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and collected in the same manner as state and county taxes and the proceeds thereof shall be paid to the Treasurer o f the D istrict to be used for the purposes for which the tax was levied. A ll taxes levied as herein provided shall constitute a lien on the property charged therewith from the date o f the levy thereof by the C ounty Com m issioners, or the entry thereof on the assessment roll o f the C ounty A uditor, until the same are paid, and thereafter, if allow ed to becom e delinquent, shall be enforced in the same manner as is n ow provided by law for the collection o f state and county taxes. N o additional allowance, fee or com pensation shall be paid to any officer for carrying out the provisions of this section. In the event that the total taxes requested to be levied in any one year by the D istrict and the political subdivisions w hich overlap it should exceed fifty mills and reduction thereof shall be necessary by reason of the restriction contained in Section 2 of A rticle X of the Constitution of Nevada, the board charged with the duty o f m aking such reductions and allocations is hereby required to allocate to the D istrict sufficient taxes to assure the paym ent to the D istrict o f m oney sufficient to make certain the prom pt paym ent o f principal o f and interest on any bonds o f the D istrict w hich m ay have been issued with the pledge o f the full faith, credit and resources o f the D istrict, and w here bonds have so issued, the D istrict shall be regarded as a political subdivision of the State o f N evada for the purposes of Chapter 233, Statutes of N evada, 1947, and the provisions of said chapter shall be applicable to said D istrict. Section 12. Equality of Bonds, Pledge of Revenues. Bonds of this issue shall be equally secured b y the revenues o f and from the w orks and properties o f the D istrict (including w orks and properties hereafter constructed or acquired) and by the tax receipts o f the District. N o bond o f the D istrict, w hether a general obligation bond or a bond payable solely from revenues, shall have any priority w ith respect to paym ent o f principal and interest out of the revenues of the D istrict over the bonds herein ordered issued or over any other bonds o f the D istrict heretofore or hereafter issued. A ll of the revenues o f the D istrict after paym ent o f costs o f operating and m aintaining the w orks and properties and the general expense o f the D istrict are hereby pledged for the security o f the bonds and such revenues and any interest earned on such revenues shall constitute a trust fund for the security and paym ent o f the bonds and the interest thereon. Said revenues and the funds derived therefrom shall be used on ly as perm itted under the terms o f this resolution and Chapter 167, Statutes of N evada, 1947, as amended and supplemented. Section 13. Funds1. T here are hereby established in the Treasury o f the D istrict the follow in g separate fu n d s: 1. W A T E R W O R K S B O N D S , 1954, A C Q U IS IT IO N A N D C O N S T R U C T IO N F U N D (herein referred to as “ C onstruction Fund” ) ; 2. W A T E R W O R K S B O N D S , 1954, R E V E N U E F U N D (herein referred to as “ Revenue Fund” ) ; 3. W A T E R W O R K S B O N D S , 1954, S IN K IN G F U N D (herein referred to as “ Sinking Fund” ), in w hich the follow in g subfunds shall be established: (a ) B ond Service (herein referred to as “ B ond Service Fund” ),.. ; (b ) B ond R edem ption (herein referred to as “ R edem ption Fund” ), and (c ) Reserve for Contingencies (herein referred to as “ Reserve Fund” ) ; 4. W A T E R W O R K S M A IN T E N A N C E A N D O P E R A T IO N F U N D (herein referred to as “ M . & O. F und” ). Section 14. Construction Fund. T h e purpose o f the Construction Fund hereinbefore estab­lished is to insure the application o f the proceeds received on the sale o f the bonds to the purposes stated in the notice o f election (said purposes being stated in the bond proposal set forth in the recitals h ereof), for w hich purposes said bonds are to be issued. T h e Treasurer o f the D istrict shall im m ediately upon receiving the proceeds o f the sale o f the bonds place said proceeds in the Construction Fund. T h e m oney set aside and placed in the Construction Fund shall be applied exclusively to said purposes and shall remain in said C onstruction Fund until from time to time expended for the purposes stated in the notice o f election, the paym ent o f the incidental expenses in connection therewith, the paym ent o f expenses incurred in connection with the authorization and issuance o f the bonds, the paym ent o f interest on the bonds during the period o f construction o f any im provem ents for w hich the bonds were voted and