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Show LEGAL NOTICE sufficient funds in the Bond Account to pay the same, but pending pend-ing such use may be invested as hereafter provided. When the Reserve Account has been accumulated as in this paragraph provided, no further allocations to thoReserve Account need be made unless payments from the Reserve Account have reduced the same below the amount required by this paragraph, in which event allocations shall be resumed until such deficiency has been remedied. (ill) Of the amounts allocated to tho Sinking Fund, after there (Delta City Legal continued from previous page) CERTIFICATE AS TO DATE OF PAYMENT AND DELIVERY I, the undersigned Treasurer of City of Delta, County of Millard, State of Utah, hereby certify that the within Bond was paid for by and .... . 0 y.an alln.tn(. thfl flmnnnts rfinllirBd to be allocated to deuverea to tne original purcnaser 01 wis eona on me aaie 01 uiu tnfl Account and th9 Reserve Account, Including any amounts to remedy any deficits which may have occurred in the allocations required to be made to the Bond Account and the Reserve Account, there shall be allocatedmonthly,on or before the 10th day of each month, to a sub-account established on the books of the municipality known as the "Emergency Repair and Replacement Account," the sum of $84.00 plus such additional amount as may be required to meet anv monthly Installment to paid account not therefore made required to be made to the Bond Account and the Reserve Account, there shall be allocated monthly, on or before the 10th day of each V. certificate. WITNESS my hand this day 19 Treasurer, City of Delta, Utah (Include the following Registration Certificate only if the serial bond Is issued In registered form) REGISTRATION CERTIFICATE (tin writing in be nlaced hereon except bv the Bond Registrar) -n,i ehon novoMa ni tn tho nrHor nf tha rao-fctoroH Anar month, to a sub-account established on the books of the municipality OMO... . J . . - .b.v.v, v. . . 1 l.n.l llthD Known as me "emergency rcepair anu nepiateiiiem nnuuui, sum of $84.00 plus such additional amount as may be required to meet any monthly installment to paid account not therefore made in whole or in part, such allocations shall continue until there shall have been accumulated in said account the su me of $10,000.00 Such account shall be used solely for emergency repairs and replacements re-placements to the System should such repairs or replacements be necessary. At any time the amount inthls account is less than the his legal representative. Date of Registration ' Name of Registered Owner Signature of Bond Relstrar THURSDAY, OCTOBER 15, 1970 MILLARD COUNTY CHRONICLE made during the fiscal year' and the amount in each fund and () The proceeds of the additional bonds must be used for account at the end of the fiscal year, the making of Improvements, extensions, renewals, replacw- (vil) The number of connections to the System during the fiscal ments or repairs to the System, year and applications for service from the System on hand at the SECTION 15. The provisions of this Ordinance shall constitute end of the fiscal year. contract between the City and each bond holder and after the (vlil) The total billings for such fiscal year and the average issuance of the Bonds, no change, variation or alteration of any monthly billing per customer for such service. kind in the provisions of this Ordinance shall be made nor shall (ix) All schedules of rates and charges imposed for service the same be repealed until such time as all of the Bonds have . from the System during the fiscal year. been paid in full, both as to principal and interest, except as (f) All expenses Incurred in the making of the audits required by Provided in this Section, this Section shall be regarded and paid as an Operation and Malnte- Jhe holders of one hundred Peent (100) lo principal amount nance Expense. The City agrees to furnish a copy of each such ?f B?ds and parlty Bonds at any tlme landing Cnot audit to eachreglsteredowneroftheBondsand to the holder of any 4lncludine n any case anv or Parity Bonds which may bearer bond if requested by such holder and any such owner or , , held or owned by or ,or the account of the City, but holder shall have the right to discuss with the accountant making lncludIne s"ch refunding bonds as may be issued as hereinabove the audit the contents of the audit and to ask for such additional . P!"C7,lded " 8UC!1 re'undln tonds are not owned the City) Information as he or they may reasonably require. fthaU have the rlght from llme to tlme to consent to and approve x (g) The City will furnish to any Bond Holder other financial th8 adopt!?n by the ?"y ofan or ordinances modifying statements and other information relating to the System as such LTI?m . H? Ordinance, , holder may from time to time reasonably request. ?xcept that thls Ordinance may not be so modified or amended . . - - 1 n Clio n mon e (h) The City in its operation of the System will carry Insurance, including workman's compensation and insurance and public p(l). "J any change ln the maturlty of any of the Bonds or lihll1tv 1nciirriPA r cnnh ommmk onrl fho avian nnrmattv ' fill VllL An-t nhnnrrA In iK- Mnin I4a.a-. .