| Show LEGAL NOTICE ORDINANCE NO 61 13 Strict Series 1961 AN ORt CONCERNING Tim TIle JOINT WATER AND sEWER i SYSTEM OF MOAB CITY J UTAH TAU PROVIDING FOR FAR TIlE THE REDEMPTION RE RF i OF TIlE THE s CITY'S rl S WATER AND SEWER REVE REVENUE REVENUE NUE BONDS SERIES JULY 1 1951 IN THE TIlE OUTSTANDING PRINCIPAL AMOUNT OF OP TIlE THE CITY'S crrY'S WATER AND SEWER I 11 1 IMPROVEMENT M P PRO R O V E EM Mt E N NT T REVENUE BONDS SERIES JULY 1 1 1954 IN ut TIlE THE OUTSTANDING PRINCIPAL AMOUNT OF AND TIlE THE CITY'S WATER AND SEWER IMPROVEMENT REVENUE no BONDS t l SERIES JULY tULY 1 1956 IN TIlE THE OUTSTANDING PRINCIPAL AMOUNT OF PROVIDING FOR TIlE THE REFUNDING OF ALL OF SAID 1951 1954 BONDS AND FOR TIlE IMPROVE MENT OF SAID SYSTEM ALL FROM mOM TIlE THE PROCEEDS OF JOINT WATER AND SEWER REFUNDING AND IMPROVEMENT IMPROVE MENT REVENUE BONDS IN TIlE THE AGGREGATE PRINCIPAL AMOUNT OF HEREBY AUTHORIZED TO BE ISSUED AND SOLD SOW PROVIDING FOR THE TIlE DISPOSITION OF TIlE THE REVENUES OF SAID SYSTEM PRESCRIBING OTHER DETAILS CONCERNING SAID BOLDS BONUS BONDS AND SAID SYSTEM AND PROVIDING TIlE THE EFFECTIVE DATE OF TIns TILLS ORDINANCE WHEREAS MO Moab b City In the County of Grand and State Slate of Utah Is an Incorporated city duly organized and anil existing under the laws of the State of Utah as a city of the third class and WHEREAS Moab City was waa duly proclaimed a city of the third class on the to day of September 1936 and WHEREAS the City now owns and operates as a Joint public I utility a water and sewer system and WHEREAS except for 1 the City's Water and Sewer Revenue Revenue Reve nue Bonds dated July 1 1 1951 herein sometimes designated the 1951 bonds bonds' authorized authorized by a majority Gf the electors having paid a property tax therein in the year next preceding the election and having voted on the question of their Issuance at an election heldon held heldon on the day of June 1951 1931 and by Ordinance No 33 Series Serles 1931 1951 adopted the tho day of July 1951 1931 as amended by Ordinance No 37 Series 1951 adopted the day of numbered August Augusta 1951 in the outstanding principal amount of numbered from 27 to 92 both inclusive and being pays payable le solely from the net revenues of the joint water and sewer system of the City 2 the City's qty's Water and Sewer Im Improvement Revenue Bonds dated July 1 I 1954 herein sometimes designated designated the 19 1954 4 bonds authorized by Ordinance No 47 Series 1954 adopted adopt d t on n the day of July 1954 as supplemented by Ordinance No 51 adopted on the day of October 1954 in the outstanding principal amount of numbered 20 21 and 23 to 90 aU all Inclusive and payable solely from the net revenues of the joint water and sewer system of the City and 3 the City's Water and Sewer Improvement Revenue Bonds Series July 1 1956 authorized d by a majority of the qualified electors of the City having paid a property tax therein and voting on the question of or their issuance at an election held on the Rhe day of November 1955 and Ordinance No 78 56 adopted on the day of August 1056 1956 as supplemented by Ordinance No 80 56 adopted on the day of September September 1956 herein sometimes designated the 1956 bonds in the outstanding principal grin prin cipal amount of numbered from 10 to 49 both inclusive and payable solely from the unified water and sewer newer utility of the City the City has never pledged or in any way hypothecated the revenues derived from the operation of the Joint water and sewer system herein sometimes merely designated the joInt system or the utility or any part thereof to any bond issue with bonds still outstanding with the result that the net revenues derived from the operation operation of the system may now be pledged lawfully laY anc and Irrevocably for the redemption of the bonds herein authorized anc and WHEREAS the joint system cannot now adequately serve the rapidly expanding population of the City and improvements anc and extensions are necessary