Show LEGAL NOTICES ORDINANCE No 78 56 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE TIlE ISSUANCE OP or THE TIlE WATER AND SEWER IMPROVEMENT REVENUE BONDS DONDS OF MOAD MOAB CITY IN THE TIlE AGGREGATE PRINCIPAL AMOUNT OF FOR TIlE THE PURPOSE OF DEFRAYING THE COST OF CONSTRUCTING IMPROVEMENTS IMPROVEMENTS IMPROVEMENTS IMPROVE IMPROVE- MENTS ENLARGEMENTS EXTENSIONS AND BETTERMENTS BETTER MENTS TO THE TIlE PRESENT WATER AND SEWER SYSTEM OF MOAB MOAD CITY cm IN ORDER ADEQUATELY TO SUPPLY WATER AND SEWER SERVICE TO THE TIlE THEREOF THE TIlE SAME TO BE DE OWNED AND CONTROLLED BY DV SAID MUNICIPALITY PRESCRIBING TIlE THE FORM OF SAID BONDS AND OTHER DETAILS IN CONNECTION THEREWITH THERE THERE- WITH WiTT PROVIDING FOR THE TIlE COLLECTION AND DISPOSITION DISPOSITION DISPOSITION TION OF tHE FHE REVENUES TO BE DE DERIVED FROM THE TILE OPERATION OF TIlE THE WATER AND SEWER SYSTEM PROVIDING PROVIDING PROVID PROVID- ING FOR THE TIIE PAYMENT OF BOTH THE PRINCIPAL OF AND THE INTEREST ON SAID BONDS DONDS SOLELY FROM TIlE THE NET REVENUES TO BE DE DERIVED FROM THE TIlE OPERATION OF TIlE THE MUNICIPAL WATER AND SEWER SYSTEM MAKING OTHER PROVISIONS WITH RESPECT TO THE OPERATION OF SAID SYSTEM THE TIlE ISSUANCE OF SAID BONDS AND TIlE THE ISSUANCE ISSUANCE ISSUE ANCE OF ADDITIONAL BONDS PAYABLE FROM TIlE THE REVENUES REVENUES REVENUES REVE REVE- OF TIlE THE SYSTEM AND PROVIDING TIlE THE EFFECTIVE DATE OF AND OTHER DETAILS CONCERNING TIllS THIS ORDINANCE NANCE WHEREAS Moab City In the County of Grand and State of Utah duly organized and existing under the laws Is Isan an incorporated city of the State of Utah and now owns and operates a water and sewer for the benefit benefit benefit bene beneI I system hereinafter sometimes designated the system fit of the City and Its Inhabitants and WHEREAS the water facilities and sewer facilities are Jointly operated as a single system and WHEREAS Moab City was duly proclaimed a city of the third third class on the day of September 1936 and WHEREAS Moab City p pursuant to Ordinance a No 2 adopted and 1938 1933 heretofore Issued Its Water Waters Waterworks approved the day of December works Revenue Bonds Donds dated December 1 1 1938 In the aggregate principal amount of payable solely from the water facilities facilities ties tie of said system and WHEREAS the bonds then outstanding of said issue 1 I. e e. e bonds numbered 11 to 25 both inclusive in the aggregate principal amount of In the denomination of each and ard maturing serially on the first day of December In each of the years 1951 1051 to 1965 both inclusive were refunded and redeemed pursuant nt to Ordinance No 31 31 adopted and approved the day of June 1951 by the Issuance issuance issuance ance of the Moab City Waterworks Revenue Refunding Bonds Series June 1 1 1951 In the aggregate principal amount of consistIng consisting consisting consist consist- ing of fifteen bonds numbering from 1 to 15 both inclusive in the denomination denomination denomination de de- de- de nomination of each bearing interest at the rate of four per annum payable on the first day of December 1951 and ard semiannually thereafter on the first days of June and December of each year and maturing serially without option of prior redemption redemption tion in regular numerical order on the first day of June in the years 1952 to 1966 both inclusive and WHEREAS Moab City pursuant to Ordinance No 33 Series 1951 adopted and approved the day of f July 1951 as amended by Ordinance No 37 Series 1951 adopted and approved the day of of August 1951 heretofore Issued said City's Water and nd Sewer Revenue Revenue Revenue Reve Reve- nue Bonds Series of July 1 1 1951 in the aggregate principal amount of consisting of 92 bonds in the denomination of each numbered from 1 to 92 both inclusive bearing date the first day of July 1951 being numbered bearing Interest and maturing serially on the first day of July as follows Bond Numbers Interest Maturity All InclusIve Rates Dates Amounts 1 2 3 34 1953 3 5 3 1954 1054 s 6 8 3 34 1955 9 11 3 1956 12 1214 14 3 3 1957 15 1517 17 4 1958 L 4 1820 4 1959 21 2123 23 4 1960 24 26 4 R 1961 1981 27 29 4 1962 1982 30 32 4 1963 33 35 4 1964 t 36 38 4 1965 t s I 39 41 4 1966 42 44 4 1967 f 45 47 4 1968 1963 48 50 4 1969 a 51 53 4 1970 54 58 56 4 1971 ft 57 59 4 1972 60 62 02 4 1973 J. J 63 65 4 1974 1 68 66 88 68 4 1975 69 71 4 1976 4 1977 P k 75 77 4 1978 I 80 4 1979 Ghr y 81 83 4 1980 1930 84 86 4 1981 87 89 4 1982 90 92 4 1983 bonds bond numbered 27 to 92 92 both inclusive maturing on and after the first day of July 1962 being subject to redemption in inverse n numerical merical meri- meri cal order at the option of Moab City on the first day of July 1961 or on any interest payment date thereafter prior to maturity at a aprice aprice aprice price equal to the principal amount thereof with accrued interest to the tiro redemption date together with a premium representing the amount of interest accruing on any bond so called for redemption during the calendar year in which the call privilege is exercised exercise and WHEREAS Moab City pursuant to Ordinance No 47 Series 1954 adopted and approved the day of July 1954 as amended by Ordinance No 51 adopted and approved the day of October 1954 and by No 52 adopted and approved the day of November 1954 heretofore issued