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Show THURSDAY, OCTOBER 6, 1955 LEHI FREE PRESS, LEHI, UTAH All expenses incurred in the the electors of said city on the the principal amount and accrued demption premiums on the bonds (Form of Coupon) by 20th day of September, 1955, for Number funds $ making of the audits required and interest on said bonds and redemp- when due, to the extent of be regarded shall this section the purpose of authorizing this On the first day of tion premiums, if applicable. If, at available therefor. and operabond and the issue of which it is 19 unless the hereinafter any time after July 1, 1960, bonds . Such part of the proceeds of the paid as a maintenance agrees to The city ORDINANCE NUMBER 1955 A a part. expense. tion is callable then are purchased on the open market, sale of the bonds as represents mentioned bond audit such each of ORDINANCE AN providing Bonds numbered 31 to 486, in for redemption and has been so they shall be purchased at no price accrued interest received from the furish a copy of the bonds of holder for the construction of a sewreany called the for to the and the of issue in than of accrued shall the time this are callable at provision elusive, higher par plus purchaser of er system and extensions and for redemption at the option of demption thereof duly made, the terest plus the redemption pre delivery of the bonds to the pur- at his request after the close that any and to water the improvements the city in inverse numerical City of Lehi, Utah County, Utah, mium then appliciable to bonds chaser be paid into the Sinking each fiscal year, the right order at the price of par plus will pay to brearer plant and system of the City then redeemable. If at any time Fund. In addition thereto there such holder shall have accountant -the with of Lehi, the whole to constidiscuss Sinkto Dollars ($) prior to July 1, 1960, the bonds shall also be placed in said accrued interest to the date fixed tute a municipally owned utilof making the audit the contents of for redemption plus a premium in the manner and out of the fund cannot be purchased at a price ing Fund from the such adity to consist of a sewer sysequivalent to the amount of inter prescribed in said bond, and not deemed by the City Council to be the bonds a sum equal to the in- the audit and to ask for as to 1987, inclusive, shall bear in- est which each such bond would otherwise, in lawful money of the fair and reasonable, he may information tem and water plant and syssaid bank terest estimated to accrue on the ditional terest at 3 percent per annum. have borne during the twelve United States of America, at shall retain said funds either until bonds tem; authorizing and providcovered require. reasonably the period Such interest shall be payable months next succeeding such re Zion's Savings Bank & Trust Co., bonds can be purchased at such by the during ing for the issuance of $486,-00- 0 construction of the sewer (d) That the holder or holders on January 1 and demption, on July 1, 1960, and on Salt Lake City, Utah, for interest a price or until Sewer and Water Revenue can be re- portion of the system. of twenty-fiv- e per cent (25) in they Bonds of said city for the purJuly 1 of each year until the pay any interest payment date there- then due on its Sewer and Water deemed. The remaining fifty per State Bank of Lehi, in the City aggregate principal amount of ment of principal, with interest after from available revenues of Revenue Bond, dated July 1, 1955, cent pose of defraying part of the (50) of such revenues may of Lehi. Utah, is hereby designat bonds issued hereunder at 'ny cost of the acquisition of such . falling due on and prior to matur- the system only until July 1, 1965 and numbered be used by the city for any lawful ed as custodian of the revenues time outstanding shall have the system, extensions and imity to be represented by appropri on and after which all of the corporate purpose. for the purposes of this section. right at all reasonable times to ate interest coupons to be attached bonds are so reedemable on any provements; prescribing the The amount to be paid into the All of the revenues as received inspect the system, and all recMayor to the bonds. Bonds numbered 31 interest payment date without Countersigned: form and other details of said Sinking Fund in each fiscal year bv the citv from day to day shall, ords, accounts and data of the to 486, inclusive, shall be callable restriction as to source of paybonds; confirming the sale shall be such amount as will be as received, be deposited in said city relating thereto, and that upfor redemption at the option of the ment. On July 1, 1975, and on thereof, providing for the colCity Recorder fully sufficient to assure the bank and shall be by said Dame on request the city will furnish lection and disposition of the City in inverse numerical r rder each interest payment date there (Form of Auditor's Certificate) prompt payment as each falls periodically allocated to the pay to any holder or holders financial revenues of said utility; makat the price of par plus accrued after the premium payable will I, the undersigned duly qualified due of principal and interest be ment of oDeration and mainten statements and other information interest to the date fixed for re- be reduced from one ing other provisions with rein and acting Auditor of the City of coming due on the bonds herein ance expenses or paid to the bank relating to the city and the sysyear's spect to the operation of said demption plus a premium equival- terest to $20 per bond. Notice of Lehi, Utah County, Utah, do here- authorized