Show ORDINANCE NO 33 1 SERIES 1951 AN ORDINANCE AUTHORIZING AND PROVIDING FOR TIlE ISSUANCE OF TIlE WATER AND SEWER REVENUE RE RE- VENUE BONDS OF MOAB CITY IN TIlE AGGREGATE PRINCIPAL AMOUNT OF FOR TIlE PURPOSE OF DEFRAYING IN PART TIlE COST OF CONSTRUCTING IMPROVEMENTS ENLARGEMENTS EXTENSIONS AND BETTERMENTS TO TIlE PRESENT WATER AND SEWER SYSTEM OF MOAB CITY IN ORDER ADEQUATELY TO SUPPLY WATER AND SEWER SERVICE TO THE INHABITANTS IN IN- HABITANTS THEREOF TIlE THE SAME TO BE OWNED AND CONTROLLED BY SAID MUNICIPALITY PRESCRIBING TIlE THE FORM OF SAID BONDS AND OTHER DETAILS IN CONNECTION THEREWITH PROVIDING FOR TIlE THE COL LECTION AND DISPOSITION OF TIlE THE REVENUES TO BE DERIVED FROM TIlE THE OPERATION OF or TIlE THE WATER AND SEWER SYSTEM MAKING OTHER PROVISIONS WITH RESPECT TO TIlE THE OPERATION OF SAID SYSTEM AND TIlE THE ISSUANCE OF SAID BONDS PROVIDING FOR TIlE THE PAYMENT OF BOTH THE TILE PRINCIPAL OF AND TIlE THE INTEREST IN TEREST ON SAID BONDS SOLELY FROM TIlE THE NET RE VENUES TO BE DERIVED FROM THE TILE OPERATION OF THE MUNICIPAL WATER AND SEWER SYSTEM AND PROVIDING THE TILE EFFECTIVE DATE OF THIS TIllS OR ORDINANCE WHEREAS Moab City in the County of Grand and State of Utah Is an incorporated city duly organized and existing under under un der the laws of the State of Utah and now owns and operates a awater awater awater water and sewer system hereinafter sometimes designated the system for the benefit of the City and its Inhabitants and WHEREAS said water system and sewer system are Jointly operated as a single system and WHEREAS Moab City was duly proclaimed a city of the third class on the day of September 1936 and WHEREAS the City Council has hns caused a comprehensive estimate to be made of the cost of constructing Improvements enlargements extensions and betterments to the present system tem tern the operation thereof and the net operating revenues to be derived by a competent engineer approved by the State Engineer of Utah having no connection with mth any manufacturer manufacturer manu or seller of equipment to be used In said project or In Inthe i ithe the he installation thereof and WHEREAS on the basis of said estimate it has been determined deter deter- mined and it Is hereby determined that the cost of constructing improvements enlargements extensions and betterments to the present system Is and WHEREAS it is proposed to defray the cost of constructing improvements enlargements extensions and betterments to the present system as follows 1 By the Issuance of the General Obligation Bonds of Moab City in n the amount of and 2 By the issuance of the Revenue Bonds of Moab City in the amount of and WHEREAS at a special election duly called and held in said City on the day of June 19 1951 1 there was submitted to the electors qualified to vote thereon the question of Issuing the Revenue Bonds of Moab City in the aggregate principal amount of payable solely from the net revenues to be derived from the operation operation-of of the water and sewer system for the purpose of defraying in part the cost of constructing improvements enlargements en end extensions and betterments to the present water yater and sewer system of said City in order adequately to supply water and sewer service to the inhabitants thereof the same to be owned owned own ed and controlled by the municipality and i WHEREAS more than a majority of such qualified electors voting on such question voted in favor of the issuance of said bonds and WHEREAS the City Council has determined and does docs hereby determine that said bonds In the amount of should be publicly sold for the purpose of defraying in part the cost of constructing improvements enlargements extensions and betterments bet to the system and WHEREAS except to t the e extent that the revenues of the system are pledged to the payment of the waterworks Revenue Refunding Bonds Series Juno June 1 1951 of Moab City dated June 1 1951 in the aggregate principal amount of said revenues reve nuts flues are arc not presently pledged to the payment of any obligations of Moab City with the result that the net revenues revenues derived from the operation of the system subject to the pledge made to secure the payment of Its outstanding Waterworks Revenue Refunding Bonds as aforesaid may now be pledged lawfully and irrevocably to the payment of revenue bonds issued for the purpose hereinabove herein herein- above recited NOW THEREFORE BE IT ORDAINED BY THE TilE CITY COUNCIL COUN COUN- CIL Cit OF MOAB CITY GRAND COUNTY UTAH Section 1 That all action heretofore taken by the City Council Coun Count cil cid and the officers of Moab City directed tow toward rd the improvement improve ment mente enlargement extension and betterment of the water and sewer system of Moab City and the Issuance of its Obligation gation gatlon Water and Sewer Bonds in the amount of and its Water and Sewer Revenue Bonds in the amount of be and the same is hereby ratified approved and confirmed Section 2 That the report prepared and submitted by Win Templeton Consulting Engineer now on file in the office of the City Recorder be and the same is hereby approved Section 3 That a brief description of the contemplated improvements improvements im is as follows The Improvement enlargement extension and bet betterment betterment of the present