Las Vegas City Commission Minutes, May 14, 1929 to February 11, 1937, lvc000003-151

OFFICE OF THE CITY CLERK, CITY OF LAS VEGAS, CLARK COUNTY, NEVADA. MARCH 5th, 1931. Minutes of a regular meeting of the Board of Commissioners of the City of Las Vegas, held in the temporary office of the Clerk in the office of the Clark County Treasurer Thurs­day the 5th day of March 1931 at the hour of three o'clock P.M. Present Mayor Hesse, Commissioners Hansell, German, Thomas and Smith together with the City Attorney and Clerk. All bills allowed as per claims and warrant register on file in the office of the clerk Upon motion of Commissioner L.B. Hansell, seconded by Commissioner R. W. Thomas, the following Preambles and Resolution were duly adopted: WHEREAS, pursuant and in strict compliance with the provisions and authority of the constitution and laws of the State of Nevada, including the provisions of an Act of the Sen­ate and Assembly of the State of Nevada, entitled: "An Act authorizing the Board of City Commissioners of the City of Las Vegas, County of Clark, to issue bonds to provide for the construction or reconstruction of a highway from Fifth Street in said city along Fremont Street therein to the easterly limit of said City under federal aid, providing for the re­imbursement of said city for the cost of said highway by the levy and collection of special assessments against the land abutting on such improvement, and other matters relating thereto," approved February 6th, 1931, the City of Las Vegas was authorized to issue its bonds in a sum not to exceed Ten Thousand Dollars ($10,000.00) for the purpose of providing funds for the construction or reconstruction of a highway with federal aid from the easterly limit of the intersection of Fremont street and Fifth street in said City of Las Vegas, running thence along said Fremont Street as laid out and extended in and easterly direction to the easterly boundary of said City of Las Vegas: and WHEREAS, the Board of Commissioners of the City of Las Vegas deem it advisable for the best interest of the City of Las Vegas that it offer for sale at this time Las Vegas Highway Bonds (1931 series) in the sum of Ten Thousand Dollars ($10,000.00) as authorized by said above-mentioned Act; NOW THEREFORE BE IT RESERVED that pursuant to and in compliance with the provisions and authority of said above-mentioned Act, it be and is hereby ordered that prior to the first day of July 1, 1931, bonds of the City of Las Vegas in an aggregate amount of not to exceed Ten Thousand Dollars ($10,000.00), exclusive of interest, for the purpose of pro­viding funds for the construction and/or reconstruction of a highway with federal aid from the easterly limit of the intersection of Fremont street and Fifth street in said City of Las Vegas, running thence along said Fremont Street as laid out and extended in an east­erly direction to the easterly boundary of said City of Las Vegas, be prepared and ready for issuance; that said bonds as so prepared shall be each in the sum of One Thousand Dollars ($1,000.00), numbered from one (1) to ten (10) consecutively, and shall bear in­terest at the rate to be fixed by bid of the successful bidder for said bonds, but not to exceed the rate of six per centum per annum, from the date thereof, payable semi-annually on the first day of July and the second day of January of each year, payable at the office of the City Treasurer of said City of Las Vegas, in the County of Clark, State of Nevada; that said bonds shall be designated "Las Vegas Highway Bonds (1931 Series)" and shall be dated January 1, 1931, and that said bonds shall be negotiable coupon bonds and shall mature and become payable as follows: Bonds Nos. 1 and 2, to become due and payable on or before the second day of January, 1932: bonds Nos. 3 and 4 to become due and payable on or before the 2nd day of January, 1933; bonds Nos. 5 and 6 to become due and payable on or before the second day of January 1934: bonds Nos. 7 and 8 to become due and payable on or before the 2nd day of January 1935; bonds Nos. 9 and 10 to become due and payable on or before the 2nd day of January, 1936. The payment and redemption of said bonds will be in the order of their issuance, the lowest to be the first paid and redeemed, and so on until the whole amount of said bonds shall have been paid and redeemed. Each of said bonds shall have coupons attached, so that the same may be removed with­out injury thereto, representing each interest installment to the date of maturity of the principal. It is hereby provided and it shall be provided in said bonds that the right is re­served to the maker of this series of bonds, at its option to pay all or any of said bonds from time to time outstanding and unpaid by the payment of the principal thereof and the in­terest thereon to date of redemption and upon giving notice in accordance with the provisions of this Resolution. Whenever there shall be on deposit with the City Treasurer in the funds provided in said Act of February 6, 1931 sufficient moneys applicable to the redemption of said bonds or any of them together with the accrued interest thereon and the Board of Com­missioners of said City shall desire to redeem said bonds or any of them, such Board shall by Resolution fix a date for such redemption and cause to be published, in at least one newspaper in said City of Las Vegas once a week for two successive weeks preceding such date, a notice of its intention to so pay and redeem said bonds, or a part thereof, specify­ing therein the number of the particular bonds to be paid and redeemed, or such notice may be served on the holder or holders of such bonds or any of them in person without such pub­lication and without providing for the two weeks period of publication to elapse, but in such notice so personally to be served the date of redemption shall be specifically stated and provided. If any holder of the bonds so called for redemption does not present his or her bonds for payment on the date named the City Treasurer shall retain the proportion of the fund represented by such bond or Bonds as a special trust fund for the payment of such bonds or bond and shall pay over the same to the lawful holder thereof on presentation at any time thereafter. Both principal and interest of said bonds shall be payable in Gold Coin of the United States of America, at present standard, at the office of the City Treasurer of the City of Las Vegas, in the City of Las Vegas, County of Clark, State of Nevada. Interest on said bonds shall cease as the same mature or are paid respectively before date of maturity, and shall cease on date set for redemption after notice as above provided, as to the bonds noticed to be redeemed. BE IT FURTHER RESOLVED, that said bonds and coupons with the necessary variations as to numbers and maturities, shall be in substantially the following forms, respectively, to-wit: