Las Vegas City Commission Minutes, May 26, 1952 to February 17, 1954, lvc000008-405

NOTICE OF SALE OF CITY OF LAS VEGAS, NEVADA ASSESSMENT DISTRICT NO. 100-11 STREET IMPROVEMENT BONDS SERIES OF JUNE 1, 1953 $8,557.99 NOTICE IS HEREBY GIVEN that the City of Las Vegas, Clark County, Nevada, will on the 1st day of July, 1953, at 7:30 P.M., at the City Hall in Las Vegas, Nevada, offer for sale, receive sealed bids and publicly open the same for, the following described special assessment negotiable coupon bonds of said City: City of Las Vegas Assessment District No. 100-11, Street Improvement Bonds, Series of June 1, 1953, in the aggregate principal amount of $8,557.99, dated June 1, 1953, consisting of 10 bonds numbered consecutively from 1 to 10, both inclusive, being in the denominations of $900.00 each, except bond numbered one is in the denomination of $457.99, maturing serially in regular numerical order on the first day of June, $457.99 in the year 1954, and $900.00 in each of the years 1955 to 1963, both inclusive, all bonds being subject to prior redemp­tion on any interest payment date in inverse numeri­cal order at the option of the City whenever funds are available therefor, after fifteen days published notice, upon the payment of the principal amount thereof with accrued interest to the redemption date, and bearing interest payable annually at a rate of not exceeding seven per centum (7%) per annum, both principal and interest being payable at the office of the City Treasurer at Las Vegas, Nevada. Said Bonds and the interest thereon are payable from a special fund designated "Street Improvement Assess­ment District No. 100-11 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. 100-11 in said City, said assess­ment bearing interest commencing May 1, 1953, 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 May 1, 1954, 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 become due, the de­ficiency shall be paid out of the City’s general fund, Bidders are required to submit a bid specifying (A) the lowest rate of interest and premium, if any, above par at which the bidder will purchase said bonds; or (B) the lowest rate of interest at which the bidder will purchase said bonds at par. All of the bonds shall bear one rate of interest, and said interest shall be payable by one or more sets of coupons. The bonds will be sold to the bidder making the best bid, subject to the right of the corporate authorities of the City of Las Vegas to reject any and all bids and readvertise. None of said bonds shall be sold at less than par and accrued interest, nor will any dis­count or commission be allowed or paid in the sale of such bonds. All bids shall be sealed and, except the bid of the State of Nevada, shall be accompanied by a deposit of five percent, either cash or certified check, of the amount of the bid, which will be returned if the bid is not accepted; and if the successful bidder shall fail or neglect to complete the purchase of said bonds within thirty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the City of Las Vegas, and, in that event, the corporate authorities of said City may accept the bid of the one making the next best bid, or if all bids are rejected, such auth­orities may readvertise said bonds for sale. If there be two or more equal bids and such bids are the best bids received, and are not less than par and accrued interest, the corporate auth­orities will determine which bid shall be accepted. The legality of the bonds will be approved by Messrs. Pershing, Bosworth, Dick and Dawson, Attorneys at Law, Denver, Colorado, whose opinion together with the printed bonds, will be fur­nished the purchaser without charge. DATED at Las Vegas, Nevada, this 20th day of May, 1953. ADOPTED AND APPROVED this 20th day of May, 1953. 5-20-53