Las Vegas City Ordinances, July 18, 1911 to March 31, 1933, lvc000013-251

ORDINANCE NO. 153. An Ordinance authorizing the Board of Commissioners of the City of Las Vegas, Clark County, State of Nevada, to borrow Eighteen Thousand Dollars, ($18,000.00), to provide funds for the purposes of defraying that portion of the expenses determined by said Board of Commissioners to be stood and borne by the City of Las Vegas for the grading for and construction of Asphaltic Pavements Durite Process upon interior squares or spaces formed by the intersection of streets and spaces opposite alleys and where lands belonging to said City, or public ground not taxable, abut on such improvements, in connection with those certain improvements authorized and determined to be made underprovisions of Ordinance No. 149 of the City of Las Vegas; to issue and sell the bonds of the City of Las Vegas therefor, said bonds to be known as "Las Vegas Special 1930 Pavement Improvement Bonds, Series A," and providing for the payment of the principal and interest on said bonds, and other matters relating thereto. THE BOARD OF COMMISSIONERS OF THE CITY OF LAS VEGAS DO ORDAIN AS FOLLOWS: Sec. 1. That for the purpose of defraying that portion of the expenses determined by said Board of Commissioners to be stood and borne by the City of Las Vegas for the grading for and construction of Asphaltic Concrete Pavements Durite Process upon the interior squares or spaces formed by the intersection of streets and spaces opposite alleys, and where lands belonging to said City or public ground not taxable, abut on such improvements, in connection with those certain improvements authorized and determined to be made under the provisions of Ordinance No. 149 of the City of Las Vegas, approved December 5, 1929, and entitled; "An Ordinance declaring the determination of the Board of Commissioners of the City of Las Vegas to make certain improvements in the City of Las Vegas by grading for and constructing Asphaltic Concrete Pavement- Durite Process on certain streets, and portions of streets in said City; describing definitely the location of said improvements; providing that the cost and expense thereof shall be paid entirely by special assessment upon all the lots included in the special assessment district, hereby established, according to benefits, except where by the Charter of the City of Las Vegas certain portions thereof are required to be paid from the general fund of said City of Las Vegas; providing for the issuance of special assessment bonds, and also general bonds of the City of Las Vegas for the payment thereof and other matters relating thereto". and in accordance with the provisions of said Ordinance No. 149, and in accordance with the provisions of the Charter of the City of Las Vegas and amendments thereto, and in accordance with the provisions of Chapter 110 of the Session Laws of the State of Nevada for the year 1927, the Board of Commissioners of the City of Las Vegas is hereby authorized and empowered to issue in the name of the said City Eighteen bonds, in the denomination of One thousand Dollars ($1,000.00) each, numbered from 1 to 18 consecutively, dated January 1, 1950 and to mature and become payable as follows: Bond No. 1 shall become due and payable one year from the date thereof. Bond No. 2 shall become due and payable two years from the date thereof. Bond No. 3 shall become due and payable three years from the date thereof. Bond No. 4 shall become due and payable four years from the date thereof. Bond No. 5 shall become due and payable five years from the date thereof. Bond No. 6 shall become due and payable six years from the date thereof. Bond No. 7 shall become due and payable seven years from the date thereof. Bond No. 8 shall become due and payable eight years from the date thereof. Bond No. 9, shall become due and payable nine years from the date thereof. Bond No. 10 shall become due and payable ten years from the date thereof. Bond No. 11 shall become due and payable eleven years from the date thereof. Bond No. 12 shall be come due and payable twelve years from the date thereof. Bond No. 13 shall become due and payable thirteen years from the date thereof. Bond No. 14 shall become due and payable fourteen years from the date thereof. Bond No. 15 shall become due and payable fifteen years from the date thereof. Bond No. 16 shall become due and payable sixteen years from the date thereof. bond No. 17 shall become due and payable seventeen years from the date thereof. Bond No. 18 shall become due and payable eighteen years from the date thereof. The payment and redemption of said bonds with be in the order of their issuance, the lowest bond to be first paid and redeemed, and so on until the whole amount of said bonds shall have been paid, and redeemed. Each of said bonds shall have coupons attached representing each interest installment to date of maturity of the principal. Both principal and interest of said bonds shall be payable in Gold Coin of the United States of America, at present standard, at the office of the City Treasurer of the City of Las Vegas, in the City of Las Vegas, County of Clark, State of Nevada. Interest on said bonds shall cease as the same mature. Said bonds shall bear annual interest at a rate not to exceed six per cent per annum from the date thereof, payable semi-annually on the first day of July and January of each year. Said Bonds shall be sold to the person or persons offering the best and most advantageous terms therefor, but shall not be sold for less than par value and accrued interest. Sec. 2. The Board of City Commissioners shall cause said bonds to be prepared and they shall be signed by the Mayor or the Mayor Pro Tem. and one City Clerk, and Countersigned by the City Treasurer and authenticated by the seal of the City of Las Vegas, Coupons representing the several interest installments of interest to fall due thereon shall be attached to each bond so that they may be removed without injury to the sane, numbered consecutively, and bear the signature or facsimile signature of the Mayor and countersignature of the City Treasurer. The proceeds shall be placed in a special fund and shall be used exclusively for the purposes above specified in such manner and to such extent as the Board of Commissioners of said City may by ordinance, order or resolution from time to time direct. Sec. 3. Said bonds and coupons, with the necessary variations as to numbers and maturities, shall be in substantially the following form, respectively, to-wit: