Las Vegas City Commission Minutes, February 17, 1954 to September 21, 1955, lvc000009-484

Section 2. That for the purpose of defraying the entire cost and expense of making said improvements, except to the extent funds are available therefor from that part of said assessments which have been heretofore paid, there be issued in the name of the City of Las Vegas special assessment negotiable coupon bonds designated "Assessment District No. 100-25 Street Improvement Bonds, Series of April 1, 1955," in the aggregate principal amount of $62,533.28, consisting of seventy bonds numbered consecutively from 1 to 70, both inclusive, which bonds shall bear date as of the 1st day of April, 1955; shall be in the denominations of $1,000.00 and $200.00 each, except bond numbered one shall be in the denomination of $733.28, and bearing interest at rate of three and one fourth per centum (3-1/4%) per annum until paid in full, payable annually on the 1st day of April in each year, as evidenced by interest coupons attached to said bonds. Said bonds shall be numbered, shall be in the denomina­tion of, and shall mature serially in regular numerical order on the first day of April in each of the years indicated as follows: Bond Numbers Bond Amount Maturity (All Inclusive) Denomination Maturing Date Said bonds and the coupons thereto attached shall be payable in lawful money of the United States of America at the office of the City Treasurer of the City of Las Vegas, Nevada. Said bonds shall be fully negotiable and shall have all the qualities of negotiable paper, subject to the payment provisions stated herein, and the holder or holders thereof shall possess all rights enjoyed by holders of negotiable instruments under the provisions of the Negotiable Instruments Law. Said bonds shall be signed by the Mayor of the City of Las Vegas, countersigned by the City Treasurer, and its corporate seal shall be affixed to each bond and attested and countersigned by its City Clerk. The coupons attached to said bonds shall bear the facsimile signature of the Mayor, City Treasurer and City Clerk, which officers, by the execution of said bonds, shall adopt as and for their signatures the facsimiles thereof appearing on said coupons, and when said bonds are executed, said coupons shall constitute the binding obligations of said City for said Interest. Said bonds and coupons bearing the signatures of the officers in office at the time of the signing thereof shall be the valid and binding obligations of the City of Las Vegas, notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices. All of said bonds are subject to prior redemption in inverse numerical order at the option of the City on any interest payment date prior to maturity, at a price equal to the principal amount thereof with accrued interest to the redemption date, whenever funds are available therefor. Notice of redemption shall be given by the City Treasurer in the name of the City of Las Vegas by publication of such notice at least once in each calendar week on any day of the week for at least two successive weeks, the first publication to be at least fifteen days prior to the redemption date, in a newspaper of general circulation in the City of Las Vegas, and a copy of such notice shall be sent by registered mail at least fifteen days prior to the redemption date to the original purchaser of the bonds. Such notice shall specify the number or numbers of the bonds to be so redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date there will become and be due and payable upon each bond so to be redeemed at the office of the City Treasurer in the City of Las Vegas, the principal amount thereof with accrued interest to the redemption date, and that from and after such date interest will cease to accrue. Notice having been given in the manner hereinbefore provided, the bond or bonds so called for redemption shall become due and payable on the redemption date so designated; and upon presentation thereof at the office of the City Treasurer, together with all appurten­ant coupons maturing subsequent to the redemption date, the City of Las Vegas will pay the bond or bonds so called for redemption. Section 3. That said bonds and the interest thereon shall be payable from the special fund, heretofore created, and designated "Assessment District No. 100-25 Street Improvement 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 said Street Improvement Assessment District No. 100-25 which fund is and shall continue to constitute a sinking fund for and be deemed specially appropriated to the full and prompt payment of said bonds and the interest thereon, and shall be used for no other purpose whatever, provided, however, that in the event said fund shall be insufficient to pay said bonds and the interest thereon as they became due, the deficiency shall be paid out of the City's general fund. Section 4. That said bonds and the coupons thereto attached shall be in substantially the following form: 4-6-55