-! V.. . S v ,..aug ah iiio i ate uacivai uui ne uy any ui O 0 FORM OF COUPON (To be used if coupons are issued in connection with the issuance of, baiance prescrlbed above deposit shall resumed untu tnQ re. any serial Donas nerein autnorizeuj ; quired amount has been so transferred to such account. (iy) A11 remaining funds, If any, in the Sinking Fund after all of No. r ; ; $ , the payments required to be made into the Bond Account, Reserve , , ' . . ., aA Account and Emergency Repair and Replacement Account have On the first day of January, 19, unless the hereinafter mentioned been made may be used by the City to prepay or redeem the Bonds bond is callable for redemption and has been so called and provteion in wnole or 0 tQ make extenslons lmprovements ad for such redemption duly made City of Delta, MUlard County, Utah, dttions, repairs and replacements to the System, and for no other wUl pay to the holder hereof at the , Utah, the amount purposes until the principal of and interest on the Bonds has been carried by other municipalities operating utilities of the same type. The cost of such insurance shall be considered one of the Operation and Maintenance Expenses of the System. In the event of loss or damage, insurance proceeds shall be used first for the purpose of restoring or replacing the property lost or damaged, and any remaining shall be paid Into the Sinking Fund. All employees of the City handling the funds and accounts of the of the Bonds or Parity Bonds. .. (Ill) Reduct the amount of the principal payable on any of the Bonds or Parity Bonds. (iv) Modify the terms of payment of principal and of Interest on the Bonds or Parity Bonds or Impose any conditions with resptct to such payment not stated in this Ordinance. (v) Affect the rights of the holders of fewer than all of the shown hereon ln lawful money of the United States of America in the manner and out of the funds stated in said bond and not otherwise, other-wise, being the interest then due on Its 1970 Sewer Revenue Bonds, dated , and numbered This coupon and said bond are issued under the provisions of Sections 1 to 22, inclusive, of Chapter 3 of Title 55, Utah Code Annotated 1953, as amended, and do not now and shall never constitute con-stitute an indebtedness of City of Delta within the meaning of any , State constitutional provision or statutory limitation or a charge against the general credit or taxing powers of the Town. , (Facsimile signature) ' . i City Treasurer : - SECTION 1. Said bonds shall be signed by the Mayor and counter-' T3t of the System shall be insufficient to make any payment to fully paid. (c) All monies in the Reserve Account may be invested, in the discretion of the City Council, in direct obligations of the United States of America maturing not later than two (2) years from the date of purchase or in Time Certificates of Deposit issued by any , bank in the State of Utah authorized to act as a depository of , public funds under the laws of the State of Utah maturing not later , than two (2) years from the date of purchase. Such investments shall be held by the City as a special trust fund separate and apart from all other investments and funds of the City, and shall be liquidated at prevailing market prices whenever and to the extent necessary to use the funds derived thereby to pay the principal and interest on the Bonds as and when the same become due and payable. W u at any time, the net revenues derived bv the Citv from the1 signed by the City Recorder, with thesealof the City affixed thereto. The Mayor is hereby empowered and directed to sign and the City Recorder to countersign and affix the seal to the bonds, hereinbefore described' and to pre'pare the bonds and any necessary supporting . documents and certificates and the acts of the Mayor and City ' Recorder in so doing are and shall be the act and deed of City of Delta, Utah. 'All of the covenants, statements, representations and agreements contained in said bonds and allof the recitals and repre- ( sentations of this ordinance are hereby considered and understood ( and it is' hereby ordered and declared that the said convenants and promises ' therein and herein are the covenants and promises of any of the above funds or accounts on the date or dates SDecified. the City shall make good the amount of such deficiency by making additional payments out of the first available revenues thereafter ' derived by the City from the operation of the System. (e)- First Security Bank of Utah, N. A. , Delta, Utah, is hereby designated as custodian of the revenues for the purposes of this Section. All the Revenues received by the City from day to day shall, as received, be deposited in