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Show JULY 18, 1940 TIIE LEHI SUN, LEHI, UTAH (f0Btinued from Pe OnO a system wwr .rJk completion of said f" Into and betterments to the payment of said c said election was duly lilted and held and 1 j m all respecu. iu. ,ted u T..itiit.inn and Laws :3: ,,40 and returns w u f were duly made by the ''SelauaUfied and acting & election, and i5L the City Council of M city sitting as a bom taS on Monday the 8th 'X 1940, duly canvassed f 01 onH bv resolution duly d Tit at said election the 51 votes cast were In K toe issuance of said bonos, LcuiMS in the opinion of the " , ' the issuance of r randlhe City Council L bonds, ana u Vlofrir Sed for the sale there-iardL- Burton & Company, City, Utah THEREFORE, bis u ffliffiTTHE CITY COUNCIL t iTE OP UTAH: ,Hnn 1 That for the purpose 2L the cost of improve- land betterments to the pres- municipal eiecuiv, 6"- - ' "tem of said City for the pur-ortMuately pur-ortMuately supplying light ana powei r. inhabitants thereof, there issued Twenty-five Thous-iDoUars Thous-iDoUars ($25,000) electric light ae tends to be known as Lehi , Electric Light Revenue jxiu, "' . 1 KUrt" Hated JulV 1. j in denominations oj. w :,nH Dollars ($1,000) each, Lhered consecutively from one (1) twenty-five iz&J, ooui interest at the rate of three i three-quarters per cent (3-) r innum, payable semi-annuaUy i January 1 and July 1 in each si commencing January 1, 1941, ,jnd payable serially in numer- V order Five Thousand Dollars 10) on the first day or July in of the years 1942 to 1946, both im. Said bonds shall toe paid lily from the net revenues of the lie electric light plant and sys- the construction and com- ion of said improvements and moments, which net revenues shall be deemed to be the gross revenues rev-enues of said system after reductions reduc-tions only for the cost of operating and maintaining the system and the expense of any improvements and betterments necessary to keep the same in good repair and working order. Said bonds and the coupons attached at-tached thereto shall be payable at the First Security Trust Company in Salt Lake CUy, Utah. Said bonds shall be signed by the Mayor of Lehi City, shall be countersigned by the City Treasurer, and shall be attested by the City Recorder under the corporate cor-porate seal of said City, and the interest coupons attached to said bonds shall be executed with the facsimile signatures of said officials, which officials by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures appearing ap-pearing on said coupons. Said bonds and the coupons at tached thereto shall be fully negotiable ne-gotiable and shall have all of the qualities of negotiable paper, and the holders thereof shall have all the rights enjoyed by the holders of negotiable instruments under the provisions of the Negotiable Instru ments 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 OP AMERICA STATE OP UTAH COUNTY OP UTAH LEHI CITY ELECTRIC LIGHT REVENUE BOND SERIES OF JULY 1, 1940 No. ? $1,000.00 KNOW ALL MEN BY THESE a majority vote of the qualified PRESENTS: That Lehi City, in the County of Utah, State of Utah, for value re ceived, acknowledges itself to be in debtedand hereby promises to pay to the bearer hereof, the sum of ONE THOUSAND DOLLARS ($1,000.00) on the first day of July, A. D. 194, with interest thereon at the rate of three and three-quarters per cent (3-) per annum, payable semiannually semi-annually on January 1, and July 1 in each year, commencing January 1, 1941, upon presentation and surrender sur-render of this bond and the attached coupons as they severally become due, both principal and interest being be-ing payable at the First Security Trust Company in Salt Lake City, Utah, in lawful money of the United States of America. This bond is issued by Lehi City pursuant to authority conferred by Three Good Reasons Why Children Prefer Three-Bar Dairy Milk - IT'S PASTEURIZED It has a Better, Satisfying Flavor 9 It's Cream-Rich and Nutritious 0 It's Fresher and More Appetizing Call 83-J Have it Delivered to Your Home THREE-BAR DAIRY State Street Lehi I LOOK! r ur present Mattress remade ithnew covering and inner snrinirs ? mm m m I jt,.- - 1 $735 FOR AS LnTLE AS "ALL WORK GUARANTEED" we. call for and deliver FREE! Overman's Mattress Co. ' 0rth Furth WestROVO or Phone 90-W, Lehi electors of said City voting at special election duly and lawfully called and held in said City on the 6th day of July, 1940, and to an ordinance duly enacted by the City vouncu, ior the purpose of defraying defray-ing the cost of improvements and betterments to the present municl pal electric light plant and system of said City for the purpose of more adequately supplying electric light ana power to said City and the inhabitants in-habitants thereof. This bond and the attached coupons are issued under un-der the provisions of Chapter 22, Laws of Utah, 1933, Second Special Session, as amended by Chapter 74, Laws of Utah, 1935, and do not constitute con-stitute an indebtedness of said City within any state constitutional provision pro-vision or statutory limitation. This bond is one of a series of bonds payable from and secured by an exclusive pledge of the net revenues rev-enues of the entire electric light plant and system of said City after j the