Las Vegas City Commission Minutes, August 11, 1942 to December 30, 1946, lvc000005-399

each year at the office of the City Treasurer at Las Vegas, Nevada, to mature serially $8,000.00 each year commencing January 1, 1947 to and including January 1, 1966; we will pay you upon delivery of the bonds to us their par value, plus accrued intest from the date of the bonds to the date of their delivery to us, plus a premium of $ XX. In the event that the cost of the construction of the two swimming pools, to be constructed from the proceeds from the sale of these bonds, is less than $160,000, The number of bonds to be issued shall be reduced by a number equal to the last full $1,000 of such reduction and shall be applied to the series in the reverse order of their maturities; in the event that less than $160,000.00 of bonds are delivered to us, the premium is to be reduced in proportion to the number of unissued bonds. In order to give you sufficient time to ascertain the cost of constructing the swimming pools we agree to accept deferred delivery of the bonds until July 7, 1946. You agree to deliver to us at the time we take up and pay for the bonds, the favorable approving opinion of Pershing, Bosworth, Dick and Dawson, bond Attorneys of Denver, Colorado. Attached is our Cashier's Check payable to the City of Las Vegas, Nevada, in the amount of $8,100.00, being 5% or more of that amount of our bid, which check is to be held as an evidence of our good faith In this transaction, and applied as part payment on the bonds when they are delivered to us in accordance with the terms of Our bid therefor. If our bid is rejected, or if the bond attorneys fail to Issue their approving opinion as to the legality of the bonds, you agree to promptly return our check to us. Respectfully submitted, FIRST NATIONAL BANK OF NEVADA Reno, Nevada By /s/ C. Wengert________ Vice President After careful consideration by the Board of City Commissioners of the Bid, Commissioner Bates Introduced and moved the adoption of the following resolution: RESOLUTION WHEREAS, in response to official advertisement for bids on $160,000 Las Vegas, Nevada, Swimming Pool Bonds, it has been determined that the bid of the First National Bank of Nevada of Reno, Nevada, is the highest, best and most advantageous bid received for the purchase of said bonds, and that it is to the advantage of Las Vegas, Nevada, and the taxpayers thereof, that said bid be accepted. NOW, THEREFORE, be it resolved that the bid of the First National Bank of Nevada of Reno, Nevada, be, and the same is hereby accepted, which bid is as follows, to-wit: January 7, 1946 Honorable Board of City Commissioners Las Vegas, Nevada Gentlemen: As per your notice of sale for $160,000.00 Las Vegas, Nevada, General Obligation Swimming Pool Bonds, Series of 1947-66, to be dated January 1, 1946, to be in the denomination of $1,000.00 each, to bear interest at the rate of 1 3/4% per annum, interest payable semi-annually on January l, and July 1 of each year at the office of the City Treasurer at Las. Vegas, Nevada, to mature serially $8,000.00 each year commencing January 1, 1947 to and including January 1, 1966; we will pay you upon delivery of the bonds to us their par value, plus accrued interest from the date of the bonds to the date of their delivery to us, plus a premium of $ XX. In the event that the cost of the construction of the two swimming pools, to be constructed from the proceeds of the sale of these bonds, is less than $160,000.00 the number of bonds to be Issued shall be reduced by a number equal to the last full $1,000 of such reduction and shall be applied to the series in the reverse order of their Maturities; in such event that less than $160,000.00 of bonds are delivered to us, the premium is to be reduced in proportion to the number of unissued bonds. In order to give you sufficient time to ascertain the cost of constructing the swimming pools we agree to accept deferred delivery of the bonds until July 7, 1946. You agree to deliver to us at the time we take up and pay for the bonds, the favorable approving opinion of Pershing, Bosworth, Dick and Dawson, bond attorneys of Denver, Colorado. Attached is our Cashier's Check payable to the City of Las Vegas, Nevada, in the amount of $8,100.00, being 5% or more of the amount of our bid, which check is to be held as an evidence of our good faith in this transaction, and applied as part payment on the bonds when they are delivered to us In accordance with the terms of our bid therefor. If our bid is rejected, or if the bond attorneys fail to issue their approving opinion as to the legality of the bonds, you agree to promptly return our check to us.