Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-199

179 installments of interest, and for the purpose of creating a fund for the payment of said bonds and the interest thereon, there shall be levied in the year 1948 and annually thereafter, a sufficient tax on all property, both real and personal, subject to taxation within the boundaries of the City of Las Vegas, Clark County, Nevada , including the net proceeds of mines, sufficient to pay the interest on said bonds and to pay and retire the same as hereinabove provided; and provided further that in the preparation of the annual appropriation ordinance for the City, the City Council shall first make proper provision, through the levy of sufficient taxes, for the payment of the interest on and the retirement of the principal of the bonded indebtedness of the City, and the amount of money necessary for this purpose, together with the amounts necessary for the payment of principal and interest on the other bonded indebtedness of the City, shall be a first charge against all of the revenue received by said City. In any year in which the total taxes levied by all overlapping political subdivisions and taxing units in Las Vegas, Clark County, Nevada, may exceed the limitation of five cents on the dollar imposed by Section 2 of Article X of the Constitution of the State of Nevada, and it shall become necessary by reason thereof to reduce the levies made in behalf of Said City, the reductions so made shall be in taxes levied for or by such City for purposes other than the payment of its bonded indebtedness and interest thereon, the taxes levied hereafter for the payment of such bonded indebtedness, and the interest thereon, shall always enjoy a priority over taxes levied for or on behalf of such City for any other purposes where reduction is necessary in order to comply with the limitations of said Section 2 of Article X, or with the City Charter of Las Vegas, Nevada. Such tax shall be levied and collected in the same manner and at the same time as other taxes are levied and collected, and the proceeds thereof shall be kept by the County Treasurer in a special fund to be known as the "Storm Sewer Bond, Series of January 1, 1948 Fund", which shall be used for no other purpose than the payment of principal and interest as the same fall due. Such tax shall be levied in the year 1948 and annually thereafter until all of said bonds, and the interest thereon, shall have been fully paid, satisfied and discharged. Any sums coming due on said bonds at any time when there are on hand from such tax levy or levies, insufficient funds to pay the same, shall be promptly paid when due from general funds on hand belonging to the City of Las Vegas, reimbursement to be made to such general funds in the sums thus advanced when taxes herein provided for shall have been collected. Section 10. The City Council does hereby find and declare that the life of the improvement to be constructed out of the proceeds of the sale of said bonds shall and will be in excess of twenty years. Section 11. That the officers of the City of Las Vegas be, and they hereby are, authorized and directed to take all action necessary for or appropriate to effectuate the provisions of this ordinance, including, without limiting the generality of the fore­going, the printing of said bonds and the execution of such certi­ficates as may be required by the purchaser thereof relating to the signing of the bonds, the tenure and identity of the municipal officials, the assessed valuation and indebtedness of the City of Las Vegas, the receipt of the bond purchase price and the absence of litigation pending or threatened affecting the validity thereof. Section 12. All ordinances or parts thereof in conflict with this ordinance are hereby repealed. After the bonds hereby authorized have been issued, this ordinance shall constitute a contract between the City of Las Vegas and the holder or holders of said bonds, and shall be and remain irrepealable until said bonds add the interest accruing thereon shall have been fully paid, satis­fied and discharged. Section 13. This ordinance shall be and become effective immediately after its adoption, approval and the publication thereof for two consecutive weeks in The Las Vegas Evening Review-Journal. section 14. The City Clerk of the City of Las Vegas is hereby authorized and directed to cause this ordinance to be published in the Las Vegas Evening Review-Journal, a daily newspaper published in the City of Las Vegas, for a period of once a week for two consecutive weeks, immediately after its final passage and approval at this meeting. ADOPTED AND APPROVED this 22nd day of December, A. D. 1947. ATTEST: Helen Scott Reed E. $. Cragin____ City Clerk Mayor (SEAL) Commissioners voting in favor of the adoption of the foregoing ordinance: Mayor E. W. Cragin "Aye" Commissioner R. T. Baskin "Aye" Commissioner Robert T. Moore "Aye" Commissioner C. R Clark "Aye" Commissioner Reed Whipple "Aye" Those voting against the adoption of the foregoing ordinance: None.