Show An ordinance AN ORDINANCE AMENDING AN ORDINANCE AUTH- AUTH ZING AND PROVIDING FOR THE BORROWING OF MONEY THE ISSUING AND SELLING OF THE NEGOTIABLE 1972 SEWER REVENUE SUBORDINATE OF THE CITY OF EPHRAIM SANPETE COUNTY COUNTY COUNTY COUN COUN- UTAH BAH IN AN AMOUNT NOT TO EXCEED TY Loo O FOR THE PURPOSE OF DEFRAYING PART ART OF THE COST CT OF ACQUISITION AND CON CON- RUCTION OF IMPROVEMENTS ENLARGEMENTS AND AND D EXTENSIONS TO THE MUNICIPAL SEWER SYSTEM SYSTEM SYSTEM TEM FOR SAID CITY PASSED AND ADOPTED BY THE CITY COUNCIL OF SAID CITY ON JULY 25 1972 WHEREAS the City of Ephraim Sanpete County Utah determined that Improvements enlargements and exten- exten I has to e the municipal sewer system for said City should be I sons and constructed and for such purpose to acquire all ac property and construct all necessary facilities and ne WHEREAS said City does not have funds available to such acquisition and construction and finance nance WHEREAS the City Council of said City has adopted and andI I authorizing and providing for the used sed d an ordinance borrowing of money the Issuing and selling of the negotiable 1972 Sewer Subordinate Bonds of said City in an amount not to exceed Revenue d 00 for the purpose of defraying part of the thet of such acquisition and construction which Ordinance COSt CO ost t vides that the said bonds will be secured by a pledge of provides two two eighty o percent 82 of the revenues to be derived by the city from the operation of said system as it shall exist following the fly said acquisition and construction and andI I WHEREAS it Is necessary that the City Council find and declare the value of its existing sewer system and a value I of the improvements enlargements and extensions proposed i to be constructed 1 NOW THEREFORE Be It Ordained by the City Council of the City of Ephraim Sanpete County Utah as follows wit to Section 1 That Ordinance passed and adopted by the City Council of the City of Ephraim Sanpete County Utah on July 25 25 1972 which authorizes and provides for the borrowing of of money and the Issuance and sale of the negotiable 1972 Sewer Revenue Subordinate Bonds of the City of Ephraim In inan inan an amount not to exceed for the purpose of defraying defray defray- ing part of the cost of acquisition and construction of improvements Improve- Improve meats ments enlargements and extensions to the municipal sewer system system for said City is hereby amended by adding thereto the following Section 21 Section 21 The City Council of the City of Ephraim Sanpete County Utah hereby finds and declares as follows That the present total valuation of that portion of the City's presently existing municipal sewer system to be retained In use following the completion of the said improvements enlargements and extensions thereto there there- to Is that at the total valuation of the proposed Improvements enlargements and extensions to the said system Is that the total valuation of the City's sewer system as It will exist after the completion of the said Improvements enlargements ane and extensions will be that two eighty-two percent 82 of the net revenues revenues revenues rev rev- to be derived from the said system as it will wUl exist after the completion of said improvements enlargements enlargements enlargements enlarge enlarge- ments and extensions will be attributable to and derived from the said improvements enlargements and exten exten- Section 2 Immediately after Its passage this Ordinance shall be signed by the Mayor and attested by the City Recorder shall be recorded In a book kept by the Municipality for that purpose shall be published one time in The Ephraim Enterprise a newspaper published in and having general circulation in the City of Ephraim Utah For a period of twenty-one twenty 21 days after alter the publication of this Ordinance qualified voters of the Municipality may file tile a petition signed by them requesting that the question of Issuing said bonds for the said purpose be submitted to the voters of the Municipality An election on such question will be held if within said twenty-one twenty 21 day period such petition Is signed by at least fifteen percent 15 of the qualified voters voting for the presiding officer of the governing body of the Municipality at the last preceding Municipal election and filed with the City Recorder For a period of thirty 30 days after the tie date of publication tion of this Ordinance any person In Interest shall have the right to contest the legality of this Ordinance or any bonds which may be authorized hereby or the provisions made forthe for forthe forthe the security and payment of any such bonds and after such time Ume no one shall have any cause or action to contest the regularity formality or legality thereof for any cause what what- Section 3 This Ordinance shall take effect at the end of twenty-one twenty 21 days following its passage approval and publication publication pub pub- unless a petition is filed as provided for in Section 2 hereof thereof or Section 19 of the said Ordinance dated July 25 1972 and an election on the question of the issuance of such bonds becomes mandatory PASSED by the City Council of the City of Ephraim Sanpete Sanpete Sanpete San San- pete County Utah and approved by Its Mayor this day of August 1972 VERTIS NIELSON ON Mayor ATTEST S S 'S ARLENE DE LEEUW City Recorder SEAL |