said bank and shall be allocated by said bank periodically in the manner described herein. All money so held by the custodian bank shall be held as sner.inl and hot general deposits', and all money held in the above funds or promises- tnerein ana nerein are ine covenants aHu piumaeo j - - j - iuuuo ux City of Delta, Utah, and that the' representations ,and statements 1 accoun shallbeiuneld fs special trust funds, the beneficial Interest therein and herein are the representations and statements ,of ,said , "u" , a " T truSt fUndS' he beneficial City. The City Recorder is- hereby empowered and directed to j 1.st in mic sna11 1)6 ta the holder or holders of the Bonds. register the said single an any of the said serial- bonds-which my.e bank ,sha11 f ecured to thl be kept and maintained in this. 'office and, upon -payment of the purchase .price, to deliver 1 said single bond or serial bonds to. the . purchaser. Delivery of a chetk 'for deposit in a 'supervised bankt account" pursuant to the regulations 'of the Farmers Home-Admits-1 istration shall be1 'considered payment within the meaning of this Section. 'I' '''"" " " ' V.viit SKCTinW :The Di-ocee'ds' of the1 sale of the said bonds shall be deposited at the rtime of sale in a special fund.to be.known as the-' , SECTION 10. The City covenants with the reglstere'downer of each "Construction Fund". Said fund shall be deposited- in a -super- registered Bond and with Upholders, from time to time, of any Bond vised- bank account" as defihed in the regulations' of the Farmers-.Payable I that 50 lonS as any Principal of or interest on the Home Administration and 'Shall be made under a deposit agreement .Bonds remains outstanding and unpaid: with the Government. -AH moneys so deposited to said fund shall be i - (a) The rates for all sewer service supplied by the System to said used solely for the purpose- of .itohStractinr the s improvements; f-Clty and its inhabitants and to all customers within or without the vstpm'- Including1 anv architectural Boundaries oi saiu vuy auaii u iea.auna.uie auu juoi, taimi& Unu account and consideration the cost and value of the System, the cost of maintaining and operating the System and the amounts ".The City Council 'may, by resolution, remove said Bank as custodian custo-dian and designate different, bank to so act, provided, that any bank so designated' shall be one insured by the Federal Deposit insurance Corporation and Qualified as a depository of public funds under the laws of the State 6f Utah.' ' ..... additions and'extensions to the System'; Including any architectural, engineering, legal and other expenses incidental thereto; provided, however:3 that' any unexpended balance remaining in the saidfund after completion of the said construction shall be paid immediately 1 into the 'fClty of Delta 1970 . Sewer; Revenue Bond Sinking Fund" hereafter described, and the same shall be used' only for the payment, pay-ment, or, prepayment of amounts of principal due or to become due ; on the single bond or for, redemption of any serial bond at a price, (exclusive of accrued interest) not exceeding the face amount there- ; of. 'j, Any bonds. so. redeemed shall be cancelled and. shall not be ; reissued.", Following, the transfer of unexpended funds from the ; Constitution Fund to , the City of Delta,. 1970 Sewer Revenue Bond , Sinking Fund, the Construction Fund will be closed. ...; ; SECTION 9. From and. after the issuance of the Bonds and until all principal and interest thereon have been fully paid, ninety one and two-tenths percent ( 91.2 )of the net revenues from the sys-; tem are hereby set aside and pledged for the sole purpose of the payment of the principal of interest on the Bonds. All revenues of the system shall be deposited from day to day as collected in a , fund separate and apart from all other funds of the municipality, which fund shall be known as the "City of Delta 1970 Sewer Revenue , Fund", sometimes herein referred to as the "Revenue , : Fund" , which fund shall be deposited in a bank insured by the Federal Deposit Insurance Corporation and qualified as a depository ': of public funds under the laws of the State of Utah: (a) From the amounts in the Revenue Fund there shall first be paid -'.all operation and maintenance expenses ofthe system. For this pur-' pur-' pose the municipality shall establish and account known as the ."Expense Account" to which shall be allocated monthly.on or before the 10th day of each month, such portion of the Revenue Fund as is estimated to be required for Operation and Maintenance Expenses of 'the System for the following month. There shall be allocated to the. Expense Account from time to time during the month such additional amounts as may be required to make payments of Opera- tion and Maintenance Expenses for which the amounts theretofore ' allocated to the Expense Account are Insufficient. Attheend of each cii. c.r.A van- oil ommmtc in the Eynfnsf Amount in excess of w