construction and completion of said improvements and betterments, which amount shall be sufficient to pay the principal of and the interest on said bonds as and when the same become due and payable and which is to be set aside as a special fund for that purpose and identified as the "Electric Light Revenue Bonds Sinking Fund" of Lehi City. Said City has covenanted and does hereby here-by covenant and agree that it will fix such rates for the sale of electricity elec-tricity and will collect and account for the revenues to be received for the sale thereof sufficient to pay the principal of and the interest on this bond and the issue of which it forms a part as the same become due, and that so long as these bonds or any of them or the interest there on, are unpaid the City will not issue any other bonds having an equal or prior lien on the net revenues reve-nues of the entire electric light plant and system, nor in any way attempt to pledge such revenues so that any lien thereon will be equfj or prior to that of this "bond and the issue of which it forms a part. It is hereby certified, recited and declared that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this bond, exist, have happened and have been performed per-formed in due time, form and manner, man-ner, as required by law; that the amount of this bond, together with the issue of which it forms a part, does not exceed any limitation prescribed pre-scribed by the Constitution or the Statutes of the State of Utah, and that all of the revenues to be derived from the electric light plant and system of said City are pledged and are to be set aside into a special fund by said City sufficient to pay when due the principal of and the interest on this bond and the issue of which it forms a ,part. IN TESTIMONY WHEREOF, Lehi City, Utah, has caused this bond to be signed by its Mayor, counter' signed by its City Treasurer, and attested by its City Recorder, under the corporate seal of said City, and has caused the interest coupons hereto attached to be executed with the facsimile signatures of said of fi cials, which officials by the execution execu-tion of this bond do adopt as and for their own proper signatures their respective facsimile signatures ap pearing on said coupons, all as of the first day of July, 1940. DEAN PRIOR, Mayor, Lehi City, Utah. Countersigned: INEZ PETERSON, City Treasurer, Lehi City, Utah. Attest: LELAND POWELL, City Recorder, Lehi City, Utah. (SEAL) To each of said bonds shall be attached a coupon for each installment install-ment of interest contemplated by said bond, which coupons shall be in substantially the following form: (Form of Coupon) No. $18.75 July, On the first day of January, A. D 194, Lehi City, Utah County, State of Utah, will pay to the bearer hereof here-of the sum of Eighteen and 75-100 Dollars ($18.75) in the manner and out of the fund described in the bond to which this coupon is attached, at-tached, in lawful money of the United States of America, at the First Security Trust Company in Salt Lake City, Utah, for interest due on that date on its Electric Light Revenue Bond, Series of July 1, 1940. This coupon has been issued is-sued under the provisions of Chapter Chap-ter 22, Laws of Utah, 1933, Second Special Session, as amended by Chapter 74, Laws of Utah, 1935, and does not constitute an indebtedness of said City within any state constitutional con-stitutional provision or statutory limitation. DEAN PRIOR, Mayor, Lehi City, Utah. Countersigned: INEZ PETERSON, (Facsimile Signature) City Treasurer, Lehi City, Utah. ATTEST: LELAND POWELL, City Recorder. Lehi City, Utah. Bond No. Section 3. That after the Issuance Issu-ance of these bonds the electric light plant and system of Lehi City shall, for the purposes of this ordi-, THURSDAY, JULY 18, 1910 nance, be operated on a fiscal year Lehi City and to 1U citizens and to basis commencing on the first day of all consumers within or without the January in each year and ending . ooundurie, of at, SS on the last day of December reasonable and just, taking into acta ac-ta each year. From and after the count and consideration the cost nf th? , ?n f WCnUCS md Value 01 said Plant and s'stei of the electric light plant and sys- and the cost of maintaining and op- tem of said City shall be set aside J eratlng the same, and the proper in a separate and special fund to be 1 and necessary allowances for de-used de-used in operating and maintaining j preciation thereof and the amounts said electric light plant and system' necessary for the retirement of all uiw m making improvement anc bonds, and the accruing intrPst. nn betterments necessary to keep said plant and system in good repair and working order, for the payment of Six Thousand Dollars ($6,000) outstanding out-standing Electric Light Revenue Bonds due September 1, 1941, to gether with the interest thereon, and for the retirement of these bonds, as follows: The cost of operating and main taining the said electric light plant and system and the expense of mak ing any necessary improvements and betterments thereto to keep the same in good repair and working order shall be a first charge upon the revenues and income derived from said plant and system, and such costs shall be paid from said all such bonds as may be issued hereunder, and there