Show ORDINANCE The City Council of Vernal Uintah County State of Utah met metIn metIn In regular session on Wednesday I the day of May A D E 1937 at atI atthe atthe atthe I Idue the hour of 7 1 30 o 0 clock P 11 due legal and timely notice nonce of said meeting having ing been given to all members as required by law and the ordinances of said City On roll call the following mem mem- members members bers rs l were prESent I R C Cooper Mayor presiding H 3 9 Councilman T G Alexander Councilman W S Hen Henderson derson Councilman Philip Wat Wat- Watkins Wat-kins Wat kins Councilman Chas A Hatch Councilman Oscar M f f Lyman City Recorder also present Absent None Councilman W S Henderson in- in introduced In Introduced the following mg ordinance I I and moved its adoption which or- or ordinance or ordinance was read In full by the I City Recorder ORDINANCE NO C 5 I An ORDINANCE PROVIDING IFOR FOR THE ISSUANCE AND SALE or OP ELEVEN THOUSAND DOL DOLLARS DOL- DOL DOLLARS LARS 11 REFUNDING o t BONDS OF OP VERNAL CITY UTAH PRESCRIBING THE FORM THEREOF FORM THEREOF AND FOR THE LEVY OF TAXES TO PAY THE SAME I SAMEI WHEREAS p pursuant to special I election held In Vernal City on I February 27 1917 and to ordinance duty duly passed on the dav day of o June A D 1917 1911 the City duly is- is issued Is Issued June sued and sold Its negotiable cou- cou coupon cou coupon pon bonds In the amount of 35 1000 00 bearing Vs o c Interest due the first day of June 1037 1937 subject i to o redemption on the first day of Tune June 1927 and WHEREAS said City Cit e exercised el Its is right of redemption on June JuneI I 1927 and by ordinance duly dul adopted made and entered by the City ity Council of Virnal City on the 3rd dav day of May A D 1927 said sty City duly Issued and sold Its negotiable negotiable table coupon refunding bonds in inthe Inthe the he amount of bearing Interest numbered from 1 Ito to 0 35 both inclusive In the denomination deno deno- denomination denomination of 1 00 each ach and maturing 3 00 on the first andl day dav davo davo I o June In each or of the years 1928 to 0 1936 Inclusive e and 8 00 on the 1937 he first and day of June In the earl ear ani I WHEREAS all of said bonds sere I duly Issued and sold and bonds erel I numbers 1 to 24 both Inclusive e in inthe inthe Inthe the aggregate amount of 24 00 ha have hae e heretofore been paid and bonds numbers 25 to 27 both In- In In Inclusive in the aggregate amount of matured June 1 1936 and ha have hate e not yet vet et been paid and bonds numbered 28 to 35 both in- in In Indus e dus e In clue Uie aggregate amount of 8 00 are due and payable I June 1 1937 and ind nd there are no funds a available In the treasury of I Isaid said City for the pO payment ment of said bonds or nn an of them and I WHEREAS It Is necessary that funds be provided for the payment pa of all of said bonds and It Is Ls deem deem- deemed deemed ed advisable ad and for the best interests in- in In Interests of sold said City that refunding bonds be Issued for this purpose NOW THEREFORE BE IT OR- OR ORDAINED ORDAINED OR ORDAINED BY THE CITY COUN COUN- COUNCIL COUNCIL COUNCIL CIL OF On VERNAL CITY UTAH 1 Section 1 That for the purpose I of providing funds to tn pay pa and re- re re-j re re redeem deem bonds In the aggregate amount of Eleven en Thousand Dol- Dol Dollars Dol Dollars lars 11 00 of Vernal City more particularly described as fo 0 lows 11 00 City of Vernal Negotiable Negotiable Coupon Refunding Bonds Series Safes of or Jure 1 1927 dated June 1 1927 Interest at atthe atthe atthe the rate of 4 per annum annually semi on the first day of or June and the first day of o December In each year I I I o t I I o I I bonds numbers 25 to 27 both it In Inclusive t I elusive of the denomination of 1 1 due duo and pa able June 1 1936 1930 and bonds numbers numbe 28 23 to 35 both Inclusive of tho V th I I denomination d of M 1 00 ench I due and pa payable able June 1 1937 there shall bt br b i Issued Bonds of ot City In