Las Vegas City Ordinances, November 13, 1950 to August 6, 1958, lvc000015-55

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. 100-2 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. 100-2, 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 become 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 forms (Bond Form) UNITED STATES OF AMERICA STATE OF NEVADA COUNTY OF CLARK CITY OF LAS VEGAS ASSESSMENT DISTRICT NO. 100-2 STREET IMPROVEMENT BOND SERIES OF JANUARY 1, 1951. No. ___________ _____________________________________________________________ 500.00 463.75 The City of Las Vegas in the County of Clark and State of Nevada, a municipal corporation duly organized and existing, for value received hereby promises, out of funds available for the purpose, as here­inafter set forth, to pay to bearer hereof the principal sum of ONE THOUSAND DOLLARS FIVE HUNDRED DOLLARS FOUR HUNDRED SIXTY THREE & SEVENTY FIVE ONE HUNDREDTHS DOLLARS on the first day of January. 1951. with interest thereon until paid at the rate of 3.40% per centum per annum, payable annually on the first day of January 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, City of Las Vegas, Clark County, Nevada, upon presentation and surrender of this bond and of the annexed coupons as they severally become due. This bond is subject to redemption at the option of the City of Las Vegas on any interest payment date at a price equal to the principal amount thereof with accrued interest to the redemption date. Redemp­tion shall be made upon not less than fifteen 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. This bond is one of a series of 231 special assessment, negotiable coupon, improvement bonds numbered consecutively from one to 231. both inclusive, issued by the City of Las Vegas, all of which are of like date and designation and aggregate the total amount of Two Hundred Twenty Five Thousand Four Hundred Sixty Three & Seventy Five One Hundredths DOLLARS (S225,463.75). This bond and the interest thereon shall be payable from a special fund designated "Assessment District No. 100-2 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 Street Improvement Assessment District No. 100-2, 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 become due, the deficiency shall be paid out of the City's general fund. Said special assessments made, and levied to defray said cost, with accruing interest thereon, constitute a lien upon and against the property upon which such assessments were made and levied from and after the 28th day of February. 1951. the date upon which the assessment roll therefor was confirmed and approved by the Board of Commissioners of said City. It is hereby certified, recited and declared that all acts, conditions and things essential to the validity of the bond exist, have happened and have been done in due time, form and manner as required by law, and that the total issue of said improvement bonds of said City for said improvements and inciden­tal expenses, including this bond, does not exceed the amount authorized by law nor the special assessments levied to cover the cost of said improvements. It is hereby further certified, recited and declared that the proceedings with reference to mak­ing such improvements and levying the assessments to pay therefore have been regularly had and taken in com­pliance with law, and that all prerequisites to the fixing of the assessment lien against the property bene­fited by the improvements and of the personal liability of the owner or owners of such property therefor have been performed. This bond is subject to the condition, and every holder hereof by accepting the same agrees with the obligor and every subsequent holder hereof, that (a) the delivery of this bond to any transferee shall vest title in this bond and in the interest coupons attached hereto in such transferee to the same extent for all purposes as would the delivery under like circumstances of any negotiable instrument payable to bearer; (b) the obligor and any agent of the obligor may treat the bearer of this bond as the absolute owner hereof for all purposes, and shall not be affected by any notice to the contrary; (c) the principal of. and the interest on this bond shall be paid, and this bond and each of the coupons appertaining thereto are transferable, free from and without regard to any equities between the obligor and the original or any intermediate holder hereof, or any set-offs or cross-claims; and (d) the surrender to the obligor or any