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Show f THE AGE SDC Ui.ni. iLECAL P INOTICES ORDINANCE - NO. 616 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF REVENUE WATER W ORKS ' BONDS OF HEIFER CITY, CAR-- ' BON COUNTY. UTAH, TO DEFRAY IN PART THE COST OF REPAIRING AND IMPROVING EXISTING WATERWORKS THE ' SYSTEM. WHICH IS TO BE BY OWNED AND OPERATED FOR PROVIDING SAID CITY, THE DISPOSITION OF THE INSYSENTIRE COME OF THE TEM REPEALING ALL ORDINANCES OR PARTS OR ORDINHEREANCES IN CONFLICT TIME THE FIXING AND WITH, SUCH ORDINANCE SHALL BECOME EFFECTIVE. WHEREAS, by Ordinance No. 615, adopted and approved by the City Council of Helper City, a Municipal Corporation of Carbon County, State of Utah, on the 5th day of July, A.D. published and 3938, and recorded, law, a special as by required posted election was ordered to be held in said Oty on Tuesday, the 9th day ot August A.D. 193S. for the purpose ol submitting to the qualified electors of said City, who had paid a property the year preceding eaid election, the following question: "Shall revenue bonds or Helper City, Carbon Couuty, Utah, in the Ux there'n In Thousand Sixty-threDollars, payable serially within twenty three (23) years from the date of issue, solely from the net revenues of the entire waterworks system of said City, and bearing interest at a rate not to exceed four 14) per centum per annum, payable be issued pursuant to Chapter 22, Laws of Utah, 1933, Second Special Session, as amended by Chapter 74. Laws of Utah, 1935, commonly known as the ''Revenue Bond Act of 1933," for the purpose of defraying in part the cost of improving and repairing the existing waterworks system of Helper CSty, the said net revenues of the entire waterworks system of said City to be pledged to the payment of said revenue bonds?" iind. WHEREAS, said election was duly in accordance fceld and conducted with the requirements of the Constitution and Laws of the State of Utah, on Tuesday, the 9t.h day of August A.D. 1938, and returns of ihe result thereof have been made by the duly appointed and qualified Judges of Election; and WHEREAS, the City Council of eaid City, sitting as a, Board of Canvassers, on Monday the lath day ot August A.D. 1938, canvassed said returns of the Judges of Election, and .by resolution declared that 166 votes lad been cast In favor of issuing bonds In accordance with said proposition and 20 votes had been cast' against issuing bonds in accordance with said proposition, showing a majority of 1G6 votes in favor of is suing bonds in accordance with said proposition. NOW THEREFORE BE IT OR DAINED, by the City Council of Helper City, a municipal corporation of Carbon County, State of Utah as follows: Section 1. That in order to defray in part the cost of improving and re pairing the existing waterworks sys tem or Helper City, a municipal corporation of Carbon County, State of Utah, there shall be undertaken the following: The replacing of the existing wood tave pipe in the main lin wit eight (8) Inch cast iron or heavy steel pipe, for a distance of approxi-matel- y 47,144 feet; a concrete chlor-snato- r house; the purchase and nuilat on of water meters, and other incident to the improving and repairing of the existing waterworks system. The estimated cost thereof is One Hundred Fourteen Thousand Five on7- ($114,543.00) Dollars amount of e ($03,-000.0- eemi-annuall- ' Ior ine Purpose . li m part the cost of Im ' proving and repairing the said works system as described water above ttah, hereby arDOn Vomtj, State of issues waterworks im- ... tovnuue oonas in he ffr.c6w principal amount of Sixty-thre- e Thousand (ffl3.000.00) Dollars lo be number! consecutively from (63). both and t0 1)9 payabIe ""'any 1 Tfiree Thousand (13.000.00) Dollars in each of the years from 1941 to 1961. both inclusive, each bond to be of the denomination of One Thousand Dollars. Such bonds shall be payable in any coin or currency which, on the respective dates of payment thereof, Is legal tender for the payment of public and private debts, shall bear interest from and after. the first day of September. 19.18, at the rate of four per centum per annum, payable semiannually; such Interest shall be payable In like money on the first days of March and September In each One (1) to SixlT-'tne- e rve (4) "A nA to . HELPER T "" " 1T V, J,I H E L P E THURSDAY, AUGUST H ' .. ( the same, and to tern, for the protection ot ,t of attorney ignated to accept power of Identity, therefor the eiS of such bonds, of a n,7 H payment tenance expenses of eaid system proof an amonn tho case may be. receive in t OU .. .. ' amount thereof, plus acand the interest on and the prin" uaur so requested, shall principal carried if by of paysaid Recorder, private date the the when to cipal of this Bond as and " name of another crued interest in the same become due and payable. It register It in the caption ment and to do any and all things gaged registraAfter ance ot a similar hearer. to said or the bolder Ostein be required by hereby further covenants and agrees Bond shall be which may conSuch Insurance tha" be to provide tion to bearer this that rates adequate United States of America to u oui amount than is sufficient revenues sufficient for such purposes transferable by delivery; before. The summate the sale of such Bonds. as PUt system into good the of will be maintained at all times, again be registered Bond as to prinsale the The proceeds from operatic this :...;,.., aiSc5 the after until this Bond, and the coupons happening 0f . the negotiabil Rnnds shall be deposited promptly against which said hereunto attached, are fully" paid cipal shall not affect such proceeds, system smu upon the receipt of and discharged; but that such rates ity of the coupons wnicn account or accounts insured. Any proceeds receiv a in separate delivery. transferable by to be mem- such insurance after the h shall not be in excess of a reasonin a bank or banks which are able rate for the service rendered. The within Bond has been regis- bers of the Federal Reserve System of any such event shall used for the purpose of? This Bond is subject to the con- tered as follows: and of the Federal Deposit Insurance ately of the dition and every holder hereof by into good system Sig. Whose In the of and City Date Corporation, Rec. is hereby authorized and directed to dition by repair and replace! accepting the same agrees with the City Name Regis. Registration eBt bank any part, parts, or thP obligor and every subsequent holder deposit such proceeds in such of 8ck fc0 which system that (a) the delivery o'f this Bond mv c J or banks. to any transferee, if not registered, in such special ac destroyed, or, if such pr0CPIr All moneys or if the last registered transfer gether with other funds emints shall be used solely for lm for the be to bearer, shall vest title in this purpose, shall not proving and repairing the existing cient to place the systemic-operatinBond and the Interest represented in CITY RECORDER'S said of City waterworks system n condition. SUCh hereby in such transferee to the CERTIFICATE accordance with Section One hereof, shall be Invested same extent for all purposes as in such and legal engineering, I hereby certify that this Bond is including as are legal investments would the delivery under like cirf0r ST" Hel- other expenses incident thereto, and cumstances of any negotiable instru- within the lawful debt limit of funds of cities and towns of any unexpended balance therefrom ment payable to bearer; (b) the per City, a municipal corporation State of Utah and the income and is together with any accrued interest of Utah, State Carbon County, of the and of is hereby pledged to the obligor obligor any agent ana to law. from the balance of such bonds, of the principal of and may treat the bearer of this Bond, issued according be as tie inf of may any grant such part or if it be registered in the name ol Am on the bonds herein authorized ff: of States United the Recorder. made by City a holder the registered holder of so de- issued. Such proceeds shall 1 1kePt this Bond, as the absolute owner Section 4. That there is hereby erica which it may require the afore- invested until mmh i . a funds hereof for all purposes 'and shall created a special fund, to be known posited, shall be paid into which together vltl, hereinbefore pro not be affected by any notice to the as the "Waterworks System Income said Bond Fund that any unex- shall be sufficient to put contrary; (c) the principal of and Fund of Helper City," (herein called vided for. Provided, in good operating condition the interest on this Bond will be the "Income Fund"), into which pended balance remaining in such be available for such of the pur the after account completion which time said proceeds m paid and this Bond and each of the shall be paid from and after the Bond into the shall be paid herein are bonds of the project, hereto date of the sale coupons appertaining for withdrawn from investment transferable, free