Show Ordinance No A 21 I AN ORDINANCE PROVIDING FOR THE ISSUANCE OF ELECTRIC LIGHT AND POWER VER EXTENSION REV REV- REVENUE REVENUE REVENUE REFUNDING BONDS DONDS IN THE AGGREGATE PRIN PRIN- PRINCIPAL PRINCIPAL PRINCIPAL CIPAL AMOUNT OF TW V FIVE ENTY THOUSAND THO USAND FIVE HUNDRED DOLLARS TO BE DE ISSUED FOR FORTHE TilE THE PURPOSE OF RE RE- REFUNDING REFUNDING REFUNDING FUNDING A LIKE AMOUNT OF OUTSTANDING BOUN DOUN- BOUNTIFUL BOUNTIFUL ELECTRIC LIGHT AND POWER VER EXTENSION REVENUE RE BONDS DONDS SERIES OF 1940 DATED JUNE 1 1940 BEARING DEARING INTEREST AT THE RATE OF FOUR AND QUARTER ONE-QUARTER PER PERCENT PERCENT PERCENT CENT 4 PER ANNUM I PRESCRIBING THE FORM OF SAID ELECTRIC LIGHT AND POWER VER EXTENSION REVENUE REFUNDING REF U N DIN G BONDS PROVIDING FOR FORTHE FORTHE FORTHE THE PAYMENT OF BOTH DOTH PRINCIPAL AND INTEREST OF SAID BONDS DONDS FROM A FIXED PROPORTION OF 1 THE TIlE NET REVENUE OF SAID SYSTEM REPEALING ALL ORDINANCES IN CON CON- CONFLICT CONFLICT CONFLICT WITH HERE AND FIXING THE TIlE TIME SUCH ORDINANCE SHALL BE DE- BECOME BECOME COME EFFECTIVE A A. A WHEREAS by Ordinance No C A adopted by the City Coun Coun- Council cil of the City of Bountiful Utah on the 2nd day of July A. A D. D 1940 there was authorized the issuance of City of Bountiful Bountiful Electric Light and Power Exten Exten- Extension Extension Extension sion Revenue Bonds Donds Series of 1940 dated June 1 1 1940 in the aggregate principal amount of Thirty sand Dollars bearing in interest in- in interest terest at the rate of four and one one- quarter per cent 4 per an an- annum annum annum num redeemable in inverse num nuni- numerical numerical order at the option of the city on any interest payment date at par and accrued interest to the date fixed for redemption and a premium of three per cent 3 of the principal amount of each bond called for redemption on or prior to June 1 1943 and two per percent percent percent cent 2 of the principal amount of each bond called thereafter and prior to maturity and 2 WHEREAS bonds numbered thirty-four thirty 34 and thirty-five thirty 35 in the denomination of each totalling 1000 due June 1 1951 were not issued and bonds num num- numbered numbered one 1 l to three 3 both in inclusive in- in inclusive inclusive in the denomination of 1000 each and bond numbered four 4 in the denomination of Bond Dond number Denomination 57 inclusive 1000 8 m Jt AX 4 t viff r n i i r 12 1315 inclusive indus c 1000 16 19 17 inclusive vc 1000 20 2123 inclusive 1000 24 2527 inclusive 1000 28 28 2931 inclusive 1000 32 33 1000 redeemable at the option of the interest city on any semi-annual semi I date prior to maturity at par plus accrued interest to the date fixed for redemption plus a premium of three per ver cent 3 of the principal amount of each bond called for redemption on or prior to June 1 1943 and two per cent 2 of the principal amount of each bond called for redemption thereafter and prior to maturity there shall bt b issued bonds of said city to be known as Bountiful Electric Light and Power Exten Exten- Extension Extension sion Revenue Bonds Donds Series of June 1 1943 in the ag ag- aggregate aggregate ag- ag principal amount of Tw Tw- Five enty Thousand Five Hundred Dollars which bonds shall shan be payable soley out of the fixed proportion of the revenues derived and to be derived from the operation of the Bountiful Electric Light and Pow Pow- Power er System and not otherwise as outlined and specified in Ordinance No C A adopted By the City Council of the City of Bountiful on July 2 1940 Such net revenues shall be deemed to be the gross revenues oP such system after de de- deductions deductions de- de deductions only for the cost of oper oper- operating operating and maintaining the system and the expenses of any better better- betterments betterments betterments ments or replacements to keep the thein same in good repair and working A v. v Section 2 Said bonds hereby au authorized nu- nu shall be dated June 1 1943 I au-I shall be in the denomination of each shall be numbered from one 1 to one fifty-one 51 both inclusive shall bear interest at the rate of two tw per cent 2 per annum pay pay- payable payS payI S I able semi annually on June 1 and December 1 of each year and shall have coupons attached thereto evidencing c such interest signed with the facsimile signature of the City Treasurer of the City ami and countersigned with the facsimile signature of the City Recorder of the city said bonds shall shah be signed by the Mayor of the city with the seal of the city thereto affixed and attested by the City Recorder Both Doth principal and interest of said bonds shall be payable in lawful money of the United States of America at the First Security Trust Company of Salt Lake City Utah Said bonds bond shall mature serially ser in numerical order on December 1 of each year I as follows December 1 1944 to both inclusive December 1 I 1950 Notwithstanding anything herein provided and the face maturities of said bonds bondi the city may on any in- in r totalling mature and i arc are due on June 1 1943 and will be paid from funds available for that I purpose leaving outstanding bonds I in the aggregate principal amount of Twenty Five Thousand Five I Hundred Hundred Dollars 25 I which arc are the valid and bind bind- binding