Las Vegas City Ordinances, March 31, 1933 to October 25, 1950, lvc000014-310

Section 2. That for the purpose of securing funds in the sum of $250,000.00 to finance the cost of construction of storm sewers and storm drains, pursuant to the powers vested in the City and its Board of Commissioners under the Charter of the City and the general laws of the State of Nevada, there be issued bonds of the said City of Las Vegas, Nevada, designated "Storm Sewer Bonds, Series of January 1, 1948", in the aggregate principal amount of $250,000.00 bearing interest at a rate of not exceeding three per centum per annum. Section 3. That the Mayor and City Clerk be and they are hereby authorized and directed to have said storm sewer bonds prepared in the aggregate principal amount of $250,000.00. The proceeds from the sale of said bonds shall be used for the purpose of financing the cost of construction of storm sewers and storm drains in the City of Las Vegas. Section 4. That for the purpose of providing funds as aforesaid, the City of Las Vegas on behalf of said City and upon the credit thereof shall issue the negotiable coupon bonds of said City in the aggregate principal amount of $250,000.00, consisting of 250 bonds in the denomination of $1,000 each, numbered from 1 to 250, both inclusive, bearing date as of the first day of January, 1948, bearing interest at a rate not exceeding three per cent per annum, payable semi-annually on the first days of January and July in each year, as evidenced by in­terest coupons attached to said bonds, both principal and interest being payable in lawful money of the United States of America at the office of the City Treasurer of the City of Las Vegas in Las Vegas, Nevada. Said bonds shall mature serially in regular numerical order, $3,000.00 on January 1, 1949, and #13,000.00 in each of the years 1950 to 1968, both inclusive. Bonds numbered 56 to 250, both inclusive, maturing on and after January 1, 1954, are subject to redemption in inverse numerical order at the option of the City of Las Vegas on the first day of January, 1953, or on any inter st payment date thereafter prior to maturity at a price equal to the principal amount thereof with accrued interest to the redemption date. Notice of redemption shall be given by the County Treasurer of Clark County, Nevada, as Ex-officio Treasurer of the City of Las Vegas in the name of the City of Las Vegas by publication of said notice at least once in each calendar week on any day of the week for at least four successive weeks 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 thirty days prior to the redemption date to the purchaser or purchasers of said 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 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 5. Said bonds shall be signed by the Mayor of the City of Las Vegas, shall be attested by the City Clerk of the City of Las Vegas under the seal of said city, and shall be countersigned by the County Treasurer of Clark County, Nevada, as Ex-officio City Treasurer of the City of Las Vegas. The coupons attached to said bonds shall bear the facsimile signature of said City Treasurer which officer by the execution of said bonds shall adopt as and for his signature the facsimile thereof appearing on said coupons. Section 6. That said bonds and the coupons attached thereto shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS STORM SEWER BONDS, SERIES OF JANUARY 1, 1948 No.________ $1,000.00 The City of Las Vegas in the County of Clark and State of Nevada, acknowledges itself indebted and hereby promises to pay to bearer hereof the sum of ONE THOUSAND DOLLARS ($1,000) on the first day of January, A. D., 19___, with interest thereon at the rate of ___________ per cent per annum, payable semi-annually on the first days of January and July in each year, both principal and interest being payable in lawful money of the United States of America at the office of the City Treasurer in Las Vegas, Nevada, upon presentation and surrender of the annexed coupons and of this bond as they severally become due. This bond is issued by the City of Las Vegas upon behalf of said City and upon the credit thereof for the purpose of securing funds to finance the construction of storm sewers and storm drains, pursuant to the powers vested in the City and its Board of Commissioners under the Charter of the City and the general laws of the State of Nevada. *(This bond is subject to redemption at the option of the City of Las Vegas on the first day of January, 1953, or on any interest payment date thereafter at a price equal to the principal amount thereof with accrued interest to the redemption date. Redemption shall be made upon not less than thirty days' prior notice by publication in a newspaper of general circulation in the City of Las Vegas in the manner and upon the conditions provided in the ordinance authorizing the issuance of this bond.) It is hereby certified and recited that all of the requirements of law have been fully complied with by the officers of said City in the issuance of this bond; that the total indebtedness of said City, including that of this bond, does not exceed any limit of indebt­edness prescribed by the constitution and laws of the State of Nevada, nor by the Charter of the City of Las Vegas, and that provision has been made for the levy and collection of annual taxes sufficient to pay the interest on and the principal of this bond when the same become due. The faith and credit of the City of Las Vegas are hereby pledged for the punctual payment of the principal of and the interest on this bond.