shall be charged against all purchasers of said electricity, Including said Lehi City, such rates and amounts as shall be adequate to meet the requirements re-quirements of this and the preceding preced-ing sections hereof, all of which revenues, rev-enues, including those received from the City, shall be subject to distribution distri-bution to the payment of the cost of operating and maintaining the plant and system and the expense of necessary improvements and betterments, bet-terments, and the payment of the principal of and the Interest on the bonds herein authorized as hereinbefore herein-before provided. Section 5. That the city of Lehi revenues and income from month i City hereby covenants and agrees to month as said revenues and in-1 with each and every holder of the come are collected. The income and 'bonds issued hereunder: revenues remaining after such pay-1 (a) That the City will maintain ments have been made shall be con-1 said electric light plant and system sidered the "net revenues" of said in good condition and operate the electric light plant and system and are so designated in this and the following sections of this ordinance Out of such net revenues the City shall provide for the payment of th; principal of and the interest on the Six Thousand Dollars ($6,000) Elec tric Light Revenue Bonds due September Sep-tember 1, 1941, as covenanted at the time of the issuance of such bonds There shall be and there is hereby created an account and fund to be known as "Electric Light Revenue Bonds Sinking Fund" into which there shall be paid from and after the date of the issuance of these bonds, in approximately equal monthly installments, an amount equal to one hundred per cent (100) of the amount required to pay the interest and principal payments pay-ments falling due on or before the next maturity date of any of such bonds and, in addition thereto, an amount at least equal to twenty per cent (20) of said amount, such additional payments to 'be continued until there is in such bond interest and sinking fund an amount sufficient suffi-cient to meet the interest and principal prin-cipal payments falling due on or before the next maturity date of such bonds and the interest and principal payments falling due thereon for one year thereafter. The purpose of such additional payment is to provide a reserve to meet pos sible future deficiencies. No pay ment need be made into the bond interest and sinking fund if the amount then contained therein is equal to the entire amount that is then or will thereafter become pay able on all of said bonds and in terest coupons then outstanding. If in any month, for any reason, the City shall. fail to pay into said bond Interest and sinking fund the full amount above stipulated, then a I sum equal to any deficiency in the amount paid into the oona interest and sinking fund in such month shall be added to the amount otherwise other-wise required to be paid into the bond interest and sinking- fund in the next succeeding month or for such length of time as is necessary to equal such deficiency. If, for any reason, the City shall fall at any time to pay into such bond interest and sinking fund a sum sufficient to meet the aggregate amount of interest and principal (becoming due in such year, then any sums held as a reserve shall be used for the payment of any portion of the interest in-terest on or the principal of such bonds becoming due on which bonds there would otherwise be a default, but such reserve shall be reimbursed therefor from the first available payments made into the bond interest in-terest and sinking fund from the net revenues until such time as the re serve fund shall be reconstituted in full. The payments hereinabove re quired to be made into the bond interest in-terest and sinking fund shall be made in monthly installments on the first day of each month, except that when the first day of any month shall be a Sunday or a legal holiday, then such payments shall be made on the next succeeding secular day. All monies in said bond interest and sinking fund shall be deposited in the State Bank of Lehi, Lehi Utah, or in some other bank of equal standing and rating satisfactory to Lehi City and to the purchaser of the bonds, and all such deposits shall be made as provided by the Depository Law of the State of Utah. The "Electric Light Revenue Eonds Sinking Fund" shall be used solely and only, and is hereby expressly and exclusively pledged for the purpose pur-pose of paying the principal of and the interest on the Twenty-five Thousand Dollars ($25,000) bonds herein authorized to be issued. Section 4. While the bonds auth orized herein or any of them remain outstanding and unpaid, the rate? for all electricity sold by the said electric light plant and system to same in an efficient manner and at reasonable cost; (b) That nothing in this ordinance ordi-nance shall be construed as requiring requir-ing the City to expend any funds which are derived from sources other than the operation of said utility except for the agreement that the City shall pay the fair value of all electricity purchased by the City, but nothing herein contained shall be construed to prevent the City from so doing; (c) That the city of Lehi City will keep proper books, records and accounts separate from all