Las Vegas City Commission Minutes, May 26, 1952 to February 17, 1954, lvc000008-124

118 It was then moved by Commissioner Jarrett and seconded by Commissioner Bunker 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 foll was called with the following result: Those voting Aye: Commissioners Bunker, Jarrett, Whipple and His Honor Mayor C.D.Baker; those voting nay: none. Absent: Commissioner Peccole. All members of the Board of Commissioners having voted in favor of said motion, the Mayor declared said motion carried and the rules suspended. Commissioner Jarrett 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: Commissioners Bunker. Jarrett, Whipple Mayor Baker,voting Nay: None, Absent: Commissioner Peccole. The Mayor thereupon declared that all the Commissioners present having voted in favor thereof, said motion was carried and the said Resolution duly passed and adopted, ASSESSMENT DISTRICT NO. 100-17 Commissioner Jarrett introduced and moved the adoption of the following Resolution Notice of Sale of Bonds which was thereupon read in full, and at length, and is as follows: NOTICE OF SALE OF CITY OF LAS VEGAS, NEVADA ASSESSMENT DISTRICT NO. 100-17 STREET IMPROVEMENT BONDS, $273,971.88 SERIES OF July 1, 1952 NOTICE IS HEREBY GIVEN THAT The City of Las Vegas, Clark County, Nevada will on the 6th day of August, 1952 at 8:00 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, 100-17, Street Improvement Bonds, Series of July 1, 1952 in the aggregate principal amount of $273,971.88, dated July 1, 1952, consisting of 280 bonds numbered consecutively from 1 to 280, both inclusive, being in the denominations of $1,000.00 and $400.00 each, except bond numbered one is in the denomination of $37;.88, maturing serially in regular numerical order on the first day of July, $27,371.88 in the year 1953, and $27,4OO.OO in each of the years 1951. 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 the redemption date, and bearing interest payable anually 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. 100-17 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, 100-17 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 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 bond; r (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 ary 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 per cent, 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 the 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, Boswotth, Dick and 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. s/ C.D. BAKER Mayor (SEAL) ATTEST: s/ SHIRLEY BALLINGER City Clerk