Las Vegas City Commission Minutes, November 7, 1949 to May 21, 1952, lvc000007-551

Said bonds shall be fully negotiable and shall have all the qualities of negotiable paper, subject to the payment provisions stated herein, and the holder or holders thereof shall possess all rights enjoyed by holders of negotiable instruments under the provisions of the Negotiable Instru­ments Law. Said bonds shall be signed by the Mayor of the City of Las Vegas, countersigned by the City Treasurer, and its corporate seal shall be affixed to each bond and attested and countersigned by its City Clerk. The coupons attached to said bonds shall bear the facsimile signature of the Mayor, City 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 First National Bank of Nevada, Reno, Nevada, the original purchasers 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 "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. 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. 100-6 STREET IMPROVEMENT BOND SERIES OF DECEMBER 1, 1951 $1,000.00 900.00 NO. __________ _______________________________________________ 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 fund available for the purpose, as hereinafter set forth, to pay to bearer hereof the principal sum of ONE THOUSAND DOLLARS NINE HUNDRED DOLLARS SEVEN HUNDRED THIRTY AND SEVENTY-ONE ONE HUNDREDTHS DOUARS on the first day of December, 19____, with interest thereon until maturity according to the interest coupons hereto attached, and thereafter until paid at the rate of four per centum (4%) per annum, payable annually on the first day of December 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 110 special assessment, negotiable coupon, im­provement bonds, numbered consecutively from one to one-hundred ten, both inclusive, issued by the City of Las Vegas, all of which are of like date and designation and aggregate the total amount of One-Hundred Eight Thousand, Eight-Hundred Thirty and Seventy-One One-Hundredths Dollars ($108,830.71).