other records and accounts, in which complete com-plete and correct entries shall be made of all transactions relating to the electric light plant and system. Such books and accounts shall be kept as nearly as may be in accordance accord-ance with the rules and regulations established by the Utah State Pub- lie Utility Commission for privately- j owned utilities. The City will furnish fur-nish to any holder of any of the bonds issued hereunder upon written request after the close of each fiscal fis-cal year complete operating and income in-come statements of the electric light plant and system in reasonable detail de-tail covering such fiscal year; (d) That the holder or holders of twenty-five per cent (25) in aggregate principal amount of the bonds issued hereunder at any time outstanding shall have the right at all reasonable times to inspect the plant and system, and all records, accounts and data of the city of Lehi City relating thereto, and that upon request the city of Lehi City will furnish to such holder or holders hold-ers such financial statements and other information relating to the city of Lehi City and its electric light plant and system as such holder or holders may from time to time reasonably require. Section 6. That the city of Lehi City hereby covenants and agrees with the holder or holders of the bonds herein authorized or any of them, that it will faithfully and punctually perform all duties with reference to said electric light plant and system required by the Constitution Con-stitution and Laws of the State of Utah, including the making and collecting of reasonable and sufficient suffi-cient rates as above provided, and will segregate the revenues of said system and apply said revenues as provided by this ordinance, and said City hereby irrevocably covenants, binds and obligates itself not to sell, lease, mortgage, or in any manner dispose of said plant and system or any part thereof, including any and all extensions and additions that may be made thereto, until all of the bonds herein authorized shall have been paid in full, both principal princi-pal and interest, and the City further fur-ther covenants and agrees continuously contin-uously to operate said plant and system and to charge and collect rates and charges for electricity sold thereby so that the gross revenues thereof will at all times be in amounts sufficient to pay for the cost of operating, maintaining and administering said plant and system, sys-tem, and the cost of preserving the same in good repair and working order, and sufficient to build up a reserve for depreciation, and in amounts such that the net revenues thereof will be sufficient to fully pay all of the principal of and the interest on the bonds herein authorized auth-orized as the same fall due, all as hereinabove provided and as provided pro-vided by Chapter 22, Laws of Utah, Second Special Session, 1933. Any holder of said bonds or any of them or of any of the coupons representing represent-ing interest thereon may eitner at law or in equity, by suit, action, mandamus or other proceedings, in any court of competent jurisdiction, protect the lien created by this ordinance ordi-nance on the revenues of said plant and system, and may by suit, action, ac-tion, mandamus or other appropri ate proceeding or proceedings enforce en-force and compel performance of all duties imposed upon said City by the provisions of this ordinance, including in-cluding the making and collecting of sufficient rates, and the segregation segrega-tion of the Income and revenues of said plant and system, and the proper application thereof. The City further covenants and agrees that if any default be made in the payment of principal of or Interest on any of said bonds, then upon the filing of suit by any holder of said bonds or coupons any court having jurisdiction of the action may appoint a receiver to administer admin-ister said plant and system in behalf be-half of the City, with power to charge and collect rates sufficient to provide for the payment of all bonds and obligations outstanding against said plant and system and for the payment of operating expenses, ex-penses, and to apply the income and revenues thereof in accordance with the provisions of this ordi nance. j Section 7. That the city of Lehi ! City hereby expressly agrees and j covenants that the City will not j hereafter issue any bonds or obli-: obli-: gatlons payable from the revenues ! of the electric light plant and sys tem until all bonds herein authorized, author-ized, both principal and interest, have been paid in full unless such additional bonds are issued In such manner that they are in all respects re-spects subordinate to the bonds herein here-in authorized and in such manner that the prior lien of the bonds herein authorized on the revenues of said plant and system herein pledged to the payment of said bonds is not in anywise affected or J Impaired. Section 8. That the provisions of this ordinance shall ' constitute a contract between the City and the holder or holders of the bonds herein here-in authorized to be issued and that after the issuance of such bonds no change, variation or alteration of any kind in the provisions of tills ordinance shall be made in any manner until such time as all of the said bonds Issued