Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-324

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 he due and payable upon each bond so to be redeemed at the office of the City Treasurer in the pity 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. 100-23 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. 100-23 in said City, said assessments bearing interest commencing June 1, 1954 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 June 1, 1955, 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 became due, the deficiency shall be paid out of the City's general fund. SECTION 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. 100-23 STREET IMPROVEMENT BOND SERIES OF JULY 1, 1954 $1,000.00 NO._____________________ 100.00 552.54 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 funds available for the purpose, as hereinafter set forth, to bay to bearer hereof the principal sum of ONE THOUSAND DOLLARS ONE HUNDRED DOLLARS FIVE HUNDRED FIFTY-TWO AND FIFTY-FOUR ONE HUNDREDTHS DOLLARS On the first day of July, 1955 with interest thereon until maturity according to the interest coupons hereto attached, and thereafter until paid at the rate of Four and Forty One Hundredths per centum (4.40%) per annum, payable annually on the first day of July 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 340 special assessment, negotiable coupon, improvement bonds, numbered consecutively from one to 340 both inclusive, issued by the City of Las Vegas all of which are of like date and designation and aggregate the total amount of Three-Hundred Thirty One Thousand, Four Hundred Fifty-Two and Fifty-Four One Hundredths Dollars ($331.452.54). This bond and the interest thereon shall be payable from a special fund designated "Street Improvement Assessment District No. 100-23 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. 100-23, which fund is and shall continue to constitute a sinking fund for and be deemed specially appropriated to the full and prompt payment of said bonds and the interest thereon, and shall be used for no other purpose whatever, provided, however, that in the event said fund shall be insufficient to pay said bonds and the interest thereon as they become due, the deficiency shall be paid out of the City's general fund. Said special assessments made and levied to defray said cost, with accruing interest thereon, constitute a lien upon and against the property upon which such assessments were made and levied from and after the 5th day of May, 1954 the date upon which the assessment roll therefor was: confirmed and approved by the Board of Commissioners of said City. It is hereby certified, recited and declared that all acts, conditions and things essential to the validity of the bond exist, have happened and have been done in due time, form and manner as required by law, and that the total issue of said improvement bonds of said City for said improvements and incidental expenses, including this bond, does not exceed the amount authorized by law nor the special assessments levied to cover the cost of said improvements.