from and without authorized to be issued all income Fund and shall be used solely and for such purpose, or until andv ., ' and derived from the operation of the the payment of the interest on regard to equities, as the outstanding T between the obligor and entire Waterworks system of said the principal of such bonds, or in teresi on ail or principal and the bonds h the for l acquisition alternative the yuuw-pame the original or any intermediate City. As long as any oi issue authorized to be issued holder hereof; (d) the surrender to of or interest on any of the of outstanding bonds of such have been paid. in- outstanding, the obligor or any agent of the Bonds herein issued is outstanding, at a price (exclusive of accrued 9. Section face the not exceeding That, as long obligor of this Bond and each of the the Income Fund shall be adminis- terest) of the bonds herein authorized tot coupons if not registered, or if the tered as herein provided. Before amount thereof. Any bonds so acquirlast registered transfer be to bearer any of the moneys in such funds is ed by purchase shall be cancelled issued are outstanding, 9aid S or the receipt of the registered used for any other purpose in any and not reissued. No withdrawal shall not mortgage, piedge or wise , J V attached such coupons bonds; and such bonds shall mature serially In numerical order, three (3) bonds rm the first day of September in each of the years from 1941 to 1961, both inclusive. Said revenue bonds shall be payable solely fiom the net revenue derived from the operation of the entire waterworks system of Helper City, a. municipal corporation of Carbon county. State of Utah. Such net revenues shall be deemed to be the gross revenues of such system, after deductions only for the cost of operating and maintaining the system and the expense of any betterments or replacements to keep the same in good repair and working order. Said revenue bonds and the coupons attached thereto shall be payable at the office of the City Treasurer at Helper City, Carbon County, State of Utah. Said bonds shall bear date the first day of September A.D. 1938, and shall be signed by the Mayor of said City, countersigned by the City Treasurer and City Recorder, and shall have the corporate seal of said City affixed thereto, attested by the City Recorder of said City. All coupons attached to said bonds shall bear the facsimile signature of the Treasurer of said City, and as said coupons thus authenticated, shall be binding obligations for the interest evidenced thereby. Said revenue bonds and the cous pons attached thereto shall be and cross-claimbe considered as negotiable instruments. Section 3. That said revenue bonds and the coupons attached thereto and each of them shall be in sub stantially the following form: United States Of America holder for the principal hereof and State Of Utah be interest hereon, if this Bond Of Carbon County No registered in the name of a holder, $1,000.00 shall be a good discharge to the Helper City obligor of the same. Waterworks Improvement It is hereby certified, recited and Revenue Bond. Helper City, a municipal corpor- declared that all acts, conditions ation of Carbon County. State of and things necessary to be done esUtah, hereby for value received precedent to the issuance and Bond to this the sential validity promises to pay, in the manner hereto inafter provided, the bearer have been done and performed and hereof, or if this bond be registered have happened in regular and due to the registered bolder hereof, on form, and that every requirement the first day of September A.D., of law affecting the issuance hereof has been duly complied with 19..... the sum of In WITNESS WHEREOF. Helper ONE THOUSAND DOLLARS Carbon County, State of Utah, City, ($1,000.00) and to pay interest thereon at the has caused this Bond to be 'signed its rate of four per centum per by its Mayor, countersigned andby its on Treasurer and Recorder annum, payable the first days of March and Sept- corporate seal to be hereto affixed, ember in each year from date until attested by its City Recorder, and maturity, upon surrender of the an- has also caused the annexed coupons nexed coupons as they severally to be authenticated by the facsimile become due. Both principal and in- signature of its Mayor and the facterest of this Bond are payable in simile counter - signature of Its any coin or currency, which on the Treasurer and Recorder, and this respective dates of payment thereof, Bond to be dated