binding binding ing obligations of the City of Bountiful and WHEREAS it has been ascer ascer- ascertained ascertained tamed that said four and one ter per cent 4 Bountiful Elec Elec- Electric Electric Electric Light and Power Extension Revenue Bonds Donds Series of 1940 dated June 1 1940 may be refund refund- refunded I ed at this time through the issuance of bonds bearing a lower rate of in interest in- in interest in- in interest I terest and WHEREAS in conformity with I I Section 3 of Ordinance No C 17 adopted by the City of Bountiful on the 2nd day of July 1940 the City Council did by resolution duly passed on Wednesday the day of April 1943 give proper notice of call and redemption of 0 said out out- outstanding outstanding outstanding standing bonds of the above de scribed issue by publishing a notice of call once in the Davis County Clipper and once in the Denver Post of Denver Colorado and by I mailing copies of said s notice to the United States National Bank Dank of I Denver Colorado and nd nd to Brown Drown Owen and Company of Denver Colorado their agents or assigns which notice provides that said bonds are arc called for pay pay- payment payment ment on June 1 1943 and will be I paid at the place of payment pro pro- provided provided provided I vided in said bonds at the par value I thereof plus accrued interest plus the premium provided by the terms of said bonds and that after June I 1 1943 interest on said bonds shall cease and I there are ar no funds available with which to pay the said bonds and WHEREAS such refunding will willbe willbe willbe be for the best interest of said sail City and the taxpayers and residents r thereof and it is the opinion of this City Council that such refunding should be effected NOW V. THEREFORE BE DE IT AND IT IS HEREBY HEREDY ORDAIN ORDAIN- ORDAINED ED BY DY THE CITY COUNCIL OF THE CITY OF BOUNTIFUL BOUNTIFUL FUL DAVIS COUNTY STATE OF UTAH AS FOLLOWS VS Section 1 That for the th purpose of providing funds to redeem and pay Twenty Five Thousands Five Hundred Dollars Bountiful ful Electric Light and Power Ex Ex- Extension Extension Extension tension Revenue Bonds Donds Series of 1940 dated June Junc 1 1 1940 bearing interest at the rate of oJ four and one- one quarter per cent 4 Hi per an an- annum annum num num more completely described as follows o l Maturity Date Amounts June 1 1944 June 1 I 1944 A u June J 1 I 1945 J i V June 1 1945 J. J f a June 1 1946 3 June 1 I 1946 June I 1 1947 June Junc 1 I 1947 June I 1 1948 June 1 1948 June 1 1949 June Jue I 1 1949 June 1 1950 June 1 1950 June 1 1951 1000 terest crest payment date on and after June 1 I 1944 redeem and pay part I or all of said bonds at the principal amount thereof together with the interest accrued on the principal and unpaid at the time fixed for such redemption provided how how- however however however ever that the bonds shall be re redeemed re- re redeemed redeemed deemed in inverse order of matur- matur ity ty Subject to the foregoing if the city shall at any ny time elect to call calland calland calland and redeem prior to maturity part or r all of said bonds notice shall be given by the city of such call and redemption by publishing an appropriate appropriate once jn in a newspaper published and having general cir- cir circulation circulation in the City of Bountiful Utah and once in a newspaper pub pub- published published published and having general circulation circulation circulation tion in Salt Lake City Utah said publication to be made not more than forty 40 days and not less than thirty 30 days prior to the date fixed for redemption A sim sim- similar similar similar ilar notice shall be sent by register register- registered ed cd mail not less than thirty 30 30 days prior to the date fixed for re redemption re- re redemption dempton to Edward L. L Burton Durton Corporation South Main Street Salt Lake City Utah and to the First Security Trust Company Salt Lake City Utah Such notice shall state the int of the city to redeem all or part of such un- un matured bonds and shall shan describe said bonds giving the number de de- denomination denomination nomination and maturity dates thereof unless all of the bonds are arc areto I Ito to be redeemed and then a general statement thereof shall shan be sufficient Such notice shall also state when the bonds described in the then notice n tice will be redeemed and that after such date interest on the shall cease Notice of elec- elec election tion lon to redeem having been so soen given J en the bonds described in ih the notice shall on the interest date designated for redemption become due and payable at the place des det- designated designated therein and if funds for forthe forthe forthe the payment of said bonds shall shaU on the le date designated for redemption be on deposit at the First Security Trust Company Salt Lake City Utah and available for payment thereof on presentation interest thereon shall cease on such re redemption xe- xe redemption date If such funds shall han hannot not be available at said time and place said bonds shall until pay pay- payment payI I ment jent continue to bear interest at atthe atthe atthe the rate aforesaid payable semi an The bonds to be redeemed must be presented with all coupons maturing on and after the d te des des- designated