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Show RESOLUTION NO. 1969-1 A RESOLUTION providing for the issuance and confirming the sale of $70,000 General Obligation Sewer Bonds, and $70,000 General Oblibation Water Bonds of the City of Pleasant Grove, Utah County, Utah. WHEREAS, at a special bond election duly and lawfully called and held in the City of Pleasant Grove, Utah County, Utah, on November 2, 1965, the following propositions were submitted to a vote of the qualified electors of said City who had paid a property tax in the year preceding said election: PROPOSITION NO. 1 "Shall the City Council of Pleasant Grove, Utah, be authorized to issue the general obligation sewer bonds of said City in the amount of not to exceed $170,000 for the purpose of defraying part of the cost of constructing con-structing improvements to the sewage collection system for said City, said bonds to bear interest at o rate not to exceed five per cent (5) per annum and to be due and payable in not to exceed twenty (20) years from date of said bonds?" PROPOSITION NO. 2 "Shall the City Council of Pleasant Grove City, Utah, be authorized to issue the general obligation water bonds of said City in the amount of not to exceed $1 70,000 for the purpose of defraying part of the cost of making extensions and improvements to the waterworks water-works plant of said City, said bonds to bear interest at a rate not to exceed five per cent (5 ) and to be due and payable in not to exceed twenty (20) years from date of said bonds?" WHEREAS, the result of said election was declared by the City Council of said City, sitting as a Board of Canvassers, by resolution duly passed on the 8th day of November, 1 965, from . which it appears that the total number of votes cast at said election in favor of the issuance of said water bonds was 638 and that the total number of votes cast at said election against the issuance of said water bonds was 378; and the total number num-ber of votes cast at said election in favor of the issuance of said sewer bonds was 626 and that the total number of votes cast at said election against the issuance of said sewer bonds : was 394; and WHEREAS, $1 00,000 of said $1 70,000 General Obligation Water Bonds and $100,000 of said $170,000 General Obligation Obliga-tion Sewer Bonds have been heretofore sold and delivered and it is now desired to issue and sell the remaining $70,000 General Obligation Water Bonds and $70,000 General Obligation Obliga-tion Sewer Bonds authorized but unissued in order to continue construction of the water and sewer facilities authorized at said ' election held on November 2, 1 965 ; NOW THEREFORE, Be and It is Hereby Resolved by the City Council of the City of Pleasant Grove, Utah County, Utah: Section 1. That for the purpose of defraying part of the cost of constructing improvements on sewer facilities and extending ex-tending and improving waterworks plant for said City, there shall be issued $7Q,000 General Obligation Water Bonds and $70,000 General Obligation Sewer Bonds of the City of Pleasant Pleas-ant Grove, Utah, pursuant to the Utah Municipal Bond Act. Section 2. That said bonds shall be dated April 1 , 1 969, of the denomiation of $5,000 each, numbered 1 to 1 4, inclusive, on the General Obligation Water Bonds and 1 to 14, inclusive on the General Obligation Sewer Bonds, and shall bear interest from date until paid at the rate or rates hereinafter set out, which interest shall be payable beginning October 1, 1969, . and semiannually thereafter on the first days of April and " October of each year. Said bonds shall mature serially in num- . erical order on April 1 of each of the years and shall bear ' interest as follows: WATER BONDS constitution and laws of the state of Utah and a resolution duly adopted by the City Council of Pleasant Grove on March 17, 1 969, after having been duly authorized at an election legally held in said City on November 2, 1965. Pleasant Grove City has reserved the right and option to Water redeem in inverse numerical order bonds numbered (10 to 14) S6W6T (9 to 14) inclusive, which mature on and after April T, 1976, on April 1, 1975, and on any interest payment date thereafter at a price' equal to the principal amount of each bond so redeemed re-deemed and accrued interest thereon to the date fixed for redemption, re-demption, plus a premium of two per cant (2) of the par value of the bonds. Notice of the call of any of the bonds for redemption shall be given by publication of an appropriate notice one time in a newspaper of general circulation in Salt Lake City, Utah, at least thirty (30) days prior to the date of redemption together with notification of he firm of Burrows Smith and Company, Salt Lake City, Utah, and the original purchasers of the bonds. Interest on any bond subject to redemption re-demption shall cease to accrue on the date fixed for redemption if notice has been properly given and funds equal to the redemption re-demption price have been deposited with the paying agent bank. The City Council of Pleasant Grove agrees that it will annually an-nually levy a tax sufficient to pay the interest on this bond as it falls due and also to constitute a sinking fund sufficient to pay the principal when due. . This bond and the issue of which it is a part are issued pursuant to authority contained in the Utah Municipal Bond Act. This bond is subject to the conditions, and every holder hereof and every holder of the coupons hereto attached by accepting ac-cepting the same, agrees with Pleasant Grove City and every subsequent holder of this bond or of such coupons, that (a) the delivery of this bond to any transferee shall vest title in this bond and in the interest coupons attached hereto at the time of such delivery and the delivery of any interest coupons attached hereto to any transferee shall vest title to such coupons in such transferee to the same extent for all purposes as would any such delivery under like circumstances of any negotiable instrument payable to bearer; (b) Pleasant Grove City and any agent of Pleasant Grove City may treat the bearer of this bond and of any of such coupons as the absolute owner thereof for all purposes and shall not be affected by any notice to the contrary, (c) the principal of and interest on this bond shall be paid and this bond and each of the coupons attached hereto are transferable free from and without regard to any equities, setoffs or cross claims between Pleasant Grove City and the original or any subsequent holder thereof and free from any claims of ownership by any such holder; and (d) the surrender to Pleasant Grove City or to any agent of Pleasant Grove City of this bond and of each of the coupons attached hereto shall be a good discharge to Pleasant Grove City for the same. It is hereby certified, recited and declared that all conditions, con-ditions, acts and things essential to the validity of this bond and the issue of which it forms a part do exist, have happened,-and happened,-and have been done and that every requirement of law affecting the issue thereof has been duly complied with and that this bond is within every debt and other limit prescribed by the Constitution Consti-tution and laws of the state of Utah and that the full faith and credit of Pleasant Grove City are hereby irrevocably pledged to the punctual payment of the principal and interest on this bond according to its terms. IN WITNESS WHEREOF, Pleasant Grove City has caused this bond to be signed by its Mayor and countersigned by its City Recorder, with the seal of the City affixed, and the coupons hereto attached to be signed with the facsimile signatures of the City Treasurer, all as of the 1st day of April, 1969. such publication any person in interest shall have the right to contest the legality of this resolution or any action taken pursuant thereto, but after such time no one shall have any cause of action to contest the regularity, formality or legality hereof for any cause whatsoever. Section 9. That it being necessary for the immediate preservation pres-ervation of the peace, health, and safety of the city of Pleasant ' Grove and the inhabitants thereof that the proceeds of the bands herein authorized be available immediately for the purpose pur-pose herein set forth, an emergency is hereby declared, and this resolution shall be in full force and effect immediately upon its adoption and publication. PASSED by the City Council of the city of Pleasant Grove, Utah County, Utah, this 1 7th day of March, 1 969. ATTEST: Mayor " City Recorder (SEAL) Bond Year Amount Number Coupon 1970 $ 5,000 1 4.75 1971 10,000 2-3 4.75 1972 5,000 4 4.75 1973 10,000 5-6 4.75 1974 5,000 7 4.75 1975 10,000 8-9 5.00 1976 5,000 10 5.00 1977 10,000 11-12 5.00 1978 10,000 13-14 5.00 SEWER BONDS Bond Year Amount Number Coupon 1970 $ 5,000 1 4.75 1971 5,000 2 4.75 1972 10,000 3-4 4.75 1973 5,000 5 4.75 1974 10,000 6-7 4.75 1975 5,000 8 5.00 1976 10,000 9-10 5.00 1977 10,000 11-12 5.00 : 1978 10,000 13-14 5.00 Both principal and interest shall be payable in lawful money of the United States of America at the Bank of Pleasant Grove, Pleasant Grove, Utah. Water bonds numbered 10 to 14, inclusive, and sewer bonds numbered 9 to 14, inclusive, maturing on or after April 1, 1976, shall be callable for redemption in inverse numerical order on April 1 , 1 975, and on any interest payment date thereafter there-after at a price equal to the principal amount of the bonds so redeemed, accrued interest to the date of redemption plus a premium of two per rent (2) of the par value of the bonds. Notice of the call of any of the bonds for redemption shall be given by publication of an appropriate notice one time in a newspaper of general circulation in Salt Lake City, Utah, at least thirty (30) days prior to the date of redemption together with notification of the firm of Burrows, Smith and Company, Salt Lake City, Utah, and the original purchasers of the bonds. Interest on any bond subject to redemption shall cease to accrue if notice has been properly given and the funds equal to the redemption price have been deposited with the paying agent bank. Section 3. That said bonds and the interest coupons thereto there-to attached shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF UTAH UTAH COUNTY PLEASANT GROVE CITY (SEWER) GENERAL OBLIGATION WATER BOND SERIES OF APRIL 1, 1969 Number $5,000 Pleasant Grove City, Utah County, Utah, for value received : hereby acknowledges itself to be indebted and promises to pay ' to the bearer hereof the sum of Five Thousand Dollars ($5,000) : on the first day of April, 1 9 , together with interest thereon there-on from the date hereof until paid at the rate of per cent ( ) per annum, payable October 1, 1969 and semi- '. annually thereafter on the first days of April and October of each year with interest falling due an and prior to maturity, payable only upon presentation and surrender of the attached interest coupons as they severally become due. Both principal - of and interest on this bond are payable in lawful money of the ' United States of America at the Bank of Pleasant Grove, Pleasant Pleas-ant Grove, Utah. : (Sewer) (Water) This is one of an issue of 14 14 bonds of like date, tenure, and effect except as to maturity, interest rate, and 'right of redemption issued for the purpose of defraying part of the cost of improving and extending the existing (water- works plant) (sewage collection system) of Pleasant Grove, Utah, under and by virtue of and in fu" conformity with the I Countersigned: Mayor City Recorder (Form of Coupon) No $ On the first day of , 19 , unless the hereinafter mentioned bond is then callable for redemption and has been so called and provision for such redemption duly made, Pleasant Grove City, Utah County, Utah, will pay to the bearer hereof at the Bank of Pleasant Grove, Pleasant Grove, Utah, the amount shown hereon in lawful money of the United States of America, being the interest then due on its general obligation (water) (sewer) bond, series April 1, 1969, numbered (Facsimile Signature) City Treasurer Section 4. That each of said bonds shall be signed by the Mayor and countersigned by the City Recorder with the seal of . the City affixed, and the said coupons shall bear the facsimile signature of the City Treasurer. The Mayor is hereby empowered and directed to sign, and the City Recorder to countersign and affix the seal of the City to each of said bonds and the acts of said Mayor and City Recorder in so doing are and shall be the act and deed of the city of Pleasant Grove, Utah. All the covenants, statements, representations and agreements agree-ments contained in said bonds and coupons, and all the recitals and representations of this resolution are hereby considered and understood, and it is hereby ordered and declared that said covenants and promises therein are the covenants and promises of the city of Pleasant Grove and that the representations representa-tions and statements therein are the representations of said City Section 5. That to pay the interest falling due on said bonds as the same become due and also to provide a sinking fund for the payment of the principal of said bonds at maturity, there shall be and is hereby levied on all taxable property in said City, in addition to all other taxes, a direct annual tax sufficient to pay the interest on said bonds and to pay and retire the same as hereinbefore provided. Said taxes when collected shall be applied solely for the purpose of the payment of said interest on and principal of said bonds, respectively, and for no other purpose whatsoever until the indebtedness so contracted under this resolution, principal and interest, shall have been fully paid, satisfied, and discharged, but nothing herein contained shall be so construed as to prevent said City from applying other funds that may be in the City Treasury and available for that purpose to the payment of said interest and principal as the same respectively mature, and the levy or levies herein provided for may thereupon to that extent be diminished. The sums herein provided for to meet the interest on said bonds and to discharge the principal thereof when due are hereby appropriated for that purpose. Principal and interest falling due at any time when there are on hand from the proceeds of the above tax levy insufficient funds shall be advanced ad-vanced from other funds of the City available for such purpose and such other funds may be reimbursed when the tax levy proceeds become available. Section 6. That the sale of the said bonds to the various purchasers as outlined in the letter hereto attached (p. 13) at the price of par and accrued interest in accordance with the purchasers' offer to purchase is hereby ratified, confirmed, and approved. Said bonds shall be delivered to the purchasers as soon as they may be legally issued upon receipt by the City Treasurer of the agreed purchase price therefor. Section 7. That all ordinances, resolutions or parts thereof in conflict herewith be and the same are to the extent of such conflict hereby repealed, and after said bonds are issued this resolution shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid, satisfied, and discharged as herein provided. Section 8. The resolution shall be published one time in the Pleasant Grove Review, a newspaper published weekly in Pleasant Grove City. For a period of thirty (30) days after |