Las Vegas City Commission Minutes, March 1, 1922 to May 10, 1929, lvc000002-352

NOW THEREFORE, on motion of Commissioner Mundy, seconded by Commissioner Smith, and the question being put to a vote, the following Preambles and Resolution were regularly and duly adopted by the unanimous vote of the Board: WHEREAS, pursuant to and in strict compliance with the provisions and authority of the Constitution and laws of the State of Nevada, including the provisions of Chapter 74 of the laws of the State of Nevada, 1923, being an Act of the Senate and Assembly of the State of Nevada, en­titled "An Act Authorizing the Board of City Commissioners of the City of Las Vegas, County of Clark, to issue bonds to provide for the construction of a highway through said City of Las Vegas to connect with route 6 of the State Highway System of the State of Nevada, and providing for the ratification thereof by special or general election before the issuance of any such bonds, "Approved March 5, 1923, the City of Las Vegas was authorized to issue its bonds in a sum not exceeding $50,000 for the purpose of constructing a highway through the City of Las Vegas to connect with Route 6 of the State Highway System of the State of Nevada; and WHEREAS, pursuant to each of the requirements of said Act, and particularly with the requirements of Secs. 2, 3, 4 and 5 of said Chapter 74 of the laws of 1923 of the State of Nevada, the question of the issuance of highway bonds of the City of Las Vegas to the amount of Fifty Thousand Dollars ($50,000.00) was submitted to the qualified electors of the City of Las Vegas in the County of Clark, State of Nevada, at a general election held in said City of Las Vegas, in the County of Clark, State of Nevada, on the 8th day of May, 1923, of which election notice having first been duly given strictly as provided by law, and at which elec­tion more than a majority of the votes cast were in favor of the issuance of said bonds, and the result of the vote upon said question of the issuance of said bonds having been duly certified to this board by the election boards conducting said election, and the result of the vote on said question of the issuance of said bonds having been by this Board at a meet­ing duly and regularly held on the 16th day of May, 1923, declared in the manner and form and at the same time as other returns of said general City election were canvassed and proclaimed; and WHEREAS, it appears to this Board that the qualified electors of said City of Las Vegas have authorized the issuance of highway bonds of the City of Las Vegas in the amount of Fifty Thousand Dollars ($50,000.00); and WHEREAS, it appears to this Board that the issuance of not to exceed Fifty Thou­sand Dollars ($50,000.00) of said highway bonds have been authorized by said act of the legis­lature of the State of Nevada, and such issuance ratified by the vote of the qualified electors of the City of Las Vegas at a general election in said City, held as aforesaid; and WHEREAS, the Board of Commissioners of the City of Las Vegas deems it advisable for the best interests of the City of Las Vegas that it offer for sale at this time Las Vegas Highway bonds in the sum of Three Thousand Dollars ($3,000.00) of said authorized issue of Fifty Thousand Dollars ($50,000.00) of said bonds and that the same be sold at private sale, NOW, THEREFORE, BE IT RESOLVED that pursuant to and in compliance with the pro­visions and authority of said above-mentioned Act, and tbs ratification thereof at said general City Election as aforesaid, it be and it is hereby ordered that prior to the 15th day of November 1928, bonds of said City of Las Vegas in an aggregate amount of not to exceed Three Thousand Dollars ($3,000.00), exclusive of interest, being a part of said issue of author­ized $50,000.00 of Las Vegas Highway bonds for the purpose of providing funds for the con­struction of a highway through said City of Las Vegas to connect with Route 6 of the State Highway System of the State of Nevada, be prepared and ready for issuance; that said bonds as so prepared shall each be in the sum of One Thousand Dollars ($1000), numbered Forty- seven to Forty-nine (49) consecutively, being three bonds, numbered respectively 47, 48 and 49, and shall bear annual interest at the rate of six per centum (6%) per annum from the date thereof, payable semi-annually on the 1st day of July and the 2nd day of January of each year, payable at the office of the City Treasurer of said City of Las Vegas, in the City of Las Vegas, County of Clark, State of Nevada; that said Bonds shall be designated "Las Vegas Highway Bonds (1928 Series) and shall be dated July 1, 1928, and that said bonds shall be negotiable coupon bonds and shall mature and become due and payable as follows: Bonds forty-seven, forty-eight and forty-nine (47, 48 and 49) to become due and payable on the first day of July, 1947. The payment and redemption of said bonds shall be in the order of their issuance, the lowest numbered bond being first paid and redeemed, and so on until the whole amount of said bonds shall have been paid and redeemed. Each of said bonds shall have coupons attached representing each interest installment to date of maturity of the principal. Both principal and interest of said bonds shall be payable in gold coin of the United States of America, at present standard of weight and fineness, at the office of the City Treasurer of the City of Las Vegas, in the City of Las Vegas, County of Clark, State of Nevada. Interest on said bonds shall cease as the same mature. IT IS FURTHER RESOLVED that said bonds and coupons, with the necessary variations, shall be substantially in the following form, respectively, to-wit: (FORM OF BOND)