water and sewer system by construction con of a gallon gallon reservoir removal of ot small smail pipe ipe lines of Insufficient capacity and replacing with 12 Inch inch 10 inch 10 inch and 8 inch 8 inch supply mains a mile of 10 inch 10 inch and 12 inch 12 Inch outfall sewer and a n sewage treatment plant Section 4 4 That the estimated cost of such improvements is That in order to provide funds to defray In part the cost of constructing improvements enlargements extensions and betterments to the present water and sewer system of said City in order adequately to supply water and sewer service to tho the Inhabitants inhabitants In In- habitants thereof t the e same to be owned and controlled by said municipality there shall be e and there are hereby authorized to be issued bonds of Moab City to be known as Moab City Water and Sewer Revenue Bonds Series July 1 1 1951 In the aggregate principal lp 1 amount of ot which bonds shall shan be payable sOlely from the net revenues re to be derived from the oper operation of the water and sewer system of Moab City and not otherwise Such net revenues shall be deemed the gross revenues of t the water and sewer system after deducting only for tor the cost of operating and maintaining the system the expense of at an any betterments or replacements red re- placements necessary to keep the system in tn good repair and after af ter making ter-making making provisions for payment of the Waterworks Revenue Refunding Bonds of ot Moab City Series June 1 1 1951 dated June 1 in the aggregate principal amount of ot in accordance ac ac- with the provisions of Ordinance No 31 Series 1951 Section 5 of That 92 said bon bonds shall be dated as s of July 1 1951 shall consist of ot 92 bonds in the denomination of a each numbered 1 to 92 both bath inclusive shall bear Interest at the rate or rates to be established after the public sale of ot said bonds ea payable h semi semi annually annually on the first d days s 's of January and July in each year ear ar a and s shall all mature ture serially in re regular ular numerical order on the first day of ot Jul July 1953 and on the first Say day of at UW July In the years t 1954 to 1953 both boh Inclusive Bonds Donds num num- tiered bored 27 to 92 L both Inclusive maturing on and after the first day of ot July 1962 are subject to redemption in Inverse numerical order at the option of ot Moab City the first on oft day of at Jul July 1901 or oro on nIA price any equal Interest 1 to n U. U the payment I I ft date thereafter L prior to ta o maturity at a nIA price equal 1 to n U. U the I I ft L price principal amount ther thereof v Ith with aru accrued Interest nt r st Ih to the redemption date together with a premium representing the demp amount during of ot interest calen accruing on in any bond eo so called for re- re it during the calendar year ear In which the call can privilege privilege rIs is exercised Notice of ot redemption shall be given by the Sty city ity Treks Treas ure In m the name of ot the City by publication of ot such not notice S Jt at least east once not more than sixty nor less than thirty da days s 's prior to M the redemption date In ln a newspaper of at general circulation in Moab City and a copy of at such notice shall be e sent by registered mal maU at least thirty redemption days das prior to the redemption date to the original purchaser number or or purchasers numbers of at sai said bonds Such notice shall specify the number or numbers of at the bonds to be Yo so redeemed t ui ut less than all are to be redeemed and the date dale fixed tIe t for tor red re here twill and band ealand sh shall further be state that on such redemption date there here will wUl become eco and be due ant and payable upon upon ea each bond so to o be redee redeemed principal at the amount Office of the wi City Treasurer In Moab CIty Utah the Inter principal amount thereof with h accrue accrued Interest st to the redemption date together with a stipulated t premium and that tram from and to after atter such date Interest will wm ceas cease f to accrue Notice Having been given in the manner hereinbefore provided the bondor bond bone or bonds so called for redemption shall become due and payable on the redemption date so designated and upon presentation thereof at the Office of the City Treasurer Moab City Utah together together to gether with all appurtenant coupons maturing subsequent to the redemption date Moab City will pay the bond or bonds so called for redemption Section 6 G. That the revenue bonds hereby authorized shalbe shall be fully negotiable and shall have all the qualities of ne negotiable able paper and the holder or holders thereof shall possess all rights enjoyed b by the holders of negotiable instruments under the provisions pro prod visions of the Negotiable Instruments Law Section 7 That the Interest accruing on said bonds shall be payable semiannually on the first days of January and July in each year until the respective maturity dates of said bonds upon presentation and surrender of the annexed interest coupons ai as hey they severally severally become due and thereafter eat at the same rate rate until the principal of said bonds Is paid in full both principal and Interest In terest being payable in lawful money of the United States o of America without