the v gr tate gate nine nt of f C Eleven Tho i 11 dot 00 which bone shrill be dated the fir first t day of y M Mt 1937 in the denomination of Or Thousand ThOland Dollars earh ear I from one 1 to till t 1 both inclusive due end find pw pat ably abI 1000 00 on the first diy day c or Mr v In each pi h year vear ear 38 t t-i t i I eluding 1940 and 2 00 on to t first dav dl of or May y In each year yar 19 1941 to and 1944 bearing In tr Interest terest at the rate of Three and one one qu per 31 3 Si fc r r Jr pF annum from date dite until p paid pay pay annually p ble- ble semi on the first ea dal dalo da ao 8 o 0 May day and November In each year yea commencing November ember 1 1937 and an known as Vernal City Cay Refund Ine ins Bonds Bands Series of May 1 1837 1937 Both principal and Interest int rest shan sha shabe be payable In such funds as ar aron are Ion on the respective dates of pay payment nent rent ment of the principal of and inter interest Inter est est on said bonds legal tender fc for I debts due the United States of t America at the State Bank Ban Banin I in Vernal Utah To each of said sai bonds shall shan be attached a fore each Installment of interest contemplated by said bonds Sl idl Sat bonds bondo and anel coupons shall shan be In all sub j wit the follo following ing form to-J to to wit to-wit UNITED STATES OF OP AMERICA AMERIC STATE OF UTAH I COUNTY Vernal City Refunding Bond Series of May 1 1937 1931 1 No 1 1000 00 Vernal City In Uintah County Count State of Utah hereby acknowledges acknowledge itself to be Indebted and nd for fOT value received hereby promises to pay y toI t to I the bearer hereof the sum of I ONE THOUSAND DOLLARS J 1 00 on the first day of MaiA May Mai A D 19 with Interest thereon I IA at the rate of three and one quay ter per 3 IA r no G c per annum annun from date until paid payable semi semi- semi on the first day of oC Ma May and the first day dav da of November In ft each year commencing November I 1 1937 said Interest to maturity beng be being ing ng represented by Interest coupons coupon I hereto attached both principal an and being payable In such funds fund fundas as are on the respective dates of o I payment of ot the principal of an and the Interest on this bond Legal lega tender ender for debts due the Unite states of America at the State Bank In Vernal City Utah I This bond Is Issued for the pur- pur purpose pur purpose pose rose of refunding legal and vane valid I outstanding bond bonded bond d indebtedness of of said City and Is one of a series I of If bonds of like date and amount amoun I and nd known as Vernal City Refund Refund- Refunding Refunding ing ng Bonds Series of May 1 1937 sued under and pursuant to the the provisions of the Constitution and anc Laws jaws of the State of Utah The City Council of Vernal City Cit shall hall annually levy Y a sufficient ta tax to u pay the Interest on this bond as asit a at asit it t falls faIls due and also to constitute payment ment of o ohe a r sinking fund for the pa the he principal thereof as the same Calls ails due It Is hereby certified recited and anc declared that all conditions act acts and things essential to the validity of f this bond exist have land rod have ha been done and that ever requirement of law affecting the thi hereof has been duly com com- corn com complied plied with and that this bond ii is limit Urn within every ery debt and other bv by the Constitution and sac and that the S LI as of said State ate full ull faith and credit of said Ver Vernal onal nal pal City are nereby pledged ledged to the punctual payment o 01 the he principal and interest of ol thi this bond fond according to Its terms IN WITNESS WHEREOF Ver- Ver Vernal Ver Vernal nal pal City has caused this bond tc toI to be e signed by its its Mayor Maor Mas or and Its City Treasurer and Its ts corporate seal tc te tc be to hereunto affixed attested byis by byo its is City Recorder and the annex annex- annexed ed cd d coupons to bear the facsimile