and all other obligat ior de- tem as such holder or holders ent to the amount of interest the call of any of the bonds for by certify that the within bond is ions payable from such fund, in holding the sinking ifiinafunds utility and the issuance of said in may from time tq time reasonably in the appropriate posit which each such bond would have redemption will be bonds, and providing for the not less within the lawful debt limit of cluding such obligations as may the manner hereinabove in this require; given borne during the twelve months than payment of said bonds. thirty days prior to the re- the City of Lehi, Utah, and is be issued in the future on a parity section provided. All money so (e) That the city in its opernext succeeding such redemption, demption under the conditions hereinafter held by the custodian bank ana ation date by registered mail issued according to law. of the system will carry in WHEREAS, the City of Lehi on July 1, 1960 and on any interest to the registered holders thereof WITNESS my official signature set out. The amount to be so paid by the bank holding the Sinking surance, including workmen's now owns and operates a complete payment date thereafter from at the addresses , into such fund in each fiscal year Fund shall be held as special and shown on the this day of compensation insurance and pubwater plant and system for the available revenues of the system shall, as nearly as may be pract not general deposits, and all mon lic liability insurance, in such ambooks. If 1955. Registrar's registration purpose of supplying water to the only until July 1, 1965, on and any bond is called for redemption icable, be paid to the State Bank ey held in the Sinking Fund, shau ounts and to such extent as is city and its inhabitants and the after which all of the bonds shall which is not at the time of call of Lehi, in the City of Lehi, Utah, be held as a special trust fund, City Recorder and carried by private corinhabitants of the territory ad- be so redeemable on any interest registered as to principal, not Auditor. or some other bank of equal stand- the beneficial interest in which normally operating public utilities jacent thereto, and desires to ac payment date without restriction less than thirty days notice will (Form of Registration Certificate) ing and rating satisfactory to the shall be in the holders from time porations of the same type. The cost of such quire a sewer system for the pur as to source of payment. On July be given through the publication out then to bonds of the time insurance shall be considered one .Date of Signature pose of supplying sewage disposal 1, 1975, and on each interest pay- of an appropriate notice one time standing. All money so held by of the operating costs of the sysName Whose Recorder of In service to said city and its inhab- ment date thereafter the premium in a financial Registered Registration City newspaper or jourthe custodian bank shall be se- tem. In the event of loss or damitants and .the inhabitants of the payable shali be reduced from one nal published in the City of New to the fullest extent cured age, insurance proceeds shall be territory adjacent thereto; and year's interest to $20 per bond, York, New York or Chicago, or Dermitted by the laws used first, for the purpose of reNotice call of the of the of any WHEREAS said water plant and Illinois, and sent by registered of Utah pertaining to the secur- storing or replacing the property system and sewer system will be bonds for redemption shall be mail to the paying agent bank. ing of public deposits. lost or damaged, and any remaindin part inter-relate- d and consti- given not less than thirty days The city has covenanted and 9. That the City of er shall be paid into the Sinking Section to the date tute a single utility, and it would prior redemption by and does hereby covenant Lehi hereby covenants and agrees Fund, and shall be subject to disbe for the benefit of the city com registered mail to the registered agreed will fix such and that it agree with each and every holder of tribution in the same manner as pletely to consolidate said systems holders thereof at the addresses rates for the sale of water and are other moneys in said fund; the bonds issued hereunder: on shown the so as to operate said systems with Registrar's regist- water service and for sewer ser7. That notwithstanding city and to the origional purchaser Section callfni That while the bonds auth (f ) That the city will not sell, a single force and to effect the ration books. If any bond is vice and will collect and account anything in this ordinance else of the bonds in monthly installthem re lease, encumber or in any manor of herein is not at orized ed which for any redemption economies which would operating revenues to be received for where contained, the principal of ments on the first day of each mains outstanding and unpaid, ner dispose of the system or any the time of call registered as to for the result; and of such water and service, and interest on the bonds herein month, each installment of which sale the not less than thirty the rates for all sewer services substantial part thereof, includWHEREAS said water plant principal, of the that the net revnues so received authorized shall be payable only shall constitute by the system and the ing any and all extensions and adand system are in need of im- days notice shall be given through will be sufficient to pay out of the net revenue derived and next maturing installment of prin- supplied promptly all water and water ditions that may be made thererates for an of the apporpriate the publication provement, and it is