Show LEGAL NOTICES Continued from Pare Page 4 ORDINANCE No 78 56 equal to not less leu than per cent of the interest on and the prIncIpal principal pal of bonds payable from the revenues derived from the operation of said system or any portion thereof including this bond as and when the same become due and payable but such rates shall mall not be In excess of a reasonable rate for facilities and services services serve ices rendered This bond Is subject to the conditions and every holder hereof by accepting the same agrees with the and every subsequent holder thereof that a the delivery of this bond to any transferee shall Vest title In this bond and in the Interest coupons attached hereto hero In such transferee to the same extent for all purposes as would the delivery under like circumstances of any negotiable In In- Instrument Instrument strument payable to bearer b the and any agent of the may treat the bearer of this bond as the absolute owner hereof for all purposes and shall not be affected by any notice to the contrary c the principal of and the interest on this bond shall be paid and this bond and each of the coupons appertaining hereto are transferable free from and without regard to any equities between between between be be- tween the and the original or any Intermediate holder hereof or any set-offs set or cross-claims cross and d the surrender to the or any agent of the obligor of this bond and of each of the coupons shall be a good discharge to the obligor for the same It is hereby certified and warranted that all of the requirements of law have been fully complied compiled with by the proper officers of said eaid City in the Issue of this bond IN WITNESS WHEREOF Moab City in the County of Grand State of Utah has caused this bond to be signed by its Mayor attested at ate tested by its City Recorder with the seal of said City affixed hereto hereto here here- to and countersigned by its City Treasurer and the coupons hereto here here- to annexed to be authenticated with the facsimile signature of its City Treasurer all as of the first day of July 1956 Do Not Sign Mayor SEAL Attest Do Not Sign City Recorder Countersigned Do Not Sign City Treasurer Form Fonn of Coupon No No 1375 On the first day of January July 19 Moab City in the County of Grand and State of Utah will pay to bearer in lawful money of the United States of America without deduction for exchange or collection charges at the Zions Zion's Savings Bank Trust Company Salt Lake City Utah the sum of THIRTEEN AND 75 DOLLARS solely from and secured by a pledge of the net revenues of the municipal water and sewer system being six months' months interest on its Water and Sewer Improvement Revenue Bonds Series July 1 I 1956 This coupon is issued under the provisions of Sections 55 3 to 55 3 Utah Code Annotated 1953 and all other laws amendatory amendatory amenda amenda- tory thereof and supplemental thereto and It does not constitute an Indebtedness of said City within any state constitutional or statutory limitation I Facsimile Signature City Treasurer Form of Certificate AUDITORS AUDITOR'S CERTIFICATE I hereby certify that this bond does not constitute an indebtedness of Moab City in the County of Grand and Sta State e of Utah within any state constitutional or statutory limitation and is issued according according ac ac- ac cording to law DATED this day of 1956 Do Not Sign City Recorder and Ex Ex I City Auditor e t i s t Section Section 10 That the Mayor the Recorder Record r and the Treasurer of said City are hereby authorized and directed to prepare and execute said bonds as herein provided Upon the execution of said bonds as herein provided they shall be delivered to the Treasurer of the City to be by him delivered to the the purchasers rs of the bonds at a price of not less than par and accrued interest Section 11 11 That all monies received from the sale of said bonds shall be Le used solely to defray the costs of the improvement enlargement enlargement enlarge enlarge- ment extension and betterment of the municipal water and sewer system but the purchaser of said bonds shall shaU In no manner be beree bere re responsible for the application ti n or disposal by said City or by any of its officers of any of the monies derived from the sale of said bonds The proceeds derived from the sale of said bonds except accrued interest thereon which shall be deposited in the 1956 Sinking Fund shall be deposited promptly upon the receipt thereof in a separate account or accounts in a bank or banks which are members of the Federal Reserve System and of the Federal Deposit Insurance Cor Cor- The City Treasurer is hereby authorized and directed to deposit deposit deposit de de- de- de posit such proceeds In such bank or banks The funds in said account or accounts shall be used solely for the purpose above set forth and withdrawals from said account or accounts for said purpose shall be effected only by check or voucher or-voucher signed by the Mayor and the City Treasurer and accompanied by a certificate of the Engineer acting for and on behalf of the City to the effect that it is necessary or advisable to said funds or to transfer the same to the general credit of the City for the purpose of defraying the cost of Improving enlarging extending and bettering the municipal water