t v nnrntinn and Maintenance Exoenses then due system which has become nonproductive or Otherwise unusable to shall be transferred to the Sinking Fund established as hereinafter tne adva"taS; of the CJ. , (e) The City, so long as said Bonds remain outstanding, will Ninety one and two-tenths percent ( 91.2 ) of the amounts in keep proper books of record and account separate and apart from '- the Revenue Fund not allocated to the Expense Account shall be all other records and accounts of the City, showing complete and ' allocated to an account established on the books of the municipality ?rrect entries of all transactions relating to the System. Any Bond ' known as the "City of Delta 1970 Sewer Revenue Bond Sinking Fund" ' sometimes herein referred to as the "Sinking Fund". . necessary for the retirement of the Bond and the accruing interest 1 thereon including the amounts necessary to maintain the funds and accounts hereinabove established. ,There shall be no free service and there shall be charged against all users of the service, including ,the City, reasonable rates, fees or charges for the service furnished by or through the System, including all extensions and improvements thereto hereafter constructed or acquired by the City. . (b) If any user defaults inpaymentof his fees or charges, the City will promptly institute appropriate proceedings for collectionofthe delinquent fees or charges, with such penalties thereon as may be provided. If the City fails to institute such proceedings, the registered regis-tered owner of the single bond or the registered owners or holders of a majority of the principal amount of the Bonds then outstanding shall have the right to make application to an appropriate court for the appointment of a receiver to manage the System and to collect delinquent revenues. The City will annually give the registered regis-tered owner of the single bond a complete list of all delinquencies. (c) : Following the payment of the City's outstanding 1940 Water revenue Bonds ( $12,000 ), the City will take such steps as are necessary to amend its laws, ordinances and regulations relating to rates for sewer and water service, including present Chapter XXIII of the Revised Ordinances of the City of Delta, 1956, as amended, ("Water and Sewer System") to provide that charges to. customers using both the said sewer and waterworks systems shall be billed in a single bill and payment of the charges for water service shall be accepted only when the charge for sewer service shall be accepted only whenthe charge for sewer service is paid at the same time and the City shall suspend water or sewer service or both to any customer who shall become delinquent in the payment of charges due for either. (d) The City will maintain the System in good repair and working order and will operate the same in an efficient manner and at a reasonable cost and will not alienate the same, provided, however, that the City may abandon or cease to operate any portion of the (i) Of the amounts allocated to the Sinking Fund there shall be allocated to a sub-account established on the books ofthe municipality known as the "Bond Account" such amounts as will assure, to the extent of the availability of net revenues from the ' System, the prompt payment of the principal and interest on the -: Bonds as each shall, as nearly as maybe practicable, be set aside ' and allocated to the Bond Account monthly, on or before the 10th , ; day of each month, and shall equal I12th of the amount of the " principal and Interest on the payment next due on the single, bond or on the serial bond next maturing to the end that here will be " sufficient funds allocated to the Bond Account to pay the principal " and interest on the Bonds as and when the same become due. I Amounts allocated to the Bond Account shall be used solely for the purpose of paying principal and interest on the Bonds and shall ' not be reallocated, transferred or paid out for any other purpose. " ' (ii) Of the amounts allocated to the Sinking Fund after there " shall have been allocated the amounts required to Deallocated " ' to the Bond Account, there shall be allocated monthly on or before the 10th day of each month, to a sub-account established on the books of the municipality known as the "Reserve Jccouri : the " ' sum of $92.00 plus such additional amount as may be required to meet any monthly installment to the "Reserve Account not .,. therefore made In whole or in part, ch allocattonsshajjcon-tinue allocattonsshajjcon-tinue untU there shall have been accumulated in the "Reserve in the lareest future Bond Service '.o., in, H, In anv 12 month period on the Bonds or ... a mnuntd allocated to the Rev- i ifiri nn nrhiihavar l; u i Holder or any duly authorized agent or agents of a Bond Holder shall have the right at all reasonable times to inspect all records, accounts and data relating to the System and to Inspect the System and all properties comprising the System. The