necessary of the next service of and interest on to be derived from the system, and cipal and one-sixsupplied by the system to to, until all the bonds herein auththat a sewer system be acquired, notice one time in a financial this principal bond and the issue of which in no event shall said bonds or the maturing installment of interest, to its inhabitants, orized to be issued shall have been or and said newspaper published of an cost journal city both at estimated it forms a part, as each becomes interest accruing thereon be deem- except that during the fiscal year and to all consumers witnin or paid in full, both principal and $731,000, of which the sum of in the City of New York, New due, to make all ampayments required ed or construed to be a general ending June 30, 1956, such without the boundaries of said interest, except that the city may $245,000 is to be acquired from York or Chicago, Illinois, and sent to be made into above indebtedness of said city or pay- ounts shall be paid thereinto as, the to mail the shall be reasonable and just, sell any portion of said property of sources paying by registered other than the sale mentioned City of Lehi Sewer and able from any funds of said city together with the sums paid there- City, into account and consider- which shall have been replaced revenue bonds of the city, and the agent bank. taking Water Revenue Bond Sinking other than those derived from the into from bonds proceeds as here- ation the cost and value of the other property of at least equal Section 4. That said bonds shall remainder is to be raised through inafter provided, will make up the Kvstem and the cost of maintain by Fund, and to carry out all the operation of said system. invalue, or which shall cease to be as to principal and the issuance of the bonds herein be payable of 1, amount said of due interest ordinances. July Section 8. That from and after ing and operating the system, and necessary for the efficient operaafter in this ordinance authorized; terest in lawful money of the requirements be registered as the issuance of any of the bonds, 1956. When the first day of the the proper and necessary allow- tion of the system, provided, howUnited States of America at Zion's to This bond may and principal in the name of the all income and revenue of every month shall be a Sunday or a legal ances for the depreciation thereof ever, that in the event of any sale WHEREAS, the revenues to be Savings Bank & Trust Com- holder on the books of the City nature derived from the operation holiday, the payment shall be and the amounts necessary for the as aforesaid the proceeds of such in derived by the city from the oper- pany Lake Salt City, Recorder of the City of Lehi, in of the system, including the pro- made on the next preceding sec- retirement of all bonds, and the sale shall be paid into the Sinkand shall be signed the office ation of its water plant and sys- Utah, of the Recorder, such ceeds of all sewer connection ular day. interest on all such bonds ing Fund, and distributed as are tem and its sewer system have by the Mayor of the city and shall be to There is hereby established in accruing noted on the charges not applied directly to registration as may be issued hereunder, and other moneys in said fund; not been pledged or hypothecated be countersigned by the City Re by the Recorder, the payment of the cost of con- the Sinking Fund a separate ac- there shall be charged against all in any manner or for any purpose, corder, and shall have the corpor- back thereof (g) That in the event of deno transfer hereof structing or extending the sewer count to be known as the "Reserve which after of water and recipients fault on the part of the city in and the city desires to issue the ate seal of said city impressed shall be valid unless made on said purchasers portion of the system, or of mak- Account", into which there shall of service, including said city, such paying principal of or interest on Sewer and Water Revenue Bonds thereon. Interest coupons to be books and similarly noted on the ing connections thereto (which be paid by the city in each fiscal rates and amounts as shall be ade- - said revenue bonds promptly as of the city in the amount of attached to said bonds shall be back hereof, but this bond may be income and revenue are herein year, in addition to the amounts ouate to meet the requirements each falls due, or in the $486,000, payable from such re- executed with the facisimile signkeeping venues in the manner for which atures of said Mayor and Re discharged from registration by after sometimes referred to as required to be paid into said fund of this and the preceding sections of any covenant herein contained, in to the such under transferred after are "the revenues") provisions hereof, all of which revenues, in year bearer, hereby if such default shall continue provision is hereinafter made; corder, which officials by the exe- beings which it shall be transferable by pledged for the following purposes Of the last proceeding paragraph cluding those received from the and of a for NOW, THEREFORE, Be It and cution of said bonds shall adopt days, the city but may be again regist- and shall be set aside into the after the payment required above citv. shall be subiect to distribu will period a sixty new manager for It Is Hereby Ordained by the City as and for their own proper sign- delivery, appoint as before. The registration following special funds: be to ered into made the Contingencies tion to the payment of the cost the system, which manager shall Council of the City of Lehi, Utah atures their respective facsimile of this bond as to shall of operating and maintaining the have all powers and duties men(a) Out of the revenues there and Improvements Fund has been County, Utah, as follows: signatures appearing on said not restrain the principal negotiability of shall be first set aside from time made, all revenues remaining un- system, and the payment of prin- tioned in Paragraph (i) of this Section 1. That for the purpose coupons. the coupons hereto attached by to time as needed during each til there shall have been accum- cipal of and interest on the bonds section and shall have full conof defraying part of the cost of Section 5. That upon present, delivery Each and every fiscal year (the fiscal year for ulated in the Reserve Account a herein authorized as hereinbefore trol over the the acquisition of a sewer system ation at the office of the City Re- successivemerely. system and shall opholder of this bond dur- the purposes of this resolution be- sum equal to the greatest amount provided: erate the system for the City of and improvements to the water corder of the City of Lehi, the to on time such is as the it payable (b) That the city will main Lehi, and shall enforce such reaginning on July 1 and ending on of principal and interest plant and system of the city, and holder of any such bond may have ing to defray proper engineering, such bond registered as to prin- bearer and such holder of each of the following June 30) amounts bonds herein authorized and any tain the svstem in eood condition sonable rates and charges as will the coupons hereto attached are sufficient to provide for the pay- bonds issued on a parity therewith and operate the same in an effic be sufficient to make the legal, fiscal and other costs inci- cipal in the manner and with the payto forego ment of the reasonable and neces- falling due in any subsequent fis- ient manner and at reasonable ments conclusively to to such acquisition, and dent required by this ordinance, effect prescribed in the form of and renounce presumed in cost; his their the and Thereafter cal money year. equities and of and shall in all things so operate sary expenses operating the authorization and issuance of bond set out in Section 6 hereof. in favor of the Reserve Account shall be resubsequent holders for the system. (c) That the citv covenants the system as to fully comply the bonds, there are hereby Section 6. That said bonds and value without notice, and to agree maintaining of and agrees that so long us any with all of the requirements and From the revenues not gained solely for the purpose (b) authorized to be issued sewer and and the blanks to appear that this bond while so payable to paying principal of and interest of the bonds remain outstanding provisions of this ordinance. The for operation water revenue bonds of the city coupons, required currently on the back thereof, shall be in bearer, and each of the coupons and maintenance there shall next on the bonds herein authorized proper books of record and ac- right of the holder or holders of in the principal amount of $486,000, form: therethe on a following hereto issued attached be bonds substantially and negotiated may parity be to count will be kept by the city, the bonds herein authorized to rebe a aside fund set into which bonds shall be payable from (Form of Bond) by delivery by any person having designated as the "City of Lehi with as to which there would oth- separate and aoart from all oth quire the appointment of . such the revenues hereinafter specified. time er records and accounts, showing The complete waterworks plant UNITED STATES OF AMERICA possession thereof, howsoever such Sewer and Water Revenue Bond erwise be default. If atuseany manager shall not be exclusive, to been be have shall UTAH STATE moneys it OF acquired, necessary possession may somehereinafter complete and correct entries of all and in the event of default as Sinking Fund," and system of the city serving the and that any holder who shall times called the "Sinking Fund", in said Reserve Account for such transactions relating to the sys- herein COUNTY OF UTAH such holder or city and its inhabitants and the have taken this bond or any of the the amount hereinafter required payment, the moneys so used shall tem, and that the holders of any holders outlined, CITY OF LEHI shall have the right to inhabitants of the territory adjacrevenues SEWER AND WATER coupons from any person for value to be paid into such fund in each be replaced from the of the bonds, or any duly author- proceed in' law or equity to reent thereto, including all improveand without notice, thereby has fiscal year. REVENUE BOND first thereafter received not here- ized agent or agents of such hold- quire the performance of the covments, extensions and additions title thereto, $1,000 acquired absolute (c) From the revenues remain- inabove required to be used for ers, shall have the right at all enants herein contained in any acthereto which may be made while Number free from any defenses enforce- ing in each fiscal year after the maintenance and operation, for reasonable times to inspect all tion which to them shall seem apany of the bonds herein authorized The City of Lehi, in the County! reholder and records, accounts and data relat propriate. payments above required have current principal and interest remains outstanding, and including of Utah and State of Utah, for able against any prior claims been made, and after all deficits quirements or for payments into free from all and equities to value received promises and all property, real, personal ing thereto and to inspect the syshereby (h) That the City Council shall of ownership of