Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-598

567 of $3l4.47, maturing serially in regular numerical order on the first day of January. S2,3l4.47 in the year 1952, and $2,600.00 in each of the years 1953 to 1961, both inclusive, all bonds being subject to prior redemption on any interest payment date in inverse numerical order at the option of the City whenever funds are available therefor, after fifteen days published notice, upon the payment of the principal amount thereof with accrued interest to the redemption date, and bearing interest payable annually at a rate of not exceeding seven per centum (7%) per annum, both principal and interest being payable at the office of the City Treasurer at Las Vegas, Nevada. Said bonds and the interest thereon are payable from a special fund de­signated as "Sanitary Sewer Improvement Assessment District No. 200-1 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 Sanitary Sewer Improvement Assessment District No. 200-1 in said City, said assessments bearing interest payable annually on each principal paying date at the same rate of interest as borne by said bonds and being payable in ten substantially equal annual Installments of principal on or before December 1, 1951, 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. 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. All of the bonds shall bear one rate of interest, but said interest may be payable by one or more sets or coupons. 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 readvertise. 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 percent, either cash or certified check, 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 beat bid or if all bids 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. DATED at Las Vegas, Nevada, this 25th day of January, 1951. (SEAL) E. CRAGIN MAYOR ATTEST: SHIRLEY BALLINGER City Clerk It was then moved by Commissioner Moore and seconded by Commissioner Peccole that all rules of this Board which might prevent, unless suspended, the final passage and adoption of the foregoing resolution at this meeting be and the same are hereby sus­pended for the purpose of permitting the final passage and adoption of said resolution at this meeting. The question being upon the adoption of said motion and the suspension of the rules, the roll was called with the following result; Those voting aye; Commissioner Bunker Commissioner Moore Commissioner Peccole Mayor Pro Tem Whipple Those voting nay; None. Absent: Mayor Cragin All members of the Board of Commissioners having voted in favor of said motion, the Mayor Pro Tem declared said motion carried and the rules suspended. Commissioner Moore then moved that said resolution be now placed upon its final passage and adopted. The question being upon the passage and adoption of said resolution, the roll was called with the following result; Those voting aye: Commissioner Bunker Commissioner Moore Commissioner Peccole Mayor Pro Tem Whipple Those voting nay: None Absent: Mayor Cragin The Mayor Pro Tem thereupon declared that all the Commissioners present having voted in favor thereof, said motion was carried and the said resolution duly passed and adopted. 0O0- RESOLUTION 213