City further agrees that it will within sixty ( 60 )days following the close of each fiscal year (the term "fiscal year" as used in this Section means whatever twelve month period the City may from time to time designate for its general financial accounting purposes ) cause an audit of such books and accounts to be made by an independent firm of certified public accountants or public accountants, showing the receipts and disbursements dis-bursements for account of the System, and such audit will be available for inspection by the holder or holders of the Bonds. Each such audit, in addition to whatever matters may be thought proper by the accountant to be included therein, shall include the following: (i) A statement in detail of the income and expenditures of the System for such fiscal year. (ii) A balance sheet for the System as of the end of each fiscal year. (iii) The accountant's comment regarding the manner in which the City has carried out the requirements of this Ordinance, and the Accountant's recommendationsfor anychangeor improvement in the operation of the System. (iv) A list of the insurance policies in force at the end of the fiscal year, setting out as to each policy the amount of the policy, the risks covered, the name of the insurer and the expiration date of the policy. (v) The number of properties connected to the System at the end of the fiscal year. (vi) An analysis of all funds and accounts created by this serve Account shall be usea boiey w w ' - J . Ordinance, setting out as to each all deposits and disbursements interest falling due on the Bonas ai any i"" System shall be bonded at all times in an amount equal to the Bonds or Parity Bonds then outstanding. unai iuiius in ineir possession or custody ai any one lime, ex- (vi) Amend this section elusive of amounts in the Construction Fund. The United States Whenever the City shall propose to . amend or modify this of America shall be named as a co-obligee with the city on all Ordinance under the provisions of this Section, It shall cause X such fidelity bonds as long as the Government is the registered notice of the proposed amendment to be published one (1) time 1 - Th6 premi"ms on such fldellty tonds m a newspaper of general circulation ln Delta, Utah. Such notice shall be paid by the City as an Operation and Maintenance Ex- snall set forth the proposed amendment in full or the substance m -r ruTl.nm ' ,, , u . thereof and shall state that a copy of. the proposed amendatory W The City will not sell, lease, mortgage, encumber or ln any ordinance is on file In the office of the City Recorder for public other manner dispose of the System or any substantial part there- inspection. Whenever at any time within one (1) year from the of, including any and all extensions and additions that maybe date of the publication of said notice there shall be filed in the made thereto, untU the Bonds have been paid ln full, both as to office of the City Recorder of the City an instrument or instru-principal instru-principal and interest except that the City may sell any portion ments executed by the holders of at least one hundred percent of said property of at least equal value or which shall cease to be ( i00 ) in aggregate principal amount of the Bonds and Parity necessary tor the efficient operation of the System; provided, how- Bonds outstanding, which instrument or instruments shall ever, that in the event of any sale as aforesaid the proceeds of specifically consent to and approve the adoption of such pro-such pro-such sale shall be paid Into the Sinking Fund provided by this poSed amendatory ordinance, thereupon, but not otherwise, the rf nu. in i u l m u, . Clty CouncU may adopt said amendatory ordinance and it shall (3) The City will not permit nor grant a franchise for the become effective. If the holders of at least one hundred percent operation of any competing System in the City. ( 100 ) in aggregate principal amount of the Bonds and Parity W The City wUl comply with all laws and regulations of the Bonds then mitctanHw in ihic oi A .. i.. .J. . . TT, , ... .... . " M .ii viiu? flswiuiiuciuicudl I liC llllJC VI Lilt? state of Utah with respect to the operation of the System and will adoption of such amendatory ordinance or the predecessors in from time to time duly pay and discharge or cause to be paid and title to" such holders shall have consented to and approved the ,,,.. adoption thereof, no holder of any bond shaU thereafter have any J?eio f', ,afessmfts and 0f!f Governmental rlght or lnterest to object to the adoption of such amendatory i, charges, if any lawfully imposed upon the System or any part ordinance or to object to any of the terms or provisions therein f, r T contaIned or t0 the operation thereof or to enjoin or restrain the R ful claims for labor materials or supplies which if unpaid might, city from taking any action pursuant to the provisions thereof. ' " SlrL ,T r Cv.ge.US?ni th Astern or any part Any consent