21 Pag blanding outlook Jan. 16a 1959 extension of the maturity of any bond authorized by this ordinance; or B . , A reduction in the principal amount of any bond, the rate of interest thereon, or the redemption premium payable thereon; or C. The creation of a lien upon or a pledge of revenues ranking prior to the lien or pledge created by this ordinance; or Section 19 . That upon the happening and continuance of any of the events of default as provided In Section 18 of this ordinance, then and in every case, the holder or holders of not less than twenty-fiv- e per centum in principal amount of the bonds then outstanding may proceed against the City to protect and enforce the rights of the bondholders under this ordinance by suit, action or special proceedings in equity or at law, either for the appointment of a receiver or for the specific performance of any covenant or agreement contained herein or in an award of execution of any power herein granted for the enforcement of any proper, legal or equitable remedy as such bondholder or bondholders may deem most effectual to protect and enforce the rights aforesaid. All such proceedings at law or in equity shall be instituted, had and maintained for the equal benefit of all holders of the bonds and coupons then outstanding. Any receiver appointed in any proceedings to protect the rights of the bondholders hereunder may enter and take possession of the system, operate and maintain the same, prescribe rates, fees or charges and collect, receive and apply all revenues arising after the appointment of such receiver in the same manner as the City itself might do. The failure of any bondholder so to proceed shall not relieve the City or any of its officers, agents or employees of any liability for failure to perform any duty. . A. An D. A E. supplemental ordinance; or The establishment of priorities as between bonds issued and outstanding under the provisions of this ordinance. reduction of the principal amount of bonds required for consent to such amendatory or Section 24. That after any of the bonds herein authorized are issued, this ordinance shall be and remain until the bonds and the interest thereon shall be fully paid, cancelled, and discharged, as herein provided. 3 3 Section 25. ( if That any section, paragraph, ordinance shall for any reason be clause or provision of this held to be invalid or unenforceable, the invalidity or of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this ordi- ! unen-forceabll- Section 20. That upon the happening of any of the events of default as provided in Section 18 of this ordinance, the City, in addition, will do and perform all proper acts on behalf of and for the bondholders to protect and preserve the security created for the payment of their bonds and to insure the payment of the principal of and interest on said bonds promptly as the same become due. All proceeds derived therefrom, so long as any of the bonds herein authorized, either as to prin- cipal or interest, are outstanding and unpaid, shall be paid into1 In the Bond Fund, and used for the purposes therein provided. the event the City fails or refuses to proceed as in this section1 e per provided, the holder or holders of not less than twenty-fivafter centum in principal amount of the bonds then outstanding, demand in writing, may proceed to protect and enforce the rights of the bondholders as hereinabove provided. l 3 lty nance . j i i Section 26. That all orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. by-la- ws, j 1 j j i M. F. Lyan Mayor (SEAL) ; i Section 21. j 3 : That Attest: i ' i ii Nilon Franc ia 0. Recorder city ORDINANCE if it should be legally deter- -' mined that any legislative or other body, commission or authority has power to lawfully prescribe a lower schedule of AN ORDINANCE PROVIDING ELECTION 1959, rates than that contemplated by this or other ordinances, and if auch lower rate shall be prescribed, then the payment of interest' TO BE HELD FOR Z FOR AND ORDERING A ON THE SPECIAL DAY OF THE PURPOSE OF SUBMITTING TO THE QUALIFIED ELECTORS OF THE CITY OF BUNDING, UTAH, THE QUESTION OF ADOPTING AN INITIATED ORDINANCE ENTITLED "AN ORDINANCE CONCERNING THE JOINT ELECTRIC, WATER AND on and the principal of said bonds, Issued pursuant to the pro- -j visions of this ordinance, shall constitute a first and prior charge on the revenues received from said system, anything in this ordinance contained to the contrary notwithstanding. SEVER SYSTEM FOR OF THE CITY OF BUNDING, UTAH; PROVIDING REDEMPTION OF THE CITY'S ELECTRIC AND WATER THE REVENUE RONDS, DATED AUGUST 1, 1947, OUTSTANDING PRINCIPAL AMOUNT OF IN THE $65,000 .00, Section 22. That the officers of the Town be, and they hereby are, authorized and directed to take all action necessary or appropriate to effectuate the provisions of this ordinance, including, without limiting the generality of the foregoing, the printing of said bonds and the execution of such certificates as may be reasonably required by the purchasers thereof relating, inter alia, to the signing of the bonds, the tenure and identity of the municipal officials, delivery of the bonds and the receipt of the bond purchase price and the absence of litigation, pending or threatened, affecting the validity CITY'S SEWER, 1954, DATED PRINCIPAL POWER AND WATER REVENUE AUGUST AND THE SERIES BONDS, 1, 1954, IN THE OUTSTANDING $196' 000.00; PROVIDING FOR THE OF SAID 1947 BONDS, FOR CQQ. CO AMOUNT OF j REFUNDING OF y THE REFUNDING 0? 19000.00 OF SAID 1954 BONDS, for or SAID SYSTEM, ALL FROM THE PROCEEDS OF JOINT ELECTRIC, WATER AND SEWER REFUNDING AND IMPROVEMENT R EVENUE BONDS IN THE AND THE AGGREGATE i ITRO-EMEN- ..IMCirAL AUTHORISED TO thereof. PRESCRIBING oriu THE OTHER AOT THIS ORDINANCE"; OF AMOUNT "E ISiUED DISPOSITION OF That this ordinance may be amended Section 23. or supplemented by ordinances adopted by the City Council of the City of Blanding in accordance with the laws of the State of Utah, without receipt by the City of any additional consideration, of but with the written consent of the holders of three-fourtthe bonds authorized by this ordinance and outstanding at the time of the. adoption of such amendatory or supplemental ordinance (not including in any case any bonds which may then be held or owned for the account of the City, but including such refunding bonds as may be issued for the purpose of refunding any of the bonds herein authorized if such refunding bonds are not owned by the City); provided, however, that no such ordinance shall have the effect of permitting: qS? - MO. AMD SOLD; PROVIDING THE CONCERNING SAID BONDS AND OF SAID SYSTEM; :;c T'fS EFFECTIVE FROVIDI PRES(?Rir.I HEREBY FOR REVENUES DETAILS $800,000.00 DETAILS TUEE.'FITH; AND PROVIDING TTE EFFECTIVE THIS ORDINANCE. DATE OF IN CONNECTION DATE OF hs C.!tv Cornell ,m rxKh c this diy cen presented to the Initl.ii.Ivr petition cr quoting that the City cn-r- . u.i eUhcr iJnpl the ordinance therein set out or submit ordinance to th. vote of the qualified electors of the Cilv ,.,f Pl.mdlnq or idopLion, sild erdinnee bUng entitled rs above sot forth In th title hereto; and WHEREAS, t tl'f t h.is rn irecr tii.icd hy the City I pvre.MrR election for governor held ! 11 .