Show ORDINANCE f NO 32 SERIES 1951 1051 ORDINANCE ANCE TO CONTRACT AN INDEBTEDNESS AN OF MOAB CITY GRAND COUNTY HALF ALF w BElt Q T i fc N w A 1 UTAH IJ l t f 1 Cf o gJoN N THE E CREDIT THEREOF BY ny ISSUING TOE THE N S COUPON GENERAL OBLIGATION WATER I ELVER ER i n OF 01 MOAB CITY IN THE TItE AGGREGATE d AND AN fr L AMOUNT OF PRESCRIBING THE TItE THEOF It PR OF SAID BONDS PROVIDING FOR TIlE THE LEVY OF PAY PRiNC OTO I TilE THE PRINCIPAL PAL AND AV TO PAY INTEREST THERE THERE- p A PRESCRIBING DETAILS IN CONNECTION THERE THERE- O OF PROVIDING TIlE TIDE EFFECTIVE U I AND DATE OP or orr r lt ig IS ORDINANCE w WHEREAS Moab City In n the County of ot Grand and State o of ot f I Jw Ean an In incorporated city duly or organized and existing under I I grab nf ot the State of ot Utah and amI now owns and operates a water la It he hereinafter sometimes designated System the r system seer e benefit of the City and Its Inhabitants and tot for th the REAS said water system and sew sewer r s system st m are Jointly I. I single system and d as a n paroled Moab City City was duly proclaimed a City of ot the thesS sS on the day of September 1936 and special tion calle anand K REAS at a special ele election duly called d and d held In Moab p L In on an the day clay of ot June 1951 there was submitted to tho the ther r CitY SS oi Of the City qualified to vote thereon the following ques queSt don uon to t wit It t Shall Shan the negotiable coupon bonds of at Moab City I f Grand and County Utah In the aggregate principal amount J. J of nf f or so much thereof as may be necessary t payable a able within twenty years from the date of issue and andt t t bearing faring Interest at a rate not exceeding four per per er annum payable semiannually annually be issued and sold for Por or the purpose of constructing improvements enlarge enlarge- m ments extensions and betterments to the present water and s sewer system ot of said City In order adequately to supply water waier and anu sewer service to 10 the me Inhabitants there mere of the same to be owned and controlled by said municipality and WHEREAS more than a majority of the qualified electors M rd the City voting on the question so submitted voted in favor of the issuance of the bonds and j WHEREAS the City Council of Moab City has determined land and does hereby determine that it is necessary and for the best Interests Moab City and the inhabitants interests of thereof that the gen gen- Krai sal eral obligation bonds of pf the City in the amount of be Issued and sold at this time for the purpose of defraying in part the cost of constructing improvements enlargements extensions land and betterments to the water and sewer system of said City in order adequately to supply water and sewer service to the in in- thereof the same to be owned and controlled by the NOW THEREFORE BE IT ORDAINED BY THE CITY COUN CIL Il OF MOAB CITY GRAND COUNTY UTAH I Section 1 1 That said election resulted in the approval of the Issuance issuance of the General Obligation Bonds of Moab City in the amount of as aforesaid and the result of said election elections Is s hereby so declared I Section 2 That all action heretofore taken by the officers of oab City directed toward the construction of improvements enlargements extensions and betterments to the present water land nd d sewer system of the City and the issuance of its bonds for pat hat purpose be and the same is hereby ratified approved and confirmed Section 3 That for the purpose of providing funds to defray in n a part the cost of constructing improvements enlargements extensions and betterments to the present water and sewer system tem em of Moab City In order adequately to supply water and sewer service to the Inhabitants thereof the same to be owned and con con con- on rolled roiled by said municipality there shall be issued negotiable upon bonds of said City in the aggregate principal am amount of consisting of 58 bonds in the denomination of 1000 ach tach numbered from 1 to 58 both inclusive bearing date as of the he first day of July 1951 bearing interest at the rate or rates to o be established after the public sale of said bonds payable annually annually on the the first days of January and July in each ach ear as evidenced by interest being payable in lawful money of the United States States States-of of America at at the First Security Bank of Utah NA A A. A Exchange Place Branch Salt Lake City Utah Said bonds hall shall bear interest and mature serially in regular numerical or or- der er as follows Bond Numbers Maturity Dates Amounts All Inclusive 5 1 July 1 1 1961 6 6 10 10 July 1 1 1962 11 15 11 15 July 1 1963 20 16 July 1 1964 21 25 21 25 July 1 1965 30 26 July 1 1966 35 31 July 1 1967 36 40 July 1 1968 45 41 July 1 1969 46 50 46 50 July 1 1970 58 51 July 1 1971 Said bonds are subject to redemption In Inverse numerical ier eder at the option of the City on July 1 1 1957 or on any Interest date thereafter prior to mat maturity rity at a price equal to the thet c amount thereof with accrued interest to the redemption a ate t e. e ot ce of redemption shall be given by the Treasurer In the ame me of f the City not notre by publication of such notice at least once we ore re t than an 60 no nor less than 30 days prior to the redemption date f i 1 1 f a newspaper of general