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Show t 22 BOX JOURNAL, Brigham City, Utah ELDER Thursday, October 30, 1975 "Net Revenues" means the revenues (h) after there shall first paid therefrom all Operation Expenses . and Maintenance all have been their delivery for value. The principal of and terest on the bonds shall be payable only out of at After remaining (i) "operation and Maintenance Expenses means expenses reasonably incurred in connection with the 6ystem AND CONFIRMING THE SALE A RESOLUTION AUTHORISING OF NOT TO EXCEED $10,000 WATER REVENUE SUBORDINATE RONDS, SERIES 1975, OP THE TOWN OF MANTUA, OX ELDER COUNTY, UTAH, FOR THE PURPOSE OF FINAND CONSTRUCTING ANCING PART OF THE COST OF ACQUIRING AND EXTENSIONS TO THE TOWN'S ADDITIONS IMPROVEMENTS, HATER SYSTEM, PRESCRIBING THE BOND FORMS, THE TERMS AND CONDITIONS OF THEIR 1 8 SUE AND RETIREMENT AND FOR THE COLLECTION, THE SECURITY THEREFORE : PROVIDING HANDLING AND DISPOSITION OF THE REVENUES TO BE DEAND FROM REPEALING ORDINRIVED SAID WATER SYSTEM OR PORTIONS OR REGULATIONS, RESOLUTIONS ANCES, IN CONFLICT THEREWITH. THEREOF, the WHEREAS, Town of Mantua, Box Eldar County, shall the bonds be deemed to constitute an of tha Municipality within the smaning of any State, Constitutional or statutory limitation nor a charge against the general credit or taxing power of the Municipality. The lien of the Bonds upon said portion of the Net Revenues shall all facilities) neoasaary rate of Utah (the inclusive, of Omptsr 3, Title 55, period beginning on January 1 of the calendar year ending on the next succeeding December 31. (k) "Bond Service Requirement means the amount Utah Cbds Annotated, as amended, fat 1953, the purpose of ds fraying pert of the ooet of acquiring and to 22, 1 obligated to lend to the Municipality on the terms hereinafter described on tha date the Bonds herein authorized are issued by the Municipality, provided that in no shall additions to the Town's water system (which Ordinance was amsndad fay an Ordinance adapted cn February 1, 1975; end said Ordinance WHEREAS, Elder Journal Box such publication none of the day period following tha 14, 1974, and during on November twenty-on- e of the Municipality voting for the presiding officers of its Governing Body et the last preceding Municipal Election filed petitions signed by them with the Town Clerk requesting that tha question of issuing aaid bonds be submitted to the voters of tha Municipality at an election; and the 20, 1975, the Municipality, pursuant to on February WHEREAS, issued 1974 Ordinance, its 1975 Water Revenue in the Bond acquisition and construction; and WHEREAS, tha proceeds of said $114,000 1975 Water Revenue Bond have bean expanded for tha purpose eat forth in tha 1974 and the municipality requires additional funds Ordinance for tha acquisition and construction of improvements, additlone and extensions to its water system; and at least twelve WHEREAS, to be derived it System as percent 12 ( the net revenues 1) of by the Municipality from tha operation of the shall exist following the said acquisition and co- have not been and will not be pledged or hypothecated in any manner or for any purpoee at the time of the issuance of tha nstruction bonds hereinafter referred to; and WHEREAS, it is WHEREAS, the exact cost of construction estimated that the cost of said acquisition 36 , OOP. 00 and construction will not exceed $ ; and (will be) (has been) to advertised notice and the from bids received pursuant determined construction contract (will be) (has been) awarded to the bidder submitting the lowest and best bid; and and construction acquisition issuance of its should be financed in part $10,000 1975 Water Revenue Subordinate amount not exceeding $10,000 and in States in the amount of $ 26,000.00 amount of that the said the Municipality has determined WHEREAS, part by and Bonds in an grants from the United Gf the own in the to the Municipality has determined sell of the Utah Municipal 14, Title 11, Utah Bond Act, Chapter the Municipality has applied to the Administration for a loan in the sum of $10,000 WHEREAS, Farmers Home has been approved as of the date of which application this be said System will be located in primarily used by, or the Utah State Environmental will Protection the Town of Mantua, Section shall, for all 1. Be It a generate rural sub- AGency, the Utah State five percent (5) per principal annum interest and at the rate on the unpaid balance from date until paid. such owner shown on the Resolved by the Board of Trustees of of this Resolution, have the meanings herein (b) means the Town of Mantua, Box Elder Municipality or any successor governing