any such prior which may exist from previous the Contingencies and Improve- tem and all properties compris mixed, of every nature now or pay to the bearer, or if this bond holder. by resolution to be adopted before intention its of and the Lehi ments The it Fund, City being reyears in the making of the ing said system. The city further hereafter owned by the city and be registered to the registered officials and Zion's Savings Bank quired payments into the Sinking hereof that there shall as nearly aerees that it will within sixty any of the bonds are issued apused or useful in the operation of holder hereof, out of the special point an engineer or a firm of enCo. shall not be affected Fund have been remedied, there as possible be at all times in the its water properties, and the com- fund hereinbelow designated and & Trustnotice days following the close of each gineers acceptable to the original amount hereto Account the the Reserve contrary. fiscal year cause an audit of such shall next be set aside in a fund to plete sewer system of the city not otherwise, the sum of One byItany is hereby certified, recited be known as the "Contingencies inabove specified. Money in the books and accounts to be made by purchaser of the bonds, which enserving the city and its inhabitants Thousand Dollars ($1,000) on the and declared gineer or firm of engineers shall that all acts, condi- and Improvement Fund" the sum Reserve Account and the Contin- an independent firm of certified serve , with inand the inhabitants of the terri- first day of July, 19 as consulting engineer to the Fund to and and exist, tions things Improvements required nublic accountants, showing the of $15,000 in each year. The gencies in the operation of the systory adjacent thereto, including terest thereon from the date herecity the be of City receipts and disbursements for ac performed preced- money in the Contingencies and may, at the discretion happen and all improvements, extensions and of until paid at the rate of tem. No future improvements or inthis Lehi be of of of issuanca Council the to and in ent the City count held svstem. be of the and that extensions to the ) per annum, Improvements Funds shall additions thereto which may be per cent ( system shall be have existed, have happened the State Bank of Lehi, in the vested in direct obligations of the such audit will be available for made through the use of the revmade while any of the bonds payable January 1, 1956, and bond by in America of been reguhave United States having and performed or holders of used on the the of and any thereafter Lehi, Utah, herein authorized remains outinspection by City conlar and due time, form and man- reserved for the making of extra- an immediate market value not of the bonds. Each such audit, in enues of the system unless themakstanding, and including all prop- first days of January and July of ner as the engineer approves sulting invested. so the less amount that the than law, by ordinary repairs or replacements Such investments shall be held by addition to whatever matters may ing of such improvements and exerty, real, personal and mixed, of each year, upon presentation and amount required of this bond, to the system which are necessary be thought proper by the account- tensions and certifies that in his every nature now or hereafter surrender of the annexed interest with the issue of which ittogether forms to the system in operating the bank holding said funds and ant to be included therein, shall or its opinion the owned by the city and used or coupons as the same severally fall keep operation of not exceed any limit- condition and for the include the following: making of said bank shall, when necessary useful in the operation of its sew- due, both principal and interest a part, does such improvements and extenconstituin either of said use the to the ation moneys by prescribed as the of of detail is available in 1. which statement A not lawful in money money er properties are hereinafter in being payable sions will result in increased of which for State funds for the the of statutes or tion purpose exincome and expenditures of the net revenues sufficient to amora maintenance and operation this ordinance sometimes referred the United States of America at at for such fiscal year. Zion's Savings Bank & Trust Co. Utah, that an amount of the pense and for the making of im- the fund was created, liquidate to collectively as "the system". system tize the cost thereof within a so much the revenues to be derived from to prevailing market prices 2. A balance sheet as of the and extensions provements Section 2. That from and after in Salt Lake City, Utah. period of twenty years. Sucof either the water or sewer as may be end of such fiscal water investments said and of sewer system system year. portion the adoption of this ordinance the This bond is issued by the City cessors to the consulting enof Lehi has been pledged of the system or both, under the necessary and apply the proceeds 3. The accountant's comment water plant and system and the of Lehi pursuant to ordinance duly the City gineer originally selected may be into a special restrictions of to such without iurther sewer system shall so far as enacted and pursuant to authori- and will be set aside paragraph (h) of instructionpurpose regarding the manner in which appointed by the City Council from There the said city sufficient for the Section 9 hereof, from fund city. by rebut money in the city has carried out the time practicable be operated as a zation duly granted by a majority such appointment prompt payment of the principal such fund shall also be used to