Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-90

pay the bond or bonds so called for redemption. Section 3. That said bonds and the interest thereon shall be payable from the special fund hereto­fore created; and designated "Street Improvement Assessment District No. 100-6 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. 100-6 in said City; said ass­essments bearing interest commencing November 1, 1951; 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 November 1; 1952; 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. Section A. That said bonds and the coupons thereto attached shall be in substantially the follow­ing form: (Bond Form) UNITED. STATES OF AMERICA STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS ASSESSMENT DISTRICT NO. 100-6 STREET IMPROVEMENT BOND SERIES OF DECEMBER 1, 1951 NO. _____ $1,000.00 900.00 730.71 The City of Las Vegas, in the County of Clark and Skate of Nevada, a municipal corporation duly organized and existing, for value received hereby promises, out of funds available for the purpose, as here­inafter set forth, to pay to bearer hereof the principal sum of ONE THOUSAND DOLLARS NINE HUNDRED DOLLARS SEVEN HUNDRED THIRTY AND SEVENTY-ONE ONE HUNDREDTHS DOLLARS on the first day of December, 19 with interest thereon until maturity according to the interest coupons hereto attached, and thereafter until paid at the rate of four per centum (4%) per annum, payable annually on the first day of December in each year, both principal and interest being payable in lawful money of the United States of America, at the office of the City Treasurer, City of Las Vegas, Clark County, Nevada, upon presentation and surrender of this bond and of the annexed coupons as they severally become due. This bond is subject to redemption at the option of the City of Las Vegas on any interest payment date at a price equal to the principal amount thereof with accrued interest to the redemption date. Redemp­tion shall be made upon not less than fifteen days' prior notice .by publication in a newspaper of general circulation in the City of Las Vegas in the manner and upon the conditions provided in the ordinance author­izing the issuance of this bond. This bond is one of a series of 110 special assessment, negotiable coupon, improvement bonds, num­bered consecutively from one to one-hundred ten, both inclusive, .issued by the City of Las Vegas, all of which are of like date and designation and aggregate the total amount of One-Hundred Eight Thousand, Eight- Hundred Thirty and Seventy-One One-Hundredths Dollars ($108,830.71). This bond and the interest thereon shall be payable from a special fund designated "Street Im­provement Assessment District No. 100-6 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. 100-6, which fund is and shall continue to constitute a sinking fund for and be deemed specially appropriated to the full and prompt payment of said bonds and the interest thereon, and shall be used for no other purpose whatever, provided, however, that in the event said fund shall be insufficient to pay said bonds and the interest thereon as they become due, the deficiency shall be paid out of the City's general fund. Said special assessments made and levied to defray said cost, with accruing interest thereon, constitute a lien upon and against the property upon which such assessments were made and levied from and after the 17th day of October, 1951, the date upon which the assessment roll therefor was confirmed and ap­proved by the Board of Commissioners of said City. It is hereby certified, recited and declared that all acts, conditions and things essential to the validity of the bond exist, have happened and have been done in due time, form and manner as required by law, and that the total issue of said improvement bonds of said City for said improvements and inciden­tal expenses, including this bond, does not exceed the amount authorized by law nor the special assessments levied to cover the cost of said improvements. It is hereby further certified, recited and declared that the proceedings, with reference to mak­ing such improvements and levying the assessments to pay therefor, have been regularly had and taken in compliance with law, and that all prerequisites to the fixing of the assessment lien against the property benefited by the improvements and of the personal liability of the owner or owners of such property therefor have been performed. This bond is subject to the condition, and every holder hereof by accepting the same agrees with the obligor and every subsequent holder hereof, that (a) the delivery of this bond to any transferee shall vest title in this bond and in the interest coupons attached hereto in such transferee to the same extent for all purposes as would the delivery under like circumstances of any negotiable instrument payable to bearer; (b) the obligor and any agent of the obligor may treat the bearer of this bond as the absolute owner hereof for all purposes, and shall not be affected by any notice to the contrary; (c) the principal of and the interest on this bond shall be paid, and this bond and each of the coupons appertaining thereto are transferable, free from and without regard to any equities between obligor and the original or any inter­mediate holder hereof, or any set-offs or cross-claims; and (d) the surrender to the obligor or any agent of the obligor of this bond and each of the coupons shall be a good discharge to the obligor for the same. IN WITNESS WHEREOF, the City of Las Vegas, Nevada, has caused this bond to be signed by its Mayor, countersigned by its City Treasurer, and its corporate seal to be affixed hereto and attested and counter­signed by its City Clerk, and the annexed coupons to bear the facsimile signatures of said officials, and this bond to be dated as of the first day of December, 1951. (Do not sign) Mayor