body of the Municipality herein provided for pursuant to law. (c) registered "Bond Holder" means the registered holder of bearer bonds that are issued. (d) hereof. provided, in part, at any time prior to January 1, 1977, in the event there are bond proceeds remaining unused at the time construction of the System is completed, or in any event, at any time an or after January 1, 1986. Prepayments shall be made on the date, at the place and in the manner provided herein for making regularly scheduled No partial shall be in the to principal referred to in extend or postpone shall prepayment monthly installment. Any amount of Notice of any prepayment of principal on the single bond if or of the call for redemption serial bonds set forth any of the shall be given as provided in the forms of bonds or on any bond 6 if acting through the Administrator, Farmers and his agents. Home assets applicable thereto) is $ value of the said water system as Administration of said improvements, (e) "Bonds" means the negotiable Water Revenue Subordinate in an aggregate principal amount of not to exceed $10,000 herein authorized and shall mean, interchangeably, the single revenue bond in such amount or the serial revenue bonds in such Bonds amount hereinafter described. (f) "System" means the whole and each and every part of the Municipality's water system as it will exist after the acquisition and construction of the said improve- system (including all and 197,800.00 that the total will exist after the completion ; extensions will be $233, 1953, aa Utah Code Annotated, percent ( 800. 00; 88) of the to be derived from the entire water system when the conextensions and improvements thereto are completed additions, templated of said revenue represents the portion which the (which percentage revenue after completion is of said additions, extensions and hereby deemed and found to be revenue improvements. The bonds are issued under the provisions of the Utah Municipal Bond Act, Chapter 14, Annotated, of any kind, from any source whatsoever, derived from the operation of the System, including, without limitation, all foes, tolls, rates, connection charges and other charges, the te 1953, as amended, and the Title single 11, Utah Code bond and each of prescribed shell serial tain a recital that they are issued under the authority of said Act and the recital to such effect contained in the forms of bonds set forth in Sections 5 and 6 hereof are hereby Such recital shall concluaivaly impart full approved. with all of the provisions of said Act and compliance the bonds shall be uncontestable for any cause whatsoever any improvements, eade with the income and revenues. the present derived from the existing water system and at least twelve ) of the said revenue will be end ie hereby deered to be (12 revenue derived exclusively from the said additions, extensions and of the bonds remain outstanding. "Revenues means all gross income and revenues additions, and extensions q the System hereafter constructed or acquired, and all Interest earned by the profits derived from the sale of invest-Mn- it and bonds issued as hereinafter of the improvements for which this Bond 3ond or the is issued la On first the day of the second month following on the first day of each month con- of the Utah Municipal Bond under the authority Title addi- 1953, as 11, Utah Code Annotated, virtue of and in full conformity with the Constitution and laws of the State of Utah and a Resolution duly adopted by the Issuer on October 23 1975 By purchasing this bond the purchaser agrees to accept all of tha provisions of said resolution. This bond shall be registered aa to principal and the name of the initial purchaser and any subsequent interest in Town purchasers in an appropriate book in the office of tho eac& he the who regisClark Registrar, of tha Issuer, shall bond This is tration to be noted hereon by said Registrar. transferable registered only upon said book, by notation thereon, by the owner horoof in person or by his attorney duly author- in writing; thereuoon, a new bond in the sane form as this bond shall be issued to and roqistoied in the namo of tho transferee. This Bond, of the the surrender thereof at the office upon with a written instrument of Town Clerk transfer owner or his duly authorized duly executed by tho registered attorney, may, at the option of the registered owner, and at his expense, be exchanged for serial bonds, with or without coupons, in bearer or registered form, in tha amount then remaining unpaid, bearing the aane interest rote, maturing annually on January 1 of each of the remaining years of the original term of this Bond and dated