Las Vegas City Commission Minutes, May 26, 1952 to February 17, 1954, lvc000008-322

2 9 4 AMENDED EASTWOOD Tract #1 WESTLEY TRACT Final Map CHARLESTON VILLAGE Final Map PARTIAL PAYMENT Assessment District No. 100-16 Young & Smith NOTICE OF BOND ELECTION Commissioner Whipple moved the amended Eastwood Tract #1 (Supplement) be approved. Motion seconded by Commissioner Bunker and carried by the following voter Commis­sioners Bunker, Jarrett, Peccole, Whipple and His Honor voting aye; noes, none. Commissioner Bunker moved the final map of Westley Tract be approved subject to the installation of Street Lights and Fire Hydrants. Motion seconded by Commissioner Whipple and carried by the following vote: Commis­sioners Bunker, Jarrett, Peccole, Whipple and His Honor voting aye; noes, none. Commissioner Whipple moved the final map of Charleston Village be approved subject to the above bond conditions. Motion seconded by Commissioner Peccole and carried by the following vote: Commis­sioners Bunker, Jarrett, Peccole, Whipple and His Honor voting aye; noes, none. Commissioner Bunker moved the partial payment on Assessment District No. 100-16 in the total amount of 18,230.26 be approved and the Mayor and City Clerk author­ized to sign the Warrant when prepared. Motion seconded by Commissioner Peccole and carried by the following vote: Commis­sioners Bunker, Jarrett, Peccole, Whipple and His Honor voting aye; noes, none. Commissioner Whipple moved the following Resolution authorizing the City Clerk to give notice of the question to be placed on the May 5, 1953, Election Ballot be ap­proved. R E S O L U T I O N WHEREAS, The City of Las Vegas, in the County of Clark, State of Nevada, and the officers and inhabitants thereof, desire to enlarge and increase the capacity of its municipal sewerage system; and WHEREAS, the Board of Commissioners of said City has determined, and does here­by determine that it is necessary and for the best interest of the City of Las Veg­as and the inhabitants thereof that the municipal sewerage system of the City of Las Vegas be enlarged and modernized by the construction of additional trunk lines and interceptors and that a part of the cost thereof be defrayed by the issuance of General Obligation Sewer Bonds of the City of Las Vegas in the amount of $900,000 or so much thereof as may be necessary; and WHEREAS, the Board of Commissioners has determined, and does hereby determine, that it is necessary and advisable to submit the question of issuing said bonds to a vote of the regularly qualified electors of the City of Las Vegas in the manner provided by the statutes of the State of Nevada and the Charter of the City of Las Vegas, as amended, NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS AS FOLLOWS: Section 1. That the City of Las Vegas acquire, construct, and establish at an estimated initial cost of $900,000.00 additional sanitary sewer trunk lines and inter­ceptors to the existing municipal sewerage system for serving and supplying with sewer facilities its inhabitants. Section 2. That the City proposes to incur a bonded indebtedness (subject to the approval of the regularly qualified electors of the City) to defray, in part, the cost of so acquiring, constructing, and erecting additional sanitary sewer trunk lines and interceptors to the existing municipal sewerage system by the issuance of its negotiable coupon General Obligation Sewer Bonds in the aggregate principal amount of $900,000.00, or so much thereof as may be necessary, said bonds to be pay­able from an annual tax levy on all the taxable property in the City, sufficient in amount (subject to the limitations imposed by the Constitution and Laws of the State of Nevada) to meet the annual and semi-annual payments of principal and interest, and from such other sources, available therefor as the Board of Commissioners at its option determine, said bonds to mature serially in regular numerical order at annual inter­vals in substantially equal amounts of principal or substantially equal amounts of principal and interest, commencing not later than the year 1956 and ending not later then the year 1978, both inclusive, provided that bonds maturing in the years 1963 to 1978, both inclusive, shall be redeemable, at the option of the City, on any in­terest payment date on or after 10 years from the date of said bonds, and shall as nearly as practicable be issued for a period which shall be equivalent to the life of such improvements which is hereby determined to be at least twenty-five years from the date of said bonds, Said Bonds (if their issuance is approved by the regu­larly qualified electors) shall be sold publicly in accordance with the Statutes of the State of Nevada in such case made and provided, and shall contain such provisions relative to call and otherwise as will adequately protest the City. Section 3. That at the next general City Election, which will be held on Tues­day, the 5th day of May, 1953, the following proposal shall be submitted to the re­gularly qualified electors of said City, and which proposal shall be as follows; "Shall the City of Las Vegas issue its negotiable coupon General Obligation Sewer Bonds in the aggregate principal amount of $900,000.00, or so much thereof as may be necessary, for the purpose of defraying in part the cost of acquiring, constructing and establishing additional sanitary sewer trunk lines and intercep­tors to the existing municipal sewerage system, said bonds to bear interest at a rate of not more that seven (7) percent per annum, and to mature serially in regular num­erical order at annual intervals in substantially equal amounts of principal or sub­stantially equal amounts of principal and interest, commencing not later that the year 1956 and ending not later than the year 1978, both inclusive, said bonds matur­ing after the year 1963, to be subject to prior redemption at the option of the City on such terms as the Board of Commissioners may determine on any interest payment date on and after ten (10) years from the date of the bonds, said bonds to be payable from an annual general tax levy and from such other sources available therefor as the Board of Commissioners may at its option determine."