a.s of the first day is legal tender for the payment ot of September A.D. 19 public and private debts, at the office of the City Treasurer at Mayor. Helper City, Carbon County, Utah. Countersigned (SEAL) This Bond is one of a series of Revenue Bonds, issued by Helper City Recorder. City, a municipal ot corporation Attested: Carbon County. Utah, in the aggre- Countersigned an1 gate principal amount of Sixty-thre- e Thousand ($03,000.00) Dollars, for Caty Recorlor. the purpose of defraying in part the (Form of Coupon)-Ncost of Improving and repairing the $20.00 existing waterworks system of HelOn the first day of , per City, a municipal corporation ot A.D. 19 , Helper City, a municipal Carbon County, State of Utah, by of Caibon County, State virtue of a majority vote of the corporation of Utah, will pay, in the manner qualified electors of said City, voting described in the Bond to which this at a special election ,as required by coupon is attached, to the bearer Article XIV, Section 3 of the Coi! hereof, at the office of the City stitution of the State of Utah, duly Treasurer, Twenty ($20.00) Dollara, called and held on the 9th day of in any coin or currency which on A.D. 1938, and by virtue of August the date of payment hereof is legal Ordinance No. 616 of the City Countender for the payment of public or cil of said City, duly passed and private debts, being six (6) months' adopted on the 15th day of August interest on Its Waterworks ImproveA.D. 1938, and pursuant to the Conment Revenue Bond, No. . stitution and Laws of the State of dated September 1, A.D. 19 Utah, including Section ReThis coupon Is issued under and vised Statutes of Utah, 1933,' and to the Constitution and pursuant Chapter 22, Laws of 1933, Second Laws of the State of Utah, including Special Session, as amended by Section Revised Statutes,, Chapter 74, Laws of Utah, 1935, 1933, and Chapter 22, Laws of 1933, known as the "Revenue Second Special Session, and as recommonly Bond Act of 1933." As required Section 3 of said, Chapter by Section 3 of (he said Revenue Bond quiredIt by Is hereby stated that this 22, Act of 1933, it is hereby stated that is Issued under the provisions this Bond is Issued under the pro- coupon thereof and that It does not constivisions thereof and that it does tute an indebtedness of the City not constitute an indebtedness of within any State constitutional prosaid City within any State consti- visions or statutory limitations. The tutional provision or statutory lim- Interest by this coupon represented itation. shall be payable solely from the net This Bond is payable as to both revenues of the entire waterworks principal and Interest solely from system of Helper City, a municipal the net revenues of the entire corporation ot Carbon County, State waterworks system of Helper City, of Utah. . a municipal corporation of Carbon County, State of Utah, said net Facsimile Signature of Mayor. revenue being defined by said OrdinCountersigned: ance No. G16 a3 the gross revenues of such system after deductions only Facsimile Signature of Treasurer. for the cost of operating and mainCountersigned: taining the system and the expense of any betterments and replacements Facsimile Signature of .... to keep the same In good repair and City Recorder working order; and as security for Bond No. . such payment said net revenues are (BACK OF BOND) pledged by said Ordinance, in an NOTICE amount sufficient therefor, to the NOTHING TO BE WRITTEN payment of the interest upon and HEREON EXCEPT BY RECORDER. principal of the issue of Bonds of and to the which thU is one This Bond may be registered as creation of a Bond and Interest to principal only, In the name of the bolder hereof, on the books of Sinking Fund therefor. The City Council of Helper City the Recorder of Helper City, Utah, hereby covenants and agrees that at which time such registration shall reasonable water be noted below by said Recorder. it will charge rates, adequate to produce revenues Upon lta presentation by such regfrom said waterworks system, suf- istered holder, hla legal representaficient to pay operation and maln-- i tive or assigns, together with proper Vw T ' - (I fc Z Tk - ...