as of the year during hich the surrender and exchange is effected. If serial bonds are issued with coupons attached, said coupons shall be payable on J&nurry 1 of each year thereafter to the date of maturity of the principal amount of the serial bond to which such coupons are attached. Serial bonds so issued shall be according to the provisions Resolution of the Issuer pursuant to redeemable of the aforementioned this which is issued. is a limited obligation of the Issuer and is to principal and interest solely from a special fund Bond This Bond payable as designated the "Town of Mantua 1975 Water Revenue Subordinate Bond Sinking Fund, into which special fund shall be deposited Twelve percent ( 12 ) of the net revenues to be derived and the System, including from extensions thereto. future improvements, any additions particular description of aaid For a more fund, the revenues to be deposited therein and the nature and extent is made to the provisions which this Bond is to pursuant issued and such fund has been established and will be maintained. of the security afforded thereby, reference of the aforementioned Resolution lien upon all monies which from time to time are in the special fund herein pledged, provided, that, the lien of this Bond upon said monies shall be in all respects This Bond shall constitute subordinate a inferior to the lien and $114,000 1975 Water Revenue the Issuer, adopted on November including any serial thereon of the Issuer's issued pursuant to Ordinances of Bond 7, 1974 and(as amended on february 6, water revenue bonds issued upon conversion of This bon$ does the single water revenue bond issued thereunder shall never constitute an indebtedness of the Issuer within the meaning of any State constitutional provision or not now and month statutory limitation nor a charge against the general credit or taxing powers of the Issuer. thereafter The Issuer hereby covenants with the registered owner this bond, and the Issuer will fix, establish, maintain and collect reasonable rates, fees or charges for service furnished by or through the System, including all extensions and improvements becoming due, the Issuer shall pay interest on the unpaid balance of the Total Principal Sum from the due date of the delinquent installment to the date of payment of the delinquent installment, provided, that, interest accruing by reason of any such delinquency shall not include any interest applicable to such delinquency period in any monthly installments subsequently paid and shall in no event cause the total interest payable on this Bond to exceed the (54) per annum on the unpaid balance of Sum. Bond shall be applied first every payment to interest computed to books of the Issuer. Any holder of this to its subsequent original holder is hereby placed on notice of all payments of both principal and interest made er. this Bond prior to transfer to him and all subsequent percent may be made while any all eighty-eig- 000. 00 ht Improvements) will be and the operation of said system together with all improvements extensions, enlargements, additions and repairs thereto which of least amended, water system additions and extensions thereto, including all property, real, personal and mixed, of every nature now or hereafter owned by the Municipality and used and useful in jrose revenues that pursuant to Section , the date of this registration Bond value of the existing water system bears to the value of the said ments, (g) additions 36 from Issuer also shall deliver to the holder a shcedule showing the amounts of the monthly installment payments and the on the the bonds Bhall be applied first to interest coaiputed to the date of payment and then to principal. $ Payments Both principal and interest on this Bond shall bo lawful money of the United States of America, to in payable the registered owner hereof at the address of such owner shown price shall have been deposited at the place of payment at that time. Except as otherwise provided herein, every payment ay be made the date of payment and then to principal. redemption that all years from the date of this Bond). thereafter, until the Total Principal Sum with interest thereon as aforesaid has been fully paid, the Issuer shall pay consecutive monthly installments in the amount or amounts entered in the "Installment Payment Certificate" on the reverse side hereof, which amount or amounts shall be sufficient to fully pay the Total Principal Sura and interest thereon within forty (40) years from the date of this Bond. Said amount or amounts shall be entered in the Installment Payment Certificate at the time the last advance on the Total Principal Sum is