Show MINUTES MI OF A SPECIAL MEETING OF OF THE CITY COUNCIL OF THE CITY OF OP BOUNTIFUL UTAH H JULY 2nd 1940 STATE OF UTAH COUNTY OF DAVIS CITY OF BOUNTIFUL BOUNTIFUL BOUNTIFUL FUL hs ss A Special Meeting of oC thc the City Council of the thc City of oC Bountiful Bou Utah was held at the City Hall in in said City in the usual place of oC meeting of said City Council on Tuesday the 2nd day of July A. A D. D 1940 at the hour of oC o clock o'clock ck P. P M. M pursuant to a written notice I delivered del ered to each Councilman on the morning of oC July 1st 1940 which e following form notice was in the July 1st 1940 Mr I Bountiful Utah Dear Sir This is to notify you OU that Mayor I Riley has called a Special City Council Meeting for Tuesday July i I 2nd 1940 at the hour of oC o'clock P. P M. M to consider such steps as I might be necessary to correct certain I tain errors which have hare been made mader r in Ordinance No A It is necessary that all Council- Council Councilmen men be present Signed WILFRED H. H WILLIAMS City Recorder At such meeting there were pres pres- present present present ent and answering the roll call Mayor S. S Lloyd Riley Rile Councilmen Taylor Yarbrough h Bangerter Rumel and Riley City Recorder Wilfred H. H Williams Absent None The Mayor stated that the meet meet- meeting meeting meeting ing was called for the purpose of or taking such suck steps as might be necessary to make certain changes and corrections in iii Ordinance No 17 A which was passed by the City Cit Council at the Regular Ad Ad- Adjourned Adjourned Meeting held on June 20 1940 He explained in detail the changes contemplated and the need for same A thorough discussion was taken up by the Council Thereupon Councilman in introduced in- in introduced introduced the following Ordinance which was read in full Ordinance No B A AN ORDINANCE REPEALING ORDINANCE ORDIN NCE NO A 17 OF THE CITY OF BOUNTIFUL ADOPTED JUNE 20 1940 WHEREAS There appear to be Ie certain errors in the form Corm of Ordinance Ordinance nance jance No A 17 of the City of oC Boun Boun- Bountiful Bountiful Bountiful adopted June 20 1940 W pro pro- providing viding riding for the construction of im im- improvements im- im improvements and betterments to the municipally owned electric light and power system of the City of oC Boun Boun- Bountiful Bountiful tiCul and authorizing and providing for lor the issuance of oC Light and md Power Extension Revenue Re Bonds Series 1940 of the City of oC Bountiful so that it is now deemed advisable isable to repeal such ordinance and WHEREAS The Electric Light C and 2nd Power Extension Revenue Bonds Series Sedes ries 1940 of oC the City of Bountiful the issuance of ot which when was authorized and provided pro for in in said said- 5 ordinance id- id have not as s yet been issued NOW V THEREFORE BE IT ORDAINED BY THE MAYOR MAYORa AND CITY COUNCIL OF THE THEp CITY OF BOUNTIFUL UTAH Section 1 That Ordinance No A 17 of the City of oC Bountiful adopted adapted June 20 1940 be and the same ume hereby is repealed Section 2 By B reason of oJ the fact that said Laid aid City and its inhabitants are not properly or sup sup- supplied supplied plied light and power it is hereby declared that an emer emer- emergency em r- r rgene gency gene exists that this ordinance is necessary necessary- S ry to the immediate preservation ol of the public peace health and safety and an t that it shall be in full force and effect upon tion Adopted and approved ed this 2nd day of oC July A A. D. D 1940 S. S LLOYD RILEY Mayor ATTEST I WILFRED H. H WILLIAMS City Recorder Whereupon it was moved by b Councilman Yarbrough and second second- seconded ed ea by Councilman Bangerter that thai all aU rules of the Council which might t prevent pre unless suspended the final fina I passage and adoption of oC said Ordinance Ordinance nance at this meeting be and the th i same arc are hereby suspended su ended for the thc purpose of oC permitting p the final fina 1 passage and adoption of said Ordinance nance at this tins meeting The question being upon the adoption of said motion and the suspension of the rules the roll was called with the following result Those voting aye Councilmen Taylor Yarbrough Bangerter Rum t l and Riley Those nay None Five members of the council having voted in favor of said motion the presiding officer de de- declared declared de- de dared said motion carried and the rules suspended Whereupon Councilman n Rumel moved that said Ordinance be now placed upon its final Cinal passage pass ge Coun Coun- Councilman Councilman Councilman cilman Riley seconded the motion and the question being upon the placing of oC said Ordinance upon its final passage the thc roll was called with the following result Those voting aye Councilmen Taylor Yarbrough Bangerter Rumel and Riley Those voting nay None The presiding officer declared the motion carried and the said Ordinance placed upon its final passage Councilman Taylor then moved that said Ordinance e be passed and adopted as read Councilman Yarbrough seconded the motion The question being upon the passing and adopting of said Ordinance Ordinance Ordinance nance the roll was called with the following result Those