circulation in Moab City and a copy such notice shall be sent by Registered mail at least thirty h TO he ays prior to the redemption date to the original purchaser of I he 1 bonds bonds Such notice shall specify the number or numbers of bonds to be redeemed if less than all c ol vI f the b bonds bends are to redeemed e emed and shall furth further r state that on such redemption ate al there ere will become and be due and payable upon each bond o obeso st so redeemed Moab City IK at the office of the City Treasurer ed edh tah h the principal amount thereof with accrued interest to the thea on date and that from and after such date interest will a ase se to accrue Notice having been given in the manner herein herein- ore we provided the bond or bonds so called for redemption shall nd ad me due and payable on the redemption date so designated t r upon presentation thereof at the Office of ot the City Treasur Treasur- r- r Moab oa City Utah together with all appurtenant coupons ma mat mathe he e subsequent to the redemption date Moab City will pa pay payS y bonds o n nd or bonds redemption S so called for redemption Iy Section lon 4 That said sad bonds shall be signed by the Mayor an ana and d X and attested by the City Recorder and sealed 1 d a aId d he corporate corporate seal seals of said said City The The coupons coupons attached t to o shall bear the facsimile signature of the City Treasur Treasur- and which to toc c officer b by the execution of said bonds shall adopt a as s lIS J Ids 1 tune the facsimile thereof appearing on said couI cou cou- a bonds and coupons bearing the signatures of the of of- I d n cI a at at the the time of of the signing signing thereof thereof shall be bethe the valI val vat before I binding obligations of Moab City notwithstanding that t ht he e th e delivery dellver thereof and payment any or all oi of f persons ns whose shall have ceas ceas- I t till signatures appearing thereon e on their 6 5 respective offices attached tt d shan shanon be ie e That said bonds and the coupons thereto In substantially thin the following terms form gATE ATE UNITED STATES OF F AME AMERICA OF UTAH COUNTY OF GRAND GENEVA GENERA G Ir OBLIGATION MOAB AWATER WATER CITY AND SEWER SEWER- BOND DOND Ia o. o SERIES OF JULY 1 1951 i Moab O ab Ct City I in the County of ot Grand and State t 0 of Utah ac r aged hereof Itself itself Indebted and he hereby by promises to t pay p to ther the the sum of th ON ONE THOUSAND DOLLARS rate qt 01 day or of J July ly AD A.D. 11 with interest thereon Rt at the fIrst per per annum payable semiannually 3 01 on ont t fays days of ot January and July In each year both Principal or A In erest ff being payable In lawful money of the United States at NA Exchange e elI Place bare Bann the First Security Bank of ot Utah der lI lder Ot X this Sat Lake c City y- y Utah upon Presentation and andI our sur Mme me dui du u ls bond nd and of the the anne annexed eq coupons they severally a Th and ts subject to redemption at the option of at Moab City Wee PItre ce I I 1957 to or on any Interest payment date thereaftEr t at ai athe a the Ual to the the principal amount thereof thereof a with ith accrued Interest t date ate emption shall shaH be made upon not Jess less than thirty days day s prior Pi notice by publication In In n v Moab u ou a newspaper of ot general circulation In City the the manner and upon the conditions provided In ordinance authorizing the issuance of ot this bond n City o This and anet i bond 4 nd Is Issued by Moab City for and sand on behalf of ot said funds rl j upon Pon the credit thereof thereat for tor the purpose of providing L to defray 7 y In ln part patt the cost of t constructing improvements enlargements en en- I extensions and betterments to the present water and I sewer system of or Moab City In order adequately to supply water and sewer service to the Inhabitants thereof 1 and the same to be bo owned full controlled d by bythe the municipality under the authority of and In Utah mat conformity and i with the thc constitution and statutes of ot the State of J l PUblished i pursuant to an ordinance of ot said City duly adopted this bond and made a law or of f said City prior to the tho Issuance of It Is h hereby certified and Met bond rt has warranted that the issuance of ot this to been authorized by the electors of ot Moab City qualified l to JiL vote loW on the question at sp held in said I the a special election held In said City on day of June e. e 1951 law It is hereby certified and recited that all the requirements of aw have nave been fully complied with by the proper officers of said In City nJ the Issuance of this bond that said ii the thc total Indebtedness of or City Including that of this bond does of i T K not exceed any limit n Indebtedness I prescribed by the constitution State or laws of the tho collection ft of U Utah and that Provision has been made for the levy and of annual taxes sufficient to pay the Interest on and the principal of this bond when the same become glue due The faith and credit of Moab City are hereby pled pledged ed for the tho bond punctual payment of the principal of and the Interest on this IN WITNESS WHEREOF Moab City has caused this bond bonet to to be e signed by its Mayor and City Treasurer and its corporate seal be o affixed thereto