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Show ORDINANCE NO. 100 AN ORDINANCE providing for the acquisition of a municipally owned electric generating plant and electrical distribution system sys-tem by the City of St. George City, ' Utah; authorizing and providing for the Issuance of $300,000 Electric Light and Power Revenue Rev-enue Bonds of said City for the purpose of defraying the cost of such acquisition; prescribing-the prescribing-the form and other details of gald bonds; providing for the collection and disposition of the revenues to be derived from the operation of said plant and system; sys-tem; making other provisions with respect thereto and providing provid-ing for the payment of said bonds. WHEREAS, the City of St. George City and its inhabitants are now supplied with electricity through the medium of an electric system owned and operated by Southern Utah Power Company; and WHEREAS, the franchise under un-der which Southern Utah Power Company operates said electric system in the City of St. George City expires on October 25, 1941, and it is considered to be to the best interests of said City and its inhabitants for said City to acquire ac-quire a municipally owned and operated electric generating plant and electrical distribution system rather than to renew said franchise; fran-chise; and WHEREAS, it is not at this time known whether all or part of the existing electric properties and system of Southern Utah Power Company can be purchased by the City at a reasonable price and it is accordingly desired to provide for the construction of a complete electric generating plant and electrical distribution system and to authorize the City Council in providing for the construction of such plant and system to purchase pur-chase all or such part of the existing ex-isting electric properties of Southern Sou-thern Utah Power Company as can in the judgment of the City Council be purchased at prices which will make it beneficial to said City to purchase such property prop-erty in lieu of duplicating such property through construction ; and WHEREAS, the cost of the acquisition ac-quisition of said complete electric generating plant and electrical distribution dis-tribution system has been estimated esti-mated to be $300,000 and a proposal pro-posal has been submitted to said City and accepted by the City v Council under the terms of which Edward L. Burton and Company of , Salt Lake City, Utah,' has agreed to purchase the bonds hereinafter authorized at the price Of par and accrued interest to the date of delivery, subject to the conditions and provisions appearing appear-ing in said proposal; NOW, THEREFORE, Be It and It Is Hereby Ordained by the Cit Council of the City of St. George Washington County, Utah, as fol-i lows: Section 1. That the City of St. George City acquire, through construction con-struction or through construction and purchase as herein provided, a complete electric light and power plant and system for the purpose of supplying electric light and power to said City and the inhabitants thereof, and to the inhabitants in-habitants of such territory adjacent adja-cent thereto as may be conveniently conven-iently served by said plant and system to the benefit of said City, said system to consist of an electric elec-tric generating plant and electric distribution system and all equipment equip-ment and appurtenances used or useful in the operation of such electric light and power plant and ;system. Section 2. That for the purpose pur-pose of defraying the cost of the acquisition of said plant and system sys-tem there shall be and there are hereby authorized to be issued the electric revenue bonds of said City in the total principal amount of $300,000, which bonds shall be payable solely from the net revenues rev-enues derived and to be derived from the operation of said plant and system as hereinafter provided. prov-ided. Section 3. That said bonds shall be dated as of January 1 of the year in which said bonds, or any part thereof, shall be delivered deliv-ered to the purchaser thereof, shall be in the denomination of $1,000 each, shall be numbered consecutively from 1 to 300 inclusive, in-clusive, and said bonds shall mature ma-ture serially in numerical order $15,000 three, four, five and six years from their date, S20.00C seven, eight, nine, ten, eleven, twelve and thirteen years from their date, and $25,000 fourteen fifteen, sixteen and seventeen years from their date. Bonds numbered 1 to 100 inclusive, in-clusive, shall bear interest at the rate of four per cent (4) pel annum until paid and bonds numbered num-bered 101 to 300 inclusive, shal bear interest at the rate of foul and one-quarter per cent (4UCrl per annum until paid. All interest inter-est shall become due semi-annually on January 1 and July 1 ol each year, with the first interes-falling interes-falling due one year from the dati of the bonds. Bonds numbered 101 to 300 in elusive, shall be callable for re demption in inverse numerical order at the option of the City on any interest payment date at par and accrued interest to the date fixed for redemption and a premium prem-ium of $42.50 for each bond redeemed. re-deemed. Notice of redemption is to be given by publication of an appropriate notice, once a week for three consecutive weeks, in a daily newspaper published and having general circulation in Salt Lake City, Utah, and the first publication shall be made at least thirty days prior to the date fixed for redemption. A similar notice shall be sent by registered mail, not less than thirty days prior to the date fixed for redemption, to Edward L. Burton and Company, Com-pany, 160 South Main Street, Salt Lake City, Utah, and to the Chase National Bank of the City of New York, New York City, New York. Section 4. That said bonds shall be payable both principal and interest in lawful money of the United States of America at The Chase National Bank of the City of New York, in the City of New York, New York, and shall be signed by the Mayor of the City of St. George City, and shall be countersigned by the City Recorder, Re-corder, and shall have the corporate corpor-ate seal of said City impressed thereon, and the interest coupons attached to said bonds shall be executed with the facsimile signatures signa-tures of said Mayor and Recorder, Re-corder, which officials by the execution exe-cution of said bonds, shall adopt as and for their own proper signatures sig-natures their respective facsimile signatures appearing on said coupons. cou-pons. Section 5. That upon presentation presenta-tion at the offices of the City Treasurer of the City of St. George of any of said bonds, such bonds may be registered as to principal in the name of the owner own-er thereof on the books of the Treasurer to be kept for that purpose pur-pose in his office, which registration registra-tion shall be noted on the reverse side of the bonds by the Treasurer, Treas-urer, and thereafter the principal of bonds so registered shall be payable only to the registered holders, their legal representatives representa-tives or assigns. Bonds so registered regis-tered may be transferred to other registered holders or transferred to bearer upon presentation of the City Treasurer with a legal assign-tered assign-tered may be transferred to bearer upon presentation to the City Treasurer with a legal assignment assign-ment duly acknowledged or proved. Registration of any of said bonds as to principal shall not affect the negotiability of the coupons thereto attached and said coupons shall continue to be transferable trans-ferable by delivery. Section 6. That said bonds and 1 coupons and the blanks to appear 1 on the back thereof shall be in : substantially the following form: (Form of Bond) |