and sewer system in accordance with the plans and specifications specification previously approved by th the City Council and on file in a the theoffice theoffice theoffice office of the City Recorder er Upon completion of such improvements enlargements extensions and betterments any unexpended balance in such account or accounts with together any accrued Interest received received re re- on said funds shall be paid Into the M Moab ab City Water and Sewer Revenue Bond Sinking Fund Series July 1 I 1956 hereinafter provided for and used for the purpose of said Fund The issue of any i of the bonds herein authorized by the City shall hall constitute a wa warrant by and ud nd on behalf of the City for the benefit bene bene- fit of each and every holder of any of said aid bonds that said bonds have been issued for a valuable consideration in full conformity ity J with the law Section 12 That so long as any of the bonds herein authorized are outstanding and unpaid either as to principal or interest the water Iter and sewer system shall be operated for the P purpose I of t this ordinance upon a fiscal year basis commencing on n the first day of m June in each year and and a ending on the last day of May of ot the succeed In ing year For the purpose o of of this ordinance a special fun fund Jis Is is hereby authorized authorized authorized auth auth- to be continued and maintained and tl to be known own as the Wa Water ter Let Supply System Gross Income Fund of Moab City herein sometimes sometimes some some- times designated the Water Income Fund Further for the purpose of this th ordinance a special fund is hereby authorized to be continued and maintained and to be known the as Water and Sewer System Gross Income Fund of tf Moab City herein sometimes designated the Gross Income Fund So long as any of the Moab City Water WaterWorks WaterWorks WaterWorks Works Revenue Refunding Bonds Series June 1 I 1951 herein sometimes sometimes sometimes some some- times designated d the Refunding Bonds shall be outstanding ether ther theras as to principal or interest the entire gross income and revenues derived derived de de- rived from the water facilities a as distinguished from the sewer fa facilities facilities fa- fa a of the entire water and sewer system shall be set aside into said Water Income Fund So 50 long as any of the Moab City Water and Sewer Revenue Bonds Series of July 1 1 1951 herein sometimes sometimes some some- times designated d the 1951 Improvement Bonds Bands or of the Moab City Water and Sewer Improvement Revenue Bonds Series July 1 I 1954 herein sometimes designated the 1954 Improvement Bonds or of the Water and Sewer Improvement Revenue Bonds Series July 1 1956 herein authorized herein sometimes designated the 1956 Improvement Improvement Improvement Im Im- provement Bonds shall shaU be outstanding either as to principal or interest the entire gross Income and revenues of the entire water and sewer system shall be set aside into said Gross Income Fund except as s revenues from a portion of said system are hereinabove otherwise required to be placed in said Water Income Fund Payment Pay Pay- ment meet from said Water Income Fund and said Gross Income Fund d shall hall be made nade In the following manner l A-l 1 Firstly out of said Water Income Fund there shall hall continue con to be set et aside ald each year into a separate account known n nas as tho the Waterworks System Operation and Maintenance Fund of Moab City hereinafter sometimes designated the Water Operation Opera Opera- tion and Maintenance Fund tuch sucha h a percentage of said Water In LEGAL NOTICES come Fund as the City Council shall determine to necessary be necessary for forthe for forthe forthe the legitimate expenses of a proper operation and maintenance of said water facilities including without limiting the generality of the foregoing the expenses of carrying adequate Insurance The said Water O Operation and Maintenance Fund shall be used solely for the efficient and economical operation and maintenance of said water facilities of said system Any surplus remaining in said Water Operation and Maintenance Fund at the end of the fiscal year and not needed for operation and maintenance purposes shall be transferred back to the Water Income Fund and redistributed In the manner herein provided for monies in said fund 2 Secondly after the payments or distribution of monies hereinabove here provided have been made out of said Water Income Fund there shall continue to be placed into a separate account known as the Waterworks System Revenue Bond Dond and Interest Fund Series June 1 I 1951 of Moab City hereinafter sometimes designated the Refunding Bond Fund the following amounts a Monthly o sixth one of the next maturing Installment of interest upon and twelfth one-twelfth of the next maturing installment of principal of said bonds and b Monthly an additional amount equal to twenty of the amount amount required to be deposited under Subparagraph I Ia a of this 2 Paragraph A Section 12 of this ordinance ordin ance ante such amount to be and nd constitute a reserve to meet possible possible possible pos pos- sible deficiencies III in said Refunding Bond Fund 3 Thirdly any surplus r remaining In said Water Income Fund shall be placed monthly in said Gross Income Fund 4 Fourthly