Las Vegas City Ordinances, March 31, 1933 to October 25, 1950, lvc000014-491

_______(Facsimile Signature)_________ City Treasurer *(To be inserted in coupons maturing after August 1, 1956 attached to bonds numbered 6 to 13, both inclusive). Section 2. The amount remaining unpaid of the said special assessments for which these bonds are to be issued, as shown by the Assessment Roll on file in the office of the City Clerk and the Ex-Officio City Assessor of the City of Las Vegas appears to be Twelve Thousand Four Hundred Eighty-Eight Dollars ($12,488.00) and the said bonds and the said annual installments due and to become due thereon for ten (10) annual periods commencing August 1, 1950, are, and shall be a lien upon the lots and parcels of said land, particularly des­cribed for the amounts of the assessments due thereon, together with interest at the rate of not to exceed seven percent (7%) per annum from the first day of August, 1950; until said bonds are paid, the exact amount of interest on said bonds to be fixed and determined at the rate offered by the successful bidder on the said bonds, as provided by law, and the interest on said installments of the said unpaid assessments to be fixed by appropriate action of the said Board of City Commissioners at the same rate as the interest payable on said bonds. Section 3. That the unpaid assessments shall be paid as follows: One-tenth on or before one year from the 1st day of August, 1950, and one-tenth on or before the first day of August of each year thereafter, until the same is paid in full, with interest thereon, not to exceed seven per cent (7%) per annum; each of said installments shall bear interest not to exceed seven per cent (7%) per annum, payable semi-annually, in the man­ner hereinafter directed, on the whole amount due and unpaid. Such installments and the interest thereon shall be and remain a lien on the said lots and parcels of land until paid in full, and shall be collected and paid in the following manner: Each installment, together with the interest thereon, shall be placed on the tax roll of Clark County on and against the several owners and premises, and the County Assessor of Clark County, acting Ex-Officio As­sessor of the City of Las Vegas, is hereby authorized and directed to enter the same on the said tax roll of Clark County and to extend the same in a special column for special assessments on the said tax roll of Clark County, and the County Treasurer, Ex-Officio Tax Collector of the City of Las Vegas, is hereby authorized and directed to collect the same, all in the same manner and at the same time as other State and County taxes are collected. Section A. Said installments of special taxes and the interest thereon, when collected, shall consti­tute and be a sinking fund for the payment of said bonds and the interest thereon, and said fund shall be known as Las Vegas Street Improvement Assessment District #100-7 Bond Interest and Redemption Fund. Section 5. The issuance of the bonds herein provided for shall be conclusive evidence of the regular­ity of all proceedings up to the issuance of such bonds, and in the event that the bond created by such special i assessments shall be insufficient to pay the said bonds as they become due, the deficiency, if any, shall be paid by the City Treasurer of the City of Las Vegas, out of the General Fund of said City and each of the bonds issued under this ordinance shall contain a provision to that effect, and said bonds shall be exempt from City taxation. Section 6. This ordinance shall be and become effective immediately after its adoption, approval and the publication thereof for two consecutive weeks in the Las Vegas Review Journal, published in the City of Las Vegas. Section 7. The City Clerk of the City of Las Vegas is hereby authorized and directed to cause this ordinance to be published in the Las Vegas Review Journal, a daily newspaper published in the City of Las Vegas for a period of once a week for two consecutive weeks, immediately after its final passage and approval at this meeting. ADOPTED AND APPROVED this 21st day of June, A.D. 1950 S/ E. W. Cragin Mayor ATTEST: Shirley Ballinger_________________ City Clerk S/ Betty Funston Deputy City Clerk Commissioners voting in favor of the adoption of the foregoing ordinance: Mayor S/______E. W. Cragin "Aye" Commissioner S/ Bunker "Aye" Commissioner S/ Moore "Aye" Commissioner S/ Peccole_________________"Aye" Commissioner S/ Whipple "Aye" Absent: None Those voting against the adoption of the foregoing ordinance: None S/ E. W. Cragin Mayor ATTEST: Shirley Ballinger__________________ City Clerk S/ Betty Funston Deputy City Clerk