledged to the payment of the bonds; and WHEREAS, pursuant to said notice, bids were received by the Board of City Commissioners of Las Vegas on the 5th day of October, 1948 and the bid submitted by Paine, Webber, Jackson and Curtis, Chicago, Illinois, for the purchase of the bonds was the best and only bid submitted and was for bonds maturing serially $35,000.00 on the first day of May in the years 1949 to 1958, both inclusive; and WHEREAS, on the 8th day of September, 1948, the Board of City Commissioners of Las Vegas duly adopted Ordinance No. 364 providing for the imposition and collection of rates, fees and charges for the use of the sewage disposal system and pledging the net revenues derived from the imposition of such rates, fees and charges as additional security for the payment of the Las Vegas Sewage Disposal Plant Bonds, Series of May 1, 1948, authorized by Ordinance No. 353 as the same might thereafter be amended of supplemented; and WHEREAS, in order to establish the maturity schedule and interest rate set forth in the bid of Paine, Webber, Jackson and Curtis and accepted by resolution of the Board of City Commissioners of Las Vegas, it is necessary that said Emergency Ordinance 353 be amended and supplemented. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS, NEVADA DOES ORDAIN: Section 1. That Section 2 of Emergency Ordinance No. 353 duly adopted by the Board of City Commis­sioners of Las Vegas on the 23rd day of April, 1948, be and the same is hereby amended to read as follows, to-wit: "Section 2. That for the purpose of constructing a sewage disposal plant as part of and in con­nection with the sewerage system of said City, for the use of the City of Las Vegas, pursuant to the powers vested in said City and its Board of Commissioners under the Charter of said City and the general laws of the State of Nevada, there be issued bonds of said City of Las Vegas designated "Las Vegas, Nevada, Sewage Dis­posal Bonds, Series of May 1, 1948" in the aggregate principal amount of Three Hundred Fifty Thousand Dollars ($350,000), consisting of 350 bonds in the denomination of $1,000.00 each, bearing interest at the rate of not more than three per cent (3%) per annum, both principal and interest being payable at the office of the City Treasurer in any coin or currency of the United States of America, which on the respective dates of payment is legal tender for the payment of public and private debts, all dated as of May 1, 1948, numbered consecu­tively from 1 to 350, both numbers inclusive, and maturing serially Thirty-five Thousand Dollars ($35,000.00) on the first day of May in each of the years 1949 to 1958, both inclusive. Interest on said bonds shall be payable semiannually commencing November 1, 1948 and on the first days of May and November in each year thereafter until the principal of said bonds has been fully paid and discharged. "Bonds numbered 176 to 350, both inclusive, maturing on and after May 1, 1954, are subject to re­demption in inverse numerical order at the option of the City of Las Vegas on the first day of May, 1953, or on any interest payment date thereafter prior to maturity at a price equal to the principal amount thereof with accrued interest to the redemption date. Notice of redemption shall be given by the County Treasurer of Clark County, Nevada, as Ex-officio Treasurer of the City of Las Vegas in the name of the City of Las Vegas by publication of said notice at least once in each calendar week on any day for at least four succes- sive weeks 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 thirty days prior to the redemption date to the purchaser or purchasers of said 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 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 2. That Section 4 of Emergency Ordinance No. 353 duly adopted by the Board of City Commis­sioners of Las Vegas on the 23rd day of April, 1948, be and the same is hereby amended to read as follows, to-wit: "Section it. That said bonds and the coupons attached thereto shall be in substantially the following form: