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Show I! Page 4 A . Southern Utah News Kanab, Utah Thursday; July 23, 1964 curity of the bonds herein authorized; this class of the net revenues is hereinafter sometimes referred to as the pledg-e- quired to be made for the benefit of the outstanding Water and Sewer Improvement Revenue tfonds, Series 1949. In no event shall the bonds herein' autor-ize- d or the interest accruing thereon be deemed or construed to be a general indebtedness of said city or payable from any funds of said city other than those derived from the operation of said system. Section 8. That as used herein, the following words shall have the meanings indicated: 1949 bonds shall mean the Water and Sewer Improvement Revenue Bonds, Series 1949, Extension Fund ment and Extension Fund is (hereinafter to the entire amount of sometimes called the Replacement and Extension Fund") exthe interest and principal that cept that no payment need be will become due on all of the revenues. made thereinto at any time when bonds payable from the Bond The revenues pledged to the there shall be in said fund a Fund then outstanding, no furpayment of the 1949 bonds sum of $25,000 or more. Mon- - ther payment need be made into e shall be applied as provided in ' eys in the Replacement and said funds unless necessary to 1949 bond ordinance. tension Fund may be withdrawn replace money lost or diverted. All money held in said Bond (d) From the pledged reve- - and used for the purposes of shall set there of aside paying t)ie cost nues be unusual or Fund, the Bond Reserve Fund system have not been pledged, fund in each sinking year (the extraordinary maintenance, and the Replacement and Exhypothecated or anticipated in extenmonth isand period beginning pairs,, replacements tension Fund shall be held and any way other than by the 1 of December in on not included the sions pay-yeeach Sewer Water and secured as provided by the perof the suance followon. the and ending ment of current expenses and of tinent laws of the State of Utah Improvement Revenue Bonds, a November fund into 30) and the Bond Reserve Fund and ing paying the cost of improveSeries 1949, above mentioned Utah of hands the the in ments or bettermehts to the systhe Replacement and Extension paying and the issue of bonds of which bank above to mentioned will tem which either enhance Fund may, ih the discretion of agent this is one. 1964 Water its revenue producing capacity the City Council, be invested in be designated the IN TESTIMONY WHEREOF, Revenue shall Sewer and or provide a higher degree of direct obligations of or obli1949 bond ordinance Refunding Kanab City, Utah, has caused Bond Fund (hereinafter someservice. In the event that the this bond to be signed by its mean the ordinance adopted on gations unconditionally guarancalled on Bond the in amended times Bond as balances the 17, 1949, Fund") teed by the United States of Mayor and countersigned by its May amount Fund the Bond Reserve and hereinafter the .requir23, .1949, authorizing under the corporAugust City Recorder ed to be paid into such fund in Fund shall on any May 15 or NoAt the time the bonds herein ate seal of said city, and has the issuance of the 1949 bonds; fund shall Fund 15 such Insufficient The vember to 1949 be Bond sinking authorized are delivered to the year. pay caused the interest coupons shall be into Water Kanab said next the of installment the mean City paid money maturing herto attached to be executed purchases thereof there shall be in Bond of fund or or Sewer interest and transferred to the funds herein of both, approximately equal principal Improvement by the facsimile signatures established for the payment of monthly installments and shall the amount necessary for such said officers, all as of this first Fufrd, Series 1949" established 12 to used be of the such bonds money then existing solely pay currently payment beyond the amount pursuant to Section day of June, 1964. inand of in available Bond therefor the 1949 bond ordinance. in the funds established for the maturing principal terest on the bonds herein auFund and Bond Reserve Fund Section 9. That form and afpaymept of the bonds refund-- Mayor thorized and such bonds as may shall be transferred from said ter the issuance of any of the ed, which funds are the counterCountersigned: ina all hereafter be issued on Extension and bohds herein authorized parity Replacement parts of the funds herein estabnaFund under terms to of of Bond therewith the said Fund. come and revenue lished. every City Recorder 11 all hereof. After Section derived from above the ture Section 10. That Kanab City payments (g) operation (Form of Coupon) f (e) 40 of the pledged rev- required have, been made in hereby covenants and agrees system (hereinafter some- S Number enues remaining in each' sink- each sinking fund year and afwith each and every holder of ",he rev ,lmes raferred ,0 On the first day of all the deficits which may exist the bonds issued hereunder: ter paying fund year after 19 , unless the hereinafter above from have ments required previous sinking fund (a) That while the bonds mentioned bond is then callable all deficits in and after made of the the been authorized herein or any of years making for redemption and shall have which may exist from previous payments into the Bond them remain outstanding and been properly so called, Kanab reof the in the making years Fund, the Bond Reserve Fund unpaid, the rates for all sewer City, Kane County, Utah, will the Bond into payments quired and the Replacement and Exover in, service supplied by the sewer pay to bearer shall remedied been have Fund remedFund been have he Kanab and tension MuniciPal system and the rates for all ""Jin'the man Dollars in in hands fund the a be ied, the money remaining in the water and water service supnef and out of the fund pre- - Sawer Sstem Fnd' hara'n' of placed aforementioned the Utah Revenue Fund shall, to the exca led tba Rav' pled by the water system to scribed in said bond, and not a',er be known bank to tent permitted by law, within said city and to its inhabitants, Fund established by the paying agent otherwise. in lawful money of Sewer Water and "1964 as the and to all consumers within or sixty days after the end of such the United States of America ,94,9bond ord'nance- - Moncy;in ReBond Revenue Refunding ld Revenue Fund shall be ex- without the boundaries of said sinking fund year, be transferat Kanab Branch, First State someserve Fujid (hereinafter red into the 1949 Bond Fund. city, shall be reasonable and Bahk of Salina. In the City of f'ndad on,y as Providad ln he Reserve called the Bond times of this Moneys so transferred shall be just, taking into account and Kanab, Utah, or, at the option of fol,owin9 subparagraphs no that payment used promptly for the sole purFund) except consideration the cost and value the holder at Zion's First Mat- . at made thereinto be need any of of or the system and the cost of b redeeming pose acquiring on9 as ny of the lonal Bank, in the City of Salt in be shall there when time 1949 h0"4 remain outstanding for cancellation outstanding maintaining and operating the Lake City. Utah, for interest of sum or fund the said $28,500 1949 bonds in inverse numerisystem, and the proper and then due on its Water ahd Sew- - ,he money ln he Rsvenue Fund be sum as such may cal and maturity order at not to necessary allownces for the dehigher er Revenue Refunding Bond. sha" flrst be used a$ needed authoriin exceed the maximum call price. proceedings preciation thereof and the dated June 1. 1964, and num- - ,rom tnonth ,0 mdnth t0 PaV specified bonds of the issuance all of zing the When parity the current expenses of main(h) payments necessary for the rebercd 11 Section of terms under the above required have been made tirement of all bonds, and the tenance and operation of the This . coupon and bond atr fund in said shall hereof. -Money in - any -- sinking fund ear-and all such-bon- ds accruing -i- nterest-on tached are issued under Sections system. Such current expenses PaY principal all deficits which may exist from as may be issued hereshall include the cost of oper- - ke usec onty to inclusive, of on bonds the or interest in fund under, and there shall be chargation and maintenance of the years previous sinking the Utah Code, 1953, as amenfrorT1 e Bond Fund the making of such payments ed agaVist all purchasers of and the expenses of any ded, ahd do not constitute an for the have been remedied, and when said water and sewer service, ,n9 dueta nY and replacements indebtedness of Kanab City all of the 1949 bonds have been to keep the same In including said city, such rates within the meaning of any state redeemed or have matured and and amounts as will be adegood repair and working order, constitutional or statutory limhave been cancelled,, the requate to meet the requirements but shall exclude depreciation itation. efrid payment into the funds maining money in the Revenue of this and the preceding sections hereof, all of which rev Fund shall be regarded as unhereinafter mentioned. When Mayor said 1949 bonds shall have beep pledged revenues and may be enues, including those received Countersigned: curused either to redeem outstand-Boh- d from the city, shall be subject retired said payments for Fund in inverse numeri-in- g to distribution to the payment rent expenses shall continue to City Recorder bonds payable from the of the cost of operating and be made in the same manner (form of Auditors Certificate) cal and maturity order or for maintaining the system, to makuntil the bonds herein authoriI, the undersigned duly qualiing all payments required for zed have been retired. any other lawful purpose. fied and acting Auditor of KaPayments into the Bond Fund the benefit of all bonds having (c) After payment of the nab City, Kane County, Utah, it shall be made in equal monthly being the priority over the bonds herein current expenses ,as above pro- - quirements, do hereby certify that the withshall as hereof that there tion Installments on the tenth day authorized in the application of the remainder of the revin bond is within the lawful all as at be times possible of each month, except that when all or any part of the revenues enues (herein sometimes called nearly debt limit of Kanab City, Utah, the "net revenues") shall be de- - n the Bond Reserve, Fund the when the tenth day of any of the system and to the payand is issued according to law. month shall be a Sunday or a ment of principal of and interemed to fall into two classes: amount hereinabove specified. WITNESS my official s to be amounts -- pay est on the bonds' herein author--ize- d paid into iegal holiday, e(n-such !) 80.4ofJhe net . reve- - The fun in day of July,1964r fund each suc as hereinbefore provided; ments shall be made on the sinking nue shall be regarded as pledLuia Robinson secular day. payment of the 1949 yearshallasnearlyasmaybe ged to-tCity - Recorde- r- and - exoff ido the be into of-paying paid -the 1949 possible EachJnstallment shall equal tain the system in good condk bonds until all Auditor in of the interest payable tion and operate the same in an approximately agent bank (Form of Registration Certificate) on installments therefrom on the. next interest efficient and economical manmonthly the same day of each mohth as payment date plus ner and at reasonable cost at the payment made that monrii all times of the principal payable thereinto the Band Fund. from oh the next succeeding De(c) That the city covenants above After the (f) cember 1. If at any time there and agrees that so long as any payments 1e tiave bee.v.ma t'om be a failure to pay into said -- of the bonds remain outstandrequired reve-.u.and after Bond Fund the full amounts the' pledged ing proper books of record and all deficits which may exist from stipulated, then an amount account will be :kept by-t- he, the" in making" equivalent to such deficiency city, separate and apart from previbusyears bonds have been retired. of the required payments into shall be paid into, said Bond all other records and accounts, Section 7. That notwithstand(2) The remainder of the net the Bond Fund and the Bond Fund from the pledged revshowing complete -- and correct ing anything fn this ordinance surof all revenues the plus Reserve Fund have been remelsewhere contained, the princienues available for such .payentriesof alLtransactions relatin last the bonds cent-(5said plus specified on of paraedied, fiftyper 0) pal of and interest ment, as soon as. available, and ing to the system and Jhat the of 12 Section 1949 of the the of out graph revenues the be shall holder of any of the bonds, or in addition to the amount payable only remaihing pledged be placed in a fund in the -- erwise required to be so set net revenue derived and to be bond ordinance shall be deemed any duly authorized agent or of the aforementioned U- - part and paid into said Bond derived from the system, after pledged and are hereby pledged agents of such holder, shall of of the k payment to principal tah paying agent bah be Fund. Whenever the amount in have the right at all reasonable there have first been madeto on and Interest accumu and the revenues Water and known "1964 the as 80.4 of the from times to inspect all records, the Bond Fund, the Bond Rea1 of for lation the.sereserve, on Page 5) Sewer System Replacement and serve Fuhd and the Replace- of the system ell payments rebe derived from the Water system and sewer system of said city has been pledged and will be set aside into a special fund by- - said city sufficient for the prompt payment of the. principal of and interest on this bond and the issue of which it forms a part, and that the revenues of said water system and sewer al d Ex-th- ve ar ....III . ....... re-ouir- ed smt'es secn' -- -y- 55-3-- 1 55-13-2- 1, pay-syste- ae nts t'6 pay-necess- inten-vide- signa-turc-this-14- m ary d, th -th- next-succeed- he ' (b)-That- ing city-will-m- -the - al one-sixt- h one-twelft- h -- , s ve , t ain |