out of sad card Gross Income Fund firstly from any revenues therein derived from the operation of the water facilities of said m and thereafter to the extent necessary from any revenues therein derived from the operation of the sewer facilities of said system there shall continue to be set aside each year Into a separate account known as the Water and Sewer System Operation Operation Oper Open atlon and Maintenance Fund of Moab City hereinafter sometimes designated the System Operation and Maintenance Fund such a percentage percentage percentage per per- of said Gross Income Fund as the City Council shall determine de de- termine to be necessary for the legitimate expenses of a proper operation and maintenance of said water and sewer system including including in in- chiding without limiting the generality of the foregoing the expenses expenses expenses ex ex- of carving adequate Insurance and giving consideration to any monies placed In said Water Operation and Maintenance Fund provided that so long as any of said refunding bonds are outstanding out standing either as to principal or Interest and said Water Income Fund and said Water Operation and Maintenance Fund are maintained maintained main main- the percentage of said Gross Income Fund In said System Operation and Maintenance Fund shall be that amount necessary for the legitimate expenses of a proper operation and maintenance I of the sewer facilities of said system The said System Operation and Maintenance Fund shall be used solely for the efficient and economical economIcal economical eco eco- operation and maintenance of said water and sewer system Any surplus remaining I in said System Operation and Maintenance Fund at the end of the fiscal year and not needed for operation and maintenance purposes shall be transferred back to the Gross Income Fund and redistributed in the manner herein provided for formo mo monies les in said fund 5 Fifthly there shall continue to be set aside and paid into a fund known as the Water and Sewer Revenue Bond Sinking Fund Series July 1 1951 hereinafter sometimes called the 1951 Improvement Improvement Improvement Im Im- Im- Im provement Sinking Fund from any balance remaining in said Gross Income Fund so long as any of the 1951 Improvement Bonds are outstanding firstly from any revenues therein derived from the theop op operation of the water facilities of said system and thereafter to the extent necessary from any revenues therein derived from th the operation of the sewer facilities of said system the following I amounts a Monthly sixth one-sixth of the next maturing installment of interest on on and twelfth one-twelfth of the next maturing installment of principal o al of the 1951 Improvement Bonds Bands b Monthly an additional amount equal to fifty per othe amount required to be deposited und under r Subparagraph a of this Paragraph 5 such amount to be and constitute a reserve re- re reserve reserve re re- serve to m meet et possible deficiencies in said fund 6 Sixthly there shall continue to be set aside and paid into a fund known as the Water and Sewer Revenue Bond Sinking Fund Series July 1 1954 hereinafter s sometimes called the 1954 Sinking Fund from any revenues derived solely from the operation opera tion of the sewer facilities of said system remaining in the Gross Income Fund but not to exceed an amount equal to twenty five per 25 of the net revenues of said water and sewer system em so long as any of the 1954 Improvement Bonds Bands are outstanding outstanding out out- standing the following amounts a Monthly one sixth one of the next maturing Installments of interest on and twelfth one-twelfth of the next maturing Installment of principal of the 1954 Improvement Bonds b Monthly an additional amount equal to fifty per of the amount required to be deposited under Subparagraph a of this Paragraph 6 such amount to be and constitute a reserve to meet possible deficiencies In hi said fund Such additional amounts shall continue to be deposited until there is accumulated accumulated as such reserve the sum of ten thousand dollars and thereafter shall be deposited whenever there is less than ten thousand dollars on deposit in said fund as such reserve 7 Seventhly there shall be he s set aside and paid into a fund known as the Water and Sewer Revenue Bond Sinking Fund Series July 1 1 1956 hereinafter sometimes called the 1956 Sinking Fund which fund shall be and hereby is created from any balance remaining in said Gross Income Fund so long as any of the 1956 Improvement Improvement Improve Improve- ment Bonds herein authorized are ore outstanding the following amounts a Monthly commencing July 1 I 1956 sixth one-sixth of of the next maturing installment of interest on on and twelfth one-twelfth of the next next maturing Installment of principal of the 1956 Improvement Bonds herein authorized the b Monthly an additional amount t equal l to fifty per of the amount required to be deposited under Subparagraph a of this Paragraph 7 such amount to be and constitute a re reserve serve to meet possible deficiencies Jn Such additional amounts shall continue to be de deposited s ed un until l there ere is s accumulated as as such reserve the sum of ten tho thousand S rid do dollars 1 s and thereafter shall shill be deposited Whenever there 1 is |