Show IN A I 1 LEGAL NOTICE N 0 T I 1 C E I 1 ORDINANCE NO AN ORDINANCE PROVID ING FOR THE ISSUANCE AND SALE OF ONE HUNDRED TY THOUSAND DOLLARS oo 00 SEWER AND WA TER REVENUE BONDS OF 01 VERNAL CITY COUNTY STATE OF UTAH FOR THE PURPOSE OF DE FRAYING PART parr OF THE EX PENSE OF increasing IM PROVING ENLARGING ANE AND ADDING TO THE PRESET PRESENT AND WATER WORKS PLANT AND SYSTEM OF VERNAL CITY COUNTY OF UTAH TO SUPPLY SAID ciry AND THE rants THERE OF WITH SEWER SERVICE AND WATER WHICH SAID SEWER SYSTEM AND WATER WORKS PLAN C r AND SYSTEM SHALL DE BE OWNED AND CON TROLLED BY SAID CITY prescribing THE FORM AND OIHER OI HER DETAILS OF SAID DONDS BONDS PROVIDING FOR THE collection AND disposition OF THE REVENUES TO BE DERIVED FROM THE OPERATION OF THE SEWER SYSTEM AND waterworks WATER WORKS PLANT AND SYSTEM MAKING provisions WITH RESPECT TO THE OPERATION OF THE SEWER SYSTEM AND THE WATER WORKS PLANT AND SYSTEM AS ONE consolidated CONSOLI DATED UTILITY MAKING OTHER provisions WITH RESPECT TO THE OPERATION OF SAID UTILITY AND THE ANCE OF SAID BONDS AND PROVIDING FOR THE PAYMENT OF SAID BONDS WHEREAS pursuant to the provisions of an ordinance passed by the city council of vernal city uintah county state of utah on the day of june 1956 a special election was duly and lawfully called and held in said vernal city on the day of july 1056 1956 for the purpose of submitting to such qualified electors of said city as had paid a property tax therein in the year next preceding receding such election the hollowing lol following lowing question to wit shall sewer and water revenue bonds of vernal city aln tah county state of utah in the amount of one hundred hunared hundred fifty thousand dollars payable serially in equal annual installments commend com ing not later than three 3 years from the date of the bonds and running not later than thirty five 36 years from date of the bonds payable solely from the net revenue from the entire sewer system and waterworks water works system of said city bearing interest at a rate not to exe exceed e ed four per cent 4 per annum annu m payable semiannually semi annually principal and interest to be payable at some duly designated bank or trust company be issued pursuant to title 55 chapter 3 Vars utah tall code annotated 1953 tor for the purpose of defraying part of the expense of increasing improving enlarging and adding to the present sewer system and waterworks water works system of the city of vernal uintah county state of utah to supply said city and the inhabitants thereof with sewer service and water the net revenue of the entire sewer system and waterworks water works system to be pledged to the payment of said bonds and WHEREAS said election was duly and lawfully called and held and conducted in all respects in accordance with the constitution and laws of the state of utah on the day of july 1956 and returns thereof were duly made by the duly appointed qualified and acting judges of said election and WHEREAS the city council of vernal city sitting as a board of canvassers on monday the day of july 1956 duly canvassed said returns and talat by Y resolution duly declared trial at said election the majority of the votes cast were in favor of the issuance of said bonds and WHEREAS pursuant to the provisions ovi of title 55 chapter 3 gr utah code annotated 1953 the city council of said city is authorized to provide for the construction of improvements and betterments to the sewer system and waterworks water works system and to defray part of the cost thereof by the issuance of revenue bonds of said city payable calely from the net revenues to be derived from the operation of the entire sewer system and waterworks water works system and WHEREAS THERE WAS authorized at the election held on friday the day of july 1956 the issuance of city of vernal uintah county state of utah general obligation sewer and water bonds series of october I 1 1856 1056 which will be offered aci for sate sale it a later date and WHEREAS CONTRACTS FOR THE construction of the sewage treatment plant have been awarded and work about to begin and in the opinion of the city council it is necessary at t this time to provide for the he SA issuance ance and sale of said 0 I 1 one hundred fifty thousand dollars sewer and water revenue bonds NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF VERNAL CITY COUNTY STATE OF UTAH ii section 1 that for the purpose of defraying part of the coit cost of improving enlarging I 1 11 IOP 1 11 i and adding to the present sewer system and waterworks water works system of vernal city including pay of engineering legal and other expenses properly inci dent thereto and to pay inter est to accrue on oil such bonds dur ing the period covered by th construction of the facilities lo 10 tile the amount of there cire ire hereby authorized to be bissat it the sewer and revenue bonds of taid said city in the aagre aggregate ate gifun principal amount of one luin dred fifty thousand dollar dollars to be known as ver nal city utah sewer and revenue bonds series of october 1 1956 dated october 1 1956 in the denomination of 1000 each to be numbered one 1 to to one hundred fifty inclusive due clue and payable serially in numerical order ten tell thousand dollars on october in each of the