for six m onths thereafter, and repayment 5 % to Clark County of any amounts advanced to the D istrict by said county w hich amounts have not been repaid at the time the bonds are issued; provided, however, that m oney m ay be paid or transferred from the Construction Fund in furtherance of the purposes of its establishment, to any other such separate fund established for a like purpose in connection with the bonds, and any proceeds so transferred shall be applied exclusively to said purposes. Section 15. Revenue Fund. A ll m oneys received by the D istrict from the sale or distribution o f water or otherw ise derived from the works or property o f the D istrict shall be paid into the R evenue Fund, and no disbursem ents shall be made from said fund except as provided in this resolution. Section 16. Maintenance and Operation Fund. T h e necessary and reasonable costs of the operation and maintenance of the w orks and properties o f the D istrict and the general expenses of the D istrict shall be paid from the revenues prior to the paym ent o f principal and interest on the bonds and the sums for other security funds as provided in this resolution. M oneys required for said operation and maintenance and general expenses shall from time to time be set aside from the R evenue Fund and transferred and paid into the M. & O. Fund. T he maintenance and operation expenses and the general expenses o f the D istrict shall be paid from said M. & O. Fund. Section 17. Sinking Fund. T h e purpose of the Sinking Fund and its subfunds, as herein­before established, is to insure prom pt paym ent o f the principal o f and interest on the bonds, when due and payable, to pay the purchase price of bonds, if any, purchased prior to maturity, and in the event said bonds shall be called for redem ption before maturity, to insure prom pt paym ent o f the principal o f and premium on the bonds redeemed on the redem ption date. Section 18. Bond Service Fund. T h e purpose o f the Bond Service Fund hereinbefore established is to insure the paym ent, when due and payable, o f the principal and interest on the bonds. O n the date o f the bonds and thereafter until the date the first instalment o f interest is due, on the first day o f each m onth there shall be set aside from the Revenue Fund and transferred to and placed in the Bond Service Fund a sum at least equal to 1/12 of said first annual instalment. N o such transfers from the Revenue Fund for the paym ent o f said first instalment need be made prior to actual delivery o f the bonds and until after the D istrict shall have acquired the water facilities of the Las V egas Land and W ater C om pany; provided, how ever, that not later than the first day o f the fourth m onth next succeeding the m onth in w hich the D istrict shall acquire the facilities o f the Las V egas Land and W ater Com pany and on the first day o f each month thereafter until said first instalment is due, the am ount required to meet said first instalment shall be set aside from the Revenue Fund and transferred to and placed in said B ond Service Fund in approxim ately equal m onthly sums, each to be set aside and placed in the Bond Service Fund in such time that the total am ount o f such first instalment o f interest is in said Bond Service Fund at least one m onth prior to the date said first instalment falls due. O n M arch 1, 1955, and thereafter so long as any o f the bonds are outstanding, on the first day of each m onth there shall be set aside from the R evenue Fund and transferred to and placed in said B ond Service Fund a sum at least equal to 1 /6 o f the paym ent of the semiannual interest next com in g due on said bonds. O n M arch 1, 1956, and m onthly thereafter on the first day o f each m onth so lon g as any of the bonds are outstanding there shall be set aside from the Revenue Fund and transferred to and placed in said Bond Service Fund a sum at least equal to 1/12 o f the next maturity or maturing instalment o f the principal o f such bonds. D uring the year next preceding the principal paym ent date o f the last maturity o f bonds then outstanding, the amounts required to be set aside m onthly for paym ent o f the last m aturing instalment of principal o f and interest on said bonds need not be in amounts greater than necessary to produce a sum which, when added to any am ount in the R eserve Fund available for such paym ent (as hereinafter m ore particularly provided in Section 19 hereof), w ill be sufficient to pay said last m aturing instalment o f principal of and interest on said bonds upon the date when the same m ay be due and payable. Said sums shall be set aside from the R evenue Fund and transferred to and placed in the Bond Service Fund in such tim e that the next m aturing instalment of principal o f and interest on the 6