recorced in the Treasurer's Certificate. At such tine, the in this funds are invested) equal to the amount of prepayment or total value of the Municipality's existing water the value of all water rights, easements, rights-of-wother property and assets applicable thereto) is the purchaser, as recorded in the Except as otherwise provided herein, which such and determines (3) the Total Principal notice has securities in made by rate of five percent of this Resolution. Interest subject to prepayment or redemption shall cease to accrue as to the amount of principal being prepaid or redeemed after in Sections 5 are portions thereof allocable to principal and interest each during the term of this Bond (hereinafter referred to as the "Amortization schedule "). If any monthly installment is not paid when due, then in addition to installments which would be allocable Schedule accrue on the unpaid balance of the hereof from the dates advances on the Total Sura the Construction Period and The Issuer Home Administration (the "Government"). further reserves the right, at its option, if this bond is held by any holder other than the Government, to prepay the principal amount outstanding, in whole or, in the manner Amortization Sum B. Municipality hereby reserves the right, at its option, to prepay the principal amount outstanding, in whole or, in the manner hereinafter provided, in part, at any time while this bond is held by the United States of America, The forth in the Interest shall annum. Total Principal herein referred to aa the 'Construction Period") , aecruad Interest only shall be payable by the Issuer and shall be paid on each January 1 during the Construction Period and on the first day of the first month following the Construction Period. rights-of-wa- "Government" means the United States of America on - jnd for which the proceeds will be used (which period that the total value of the proposed improvements, additions and extensions to the said water system (including the value of all y and all other property and water rights, easements, bonds and the holder from time to time of any Principal Amount of $10,000, together with interest the unpaid balance at the rate of five percent (5) per Maximum completion shall be payable as provided in the form of single bond set forth in Section 5 hereof or, if serial bonds are issued, as 6 provided in the form of serial bond set forth in Section Tte Governing Body hereby finds "Governing Body" means the Board of Trustees of the Certificate as to Dates of Payment set forth at the end of this bond (hereinafter "Treasurer's Certificate"), lul in no went moro than a to occur of three (3) yesrs or, in the case of bonds payable to bearer, at the office of the Treasurer of the Municipality. Principal and interest at the rate stated above on "Municipality County, State of Utah. forth in the "Treasurer's of principal and interest shell be made by tho Issuer as folio..: A. Until all advances on the Total Principal Sum have been received from the purchaser and until tha first shall books of the Municipality registration That tha Town of Mantua, i and Amount" within three of any of the bonds at the address of owner PRESENTS BOND Treasurer's Certificate (which advaneco shall Both payable in lawful money of the United States of America to the registered BY THESE MEN Eldar County, Utah (tha "Issuer") for value received, promises to pay from tho special fund hereinafter described and in the manner hereinafter set forth, and not otherwise, to the order of the registered owner hereof, the Total Principal Sun set Principal of on each issue of bonds shall be been properly given and funds (or Elder County, Utah, as follows: Definitions: The terms hereinafter defined (a) aggregate shall bear interest the date fixed for prepayment or redemption specified: any Elder County, Utah, 1975 Water Revenue Subordinate Bonds". Said issue of bonds shall be dated as of the date of their delivery and shall be in the maximum aggregate principal amount of $10,000 or charges. Box purposes of Mantua, known as the "Town principal being prepaid, together with accrued interest thereon to the date of prepayment, and shall be made without penalty or additional interest Pollution Control Board; NOW, THEREFORE, shall be Box prepayments the Utah State Department of Health, authorities, including The Bonds the due date of any subsequent stantial tangible benefits primarily for farmers and other permanent residents living in the area; and WHEREAS, the proposed System will not compete with existing or planned, private or public facilities and the said acquisition and constructionhas been approved by all necessary