and WHEREAS the City has been unable to finance such improves Improve Improvements ments and extensions under the contractual provisions of the ordinances authorizing said bonds and WHEREAS said outstanding 1951 bonds are subject to prior redemption in inverse numerical order on the first days of January Jan uary and July In each year the option to so redeem having commenced com com- commenced the first day of July 1961 at the principal amount thereof there there- of and accrued Interest to the date fixed for redemption plus a n premium representing the amount of interest accruing on any bond so called for redemption during the calendar year to tn n which the call privilege is exercised exercised and WHEREAS on the first day of January 1962 there will be sufficient moneys in tn the sinking fund pledged to the payment of said 1951 bonds to pay on said date the to interest then due thereon and said prior redemption premium and WHEREAS of the outstanding 1954 bonds bond numbers 20 and 21 mature on the first day of July 1962 and bond numbers 23 and 24 mature on the first day of July 1963 1963 and the balance o of said bonds numbers 25 to 90 both Inclusive Is subject to prior redemption on the first day of July 1963 at a n price equal to the principal amount with accrued interest to the redemption date to together ether with a premium a 4 of the principal amount o of each bond and WHEREAS on the first day of January 1962 there Avill mill be In tn the 1954 sinking fund and reserve pledged to the payment payment pay pay- ment of the aforesaid bonds numbered 20 21 23 and 24 of saId sale 1954 issue as they become due the interest due on all aU of said outstanding outstanding outstanding out out- standing 1954 bonds bond up to and Including the first day of July 1963 and the aforesaid prior redemption premium to b ba paid when sat sal remaining bonds numbered from 25 to 90 bot both inclusive are are called for prior redemption said on the first day of July 1963 and WHEREAS of said outstanding 1956 bonds all of said outstanding outstanding outstanding out out- standing bonds are subject to prior redemption at the option of the City on said first day of January 1962 at the principal amount thereof and accrued Interest to said sd date and WHEREAS oh on on the first day of January 1962 there will be sufficient moneys in the sinking fund pledged to the payment of said outstanding 1956 bonds to pa pay the interest then due on a all of said outstanding 1956 bonds and and WHEREAS in tn order to make possible the financing of the necessary Improvements to said system as herein described and in order to effect effect an over all interest savings to the City and in order more advantageously to arrange the maturities and Interest rates sates of all aU obligations payable and to be payable from the revenues revenues revenues reve reve- to be derived from the operation of the system it Is necessary to refund the remainder of said outstanding 1951 1954 and 1956 bonds after other moneys pro properly available as aforesaid are applied to redemption redemption and to authorize and issue new bonds In the aggregate principal amount of not to exceed to be designated Moab City Joint Water and Sewer Refunding and Improvement Revenue Bonds Series January 1 I 1962 sometimes herein designated the 1962 Series and WHEREAS bonds numbered 27 through 92 both Inclusive of said laid 1951 Issue shall shaU be refunded by bonds numbered 1 through 66 both Inclusive of said 1962 series bonds numbered 20 21 and 23 Z through 90 of said 1954 Issue will be paid at maturity or refunded by the proceeds from bonds numbered 67 through 12 1 both in inclusive In- In elusive of said 1962 series and bonds numbered 10 through 49 both Inclusive of 1956 Issue will be refunded by bonds numb 1 through both Inclusive of sail said 1962 series series and WHEREAS the to City Council at Its discretion may sell all or any part of the Joint Water and Sewer Revenue Bonds Series January January Jan