cars commencing october 1 1858 1058 to and including october 1 I 1972 all bonds to be bear ar interest at tile rate or rates not in excess of arc 4 c per annum and are to bo be paid for by the purchaser ot at such price or prices as may be fixed by resolution of the city council to be adopted prior to the delivery of the bonds which will result in an actual net interest cost to the city aver averaging airing not more than 4 per annum interest payable semiannually semi annually on the first day of april and october in each year bonds maturing on and after october 1 1963 shall be callable for redemption demp tion in inverse numerical order on october 1 1962 or on any interest payment date thereafter at par and accrued interest to the redemption date plus a premium equivalent to one years interest compu id i d at the rate of interest Inte test borne by the bond in the year immediately folio following w ing the date of redemption notice of redemption Is to be given by publication of an appropriate notice in a newspaper of general circulation published in salt lake city utah not less than thirty 30 days prior to the date fixed for redemption and such notice is to be sent by registered mall mail to the paying agent and to lincoln ure co first security salt lake city utah not less than thirty 30 days clays arlor prior to such date said sa bonds shall be payable solely from and shall be a lien and charge upon the net revenues to be derived from the entire sewer system and water works system of said city said net revenues shall be deemed to be the gross revenues of said gustems systems after deduction i only lor for I 1 the e cost of operating and maintaining the systems in good re pair and working order said bonds and the coupons attached thereto shall be payable at the first security bank ot of utah N A fourth south branch salt lake city utah said bonds shall be signed by the mayor of vernal city utah shall be countersigned counter signed by the city treasurer e r and shall be attested by th the e city recorder under the corporate seal of said city and the interest coupons attached to said bonds shall be executed with the facsimile signatures of the city treasurer and city recorder which officials fici als I 1 by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures ap pearine on said coupons said bonds and the coupons attached thereto shall by fully negotiable and shall have all a 11 the qualities of negotiable paper and the holders thereof shall have all the rights enjoyed by the holders of negotiable instruments under the provi provisions ions of the negotiable instrument law section 2 said bonds and the coupons attached thereto shall be except as to consecutive numbers and maturity dates in substantially the following form UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF VERNAL CITY SEWER AND WATER REVENUE BOND OF oc rob ER 1 1956 NO 1000 00 vimal I 1 city in the county of uintah and stale state of utah for value va lue received hereby promises to pay to bearer solely from the special fund hereinafter specified the sum of ONE THOUSAND DOLLARS 1000 00 on the first day of october 10 19 and to pay solely from said special fund interest on said sum from date hereof at the rate of per cent per annum until paid payable semiannually semi annually on tin the first days of april and october of each year ear except as the provisions hereinafter set forth with respect to redemption prior to maturity may be and become applicable hereto all such interest accruing on and prior to the maturity hereof to be payable only upon orf and Is surrender ur render of the annexed in terest co coupons ons 1 as they severally become tu due e both principal hereof and in interest te rest thereon are payable in lawful money of the united states of america at the first security bank of utah N A fourth south branch salt lake city utah ahe bonds of this issue ot of which this is one matur maturing frist on or after october 1 1963 1003 are optional for redemption in in inverse numerical order on octon er 1 1962 and on any interest payment date thereafter at the principal amount thereof and accrued interest to the date fixed d for redemption plus a premium prior for each bond so redeemed prior to maturity equivalent to one years interest computed at the rate of interest borne by the bond in the year immediately following the date of redempa tion t on notice of redemption is to lc be given by publication of an api prop notice on oil time in a i newspaper of genera general circulation published I 1 in salt lake city utah not less thai than thirty 30 dye dayis prior to the date fixed for and such notice is to be sent registered mal to the paying agent and to lincoln ure co first security building salt lake city utah not less than thirty 30 days prior to such date any such re revenue ventie bonds thus called for redemption and for the retire ment of which funds are duly provided will cease to bear in terest on the date so fixed for redemption this revenue bond ia 6 one of an all issue authorized by ordinance duly adopted by the city coun cil of said city on june 20 1956 pursuant to and in fuli full compliance with the constitution and laws of the state of utah including title 55 chapter 3 utah code annotated 1953 for the purpose