Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-217

195 Bidders are required to submit a bid specifying (a) the !lowest rate of interest and premium, if any, above par at which the bidder will purchase said bonds; or (b) the lowest rate of interest at which the bidder will purchase said bonds at par. The bonds will be sold to the bidder making the best bid, subject to the right of the corporate authorities of the City of Las Vegas to reject any and all bids and re-advertise. None of said bonds shall be sold at less than par and accrued interest, nor will any discount or commission be allowed or paid on the sale of such bonds. All bids shall be sealed and, except the bid of the State of Nevada, shall be accompanied by a deposit of five per cent either cash or certified cheek, of the amount of the bid, which will be returned if the bid is not accepted; and if the successful bidder shall fail or neglect to com­plete the purchase of said bonds within thirty days following the ac­ceptance of his bid, the amount of his deposit shall be forfeited to the City of Las Vegas, and, in that event, the corporate authorities of said City may accept the bid of the one making the next best bid, or if all bids are rejected, such authorities may re­advertise said bonds for sale. If there be two or more equal bids and such bids are the best bids received, and are not less than par and ac­crued interest, the corporate author­ities will determine which bid shall be accepted. The legality of the bonds will be approved by Messrs. Pershing, Bos- without charge. Dated at Las Vegas Nevada, this 22nd day of December, A. D., 1947. E. W. CRAGIN, Mayor. (SEAL) Dec. 24, 31, Jan. 7, 14, 21. His Honor, the Mayor, stated that this was the time and place de­signated in such notice of sale for the opening of bids for the purchase of such bonds, and the City Clerk was authorized and in­structed to open and read said bids, which were as follows: STATE OF NEVADA NEVADA INDUSTRIAL COMMISSION CARSON CITY Carson City, Nevada January 20, 1948 City of Las Vegas, Las Vegas, Nevada. Gentlemen: We herewith submit our bid on $250,000.00 Bonds; designated as "Las Vegas Storm Sewer Bonds, Series of January 1, 1948", numbered from 1 to 250; in the denomination of $1,000 each, and maturing serially in numerical order, $3,000 on January 1, 1949 and $13,000.00 on January lst in each of the years from 1950 to 1968; as follows: as per your notice of sale. We bid at par and at an interest rate of 2 1/2% per annum, payable semi-annually. We will accept delivery on these bonds in lots of $50,000 or more. Yours very truly, Nevada Industrial Commission D. J. Sullivan Chairman After careful consideration by the Board of City Commissioners of the various bids, Commissioner Clark introduced and moved the adoption of the following Resolution: RESOLUTION WHEREAS, in response of official advertisement for bids on $250,000.00 Las Vegas, Nevada, Storm Sewer Bonds, Series of January 1, 1948, it has been determined that the bid of Nevada Industrial Commission Carson City of 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 Nevada Industrial Commission of Carson City, Nevada be and the same is hereby accepted, which bid is as follows, to-wit: D. J. Sullivan, Chairman Chas. Huber, Commissioner R. N. Gibson, Commissioner