Show Ordinance No A 17 AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF IMPROVEMENTS AND BETTERMENTS BETTER TO THE MUNICIPALLY OWNED 0 V NED N E D ELECTRIC LIGHT AND A N D POWER VER SYSTEM OF THE CITY OF BOUNTIFUL UTAH AUTHORIZING AND PROVIDING FOR THE IS IS- ISSUANCE ISSUANCE OF ELECTRIC I LIGHT LIGHT- AND POWER VER EX EX- EXTENSION EXTENSION EXTENSION TENSION REVENUE BONDS SERIES 1940 OF BOUNTIFUL CITY IN THE AGGREGATE PRINCIPAL AMOUNT OF THIRTY THOUSAND DOL DOL- DOLLARS DOLLARS LARS FOR THE PURPOSE OF DEFRAYING THE COST THEREOF PRE PRE- PRESCRIBING PRESCRIBING SCRIBING THE FORM AND OTHER DETAILS OF SAID BONDS PROVIDING FOR FORTHE FORTHE FORTHE THE COLLECTION AND DISPOSITION OF REVE REVE- REVENUES TO BE DERIVED FROM SAID SYSTEM I MAK MAK- MAKING MAKING ING OTHER PROVISIONS WITH RESPECT TO THE OPERATION OF SAID SYSTEM SYSTEM SYSTEM TEM AND THE ISSUANCE OF SAID BONDS PROVID PROVID- PROVIDING PROVIDING PROVIDING ING FOR THE PAYMENT OF BOTH THE PRINCIPAL AND THE INTEREST ON SAID BONDS FROM A FIX FIX- FIXED FIXED FIXED ED PROPORTION OF THE THENET THENET THENET NET REVENUES OF SAID SYSTEM REPEALING ALL ORDINANCES IN CONFLICT HEREWITH HERE AND FIXING THE TIME SUCH ORDINANCE ORDINANCE ORDINANCE NANCE SHALL BECOME EFFECTIVE WHEREAS the time City of I ful Utah now owns and operates and for several years past has owned own own- owned owned ed and operated an Electric Light and Power Plant and System for forthe forthe forthe the purpose of supplying electric light and power to said City and the inhabitants thereof and WHEREAS it has become necessary necessary necessary essary to construct and acquire certain certain tain tairi improvements and betterments to said system in order to continue to operate said system in an effi effi- efficient efficient and economical manner and to continue to best advantage to supply electric light and power to the and an L its inhabitants and WHEREAS pursuant to the provisions of Chapter 22 Laws of Utah Second Special Session 1933 as amended commonly known as the Granger Act the Mayor and City Council of said City arc au au- authorized authorized au- au to provide for the con con- construction construction construction of improvements and bet bet- betterments betterments betterments to said system and to de de- defray de- de defray fray fra the cost thereof by the issuance issuance issuance ance of revenue bonds of said City payable from a fixed proportion proportion tion of the net revenues to be de de- derived derived de- de derived rived from the operation of said Electric Light and Power Plant and System as so improved and it itis itis itis is considered by the Mayor and City Council to be necessary and to the time best interests of said City now to provide for the time construction of such and betterments and the issuance of such bonds and WHEREAS the Mayor and City Council of the City of Bountiful by unanimous vote ote have heretofore de de- determined determined determined to proceed under the pro pro- provisions provisions provisions visions of said Chapter 22 for the purpose of constructing such im im- improvements improvements improvements and betterments and has caused a comprehensive es estimate es- es estimate estimate of the cost of the construction construction construction tion of such improvements and bet bet- betterments betterments betterments of the value of the exist exist- existing existing existing ing system of the value of the system as improved of the cost of operation of the time existing system of the cost of operation of the time system as improved and of the net annual revenues in each case to be made by b a competent engineer approved by b the time State Engineer of Utah and having no connection with any manufacturer or seller of machinery or pipe or other equipment or with any person or corporation engaged in such business and such estimate has been approved by the Mayor Maor and City Council and evidences the sufficiency of said revenues reven es to cover the cost of operating maintaining and improving said system and the requirements and interest of the bonds to be issued here here- hereunder under for the purpose of defraying the cost of construction of such improvements and betterments NOW V THEREFORE BE IT ORDAINED BY THE l IA AND CITY COUNCIL OF THE CITY OF BOUNTIFUL UTAH Section 1 That the City Cit of Boun Boun- Bountiful Bountiful Bountiful construct improvements and betterments to its Electric Light and Power Plant and System by purchasing a K W. W Gas En En- Engine Engine Engine gine together with necessary appurtenances appurtenances appurtenances to increase the generating capacity of said Light System Section 2 That for the purpose of defraying the time cost of the con con- construction conof of such improvements and betterments to said system there shall be and there hereby are au authorized au au- authorized to be issued bonds of said City to be known as Bountiful Electric Light and Power Exten Exten- Extension Extension Extension sion Revenue Bonds Series 1940 in the aggregate principal amount of THIRTY THOUSAND Dollars which bonds shall be payable solely out of a fixed pro pro- proportion proportion proportion portion as hereinafter specified of the net revenues derived and to be derived from the operation of said system and not otherwise Such net revenues