Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-54

EMERGENCY ORDINANCE NO. 456 AN EMERGENCY ORDINANCE RATIFYING, APPROVING AND CONFIRMING ACTION DIRECTED TOWARD THE IMPROVEMENT OF CERTAIN STREETS AND PARTS THEREOF, THE CREATION OF STREET IMPROVEMENT ASSESSMENT DISTRICT NO. 100-2, AND THE ISSU­ANCE OF IMPROVEMENT BONDS; PROVIDING FOR THE ISSUANCE OF SAID BONDS; PRESCRIBING DETAILS IN CONNECTION THERE- WITH AND OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the Board of Commissioners of the City of Las Vegas, in the County of Clark and State of Nevada, on the 12th day of April. 1951, did publicly sell its Assessment District No. 100-2 Street Improvement Bonds, Series of January 1, 1951, in the aggregate principal amount of $225.463.75 in accordance with the laws of the State of Nevada, and City of Las Vegas; and WHEREAS, said Board desires to authorize and direct the issuance of said bonds. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS DOES ORDAIN AS FOLLOWS: Section 1. That all action, proceedings, matters and things (not inconsistent with the provisions of this ordinance) heretofore taken, had and done by the City of Las Vegas and the officers of said City con- cerning the improvement of certain streets, and parts thereof, in Street Improvement Assessment District No. 100-2 in said City, the creation of said District within and for said City, the levying and perfecting of special assessments to meet the cost and expense thereof, and the issuance of its Assessment District No. 100-2 Street Improvement Bonds, Series of January 1, 1951, for that purpose, be, and the same is hereby, rat- ified, approved and confirmed, including, without limiting the generality of the foregoing, the confirmation, adoption and approval of the assessment roll for said District, and the public sale of said bonds to THE SECURITY NATIONAL BANK OF RENO and its associates. Section 2. That for the purpose of defraying the entire cost and expense of making said improve­ments, except to the extent funds are available therefor from that part of said assessments which have been heretofore paid, there be issued in the name of the City of Las Vegas special assessment negotiable coupon bonds designated "Assessment District No. 100-2 Street Improvement Bonds, Series of January 1, 1951," in the aggregate principal amount of $225,463.75, consisting of two hundred thirty-one bonds numbered consecutively from 1 to 231, both inclusive, which bonds shall bear date as of the 1st day of January, 1951, shall be in the denominations of $1,000.00 and $500.00 each, except bond numbered one shall be in the denomination of $463.75, maturing serially in regular numerical order on the first day of January, $22,963.75 in the year 1952, and $22,500.00 in each of the years 1953 to 1961, both inclusive, and bearing interest at the rate of three and forty one hundredths per centum (3.40%) per annum until paid in full, payable annually on the 1st day of January in each year, as evidenced by interest coupons attached to said bonds, three per centum (3%) per annum of said interest being payable by coupons designated "A” coupons and forty one hundredths per cen­tum (0.40%) per annum of said interest being payable by coupons designated "B" coupons. Said bonds shall be numbered, shall be in the denomination of, and shall mature serially in regular numerical order on the first day of January in each of the years indicated as follows: Bond Numbers Bond Amount Maturity (All Inclusive) Denomination Maturing Date 1 $ 463.75 $ 22,963.75 1952 2-23 1,000.00 1952 24 500.00 1952 25 - 46 1,000.00 22,500.00 1953 47 500.00 1953 48-69 1,000.00 22,500.00 1954 70 500.00 1954 71 - 92 1,000.00 22,500.00 1955 93 500.00 1955 94 - 115 1,000.00 22,500.00 1956 116 500.00 1956 117 - 138 1,000.00 22,500.00 1957 139 500.00 1957 140 - 161 1,000.00 22,500.00 1958 162 500.00 1958 163 - 184 1,000.00 22,500.00 1959 185 500.00 1959 186 - 207 1,000.00 22,500.00 1960 208 500.00 1960 209 - 230 1,000.00 22,500.00 1961 231 500.00 1961 Said bonds and the coupons thereto attached shall be payable in lawful money of the United States of Ameri­ca at the office of the City Treasurer of the City of Las Vegas, Nevada. 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 j 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