Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-601

570 WHEREAS, said assessments aggregate the principal sum of $24,103.47 and WHEREAS, said City heretofore provided that said assessments were due and payable at the office of the County Treasurer of Clark County, Nevada, acting ex-officio City Treasurer and ex-officio Tax Collector of said City, without interest and without de­mand, within one week after the special assessment roll for said District was confirmed and approved; and WHEREAS, said roll was confirmed and approved on the 17th day of January, 1951; and WHEREAS, within said week there was paid the aggregate sum of $5,871.07, and there remains unpaid assessments in the aggregate principal amount of $18,232.40; and WHEREAS, said City heretofore provided that the failure to pay the whole of any assessment, or any part thereof, within said period of one week should be conclusively considered an election of the part of all persons interested to pay said assessment in ten substantially equal annual installments of principal the first of which install­ments of principal shall be due and payable on or before the 1st day of December, 1951, and annually thereafter on the same day in each year until paid, at the same rate of interest as that provided for the special assessment bonds to be thereafter authorized, sold, issued and delivered, but not to exceed seven per centum (7%) per annum; and WHEREAS, said City and the officers thereof have determined, and do hereby deter­mine, that it is necessary and for the best interest of said City and the inhabitants thereof that it issue its Assessment District Ho, 100-3 Street Improvement Bonds, Series of January 1, 1951, in an aggregate principal amount equal to the aggregate principal amount of said unpaid assessments, to-wit, $l8,232.40, to defray said entire cost and expense of making said improvements, except to the extent funds are available therefor from the assessments which have been heretofore paid; and WHEREAS, said City and the officers thereof desire to sell said bonds after public advertisement therefor, pursuant to the laws of the State of Nevada and the City of Las Vegas. NOW THEREFOR, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS, NEVADA: That the special assessment, negotiable coupon, Assessment District No, 100-3 Street Improvement Bonds, Series of January 1, 1951, of the City of Las Vegas, in the aggregate principal amount of $l8,232.40 shall be sold at public sale to the person or persons offering the best and most advantageous terms to said City. The Mayor and the City Clerk be and they are hereby authorized and directed to give notice offering said bonds for sale and calling for bids for the purchase of said bonds by publishing a notice once a week for four consecutive weeks by five insertion at weekly intervals in the Las Vegas Evening Review-Journal, the official newspaper of the City of Las Vegas, and by mailing a copy of such notice at least three weeks prior to the date fixed for sale of said bonds to the State Board of Finance, Carson City, Nevada, which said notice shall be in substantially the following form: NOTICE OF SALE OF CITY OF LAS VEGAS, NEVADA, ASSESSMENT DISTRICT NO. 100-3 STREET IMPROVEMENT BONDS SERIES OF JANUARY 1, 1951 $l8,232.40 NOTICE IS HEREBY GIVEN that the City of Las Vegas, Clark County, Nevada, will on the 28th day of February, 1951, at 3:30 o'clock P.M., at the City Hall in Las Vegas, Nevada, offer for sale, receive sealed bids and publicly open the same for, the following described special assessment negotiable coupon bonds of said City: City of Las Vegas Assessment District No.100-3 Street Improvement Bonds Series of January 1, 1951, in the aggregate principal amount of $l8,232.40, dated January 1, 1951, consisting of twenty-one bonds numbered consecutively from 1 to 21, both inclusive, being in the denominations of $1,000 and $800.00, except bond numbered one is in the denomination of $232.40, maturing serially in regular numerical order on the first day of January, $2032.40 in the year 1952, and $1800.00 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 "Street Improvement Assessment District No. 100—3 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 Street Improvement Assessment District No. 100-3 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 owners' 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 of 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