Jan- uary 1 1962 at either public or private sale at par or with a discount discount dis dis- count or premium that bonds numbered 1 to both inclusive may not be sold at less lesa than par and WHEREAS any money previously pledged to the sinking fund reserve fund or any other fund for the benefit of the aforesaId 1951 1954 and 1956 bonds and not used wed to pay principal Interest or or- prior premium as heretofore indicated shall be Used for the improvement of the said gald Joint Job water and sewer system NOW THEREFORE BE IT rr ORDAINED BY THE CRY COUNCIL COUN COUN- CIL CL OF MOAB CITY GRAND COUNTY UTAH Section 1 L Ratification That all aU action not Inconsistent with this ordinance hereto heretofore Core taken by the City Council and officers of Moab City directed toward the improvement of the municipal Joint water and sewer system toward refunding bonds numbered 27 to 92 both Inclusive in the aggregate principal amount of or of the City's outstanding Water and Sewer Revenue Bonds Series July 1 I 1951 bonds numbered 20 21 and 23 to 90 both inclusive in tn the aggregate principal amount of of ol LEGAL NOTICE th the City's outstanding Water and Sewer Improvement Revenue tev nu Bond nonAs Series July 1 1 1954 and bonds numbered 10 to 49 both In Incisive In elusive In the toe aggregate principal al amount of of the tM City City's outstanding ding Water Vater and Sewer Improvement nt Revenue Bonds Bond Series July 1 I 19 1956 6 and toward Issuing and selling Jelling Its it Moab City Joint Water and Sewer n Refunding and amiI Improvement Improvement Revenue Bonds Donch Series January 1 I 1962 to effect said ald pines purposes be and the tM same hereby hereby is ratified approved d and confirmed Section 2 Joint Utility That all of the municipal water facilities facilities tech tech- ties and the municipal municipal sewer facilities of the qty City shall continue to constitute a Joint public utility designated as the Moab City Joint Water and Sewer System herein here n sometimes designated as the JoInt the system tem or the utility and shall be the operated crated tad and and to maintained ns os ss such suh Section 3 Refunding of Outstanding Bonds Bond That wat all of the ine outstanding bonds of the series designated Water and Sewer Seer Reve Revenue Revenue nue Bonds Series July 1 I 1951 all al of the outstanding bonds 0 of the series designated Seres Jul Water and Sewer Improvement Revenue Bonds Series July 1 1954 and all al of the outstanding bonds bond of the 19 series designated Jul Water Water ater and Sewer Revenue Bonds Series July 1 1956 1950 shall be and the th same hereby are arc a ordered tobe tobe to tobe be redeemed redeemed and paid In b full ful bonds bond numbered 27 to 92 both Inclusive In elusive of said 1951 series aeries bonds numbered number 20 2 21 and 23 2 to 90 9 both inclusive of said sai 1954 1954 series and bonds numbered number 10 to 49 both inclusive of said laid 1956 series shall be b refunded as herein roV Section Setin 4 Authorization of Improvements Improvement That Tat the Joint water and ad sewer system shall be and the same me hereby Is ordered to be bt oe Improved such auch Improvement to Include without limiting the generality of the ac foregoing forgoing the replacing replacing o 0 of water mains and valves the construction and reconstruction of Sewer disposal facilities facilities ties including collection lines and the lewa sewage e treatment plant said Project improvements being herein sometimes designated as 8 the Section 5 Authorization of o Bonds Bondi Bonds That for the to purpose purse of protecting the public health conserving the property and ad advancing advancing ing the nel general welfare of the citizens of the City for the purpose purse of so refunding and an paying payl that portion of the described above outstanding 1951 1954 and ad 1956 revenue bonds numbered as aforesaid afore aforesaid said and for the purpose purse of defraying the cost cst of so Improving the th system It