governmental Section 3. the bonds. and WHEREAS, provisions of the Utah Municipal Bond Act, Chapter 14, Title 11, Utah Code Annotated, 1953, as amended. as set loan is for the purpose of financing part Resolution, of the cost of the said acquisition and construction, as above area and will bordinate Bonds in the sum ALL of the cost of acquiring and constructing improvements, tions and extonsions to the Issuer's water system (the Box thereof to issue its Water Revenue Suof not to exceed $10,000, pursuant to the Government and as evidence monthly installments which stated; 'additions including the payment of such legal, engineering, fiscal and other costa incident thereto, the Municipality is authorised to obtain a loan from the installment payments and partial prepayments shall be in the amount of that portion of one or more of the next succeeding 1953, as amended; and STATES OF AMERICA TATS OF UTAH COUNTY OF BOX ELDER TOWN OF MANTUA MATS! REVENUE SUBORDINATE 1975 Invested) equal to the amount of prepayment have been deposited at the place of payment at that time. This Bond is issued for tho purpose of paying part ized in writing, by the surrender of this bond, together with a written instrument of transfer satisfactory to the Issuer, duly executed by the registered owner or his attorney duly authorized Bonds) i KNOW and extensions to the System, and in substantially tha following (fora except that may ba reduced in the event the Municipality detarminas to issua less than $10,000 of Watar Revenue the Maximum Principal Amount of hereinafter the bonds to the United States of America acting through the Administrator, Farmers Home Administration, at an interest rate of five percent (5) per annum pursuant to the provisions Code Annotated, part 4 UNITED Farmers by the ;and $ WHEREAS, For the purpose of defraying 2. referred to la Section bond single ba "Filing Office of the Municipality" means Town Clerk of the Municipality. SECTION maxi- of $114,000, bearing interest at the rate of 5t principal annum for the purpoee of defraying part of tha coat of said per amount mum Tha office of the the cost of acquiring and constructing improvements, qualified elector! shall hereof Subordinate such amount exceed $10,000. (m) the published in full one time in the was total 5. SECTION amount it the Government which event constructing "Total (1) the means cease to accrue as to the amount of principal being prepaid after the date fixed for prepayment if notice has been properly given and funds (or securities in which such funds are amended, and under and by form, at his own expansa, and that tha singla in such form aa to parrnit tha Govammant to make incremental advancea on its Total Loan Commitment to the Municipality during the period of aaid aoquisition and construction. on the Bonds, registered or certified mail at least thirty (30) days prior to the prepayment date to tho registered holder of this bond at his address shotm on the registered bopks and to tha original purchaser of the Bond. Interest on this Bond shall by Act, Chapter 14, owner bond ba established pursuant to Section 9 hereof in any given Sinking Fund Year for the payment of principal and interest Loan Commitment" that the registered general circulation in Salt Lake City, Utah, or, if this Bond is at such time registered, by mailing a copy thereof "System") or registered be paid into the Revenue Bond Sinking Fund to required to that tha obligation of tha Municipality tharaundar shall ba represented in the form of a sing la, ragiatarad, negotiable thereof shall have the right to convert the said single bond to aerial bonds, with or without coupons , in bearer month and requested, and the Governing Body has agreed, revenue bond, without coupons, be and pursuant to tha provisions of Stations annum per 51 ex- expenses, properly neceaaary to the efficient operation and maintenance of the System shall be included. (j) "Sinking Fund Year" means the twelve (12) Municipality adoptad an Ordinance (the "1974 Ordinance") authorising and providing for the issuance of the Town's 1975 Water Revenue Sonde in an amount not axceeding $124,000 and baaring interaat at a of the Municipality's and 7, 1974, the Board of Trusteea of the on November WHEREAS, all and, generally, all in respects subordinate and inferior to the lien therein $114,000 1975 Water Revenue Bond issued pursuant to tha aforesaid 1974 Ordinance. SECTION 4. The sale of the bonds to the Government is hereby authorised and approved. The Government has be clusive of depreciation, which under generally accepted accounting practices are properly allocable to operation and maintenance of the System, but only