-tinu- e Tra-surer S v g J5 7 tJS2 k set-off- (4) semi-annuall- o. 15-7-- 15-7-- , month there shall be paid: (1) Into a separate account to be known as the "Waterworks System Operation and Maintenance Fund of Helper City, (herein called the 'Operation and Maintenance Fund') an amount sufficient to pay all reasonable expenses of operation and maintenance of the system for such month. The moneys in the Operation and Maintenance Fund shall be used only for the payment of the legitimate costs of operation and maintenance of the exsystem and the reasonable reor betterments of any penses placements necessary to keep the same in good repair and working order. (2) Into a separate account to be known as the "Waterworks System Bond and Interest Sinking Fund of Helper City, (herein called the "Bond Fund"; the amount herein required to be paid into the Bond Fund in such month. There shall be paid into the Bond Fund, in approximately equal monthly installments, aft,er making the above required payment into the Operation and Maintenance Fund, an amount equal to one hundred (100) per centum of the amount required to pay the interest and principal payments falling due on or before the next maturity date of any of such bonds, and in addition thereto an amount at least equal to twenty (20) per centum of said amount, such additional payments to be continued until there is in such Bond Fund an amount sufficient 'to meet the interest and principal .payments falling due on or before the next maturity date of such bonds and the interest and principal payments falling due thereon two years thereafter. The purpose of such additional payment into the Bond Fund shall be to provide a reserve to meet possible future deficiencies No therein. payment need be made into the Bond Fund if the amount then contained therein is equal to the entire amount that Is then or will thereafter become payable on all of said Bonds and Interest coupons then outstanding. If In any month, for any reason, the City shall fail to pay into said Bond Fund the full amount above stipulated, then an amount equal to any deficiency in the amount paid Into the Bond Fund in such month shall be added to the amount otherwise required to be paid into the Bond Fund in the next succeeding month. The moneys in the Bond Fund shall be used solely for the purpose of paying the interest on and principal of the Bonds Issued hereunder. The moneys In the Bond Fund shall be deposited in a bank or banks In accordance with the provisions of the State Depository Act. Any surplus moneys remaining in any month In the Income Fund after the payments have been made Into the Operation and Maintenance Fund and into the Bond Fund as herein required, may be used as the City Council may provide, In conformity with the Laws of the State of Utah. Section 5. That the bonds herein authorized to be issued shall be executed by the Mayor, Recorder and Treasurer of Helper City, a mimici-pa- l corporation of Carbon County, State of Utah, In the manner herein provided; and said officers of the City are hereby authorized and directed to deliver said Bonds to any officer, agency or Instrumentality of the United States of America des shall be made from such special account or accounts and no payment made from the moneys herein provided to be paid into the Bond Fund, except as provided herein. Section 6. That it shall be the duty of the City Council to cause a separate accounting system to be set up and maintained for the waterworks system, the same to be kept by the City Recorder and such City Recorder shall keep proper books of records and accounts in which complete and correct entries shall be made of all transactions relating to said system. The City shall furnish any holder or holders of any of the bonds, upon written request of such holder or holders not more than thirty days after the close of each six months' fiscal period, complete operating and income statements of the said system, in reasonable detail, six such covering months' period, and not more than sixty days after the close of each fiscal year, complete financial statements of the said system and the City, covering such fiscal year, and certified by auditors of the City. Section 7. Rates for services furnished by such waterworks system shall be reasonable and uniform with respect to class at all times. The City Council of Helper City, a municipal corporation of Carbon County. State of Utah, hereby covenants and agrees that such rates will be maintained as will be adequate to provide revenues sufficient for the payment of the interest on the principal of all such revenue bonds as and when the same become due and payable, to create a Bond Fund, as hereinbefore provided, to provide' for the payment of the expense of administration and operation of said system, including and insurance, such