revenueS' shall be deemed to be the gross revenues re of such system after deductions only for the cost of operating and maintaining the time SS S'S system system tem and the expenses of any better better- betterments betterments betterments ments or replacements to keep the same in good repair and working order Section 3 That TI at said bonds hereby authorized shall be dated June 1 1940 shall be in the denomination and payable in series serieS' as hereinafter set forth shall bear interest at a arate arate arate rate not exceeding 4 4 per annum payable semiannually on the first days of December and June of each year up to their respective maturi maturi- maturities maturities maturities ties and shall have coupons attach attach- attached ed thereto evidencing such interest signed with the time facsimile signature of the Treasurer of f the City and countersigned with the facsimile signature of the time City Recorder of the time City Said bonds bondS' steal be signed by the Mayor of the City with the time seal of the City thereto and attached by the City Recorder Both principal and interest of said bonds shall be bi payable in lawful money of the United States of America at The Time United States National Bank of Denver in Denver Colorado Said bonds shall be numbered shall be in the and shall mature serially in numerical order on June 1st of each year as fol fol- follows fol- fol follows lows Bond Number I Denomination Maturity e Da Amounts 3 13 Inc 1000 June 1 1943 6 4 46 1000 I June 1 1944 7 10 1000 June l' l 1 1945 13 11 13 11 15 14 1000 June l' l 1 1946 x 18 1618 H June l' l 1 1946 1000 20 1920 1000 June 1 1 1947 23 21 23 21 June l' l 1 1947 1000 25 24 1000 June I 1 1948 1943 1 1948 1000 June 26 30 29 28 26 1000 June J une 1 1949 June 1 1949 1000 33 31 35 34 1000 June J une 1 1950 June 1 1950 1000 Notwithstanding anything herein provided and arid the face maturities of said bonds the may on any an interest date prior to maturity re redeem re- re redeem redeem deem and pay part or all of said bon bonds s at the principal amount thereof together with the interest accrued on the time principal and un un- unpaid unpaid un- un unpaid paid at the time time fixed fixed for for such such re- re redemption re re- emption plus a a. premium deter deter- determined determined determined mined as follows three per cent 3 of thc principal principal amount of each bond called for redemption on onor onor I or prior to June lune une 1 I 1943 and two I Iper per cent 2 2 of the principal amount of each bond called for re redemption re-I re re- re redemption thereafter and prior to maturity provided however that I Ithe the bonds shall be redeemed in in inverse in- in verse order of maturity Subject to the foregoing if the City shall at any time elect to call and redeem prior to maturity part or all of said bonds notice shall be given ghen by bythe bythe bythe the City of such call c ll and redemption tion by publishing a notice in The Davis County Clipper a newspaper of general circulation in the City of Bountiful Utah and once in The Denver Post or some other daily newspaper of general circulation published in the City Cit and County of Denver Colorado such publication publication publication tion to occur not less than thirty days nor more than forty days prior to the time fixed for the re emp- emp tion and payment of such bonds Within five fhe 5 days of such publication publication I cation copy of the published notice shall be mailed by the Treasurer of the City to the Bank at which said bonds arc payable and to the ori ori- original original original ginal underwriters of said bonds or their successors or assigns Such notice shall state the time intention of the City to redeem all or part of such bonds and steal de de- describe describe de- de describe scribe said bonds giving the num num- number number number ber denomination and maturity I dates thereof unless all of the bonds are arc to be redeemed and then a gen gen- general genral general eral ral statement thereof shall be suf suf- Such notice shall also state state when the time bonds described in the notice will be be redeemed and that after such date interest on the bonds shall cease Notice of election to redeem having been so given the bonds described in the notice shall on the interest date designated ed for redemption become due and payable at the place designated therein and if funds for the pay pay- payment payment payment ment of said bonds shall on the time date designated for redemption be beon beon beon on deposit at The United States National Bank of Denver and available for payment thereof on presentation interest thereon shall cease on om such redemption date If such funds shall not be available at said time and place said bonds shall until payment continue to bear interest it at the rate aforesaid payable semiannually The bonds to tobe tobe tobe be redeemed must be presented with all alt coupons maturing on and after the time date designated for re redemption re- re redemption redemption and all bonds so redeem redeem- redeemed ed shall on payment thereof be cancelled Said bonds shall be fully frilly flit I negotiable negotiable negotiable shall have all of the qualifications qualifications qualifications of negotiable paper and the holders thereof shall enjoy all rights enjoyed by the