voting aye ae Councilmen Taylor Yarbrough Bangerter Rumel and Riley Those voting nay None The presiding officer declared that a majority of all the Council- Council Councilmen linen men having voted in favor thereof the the said motion was carried and the said Ordinance duly passed and adopted On motion duly dub adopted it was ordered that said Ordinance be I numbered B A and after ap ap- approval approval ap- ap approval by b the Mayor be published in The Davis County Count Clipper the Official Newspaper of the City and be recorded according to law Thereupon Councilman Bangerter introduced the following Ordinance which was wa read re d yn j kill hill hill- U jr 11 A 7 VP pI Ordin Ordinance o. o C A AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF IMPROVEMENTS AND BETTERMENTS TO THE MUNICIPALLY OWNED 0 W V NED N E D ELECTRIC LIGHT AND A N D i POWER VER SYSTEM OF THE CITY OF BOUNTIFUL UTAH AUTHORIZING AND PROVIDING FOR THE IS IS- ISSUANCE ISSUANCE ISSUANCE OF ELECTRIC LIGHT AND POWER VER EX EX- EXTENSION EXTENSION EX- EX EXTENSION TENSION REVENUE BONDS SERIES 1940 OF BOUNTIFUL CITY IN THE AGGREGATE PRINCIPAL AMOUNT OF THIRTY THOUSAND DOL DOL- DOLLARS DOLLARS DOLLARS LARS FOR THE PURPOSE OF DEFRAYING THE COST THEREOF PRE PRE- PRESCRIBING PRESCRIBING PRESCRIBING SCRIBING THE FORM AND OTHER THIR DETAILS OF SAID BONDS BOt PROVIDING FOR FORTHE FORTHE FORTHE THE COLLECTION AND DISPOSITION OF REVE REVE- REVENUES REVENUES REVENUES TO BE DERIVED FROM SAID SYSTEM MAK MAK- MAKING 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 ING IG 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 City of Bountiful ful Cui Utah now owns and operates and for ae years past has figs s own own- owned owned owned ed and operated an Electric Light and Power Plant and ald System for forthe forthe forthe the purpose bf supplying electric light and power to said City and the inhabitants thereof and WHEREAS it has become necessary necessary essary essar to construct and acquire acq re certain certain tain tam improvements and betterments to said system in order to continue to operate said system in an effi effi- efficient efficient efficient and economical manner and to continue to best advantage to supply electric light and power to the and its inhabitants and WHEREAS pursuant to the provisions of Chapter 22 Laws of oC Utaji e Special ial Session e sion 1933 I as as amended commonly known i as the he t Granger Act the Mayor and City C ity Council of said City are au au- authorized authorized au- au th to provide pro for the con con- construction construction ruction st of improvements and bet bet- betterments betterments te to said system and to de de- fray fra fr ay the cost thereof by the issuance issuance ance a nce of oC revenue re bonds of oC said City payable p le from a fixed proportion proportion tion ti on of oC the pet net revenues to be de derived de- de deved rived ri ved from the operation of oC said Electric E Light and Power Plant and a nd System as asso so SQ improved ed and it is considered by the Mayor and City C ity Council to be necessary and to I the he t best I Ithe interests of said paid City now to t o provide pro for the construction of I such uch s and betterments and a nd the issuance of such bonds and WHEREAS the Mayor and City Council C of oC the City of oC Bountiful by unanimous u vote have heretofore de de- determined determined de- de t to proceed under the pro pro- provisions provisions visions v of said Chapter 22 for the purpose p of oC constructing such im improvements im im-I p and betterments and andas has h as caused a comprehensive compre es es- es estimate esmate ti mate of oC the cost of the construe construe- construction construction tion ti on of such improvements and bet bet- betterments t ti of the value alue of oC the exist exist- existing ing i ng system of oC the value of oC the system s as improved of the cost of operation o of oC the existing system of oC the he t cost of operation of the tile system systems as a s improved and of the net annual revenues r in each case to be made madey by b y a competent engineer approved by b y the State Engineer of oC Utah and having h no connection with any manufacturer m or seller of machinery or o r pipe or other equipment or with any a ny person or corporation engaged I in l i such S i C l business and such su h estimate est mate lias as Deen approved by Dy the Mayor and a nd City Council and evidences e the sufficiency s of said revenues revenue to coyer cover the he t cost of oC operating maintaining and a nd improving said system and the requirements r and interest of o f the bonds to be issued here- here hereunder under u for the purpose of defraying the he t cost of construction of such improvements i and bettermentS betterment NOW V THEREFORE BE IT ORDAINED BY THE AND CITY COUNCIL OF THE CITY OF BOUNTIFUL UTAH Section 1 1 That the City of oC Boun Boun- Bountiful t construct improvements and betterments b to its Electric Light and a nd Power Plant and System by purchasing p a K V. W. Gas En En- Engine Engine gine g inc together with necessary appurtenances appurtenances t to increase the generating capacity c of oC said Light System Section 