said City's Water and Sewer Improvement Improvement Im Im- Im- Im provement Revenue Bonds Bond Series July 1 I 1 1954 in the aggregate princIpal principal princ print amount of consisting of 90 bonds numbering from 1 to 90 both inclusive bearing interest payable annually semi on the first days of January and July in each year from date until the first day of January 1964 at the rate of five and one-half one per 5 per annum four and one-half one per 4 44 per annum of said Interest being evidenced by coupons designated A and one per 1 I per annum of said interest being evidenced by coupons coupons coup coup- ons designated B and from the said first day of January 1964 1 until until un un- til maturity at the rate of four and one half per 4 44 4 per annum all of said Interest to be evidenced by coupons designated A all of said bonds being numbered being in the denominations and maturing serially in regular numerical order on the first day of July in each of the years hereafter designated as follows Bond ond Numbers Bond Amount Years All AU Inclusive Denominations Maturing Maturing 12 1 2 1956 3 1956 4 5 1957 6 6 1957 7 8 2 1958 o 0 1 1958 10 11 1959 12 1959 13 1314 14 1960 15 1960 1 1817 17 1961 4 1 18 1961 r r t yb 1920 20 2 1982 1962 V 4 11 21 1963 1961 22 22 23 1963 24 V 1963 21 2826 1964 27 27 1964 28 2829 29 1966 f. f I LEGAL NOTICES 30 w 1965 31 32 a 1966 33 1966 34 35 1961 1967 36 36 1967 37 38 1968 39 1968 40 41 1969 42 1969 43 44 1970 45 1970 46 47 1971 48 1971 49 50 1972 51 1972 52 53 1973 54 1973 55 56 1974 57 51 1974 58 59 1975 1915 60 CO 1975 61 62 1976 63 1976 1076 64 65 1977 1917 66 65 V 1977 67 63 68 1978 69 1978 70 71 1979 72 1979 73 74 1980 75 1980 1930 76 77 1981 78 oo 1981 79 80 1982 81 1982 82 83 1983 84 oo 1983 1933 85 86 1984 87 1984 88 53 89 1985 1965 90 1985 bonds numbered 25 to 90 maturing on and after July 1 I 1964 being subject to prior redemption in Inverse numerical order at the option of the City on July 1 1 1963 or on any Interest payment date thereafter thereafter thereafter there there- after prk prior r to maturity at a price equal to the principal amount thereof thereof there there- of with accrued interest to the redemption date together with a premium as stipulated d in said Ordinance No 47 and WHEREAS except to the extent the revenues derived from the operation of the water facilities and the sewer facilities of said system have been pledged as aforesaid said City has never pledged all or any part of the revenues of said system with the result that the net income derived from the operation of said system may now be lawfully lawfully law laws fully and Irrevocably pledged for the payment of revenue bonds bond issued for the purpose herein recited and WHEREAS Section 10 of said Ordinance No 31 provides as follows Section 10 That nothing in this ordinance contained shall be construed in such a manner as to prevent the issuance by said City of additional bonds payable from the income and revenues derived from the operation of the system and constituting a lien upon said revenues subordinate to the lI lien Hen n of the bonds herein authorized provided however that before any such additional bonds are authorized or actually issued the earnings derived from the operation of said system for the fiscal year immediately preceding preceding preceding pre pre- ceding the date of the authorization and issuance shall have been sufficient to pay the cost of operation and maintenance for said period and in addition sufficient to pay an amount representing of 1 I the principal and interest requirements for the next ensuing fiscal fiscal year of the outstanding bonds of the City payable from the revenues of the system and 2 the Interest requirements requirements require require- ments for the next ensuing fiscal year and the average annual principal requirement for each fiscal year to and including the final maturity date of the bonds proposed to be Issued provided however that no bonds In addition to those herein authorized shall be issued having a lien Hen superior to or on a parity with that of the bonds herein authorized and provided further that nothIng nothing noth noth- ing herein contained shall be construed as preventing the issuance issuance issuance ance by the of Its City Moab City Water Works Works' Improvement Revenue Bonds in the aggregate amount of the lien Hen of which upon the revenues of the system shall be subordinate subordinate subordinate sub sub- ordinate to that of the bonds authorized herein A written certification by a certified public accountant to be employed by said City that said earnings are sufficient to pay said amounts shall be conclusively presumed to be accurate in determining the right of said City to authorize Issue sell and deliver said additional bonds In determining whether additional bonds may be issued as aforesaid consideration shall be b given to the probable reduction or increase in operating or maintenance expenses that will result from the expenditure of the f funds to be derived from the Issuance and sale of said bonds and said cost of operation and maintenance for said fiscal year may be accordingly modified and WHEREAS the system to which reference is ma made e in said ordinance ordinance ordinance nance is a reference to the water facilities of the City's water and