Is hereby declared necessary that the City mke make and issue Js its s Moab City Joint Water and Sewer Refunding and Improvement Revenue Bonds Bond Series January 1 1962 payable both as to principal and Interest solely from the net revenues derived from the operation of the joint water and sewer system system such net revenues revenue being the gross gs revenues after deduction only for the necessary and reasonable expenses of operating and maintaining main man taming such suh utility and keeping it in hood god good repair and working condition and ad the City pledges ledges irrevocably such sc revenues to the payment pent of such bonds and the Interest thereon the proceeds prees thereof to be used solely for the purpose purse of refunding and paying said portion of said laId outstanding 1951 19 and 1956 bonds as a pIng hereinabove hereinabove here here- more specifically provided and for the the- the purpose us of so Improving Im 1 proving roving the system The estimated cost of so improving the system is is i estimated not to exceed and the cost of so refunding and paying said outstanding bonds is excluding that portion of the cost cot of refunding to be paid from other than the proceeds of the bonds hereby authorized Section Seton 6 Bond Details That in order to provide funds so to refund and pay pa said outstanding revenue bonds and to defray the cost Of df so Improving the system the revenue bonds of the City designated Moab City City Joint Water and Sewer Refunding and Improvement Improvement Im provement Revenue Bonds Series Serie January 1 1 1962 are hereby authorized to be issued in the aggregate principal amount of which bonds shall shaft sha be b dated as o of the first day of January January Jan Jan- uary 1962 92 shall consist of bonds in the denomination of each numbered consecutively from 1 to both inclusive sive Shall be bear from date to maturity payable on the first day of July 1962 and semiannually thereafter on the first firt days of January anuar and July in each year as a evidenced by one set of interest coupons attached to said sad bonds and ad shall b be numbered bear interest rates rate and mature serially on the first fit day of January Jan Ja uary In each of each of the years year hereinafter designated as follows folos Bond Numbers Amounts Interest Rate Years All Inclusive Maturing Per Annum Annu Maturing 18 8 2 1963 1965 9 16 2 1966 2 17 25 17 2 23 1967 34 26 4 1968 19 44 35 3 1 1000 4 1969 54 45 4 1970 65 55 6 55 1000 4 9 1971 76 66 1000 4 1972 88 77 78 1200 9 4 1973 89 8 10 1200 4 1974 13 10 1975 14 12 1300 4 I 1976 1400 4 1977 19 1500 4 1978 1500 4 1979 1718 4 44 1 p 20 18 4 44 44 r f 1981 20 1 1800 4 1982 2 4 0 1983 19 29 4 43 4 1 1981 1981 2602 2000 4 H 1985 2800 2100 4 1986 30 22 2200 f 4 43 1987 19 35 2300 4 1988 4 1989 2000 45 4 41 1990 2000 4 1991 50 42 4 4 1992 79 2000 4 ion 10 1993 4 a 1994 1991 In I the event any an of said bonds shall not be b paid at maturity 19 upon presentation they sha shall continue to draw daw pd interest at the coupon rate specified in the bonds Both principal and interest ha shall be payable in I lawful money of ot the United States of America without deduction for exchange or collection cleton charges at First Security Bank of Utah N. N NA Noah Moab Branch Moab Utah Ua Ft Section 7 Prior Redemption Bonds numbered nuber to both Inclusive maturing on and after the first day of January 1978 are arc subject to prior redemption In inverse numerical order at the option opton of Moab City on the first day of 1977 or o on any interest payment date thereafter at a price equal eual to the principal a amount thereof with wih accrued interest Interest terest to the redemption date and a premium of four fou per pr 4 of the principal amount thereof Notice of redemption shall shaH be given by the Treasurer of Moab City Ct in the name of the City by publication of such notice at least leat once not more than sixty sity nor less than thirty days prior to the redemption date in a |