such expenses as are reasonably "Municipality") has determined to acquire and oonetruct improvements additions and extensions to its municipal water system (the "System") and for such purpose to acquire all necessary property and construct hereafter required System indebtedness audits hereinafter required, fees of the paying agents on the Revenue Bonds, payment of premiums for insurance on the 2 MO. hwiv no event in arid operation and maintenance of the System, including repairs and renewals (other than capital improvements) necessary to keep the System in efficient operating condition, the cost of RESOLUTION (12 I) of tbe Net Revenues derived frosi the Percent in- holders hereof hereby acknowltdqc of thereto hereafter constructed or acquired by the Issuer and will collect and account for the revenues to be received for such service, and will set aside twelve percent ( 12 I) of the said net revenues to be derived from the System to pay the principal of and interest on this Bond according to the payment terms hereinabove set forth. It is hereby certified, recited and declared that all and things essential to the validity of this acts conditions, have happened, and have been done and that every of law affecting the issue thereof has been duly complied with; that this Bond does not exceed any limitation prescribed by the Constitution and laws of the State of Utah; Bond do exist, requirement that twelve percent ( 12 4) of the net revenues to be derived from the operation of the System, including any future improvements, additions and extensions thereto, have been and hereby are pledged and will be set aside into said special fund the Issuer to be used for the payment of the principal of and by interest on this Bond and that the said percentage of the net that thev have ascertained the actual unpaid principal amount of this Bond as of the date of transfer to them and hereby release the Issuer from all obligation as to all principal and interest paid by the revenues of the System are not pledged, hypothecated or anticipated in any way other than by the issue of this Bond and by the aforesaid Issuer prior to such date. Utah, has caused The Issuer hereby reserves tho right, at its option, to prepay the principal amount outstanding, in whole or, in the manner hereinafter provided, in part, at any time while this Bond is held by the United Stater, of America, Farmers Home Administration (the "Government" ) . The Issuer outstanding, in whole cr, In the manner hereinafter provided, in part, at any time prior to January 1, 1977, in the event there are bond proceeds remaining unused at the time amount Prepayments shall IN WITNESS at the place in the manner provided herein for making regularly schedule! installment payments and partial prepayments shall be in the amount of that portion of one or more of the next succeeding and which would be allocable to principal, ee set forth in the Amortization Schedule. No partial prepayment monthly installments shall extend or post pone he due date of any subsequent monthly installment. Any prepayments shall be in the amount of principal being prepaid, together with accrued interest thereon to the date of prepayment, and shall be made without penalty or additional Interest or charges. Notice of any prepayment will be given not less than thirty (30) days prior to the prepayment date by publication of an appropriate notice one time in a newspaper of the this Bond to Issuer. of Mantua, Box Elder County, Town be signed Board of Trustees and countersigned by seal of said Issuer affixed, all as of President of by the its Town its Clerk with the this day of , 1975. TOWN OF MANTUA, UTAH By President, Board of Trustees COUNTERSIGNED: Town Clerk (SEAL) treagurcp's certificate or dates or or in any event, at be made on the date, Bond of the WHEREOF, further reserves the right, at its option, if this Bond is held bv any holder other than the Government , to prepav the principal construction of the System is completed, any time on or after January 1, 1986. $114,000 1975 Water Revenue payment and amount I, the undersigned Treasurer of the Issuer hereby certify that I have received from the original purchaser of this Bond the amount or amounts indicated below on the date or dates set forth opposite such amount (s); that the amount last inserted under the column "Total Principal Sum" is the total amount received by' the Issuer for the issuance of this Bond and that I have placed my signature in the space provided opposite such amount (s) to evidence Amount of Payment Date of Payment receipt of same. Total Principal Sum $ $ $. $ $. $ (Continued on following Page) Treasurer Signature . 1975) |