sewer system and WHEREAS for the purposes of said ordinance Section 9 thereof provides in part that said system of said City shall be operated upon a fiscal year basis commencing on the first day of June in each year and ending on the last day of May of the succeeding year and WHEREAS the earnings derived from the operation of said water wate facilities f for the fiscal year June 1 1955 to May 31 1956 I. I e. e th the fiscal year immediately preceding the date of the authorization an and Issuance of the bonds herein authorized have b been n sufficient to pa pay the cost of operation and maintenance of said water facilities for saId salt period consideration being given to the probable reduction or increase In ins crease in n operating or maintenance expenses that will result from the expenditure of the funds to be derived from the Issuance ance and sale of the tM bonds herein and the cost of opera floe tion and maintenance for said fiscal year being accordingly modified and in in addition sufficient to pay an amount representing of 1 1 the principal and Interest requirements for the next ensuing fiscal fisca i year of the outstanding bonds of the City payable from the revenues revenue of the system and 2 the interest requirements for the next ensuing 8 fiscal year and the average annual principal requirement for each fIscal fIs cal cat year to and including the final maturity date of the bonds bond herein here I authorized and proposed to be Issued and WHEREAS Section 13 of said Ordinance No 33 33 Series 1931 as I amended by said Ordinance No 37 Series 1951 provides as follows Section 13 That nothing in this ordinance contained shall be construed in such a manner as to prevent the Issuance by said City of additional bonds payable from the Income and revenues derived from the operation of the system and constituting a lien upon said revenues subordinate to or on a parity with the lien Hen of the bonds herein authorized provided however that before any such additional bonds are authorized or actually Issued the lien Hen Henon on said revenues for the payment of at which is on a parity with the lien of the bonds herein authorized the earnings derived from the operation of said system for the fiscal year Immediately preceding the date of the authorization and end issuance shall have been sufficient to pay the cost of operation and maintenance for said period and in il addition sufficient to pay an amount representing representing of 1 I the principal and interest requirements for the next ensuing fiscal year of the outstanding bonds of the City payable from the revenues of the system and 2 the Interest requirement for the next ensuing fiscal year and d the average annual principal requirement for each fiscal year to and Including the final maturity date of the bonds proposed to be bo issued Nothing In this ordinance contained shall be construed ir to such a manner as to permit the Issuance by said ald City of add addi- additional bonds payable from the Income and revenues derived from the operation of the system and constituting a lien Hen upon said revenues superior to tho the lien of the bonds herein authorized nor nors noras noras as s to prevent the issuance of additional bonds bond so 0 payable and constituting lg such a lien subordinate to the lien of the bonds bond here in authorized A certification by a certified public accountant to be bo employed by said Id City that said laId earnings are sufficient to pay said amounts shall be bo conclusively presumed to be bo accurate in LEGAL NOTICES 1 I determining the right of said City to authorize Issue sell seU and deliver said additional bonds Any additional bonds bondt Issued in compliance with the terms term hereof shall bear interest payable semiannually on the first fist days of January and July In each year and shall mature on the first day of July In each year during the term of said bonds bond In determining whether additional bonds may be Issued as aforesaid consideration shall be given to the probable reduction or Increase In operating or maintenance expenses that will result from the expenditure of the funds to be derived from the Issuance and sale of said bonds and said cost of operation and maintenance for said fiscal year may be acco accordingly modified and WHEREAS the system to which reference Is made In said ordinance nance and hereinafter is a reference to the water facilities and sewer facilities of said City which are now jointly operated as a single combined combIned com com- system as aforesaid and WHEREAS Section 11 of said Ordinance No 33 Series 1951 provides pro pros vides In part that the water and sewer system shall be operated forthe for forthe forthe the purposes of ot this ordinance upon a fiscal year basis commencing on the first day of June in each year and ending on the last day of May of the succeeding year and WHEREAS Section 13 of said Ordinance No 47 Series 1954 provides provides pro pros vides as follows Section 13 That nothing In this ordinance contained shall be construed In such a manner maMer as to prevent the tho issuance by said City of additional bonds payable wholly or in part flirt from the income income income in in- come and revenues derived from the operation of the sewer facilities of he the system and constituting a lien Hen upon said |