of providing funds for defraying part of expense of increasing improving enlarging and adding to the present sewer system and waterworks water works system of vernal city uintah county state of utah so supply said city and the inhabitants thereof with sewer service and water both principal of and interest on this bond and the issue of which it Is a part are payable solely from special fund designated 1056 sewer and water revenue bond sinking fund into which fund are to be placed the net revenues derived and to be derived from the operation of the entire sewer system and waterworks water works system after payment of reasonable current expenses of operating and maintaining said system including the expenses of any betterments or replacements necessary to keep the same in good repair and working order neither this bond nor the interest thereon constitute an indebtedness of said city within any state constitutional provision of statutory limitation the city has covenanted and agreed and docs does hereby covenant and agree that it will fix such rates for sewer fewer service and water service and will collect and account for the revenues to be received from such sewer service and from the sale of such water and service so that the net revenues so received applicable Jp to issue of bonds will be equal at least one and one half times 1 I t 12 a the amount required to pay the principal of and the interest on this bond and the issue of which it forms a part as each becomes due and to make all payments required to be nude made into the above mentioned 1956 sewer seer and water revenue bond sinking fund A reserve fund in the minimum amount of is to be accumulated on or before october 1 1958 said reserve fund is to be invested in direct obligations of the united states government each successive holder of this bond and the coupons hereto attached is conclusively presumed to forego and renounce his equities in favor of subsequent holders for value without notice and to agree that this bond and ech coch of the coupons hereto attached may be negotiated by delivery by any person having possession hereof howsoever such possession may have been acquired and that any holder who shall have taken this bond or any of the coupons from any person for value and without notice hereby has acquired absolute title thereto free from any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder vernal city and the above named paying agent shall not be cf effected by any notice to the contrary it is hereby certified and recited that all acts conditions and things required by the con ution and laws of utah to happen exist and to be performed precedent to and in the bissu ance of this bond have happened exist and have been perform formed d as so required IN WITNESS WHEREOF SAID vernal city has caused this bond to be executed on its behalf by its mayor countersign ed by the city treasurer and at tested by its city recorder and the corporate seal of sald city to be hereunto affixed md and has caust cause of the interest coupons hereto attached to be executed by th city treasurer and the city recorder by their facsimile sig natures all as of this day of cf 1956 mayor ATTEST city recorder city treasurer SEAL there shall be endorsed on each of said bonds the following city recorders certificate form of city R Rp corders certificate 1 I the undersigned undersigner under signed duly qualified ifield and acting city recorder of vernal city uintah C county au t state of utah do hereby berti certify 7 that the within bond Is within the lawful debt limit of vernal city utah and is issued according to law do not sign I 1 n belty city recorder SEAL form of coupon no on the WW first day of april october I 1 19 9 unless the hereinafter I 1 mentioned bond has been heretofore properly called tor for redemption vernal city latah will pay to bearer solely out of the special fund specified in such bond the sum of Do djilas lars in lawful money of the united states of america at the first security dank bank of utah N A fourth south branch salt lake city utah being interest due that day on its sewer and water revenue bond dated october 1 1956 this coupon has been beep is sued under tinder the provisions of title 55 chapter 3 utah code annotated 1953 and does not constitute an all indebtedness of said city within any state con provision or I 1 tory limitation I 1 facsimile signature city treasurer attest facsimile signature city recorder bond no section 3 said sewer system and waterworks water works system willbe will be interrelated inter related and constitute cons titue a singie singe utility the complete waterworks water works plant and system of the city serving the city and its inhabit lants tants of the territory adjacent thereto lying both within and without the boundaries of the city including all improve III ments ants extensions and additions thereto which may be made while any of the bonds herein authorized remain cout sanding and including all property real personal and mixed of evera nature now or hereafter owned by the city and used or useful in ahe the operation of its entire water later system and the complete sewer system of the city serving the city and its inhabitants and the inhabitants of the territory adjacent thereto lying both w |