deducting for exchange or collection charges at the First Security Bank of Utah NA Exchange Place Branch Salt Lake City Utah Moab City covenants and agrees a to o arrange for the transfer of the funds necessary to pay the interest on am and the principal of said bonds at said Bank in accordance with this Section 7 Said bonds shall be payable to bearer shall be signed In the name of Moab City by the Mayor and attested by the City Recorder with the seal of Moab City affixed thereto and countersigned counter countersigned signed by its City Treasurer and th the Interest coupons thereto attached at attacked tacked shall be authenticated with the facsimile signature of the City Treasurer All of ot said bonds together with the Interest thereon there thereon on shall be payable solely from the net revenues to be derived from the operation of the water and sewer system and not other wise Section 8 That said bonds and the coupons thereto attached shall be in substantially the following form UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF GRAND MOAB CITY WATER AND SEWER REVENUE BOND SERIES OF JULY 1 1951 NO Moab City in the County of Grand and State of Utah for value received hereby promises to pay upon the presentation and surrender surrender sur render of this bond to the bearer hereof solely from the special fund provided as hereinafter set forth on the first day of July 19 the principal sum of ONE THOUSAND DOLLARS and to pay solely from said special fund interest hereon at the rate of r per per annum payable semiannually annually semi annually on the first days of January and July in each year upon presentation presently presenta tion and surrender of the annexed Interest coupons as they sever tilly become due If upon presentation at maturity payment o othis of this bond is not made as herein provided Interest shall continue at the same rate until the principal thereof is paid in full fult Both principal and Interest are payable In lawful money of the United States of America without deduction for exchange or collection charges at the First Security Bank of Utah NA Exchange Place Branch Salt Lake City Utah This bond is subject to redemption at the option of Moab City on July 1 1961 or on any interest payment date thereafter a aa at ata ata a price equal to the principal amount thereof with accrued Interest to the redemption date and a premium representing the amount amoun of interest accruing on any bond so called for redemption during the calendar year In which the call privilege is exercised Redemption tion shall be made upon not less than thirty days prior notice by publication in a newspaper of general circulation In Moab City In the manner and upon the conditions provided in the ordinance authorizing the issuance of this bond This bond is one of an authorized issue in the aggregate principal amount of for the purpose of defraying in part the cost of constructing improvements enlargements extensions extensions ex tensions and betterments to the present water and sewer system of Moab City In order adequately to supply water and sewer service to the Inhabitants thereof the same to be owned and controlled con controlled trolled by said municipality all In full conformity with the con and laws of the State of Utah and an ordinance of the City duly enacted and adopted prier to the issuance hereof The Th Issuance of this bond has further been authorized by the electors elector of Moab City qualified to vote thereon at a special election held In said City on the day of June 1951 This bond is issued under under un der the provisions of Sections 2 1 21 to 23 2 Utah Code Cod Annotated 1943 and anel all other laws amendatory thereof and supplemental sup supplemental thereto and does docs not constitute an o of Moab City within any state constitutional provision or statutory limitation This bond is one of an Issue of of bonds payable both as to prin cipal and Interest t solely from and secured by a pledge of the ne net revenues derived from the operation of the municipal water anc and sewer fewer system said net revenues lf being defined as the gross gros revenues of said system after deduction only for the co cost t of opera tint tine and maintaining the system the expense of any betterments betterment or replacements necessary fio to keep the system In rood repair rid ld after making ml provision for the payment of the Waterworks Revenue Re venue Refunding Bonds of Moab City Series June 1 1951 in th the authorized amount of in accordance with Ordinance No 31 duly adopted the day of June 1951 It is hereby coven COVE and agreed that the City will charge rates for water anc and sewer service supplied by and through said system which willbe willbe will wll be sufficient at all times until this bond and the coupons hereto attached I are fully paid and discharged ed to produce net revenues revenue from said system sufficient to pay the Interest on and the pal nal of this bond as and when the same become due and payable but such rates shall not be in excess of a reasonable rate for th the service rendered This bond is subject to the conditions and every holder hereof here of by accepting the same agrees with the obligor and every subsequent sub sequent holder hereof that a n the delivery of this bond to any transferee shall vest title In this bond |