signature of t e a City Treasurer aE a af of f the first day of May A D 1937 R C COOPER Mayor WILSON MURRAY City Treas Attest OSCAR M LYMAN City der er erSEAL SEAL To each of said bonds shall be ed a coupon for each Install install- Installment ment sent of Interest contemplated by bv said Lid bond which coupons shall be numbered consecutively ely beginning beginning ith ith No 1 I with the several dates of r pa payment ment and number of bond bondI and rid shall bear the facsimile sig- sig sig signature nature of the City Treasurer Said coupons and tJ ch pj ch of them except as t to dates of pa payment ment shall be beI beIn In I substantially the following form sit s-sit It I FORM FOR OF COUPON No 1625 Hi 25 I On the first day of May Novem NO November her ber 19 Vernal City Uintah County State of Utah will pay to the bearer hereof at the Uintah state Bank In Vernal City utah the sum of oC Sixteen and 25 25 Dollars DonaIS 1625 In such funds as asare asare are on the date of payment ment here here- hereof hereof of legal tender for debts due the United States of America being I six she months Interest then due on lu its Refunding Bond Series of or Ma May 1 1937 Facsimile Signature I City Treasurer Bond No There shall be endorsed on each i of said bonds the thc following City Auditor Auditors s Certificate I I hereby certify that this bond bondI bondis bondIs I is within the lawful la debt limit of Vernal City Uintah County State of or Utah and Is Issued ac- ac according ac according cording to las Ia la City Auditor Vernal City Utah All AU the covenants statements representations and agreements contained in hr said bonds and coup i coup coupons ons representations and all recitals and of this ordinance are herebY considered and understood and it its Itis s hereby ordained d and declared that hat said covenants co and pro promises I therein herein are the covenants oo and promises of said Vernal City and that hat the tile rep representations and statements statements state- state ments ments therein ass aNa ar the and statements of said City Ci antI and it is further stat stated and rep rep- represented re rep represented resented that Vernal City Is a l corporation co and a Cit C Cof of the third class under the Cc and laws bus I S 1 of the Sate S ate of Utah Section 7 The he e interest filling falling d don d fon f on said bons bon's bon on 01 November 1 11 iT 1 11 b raid r out sit of the gene fund of said saint City and to i sid T ll fund for said irsta ri rt rs r r- interest rest end to meet th t st I inter t st due on said l d bon bonon bondon on May Mav 1 1938 and r 1 1 18 ind the of I maturing May 1 1938 there sh sha b Ic levied led in the 3 tar car ar 1937 on oJ taxable propErty s within said aid CIt Ci i 1 I addition to all other taxes e direct annual tax sufficient to pro pro- produce pro produce pr duce the sum um of 1 00 bei 00 for tor Interest and S1 1000 00 for principal and thereafter in order to raise the necessary funds fun with which to pay the Interest at and n as the same sac I 11 due there sh shill U be bs l vied 0 orall all taxable property In said City Cit In addition to all other taxes R RI I direct annual tax In years ears at and amounts as follows Year Principal Interest 1938 1 00 75 1 1108 R 7 1 1 1000 00 25 1 1276 25 1940 50 2 0 1941 50 2162 r 1942 2000 00 2 0 1943 2 00 2032 M MI Said taxes when collected shaIl she shebe be applied solely for Cor the purpose I of paying the Interest t and prix orin ci cipal of said bonds and for no other purpose what wha whatever ever until the Indebtedness so co con contracted land erected under this ordinance prig prin principal cipal and Interest shall shaIl have ha been be I Tully fully paid satisfied and dischar discharged ed cd d but nothing herein shall be construed as to prevent I saId aid City from applying any oth funds runds that may be toe In the treas r tad and available for the purpose to I the p of oC said Interest e or principal as the same respectively