Las Vegas City Ordinances, March 31, 1933 to October 25, 1950, lvc000014-250

(Form of Coupon) No._________ $ January On the first day of July , A.D. 19___, the City of Las Vegas, in the County of Clark, State of Nevada, promises to pay to bearer__________________________________Dollars ($ ) in any coin or currency of the United States of America, which, on the respective dates of payment, is legal tender for the payment of public and private debts, at the office of the City treasurer of the said City of Las Vegas, being six months' interest on its Las Vegas Swimming Pool Bond, Series 1947 - 1966, dated January 1, 1946. Bond No._________ (Signature of Facsimile Signature) Treasurer Section 3. Said bonds, or as many thereof as may be necessary in the judgment of the Board of Commissioners of the City of Las Vegas to accomplish the purpose herein expressed, shall be sold in accordance with law. The proceeds of said sale shall be used exclusively for defraying the cost of construction of two municipal swimming pools in the City of Las Vegas, one of said pools to be located in that area now occupied by the city race tracks and one swimming pool to be located on the West Side, Las Vegas, Nevada, provided, however, that the construction of said swimming pools and facilities necessary to operate said pools shall not cost in excess of $160,000.00 in total. Section 4. The Board of Commissioners reserves the right to reject any and all bids received and further reserves the right to deem it to the best interests of the City hereafter not to acquire or establish such municipal swimming pools and by resolution duly adopted to abandon and discontinue these proceedings therefor. Section 5. As further security for the payment of the principal of and interest upon said bonds, the Board of Commissioners shall charge such prices for the use of said swimming pools and their facilities as in the discretion of said Board it may deem proper, and the net proceeds from said charges shall be paid to the City Treasurer and by him placed in a special fund to be known as "Swimming Pool Bond Fund" which said fund is hereby created. The City Treasurer shall likewise pay into said Swimming Pool Bond Fund the proceeds of all annual levies now or hereafter made for the purpose of paying the principal of and interest upon bonds of this issue. Section 6. The Board of Commissioners shall annually at the time prescribed by law for levying taxes for state and county purposes, levy such taxes as may be necessary, together with the income derived from the operation of said municipal swimming pools as provided in Section 5 hereof, fully and punctually to pay the principal of and the interest upon the bonds of this issue as the same severally mature; provided, however, that in the event such levy for the year 1946 does not provide funds sufficient to pay, as aforesaid, the installment of interest to July 1, 1946, and the installment of interest and principal due January 1, 1947, such amounts or any deficiency therein, shall be paid out of the general funds of the City of Las Vegas, to be reimbursed to said city out of the levies of said city aforesaid when collected. Section 7. The provisions of this Ordinance and of each of the bonds and interest coupons issued pursuant hereto shall constitute and are declared to be a binding contract between the City of Las Vegas and the holder from time to time thereof, and this Ordinance shall be irreparable so long as any of said bonds are outstanding. Section 8. Ordinance No. 296 of the City of Las Vegas, passed and adopted on the 6th day of April, 1945, and all ordinances and parts of ordinances in conflict with this Ordinance are hereby repealed.