attested by its City Recorder and the an an- Interest coupons to bear the facsimile signature of the thc City Tre Treasurer surer as of the thc first day of July A. A D. D 1951 S SEAL EA w Attest L Mayor i T City Treasurer City Recorder Authorized by Act of the Legislature State of Utah Form of Coupon No o s July On Op the first day of January A. A D. D 19 ID unless the bond to o which this coupon is attached has been called for prior re re- Moab City in the County of Grand and State of Utah will pay to the bearer DOLLARS at the First Security Bank of Utah NA Exchange Place Branch Brandt Salt alt Lake Lilke City Utah in lawful money of the United States of America being six months' months Interest on Its General Obligation atlon Water Vater and Sewer Bond Series July July 1 1 1951 dated July 1 1951 and N No Facsimile Signature City Treasurer To be Inserted in coupons maturing January 1 1958 and thereafter hereafter Section 6 That said bonds shall be sold at public sale as dl- dl by resolution of the City Council The funds realized from the he sale of said bonds shall be applied solely to the purpose se of defraying In part the cost of constructing Improvements enlarge ments extensions and betterments to the present water and sewer sew sew- er r system of Moab City in order adequately to supply water and sewer ewer service to the Inhabitants thereof the same to be owned and nd controlled by said municipality but the purchaser of said bonds sh shall ll In no manner be responsible for the application or disposal by said City or by any of its officers of any of the funds derived from the sale thereof S Section 7 That at the time and in the manner provided by law aw commencing in the year 1951 and annually thereafter while any my of the bonds herein authorized are outstanding and unpaid In n order to provide for the payment of the principal and interest as s the same becomes due clue there shall be levied on all the taxable property in the City in addition to all other taxes direct annual taxes axes sufficient to provide for the payment of such principal and Interest and said taxes when collected shall be deposited in a special funds to be known as Water and Sewer Bond Dond Fund and anA such uch fund shall be applied solely for the purpose of payment of the he interest on and the principal of said bonds respectively and andor for or no other purpose whatever until the indebtedness so contracted contract contract- ed d under this ordinance both principal and interest shall have havo been jeen fully paid satisfied and discharged but nothing herein con con- tamed l shall hall H be so construed H. H as to prevent said City qty from apply ng any oner omer innus tunus mat inai may oe be in an toe the treasury anti and available for or that purpose to the payment of said interest or principal as asae the ae same respectively mature and upon such payments the levy or r levies herein provided may thereupon to tha that extent be dimin- dimin shed The sums hereinbefore provided to meet the interest on said aid bonds and to discharge the principal thereof when due are arc hereby applied to that purpose and said amount for each year r shall hall be included in the annual budget and the appropriation ills bills bills to be adopted and passed by the City Council of said City In n each year respectively Section 8 That it shall be the duty of the City Council of said City ity annually in the time and in the manner provided by law for levying other taxes if such action shall be necessary to effectuate ate te the provisions of this ordinance to ratify and carry out the provisions revisions hereof with reference to the levy and collection of taxes tax tax- es s and that said City Council shall require the officers of and for said aid City to levy extend and collect such taxes In the manner provided by law for the purpose of creating a fund for the payment pay pay- anent nent of the principal of said bonds and the interest accruing g thereon Such taxes when collected shall be kept for and applied only to the payment of the Interest and principal of said bonds as s hereinbefore specified Section 9 9 That the officers of Moab City be and they hereby y are re authorized and directed to take all action necessary or ap apt to effectuate the provisions of of this ordinance Including without limiting the generality of the foregoing the printing o of ot f said aid bonds and the execution of such certificates as may reason reason- ably bly be required by the purchaser thereof relating to the sl signing g ot of the bonds the tenure and identity of the municipal officials the le assessed valuation and indebtedness of the City the receipt t of f the bond purchase price and if in accordance with the facts the he absence of litigation pending or threatened affecting the va va- thereof Section 10 That all ordinances or parts thereof In conflict with this ordinance are arc hereby repealed After the bonds hereby authorized have been issued this ordinance shall constitute a contract between Moab City and the holder or holders of said bonds and shall shan be and remain until said bonds an and d the he interest accruing thereon shall have been fully paid satis led fled and discharged Section 11 That in the opinion of the City Council of Moab Moa b City it ft Is necessary to the |