Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-424

(d) "Shall the City of Las Vegas issue its negotiable coupon General Obligation Fire Alarm System Bonds in the aggregate principal amount of $200,000.00, or so much thereof as may be nec- cessary for the purpose of defraying, in part, the cost of improving the municipal Fire Ex­tinguishing System, by acquiring, constructing and establishing an automatic fire alarm sys­tem complete with headquarters building and controls and panels, said bonds to bear interest at a rate of not more than seven (7) percent per annum, and to mature serially in regular numer­ical order at annual intervals, commencing not later than the year 1958 and ending not later than the year 1980, both inclusive, said bonds maturing after the year 1966, to be subject to prior redemption, at the option of the City on such terms as the Board of Commissioners may determine on any interest payment date on and after ten (10) years from the date of the bonds, principal and interest to be payable from an annual general tax levy, and from such other sources available therefor as the Board of Commissioners may at its option determine WHEREAS, each of said propositions was carried by the vote of more than a majority of such qualified voters of the City of Las Vegas voting thereon; and WHEREAS, thereafter pursuant to notice duly given inaccordance With the statutes of the State of Nevada, sealed bids for the purchase of the bonds of each said issue were received and publicly opened on the l6th day of November, 1955 at the hour of 8.00 o;cloek P.M.; and WHEREAS, pursuant to said notice all of said bonds were then sold and awarded to John Nuveen & Co., Chicago, Illinois, and associates, the bidder making the best bids for each said issue, at a price equal to the date of delivery; and WHEREAS, the Board of Commissioners of said City has determined, and does hereby determine, that it is necessary and for the best interests of the City of Las Vegas and the inhabitants thereof that said bonds be so issued; and WHEREAS, said City has not issued and does not have bonds outstanding, including those herein­after authorized to be issued, in an amount in excess of twenty percent of the total valuation of the tax able property within said City as shown by the last preceding tax list or assessment roll. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS DO ORDAIN; Section 1. That said election resulted in the approval of the issuance of said bonds, and the result of said election is hereby so declared. Section 2. That all action (Not inconsistent with the provisions of this ordinance) hereto­fore taken by the Board of Commissioners and the officers of the City of Las Vegas, directed toward accom­plishing the purposes stated in the aforesaid propositions and the issuance of bonds for those purposes be, and the same hereby is, ratified, approved and confirmed, including, without limiting the generality of the foregoing, the acceptance of said proposals of John Nuveen & Co., Chicago, Illinois, and associates, for the purchase of said bonds. Section 3. That to provide funds for the following stated purposes, the City of Las Vegas, on behalf of said City and upon the credit thereof, pursuant to the powers vested in said City and its Board of Commissioners under the general laws of the State of Nevada and the Charter of said City, shall issue the following negotiable coupon bonds of said City: (a) General Obligation Sewer Bonds, Series December 1, 1955 in the aggregate principal amount of $2,000,000.00, consisting of 2,000 bonds, being numbered consecutively from 1 to 2,000, both inclusive, and maturing serially $100,000.00 on the first day of December in each of the years 1956 to 1975, both in­clusive, said bonds being issued for the purpose of defraying, in part, the cost of improving the existing sanitary sewer system, by acquiring sites and rights-of-way therefor and acquiring, constructing and es­tablishing additional sanitary sewer lines, an additional sanitary sewerage disposal plant, a sanitary sewer effluent disposal system, and other appurtenances to said system. (b) General Obligation Police Detention Bonds, Series December 1, 1955 in the aggregate prin­cipal amount of $275,000.00, consisting of 275 bonds, being numbered consecutively from 1 to 275# both inclusive, and maturing serially $9,000.00 on the first day of December, 1956, and $14,000.00 on the first day of December in each of the years 1957 to 1975, both inclusive, said bonds being issued for the purpose of defraying, inpart, the cost of improving the police detention facilities, by establishing, constructing, and otherwise acquiring Las Vegas Police Prison buildings and a suitable site and grounds therefor and ex­tending and bettering the present Las Vegas Police Station Building in order to increase the Jail facili­ties thereof. (c) General Obligation Fire Extinguishing System Bonds, Series December 1, 1955, in the ag­gregate principal amount of $400,000.00, consisting of 400 bonds, being numbered consecutively from 1 to 400, both inclusive, and maturing serially $20,000.00 on the first day of December in each of the years 1956 to 1975, both inclusive, said bonds being issued for the purpose of defraying, in part, the cost of improv­ing the municipal Fire Extinguishing System, by acquiring additional fire extinguishing equipment, and buildings therefor, together with such additional sites and grounds as may be necessary, and by improving existing fire department buildings and fire extinguishing equipment. (d) General Obligation Fire Alarm System Bonds, Series December 1, 1955, in the aggregate prin­cipal amount of $200,000.00, consisting of 200 bonds, being numbered consecutively from 1 to 200, both in­clusive, and maturing serially $10,000.00 on the first day of December in each of the years 1956 to 1975, both inclusive, said bonds being issued for the purpose of defraying, in part, the cost of improving the municipal Fire Extinguishing System, by acquiring, constructing and establishing an automatic Fire alarm system complete with headquarters building and controls and panels. Section 4. That said bonds of each issue shall be dated December 1, 1955, will be in the denom­ination of $1,000.00 each, and shall bear interest payable semiannually on the first days of June and Decem­ber in each year, commencing June 1, 1956, bonds maturing in the years 1956 to 1963, both inclusive, bearing interest, evidenced by coupons designated "A", from date until maturity at the rate of four per centum (4%) per annum, and bearing additional interest, evidenced by coupons designated "B", from January 1, 1956, until