2 That for the purpose of defraying the cost of the con con- construction construction s of oC such improvements and betterments to said system there shall be and there hereby arc are au au- authorized authorized au- au authorized to be issued bonds bo ds of oC said City to be known as Bountiful I Electric Light and Power Exten Exten- Extension Extension Extension sion Revenue Re Bonds Series 1940 in i n the aggregate principal amount of THIRTY THOUSAND Dollars which bonds shall be bc payable solely out of oC a fixed pro pro- proportion proportion portion as hereinafter specified of oC the net revenues derived and to be derived from the operation of said system and not otherwise Such net revenues shall be deemed to be the gross revenues of oC such system after deductions only for the cost of oC operating and maintaining the i tern tent tem and the expenses of oC any better better- betterments betterments ments or replacements to keep the same in good repair and working order I Section 3 J. That said bonds hereby authorized shall be dated June 1 1940 shall be in the denomination and payable in series as hereinafter set forth shall bear interest at a arate arate rate not exceeding 4 per annum payable semiannually on the first days of December and June of each year up tip to their respective maturi maturi- maturities maturities maturities ties and shall have coupons attach attach- attached ed thereto evidencing such interest I signed with the facsimile signature of the Treasurer of the City and countersigned with the facsimile signature of oC the City Recorder of oC the City Said bondS bondS' be signed by the Mayor Maor of the City with the seal of oC the City Cit thereto and attached by the City Recorder Both principal and interest of oC said bonds shall be payable in lawful money of oC the United States of America at atThe atThe The Thc United States National Bank of oC Denver in Denver Colorado Said bonds shall be numbered shall be in the and shall hall mature serially in numerical order on June 1st of oC each year yea 4 as fol fol- follows follows fol- fol follows lows Bond B nd Number Denomination I I D te Amounts 4 13 inclusive 1000 June 1 1943 I June I 1 1943 8 57 inclusive 1000 June 1 1944 June 1 1944 gill inclusive e 1000 12 June 1 1945 June 1 1945 1315 15 inclusive e 1000 16 June 1 1 1946 June 1 1946 1719 inclusive 1000 June Juie I 1 1947 20 June l' l l 1947 24 inclusive 1000 June 1 1948 June 1 1948 27 25 inclusive e 1000 28 June 1 1949 June 1 1949 32 1000 June 1 1950 June 1 1950 1930 33 35 34 1000 June 1 1951 1931 1000 June Tim 1 1 1951 1000 Notwithstanding anything herein provided and the face maturities of oC said bonds the may on any interest date prior to maturity re redeem re- re redeem deem and pay part or all of oC said bonds at the principal amount thereof together with the interest accrued on the principal and un un- unpaid unpaid Un- Un Unpaid paid at the time fixed for such re redemption re- re redemption plus a premium deter deter- determined determined determined mined as follows three per cent 3 of the principal amount of oC each bond called for redemption on onor onor onor or prior to June 1 1943 and two per cent 2 of the principal amount of oC each bond called for re redemption re- re redemption thereafter and prior to maturity provided however that the bonds shall be redeemed in in inverse in- in inverse inverse verse order of oC maturity Subject to the foregoing if the City shall at any time tim elect el ct to call and redeem prior to maturity part or all of oC said bonds notice shall be given gi by bythe the he City of such call and redemption by publishing a notice once in The Davis is County Count Clipper a newspaper I I I of general gener l circulation in in the ther r City of oC Bountiful Utah and once in The Denver Post or some other daily newspaper of general circulation published in the City and County of oC Denver er Colorado such publication publication publication tion to occur not less than thirty days nor more than forty Corty days prior to the time fixed for the redemption redemption redemption tion and payment of oC such bonds Within five 5 days of oC such publication publication publication cation copy of oC the published notice shall be mailed by the Treasurer of the City to the Bank at which said bonds are payable and to the ori ori- original original on- on ginal underwriters of oC said bonds or their successors or assigns Such notice shall state the intention of the City to redeem all or part of oC such bonds and de de- describe describe de- de describe scribe said bonds giving the num num- number number number ber denomination and maturity dates thereof unless all of oC the bonds are to be redeemed and then a gen gen- general generl I eral erl statement thereof shall be suf suf- Such notice shall also state when the bonds described in the notice will be redeemed and that after such date interest on the bonds shall cease Notice of oC election to redeem having been so given the bonds described in the notice shall on the interest date designated ed for Cor redemption become due and payable at the place designated therein tI rein and if funds for the pay pay- payment |