respective nature mature and the levy or levies lieu hete In heie-In in n provided for may thereupon to I that hat extent be diminished and the U sums urns hereinbefore provided pro for far to i meet neet the Interest on said bonds bon and Ind to discharge the principal hen due lue are hereby appropriated fn for that hat purpose and said amount fm ft each ach sear ear shill sh ll U also be included include I in n the annual appropriation bil ass d by the City Council of said sal vernal 1 City In each sear ear respectively Section 3 S J aid bonds and each of If them sJ s rl I be slimed aimed by the theMa th theMas Ma or and the City Treasurer and an attested by the City Recorder an and the he coupons attached to said bonds bone shall hall b b slimed signed bv by the signature of the City Treasurer Treasure The fie Mayor and City Treasurer are at hereby authorized and anil directed t to sign ign and the City Recorder to at at- at test est and affix the seal to each c caid of said sald aid bonds and the acts of said sai Mayor City Treasurer and City Cit Recorder In so doing are and shall sha be to the act and d deed d of Vernal Cit Section 4 Said bonds shall shah be t in place of the fronds bonds to be t refunded and simultaneously ith v the he cancel atlon thereof Section 5 WHEREAS The In In Industrial Commission of Utah at a Salt at Lake City Utah under pro pro- provIsions pro provisions visions of Title 42 2 Revised Revise Statutes of Utah 1933 has ekes exer exercised Its right to purchase then these ponds bonds paving Pi in thel their par pa value alue 11 00 plus accrued in- in interest it In Interest terest erest from the date of or the bonds bone boneo to o the date of their dell delivery NOW THEREFORE BE IT I FURTHER URTHER that the said aid 11 00 of refunding bone bonds re hereby sold to The Industrial CommIssion of Utah at par and an accrued Interest and the City Cit Treasurer Is hereby authorized and an Instructed to deliver said bonds to t taid said aid Industrial Commission upon receipt of oC the purchase price and an accrued Interest Section 6 That all Ordin and nd Resolutions or parts of Ordinances nances and In conflict with rith the provisions hereof be and an the he same are hereby repealed and an anter after ter said bonds are Issued thi this Ordinance shall be and remain Ir- Ir it ir until said b binds and ant the w inte st t thereon shall have been bee full paid satisfied and discharged ed i as herein provided pro Section 7 In the opinion of the th City ity Council of Vernal City it is I nece ary to the peace health ant and safety of said Vernal City that that this its Ordinance become operative S Section 8 NOW THEREFORE BE E IT ORDAINED that It I lo is nee necessary essary nary for the Immediate preset preservation atton tUon of the peace health and anc fet sa-fet fety of said Vernal City that the proceeds of these bonds are avail all available able avail Immediately for tor the purpose purport herein set wet forth that an emergent emergency Is hereby declared and that this Ordinance shall be published in into one to Issue of the Vernal Express a weekly seekly newspaper ne of general sir cir cir cir- circulation circulation lation printed and published hed in inVernal it InVernal Vernal City Utah and shall be it In force and take effect immediately upOn Ion the dav day of Its pa passage Sage approval approval al and publication by the City Council of Vernal unal City County State of Utah and approved bv by the May May- or Mav-or or this day of May A D 1937 37 R C COOPER Ma Mayor Mas or ATTEST OSCAR M LYMAN City Re- Re Re Recorder corder SAL SS AL l The adoption of the foregoing ordinance was sas as seconded by Coun Coun- Councilman Councilman cilman man T G Alexander lexander and th the theme same me on being beta put to a vote was unanimously carried by bj the affirm affirm- affirmative ath v e a vote of all Councilmen Councilman pre pre- present pre present sent it theote the vote ote being as follows R 2 |