shall not be required to be in the quirements of this ordinance, and shall to time but single unit and with a single main- of the qualified taxpaying electors of always be subject to the reand more bond time on Account this Reserve Interest at and any on recommendation the accountant's tenance and clerical force. principal of or interest of said city voting at an election scission by action of the holders which it forms a part, pay the bonds falling due at any time than the total amount required for any change or improvement in of a majority Section 8. That said bonds duly called and held in said city the Issue of revenues in principal amount to said sysof interest to and the pay principal for the payment of which there is the operation of the system. shall be dated July 1, 1955, shall on the 20th day of September, and that of the bonds herein authorized outbonds on been all not of have tems the pledged, maturity Sinknot in 4. A list of the insurance polthe sufficient money be in the denomination of $1,000 1955, for the purpose of defraying or anticipated in any Whenever the money In icies in force at the end of the which may be then outstanding. ing Fund, including the Reserve standing. each, shall be numbered 1 to 486, part of the cost of acquiring a hypothecated of to issuance is Reserve (i) That the City Council will Account the the other than by equal into said Account. The fiscal year, setting out as to each inclusive, and shall mature serial- sewer system for said city and way series resolution to of which this fund for which payments is herein the total principal amount of all bonds by of the prior the amount of the policy, to the issuance ofbetheadopted provision ly in numerical order $6,000 on constructing improvements to the bond is one. bonds outstanding plus interest to policy first of the name of at the made be not made need risks the covered, any 1, water on owned 1957, 1, $7,000 July plant municipally July IN TESTIMONY WHEREOF, time when there shall be in said the next interest payment date the insurer and the expiration date bonds appoint a manager for the on July 1, 1959, and system, in full conformity 1958, $8,000 system who shall serve at the plus redemption premiums appli- of the policy. the City of Lehi, Utah, has caused fund the amount of $30,000. $9,000 on July 1, 1960, $10,000 on with the Constitution and Laws of the council and shall cable to the outstanding bonds if pleasure its be bond wato this Mayor in signed fiscal Of by revenues the number 5. of metered The (d) 1 Both any Of on 1961, of Utah. 1, prin$11,000 of the State July July on such interest payment ter customers at the end of the act as general manager of the called its and City be countersigned not to by and paid each of the years 1962 and 1963, cipal of and interest on this bond year required if such bonds may then be system. The manager shall either $12,000 on July 1 of each of the and the issue of which it is a part Recorder under the corporate seal in such fiscal year into any of the date, year, the number of unmetered serve as collector called for redemption under the watered of the revenues the caused and has said of cent of shall customers city, the end above 1964 at on and funds, a per 1965, $13,000 are payable solely from special fifty years of the system or may employ a monterms of the their issuance, attached hereto interest secoupons the held of 1 be the and the number of each of the years 1966 fund designated by the bank holding July "City of Lehi in the Reserve Account may wer year, connections at the end of the collector, but the manager shall in and 1967, $14,000 on July 1 of Sewer and Water Revenue Bond to be executed by the facsimile sinking fund and shall be used to ey outbe said used redeem to all of any event be responsible for the as redeem prior to maturity or to each of the years 1968 and 1969, Sinking Fund," into which fund signatures of said officers, all year. bonds. bank The holding prompt and aggressive collection 1955. standing of first of this so day 6. July, The amount in each of the of purchase on the open market $15,000 on July 1 of each of the are to be placed the net revenues all fees and charges due for the the Sinking Fund shall make such funds created to the pro- water many of the bonds herein authorpursuant years 1970 and 1971, $16,000 on derived and to be derived from and services supplied by the with agthe arrangements paying Inon Mayor 8 a ized issued visions 1 bonds or sewer of Section 1972 of the of hereof, syseach parity ent bank as the operation of said years July to be and it shall be his duty to system necessary may redeemed therewith as may be so and 1973, $17,000 on July 1 of tem and water plant and system, Countersigned: cluding the Reserve Account in or purchased therewith. Said funds assure the prompt payment of the Sinking Fund, at the end of file appropriate suits and to take each of the years 1974 and 1975, all as more fully described and (Continued on next page) City Recorder may be used for the payment of principal of and interest and re each fiscal year. $18,000 on July 1 of each ot the provided in the ordinance voted by LEGAL NOTICES years 1976 and 1977, $19,000 on July 1 of each of the years 1978 and 1979, $20,000 on July 1 of each of the years 1980 and 1981, $21,000 on July 1 of each of the years 1982 and 1983, $22,000 on July 1, 1984, $23,000 on July 1, 1985, $24,000 on July 1, 1986 and $25,000 on July 1, J987. The bonds maturing in the years 1957 to 1965, inclusive, shall bear interest at 3 percent per annum, and the bonds maturing in the years 1966 semi-annual- ly io one-twel- th th semi-annual- ly |