Las Vegas City Commission Minutes, May 26, 1952 to February 17, 1954, lvc000008-123

117 NOTICE OF SALE OF CITY OF LAS VEGAS, NEVADA ASSESSMENT DISTRICT NO. 100-16, STREET IMPROVEMENT BONDS SERIES OF JULY 1, 1952 $335,60826 NOTICE IS HEREBY GIVEN That the City of Las Vegas, Clark County, Nevada, will on the 6th day of August, 1952, at 7:30 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. 100-16, Street Improvement B onds, Series of July 1, 1952, in the aggregate principal amount of $335,608.26, dated July 1, 1952, consisting of 340 bonds numbered consecutively from 1 to 340, both inclusive, being in the denominations of $1,000.00 and $600.00 each, except bond numbered one is in the denomination of $208.26, maturing serially in regular numerical order on the first day of July, $33,208.26 in the year 1953, and $33,600.0 0 in each of the years 1954 to 1962, 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 theredemp-tion 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. 100-16 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. 100-16 in said City, said assessments bearing interest commencing June 1, 1952, and payable annually on each principal paying date at the same rate of interest as borne by said bonds, said assessments being payable in ten substantially equal annual installments of principal on or before June 1, 1953, 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) 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, and said interest shall 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 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 next best 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. The legality of the bonds will be approved by Messrs. Pershing, Bosworth, Dick & Dawson, Attorneys at Law, Denver, Colorado, whose opinion together with the printed bonds, will be furnished the purchaser without charge. Dated at Las Vegas, Nevada, this 2nd day of July, 1952. (SEAL) (Do not Sign) Mayor ATTEST: (Do not sign) City Clerk Section 2. That all acts, orders or resolutions, or parts thereof, in conflict with the resolution be, and the same hereby are, repealed. Section 3. That the officers of said City be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this resolution. ADOPTED AND APPROVED this 2nd day of July, 1952. s/ C.D. BAKER Mayor (SEAL) Attest; s/ SHIRLEY BALLINGER City Clerk