designated for redemption and all bonds so redeemed shall on pay lay payment ment thereof be cancelled Said bonds shall be fully llly l pg shall have all of the qualities of negotiable paper and the hold hold- holders holders holders I ers thereof shall enjoy all rights enjoyed by b the holders of negotiable negotiable negotiable able instrument under the pro pro- provisions provisions provisions visions of the Negotiable Instruments 1 Instruments ments Law I Section 3 That said bonds and coupons shall be in substantially the following form I UNITED STATES OF AMERICA A STATE OF UTAH I BOUNTIFUL ELECTRIC LIGHT AND VER PO EXTENSION REVENUE I REFUNDING BOND DOND SERIES OF JUNE 1 1943 No The City of Bountiful in the I County of Davis and State of Utah j I for value received hereby promises to pay to the bearer hereof in the j I manner hereinafter provided the sum of FIVE HUNDRED DOLLARS I on the 1st day of December Dec A. A D. D with interest thereon t tereon from date until payment at the rate of two per cent 2 per annum pay lable able semi annually on the 1st day of December and the 1st day of June in each year both principal and interest being payable in law law- lawful lawful lawful ful money mone of the United States of America at the First Security Trust in Salt Lake City Utah I upon presentation and surrender of I this bond or the annexed coupons coup ns as they severally become due dueL ii- ii r. r This bond is subject to call and andI redemption at the option of the city I on any semi-annual semi interest date prior to maturity on and after June 1 1944 Notice of such election on the part of the city to redeem will willbe willbe be lC given by publication of a notice of call in a newspaper published and having general Jeneral circulation in inthe inthe inthe the City Cit Cit of Bountiful Utah and in ina a newspaper published and having general circulation in Salt Lake City Utah not less than thirty days and not more than forty days prior to such call Bonds Donds shall be redeemed in inverse order of ma ma- maturity maturity maturity and for the principal amount of the bond redeemed plus all ac ac- accrued accrued ac- ac accrued interest unpaid to date fixed for redemption tJ o oThis This bond is one of an authorized issued in the aggregate principal amount of Twenty-Five Twenty Thousand Five Hundred Dollars and a.d. a. a d. d is issued by the th City of o Boun- Boun pursuant to ordinance en en- enacted enacted acted for the purpose of refunding I en-I Bountiful Electric Light and Pow Pow- Power er Extension Revenue Bond Dond Series of 1940 in full conformity with the Constitution and the Laws of the I State of Utah This bond is issued j I under the provisions of Chapter 22 I Laws of Utah 1933 Second Special Session as amended and it does not constitute an indebtedness of the City the City of of Bountiful within any state constitutional provision or statutory limitation The issue of which this bond is isone isone isone one of an issue of bonds payable as asto asto asto to both principal and interest solely from and secured by Jy y a pledge of sixteen and tenths nine-tenths per cent of the net revenues of said light and power system said net revenues being defined as as the gross I revenues of such system after de de- deductions deductions de- de deductions only for the cost of operating operating ing i g and maintaining the system and I the expenses of any y an-y betterments or replacements to keep the same in I good repair and working order It is hereby covenanted and agreed that the city will charge I rates for electricity which will be I sufficient at all times until this bond and the coupons hereto at attached at- at attached are arc fully paid and discharge cd ed to produce net revenues from said system sufficient to pay the in interest in- in interest terest on and the principal of this bond as and when the same be be- become become become come due and payable but such rates shall not be in ip excess of a reasonable rate for the service rend rend- ered This bond is subject to the con con- condition condition condition and every holder hereof by accepting the same agrees with the tile obligor and every subsequent hold hold- holder er thai thia a the thc delivery of this bond to any transferee shall shan vest est title in this bond and the tire interest represented thereby in such trans trans- transferee transferee transferee feree to the same extent for all purposes as would the delivery un un- under under der like circumstances of any ne negotiable ne- ne negotiable ne- ne negotiable instrument payable to bearer b the tire obligor and any agent gent of the tile obligor may treat the bearer of this bond as the absolute owner hereof for all aU purposes and shall not be affected by any no no- notice notice notice tice to the contrary Cc c the prin prin- principal principal principal cipal of and the interest on this bond will be paid and this bond and each of the coupons appertaining thereto are transferable free from and without regard to equities set- set setoffs setoffs setoffs offs and cross claims between the tire obligor and the original or any in intermediate in- in intermediate intermediate holder hereof d the surrender to the obligor gor or any agent of the obligor of this bond and of each of the coupons shall be bea a good |