holders of negotiable negotiable negotiable able instruments ender onder the time pro pro- provisions provisions provisions visions of the time Negotiable Instruments Instruments ments Law Section 4 That said bonds and coupons shall be in substantially the following form Form of Bond United States of America 4 State of Utah ot Bountiful l Bountiful Electric Light and f Power Extension Revenue Bond Series 1940 No The City of Bountiful in the County of Davis and State of Utah for value received hereby promises promise to pay to the bearer hereof in the manner hereinafter provided the time sum of DOLLARS on the the First day of June A. A D. D 19 19 with interest thereon from date until un tit payment at atthe atthe the time rate of per annum payable semiannually i ion on day of December and the First day of June each in-each in in gach ach year both principal and interest being payable in lawful money of the United States of America at The I United States National Bank of Denver in Denver Colorado upon J presentation and surrender of this bond or the annexed coupons coupon as they severally become due This bond is subject to call and redemption redemption redemption tion at the time option of the City on any semiannual interest date prior to maturity Notice of such election on the time part of the time City to redeem will be given by ky publication of a notice of calf call in The Davis County Clippers Clipper a newspaper newspaper- of general cir cir- circulation circulation circulation in the City of Utah and in The Denver Post or orsome orsome orsome some other daily newspaper of gen gen- general general general eral circulation in the time City and County of Denver State of Color Color- Colorado Colorado Colorado ado not less than thirty days and not more than forty days daIs prior to such call Bonds shall be redeemed in inverse order of maturity and for the principal amount of the bond redeemed plus all accrued in interest in- in interest interest terest unpaid to date fixed for re re- redemption redemption re- re redemption plus a premium determined ed as follows three per cent 3 of the the principal amount of each bond called for redemption on or prior to June 1 1943 and two per percent percent percent cent 2 2 of the principal amount of each bond called for redemption thereafter and prior to maturity This bond is one of an authorized ed issue in the aggregate principal amount am of THIRTY THOUSAND DOLLARS issued or to tobe tobe tobe be issued for the purpose of de de- defraying defraying de- de defraying fraying the time cost of construction of improvements and betterments to the municipally f owned electric light and power system all in full con con- conformity conformity conformity with the Constitution and andL Laws L of f the time State tate of Utah and on m I I I Ordinance of the City duly enacted I and and adopted prior to the issuance hereof Tins This bond is issued under Ithe the provisions of Chapter 22 Laws of lof Utah 1933 Second Special Ses Ses- Session Session Session sion as amended and it docs does not constitute an indebtedness of the time I City of Bountiful within any state constitutional provision or statutory limitation imitation This bond is one of an issue of bonds payable as to both principal and interest solely from and secured ed by a pledge of Seventeen per percent percent percent cent 17 1710 of the net revenues of said light and power system said net revenues being defined as the gross gross- revenues of such system after deductions only for the cost of operating and maintaining the time system system tem and the time expenses s of any bet bet- betterments betterments or replacements to keep the same in iii good repair and work work- working working working ing order I i I J It I t is hereby and agreed that the time City will charge rates rat s for electricity which will be sufficient at all times until this bond and the coupons hereto at attached at- at attached arc are fully paid and discharged ed to produce net revenues from said sufficient to pay the time interest on and the principal of this bond as and when the time same be be- become become come conic due and ands payable but such rates shall not not be in excess of a reasonable rate for the time service ren ren- dered This bond is subject to the time con con- condition condition condition and every holder hereof by hy accepting the same agrees with the obligor and every subsequent hold hold- holder er that a the delivery of this bond to any transferee shall vest title in this bond and the interest represented thereby in such trans trans- transferee transferee transferee feree to the same extent for al all all purposes as would the time delivery un un- under under un- un under der like circumstances of any ne ne- instrument payable to bearer b the obligor and any ny agent of the time obligor may treat the bearer of this bond as the time absolute owner hereof for all purposes am and shall not be affected by any notice to the time contrary c the principal p of and the interest on this bond will wil wilbe willbe willbe be paid and this bond and each o othe of the time coupons appertaining thereto are transferable free from anc and without regard to equities set offs and cross-claims cross between the time obligor obligor obligor gor and the original or |