Las Vegas City Commission Minutes, September 21, 1955 to November 20, 1957, lvc000010-89

No._____* $______________ On the first day of June, 19 **(unless the bond to which this coupon is attached has been called for prior redemption), the City of Las Vegas, in the County of Clark and State of Nevada, will pay the bearer DOLLARS in lawful money of the United States of America at the office of the Treasurer of the City of Las Vegas, Nevada, or at the Harris Trust and Savings Bank, Chicago, Illinois, at the holder's option, being Six months' interest on its *** General Obligation Sewer Bond, (or) General Obligation Police Detention Bond, (or) General Obligation Fire Extin­guishing System Bond, (or) General Obligation Fire Alarm System Bond, Series December 1, 1955, and bearing No.____ (Facsimile Signature) Mayor _____(Facsimile Signature)_________ City Treasurer ______(Facsimile Signature)________ City Clerk *(Insert "A" of "B" as well as number of bond) **(To be inserted in all coupons maturing on and after June 1, 1966, and attached to bonds maturing on and after December 1, 1966.) ***(The first "B" interest coupon will evidence five months' interest. All other "B" coupons and all "A" coupons will evidence six months' interest.) ****(Insert proper designation of bond. ) Section 7. That when said bonds have been duly executed, the Treasurer of the City of Las Vegas shall deliver them to the lawful purchasers thereof, on receipt of the agreed purchase price. The funds realized from the sale of said bonds shall be applied solely to the respective purposes for which said bonds have been authorized, as stated in the aforesaid propositions, but the purchasers of said bonds shall be in no manner responsible for the application or dispo­sition by said City or by any of its officers of any of the funds de­rived from the sale thereof. Section 8. That the interest falling due on said bonds on June 1, 1956, shall be paid out of the general fund of the City of Las Vegas, or out of any other fund that may be available for such purpose, and that for the purpose of creating a separate fund, appropriately designa­ted, for each said issue, which fund shall be solely used for the re­demption of the principal of and the interest on the bonds thereof, and any prior redemption premium due in connection therewith, there shall be levied in the year 1955, and annually thereafter, a tax on all prop­erty, both real and personal, subject to taxation within the boundaries of the City of Las Vegas, including the net proceeds of mines, suffic­ient to pay the interest on said bonds and to pay and retire the same as hereinabove provided; and provided further that in the preparation of the annual appropriation ordinance for the City, the Board of Com­missioners shall first make proper provision through the levy of suf­ficient taxes for the payment of the interest on and the retirement of the principal of the bonded indebtedness of the City, and the amount of money necessary for this purpose, together with the amounts neces­sary for the payment of the principal of interest on the other bonded indebtedness of the City, shall be a first charge against all the reve­nues received by said City. Nothing herein contained shall be so con­strued as to prevent the City from applying any other funds that may be in the treasury of the City and available for that purpose, to the payment of said interest or principal as the same, respectively, mature, and the levy or levies provided for may thereupon to that extent be diminished. In any year in which the total taxes levied by overlap­ping political subdivisions and taxing units in Las Vegas may exceed the limitation of five cents on the dollar imposed by Section 2 of Article X of the Constitution of the State of Nevada, and it shall be­come necessary by reason thereof to reduce the levies made in behalf of said City, the reduction so made shall be in taxes levied for or by such City for purposes other than the payment of its bonded indebted­ness and interest thereon, and the taxes levied hereinafter for the payment of said bonded indebtedness and the interest thereon shall al­ways enjoy a priority over taxes levied for or on behalf of such City for any other purposes where reduction is necessary in order to com­ply with the limitation of Section 2, Article X of the Nevada Consti­tution. Such tax shall be levied and collected in the same manner and at the same time as other taxes are levied and collected, and the pro­ceeds thereof shall be kept by the City Treasurer in each said special fund, which shall be used for noother purpose than the payment, for the for the issue for which each fund has hereby been created, of principal and interest due on said bonds and any prior redemption premium in con­nection therewith. (Form of Coupon) 12-9-55