expenses for the maintenance of the system necessary to preserve the same in good repair and working order, to build up a reserve for depreciation, to build up a reserve for improvements, betterments and extensions other than those to maintain the system in necessary good repair and working order. None of the facilities afforded by the waterworks system shall be furnished without a reasonable charge trains n ,i mereror. in the event "..'s. wicue that the City or any department, agency, or instrumentality thereof shall avail itself 0f the facilities or services afforded by said system (Including the use of fire hydrants for fire protection and other the reasonable value ot the facilities or services so afforded shall be charged against the City, or such department, agency or instrumental-ity- , and shall be paid for as the charges therefor accrue. The rev-!T- e R0 received shall be deemed to be revenue derived from the operation 0f tT,e waterworks system and shall be used and accounted for In the same manner as any other reven- frm the Perat'0 ot Rald system. m 1 pur-rose- JJ 13 til h;reby further covenanted that' 'f BUch rate any become a foresaid and nnrl ; insufficient for ttie purposes, they shall be re-- J flX(H em,es , ft rr:t:,?rov,,,e(1. Dot rendered. rate mnner 8,lfficlCTt ror ' interest requirements of one year total issue of the bonds then proposed to be issued and a portioi of the principal thereof to be deter on the mined by-- dividing the amount ot such proposed issue by the number of years to the final maturity date thereof. Section 10. That any curchaser ol 25 per centum in aerereeate principal amount of the bonds at the time to outstanding from the original purchaser thereof or anv holder or holders of 25 per centum of tie bonds at any time outstanding shaii have the right at all reasonable times to inspect the waterworks system and all records, accounts as data of the City relating thereto. Thn thfl flitv Record fiprtinn n er shall make and keep a list o( tie revenue honds issued under this 0'' dinance, showing the facts require by law, and shall also keep a ho In siirh bonds be registered as to principal only: the option of the holder. RoMfmi 19 That this OfdiMKt shall be and remain Irrepealable til the interest on and the pnW of said revenue bonds shall o full paid, satisfied and charged as herein provided. Section 13. That ail ordinary s and regulations or ' thereof, of Helper City, in i with this ordinance are hereby pealed. Section 14. That it is heretryj clared that the sections, o sentence sand parts of this not are ance are severable, nf mutual oaqontlal Inducement, n exscinded any ut wiem i"11 court any exercising o: if .,o n this nun in -a wuoc, unconstmi be would otherwise .. ... ,t, Intf or ineffective; it is l"c . t oil respects11 L nereoi to cumyijr the Constitution and Statute or i Utah, and !f any one tinnu' riniineH. sentences and any of this ordinance shall for ar. court, any in be questioned be adjudged nnconfltltutlonai valid, such judgment snn re the Invalidate or Impair provisions tnereoi, uutoe fined In its operation to " , provision or provision 3 Rop-iatr- PJ-- w ' , 8ch ever that the of a th encumber the waterworks tem or any part thereof and s4 not sell, lease or otherwise dispose of any substantial portion of the m system; and said city shall not k. sue any obligation ror the of which the revenues of thoimm works system are pledged nnles, sucn yieage is made junior and to the pledge for the m ment of the bonds herein authorized to be issued, and unless th . revenues derived from said system for the fiscal year then next preceding were sufficient to pay a costs of operation and maintenancf, and leave a balance equal to least 120 of the aggregate ot: (a) the amount necessary to pay tie interest and principal requirements for such year on the bonds herein issued; (b) the amount necessary to pay the interest and principal re for such year on aw quirements other bonds or obligations payable in whole or in part from the revei lles of said waterworks system; anS (c) the amount necessary to pay tie services ' constitutional inapplicability or tnnfo& ciaum;. nv.. waterwort one ?ood "tenr In section, j. i"n nnr hub condition and shall omnium;" joo operate the ntnrM nhall not be feet or prejudice In evCRt As ,on any of applicabllltr or validity Instance. n 1outt"an'nK. said City i P insurance on the sys- (Continued on L Tn f LtT, fj f ( 'j' pi. 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