hereunder and Interest due thereon have been paid in full. Section 9. That if any section, paragraph, clause or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability unenforce-ability of such section, paragraph, clause or provision shall not affect in any way any of the remaining provisions of this ordinance. Section 10. That all ordinances, resolutions and orders, or parts thereof, in conflict with the provisions provi-sions of this ordinance are, to the extent of such conflict, hereby repealed. Section 11. That the sale of said bonds herein" authorized to Edward L. Burton & Company of Salt Lake City, Utah, at a price of par and accrued interest, is hereby ratified and confirmed, and the City Treasurer Treas-urer is hereby instructed and directed di-rected to deliver said bonds to Edward Ed-ward L. Burton & Company upon receipt of the purchase price there for. Section 12. That the City Re corder be and he is hereby author ized and directed to have printed and published immediately in one issue of "The" Lehi Sun" a complete copy of this ordinance, and to place on file in his office a certified copy thereof. Section 13. That this ordinance shall be in full force and effect on the day of its passage, approval and publication as above provided. PASSED AND APPROVED This 17th day of July, A. D. 1940. DEAN PRIOR, , Mayor, Lehi City, Utah County. State of Utah. ATTEST: LELAND POWELL, City Recorder, Lehi (City, Utah County, State of Utah. (Seal) ATTEST: State of Utah, County of Utah, Lehi (City, ss. I, Leland Powell, the duly elected qualified and acting recorder of Lehi City, Utah, do hereby certify and declare that the above and foregoing fore-going is a full, true and correct copy of an ordinance passed by the City Council of Lehi City, Utah, on the 17th day of July, A. D. 1040, entitled: "An ordinance providing for the issuance and sale of Twenty-five Thousand Dollars ($25,000) Electric Light Revenue Bonds of Lehi City, Utah County, State of Utah, for the purpose of providing fund3 for defraying de-fraying the cost of improvements 8nd betterments to the present Municipal Electric Light Plant and System of said City for the purpose of more adequately supplying electric elec-tric light and power to said City and the inhabitants thereof; prescribing the form and other details of said bonds; providing for the collection and disjxxiltlon of the revenues to be derived from the Municipal Electric Elec-tric Light Plant and System; making mak-ing other provisions with respect to the operation of said plant and system sys-tem and the issuance of said bonds; and providing for the payment of said bonds." In Witness Whereof, I have hereunto here-unto set my hand and affixed the-Corporate the-Corporate Seal of Lehi City, Utah, this 17th day of July, A. D. 1940. (Seal) LELAND POWELL, City Recorder, Lehi City, Utah . County, State of Utah. Published in The Lehi Sun, July 18th. 1940. PROBATE AND GUARDIANSniP NOTICE Consult county clerk or respective signers for further information. NOTICE TO CREDITORS Estate of William Francis Butt, deceased; Creditors will present claims with vouchers to the undersigned under-signed at his residence, 608 East 6th North Street, Provo City, Utah, on or before the 20th day of September, Sep-tember, A. D. 1940. Dated at Provo City, Utah, this 16th day of July, A. D. 1940. NEWBERN I. BUTT, Executor. A. L. Booth Attorney, Provo. First publication July 18, 1940. Last publication August 8, 1940. Local Items Mr. and Mrs. Wallace Glover spent Saturday afternoon, visiting in Salt Lake City. Mrs. Andy Trane spent Monday visiting with her children in Salt Lake City. Mayor and Mrs. Dean Prior and two children spent Sunday in Spanish Span-ish Fork with their parents, Mr. and Mrs. Fenton Boyack and Mr. and Mrs. Andrew Prior. Kenneth Ricks, little son of Mr. and Mrs. Howard Ricks, was removed re-moved to his home Sunday from the Price city hospital, where he has been receiving treatment for the past several weeks. Kenneth suffered serious injuries when ho fell from a horse while visiting his grandparents in Emery sometime ago and since that time has been treated in the hospital at Prltfe, where he was rushed at the time of the accident. Although he will be confined to his bed for about thirty days yet, he Is reported to be Improving nicely. Mr. and Mrs. Austin Cudmund-sen Cudmund-sen and children, Richard, Stanley and Ruth, left Monday for their home in Milwaukee, .Wisconsin, after af-ter spending the past few weeks here with Bishop and Mrs. S. I. Goodwin and family, Mrs. Abe Gud-mundsen Gud-mundsen and other relatives and friends. En route home 'they are enjoying: a visit through Yellowstone Yellow-stone National Park. Misses Ar: leen and Thelma Goodwin, Paul and Robert Curtis accompanied them as far as Yellowstone Park, where they will also enjoy a few days' vacation. State Street , Shoe Shop LEHI, UTAH Harold Osborne, Manager Courteous Service MODERN EQUIPMENT WORK DONE WHILE U WAIT FREE SHINE Given with all Half Sole Repairs Call in and give us a trial WANTED!!! IIIGIIEST PRICES PAID FOR Bones, Wool, Hides, Pelts, Furs and Dead or Useless Animals. Pelt Prices Paid for Dead or Useless Sheep Prompt Service. Utah Hide & Tallow Co. PHONE 8&Three Bliles West of Spanish Fork DEER HUNTERS We Pay Highest Prices for DEER SKINS |