given by the holder of any bond pursuant to the pro- thereof or said revenues or which might impair the security of the,vlslons of th Sectlo frrevocJ fo JTlxy' ' - Bonds, except when said City in good faith contests Its ItabUity to months from the date such consent is fUed with theCity Reorder ' pay same' as aforesaid and shall be conclusive and bindine unon all future ' ' . SECTION 11. A Bond Holder shall not be responsible for any holders of the ,same bond during such period. . Such consent may i liabilities incurred by the City in the construction or improvement be revoked at any time after six ( 6 ) months from the date of , ofthe System or for the failureofthe System to function success- the' publication of such notice by the holder who gave such con- v fully when constructed. ' sent or by his successor in title by fUing notice of such re- . SECTION 12. The Mayor and City Recorder are hereby authorized ;vqcatlon with the City .Recorder; but 'such revocation- shall and directed to execute for and on behalf of the City Form FHA. not be effective if the holders of one hundred percent ( 100 ) ' ' 400-1, "Equal Opportunity Agreement:, to which Is attached and ' in aggregate principal amount'pf the Bonds then. outstanding as t'' made a part thereof an "Equal Opportunity Clause", Form FHA ' W. this Section' defined have, prior to the. attempted revocation' " ' 400-2, to be incorporated in or attached as a rider to each con- Consented to and approved the amendatory 'ordinance. ' -' ' '- ' ' tstruction contract involving $10,000 or more, and also to execute' ' The fact and date of the execution of any instrument under the - "s ,for and on behalf of the City formFHA 400-4, "Non-Discrlmina- 'provisions pf this Section may be proved by the certificate of tion Agreement". ' ' ,. any officer in any jurisdiction whoby the laws thereof, ' Is auth- - SECTION 13. The City hereby finds,' determines and certifies prized to take acknowledgements of deeds wtthln 'such' juris- '' -that it is unable to obtain sufficient credit, except from the Gov- diction, that , the person signing such. instrument. acknowledged- ' ernment, at reasonable rates and terms, taking into consideration before him the execution thereof or may be proved by an affi-prevaUing affi-prevaUing and private cooperative rates and terms in or near davit of such witness to such execution sworn to before such ' 1 it for simUar purposes and periods of time. The City hereby officer., The amount and numbers of the Bonds or Parity Bonds 1 ' ' 4 covenants and agrees with the Government that if at any time whUe held by any person executing such instrument and the date of said Bonds are held by the Government, it shall appear to the his holding the same may be proved by a certificate executed on Government that the City may be able to obtain credit from other behalf of any responsible bank or trust company showing that 4 sources at reasonable rates and terms for loans for similar pur- on the date therein mentioned such person had on deposit or ' poses and periods of time, the City, within the limitations of Its produced for inspection by slad bank or !trust company the ' then existing legal powers, and the Government's request, will bonds described in such certificated ;"; - - ....,. iiv.ffc make an effort ! in good faith to pay in full all principal and SECTION 16. A certified copy of this Ordinance and every -n ' accrued interest remaining on the Bonds then held by the Gov- amendatory or supplemental, ordinance shall be kept on file 5 ; ernment, by issuing refunding bonds or otherwise, in the office of the City Recorder where It shall be made avail-' ' ' ' SECTION 14. The Bonds shall not be entitled to any priority one able for inspection by the Bond Holders or his or their aeents' " i u ' over the other in the application of the net revenues of the System Upon payment of the reasonable cost of preparing the sa'me, a1 herein pledged, regardless of the time or timesof their Issuance, certified copy of any amendatory or supplemental brdlnance or It being the intention of the City that there shall be no priority this Ordinance wUl be furnished to anj bond holder. The Bond ' among the Bonds authorized to be issued pursuant to this Ordinance Holders may, by suit, action, mandamus, ; injunction or other regardless of the fact that they may be actually issued and proceedings, either at law or in equity, enforce or compel per- ' delivered at different times. It Is expressly agreed and covenanted formance of all duties and obligations required by this Ordinance ' that the City will not hereafter issue any bonds or obligations to be done or performed by said City. Nothing contained In this ! ' payable from the revenues of the System, or any part thereof, or . Ordinance, however, shall be construed as imposing on said City ' K which constitutes a lien on such revenues or on the System until any duty or obligation to levy any tax either to meet any obit-all obit-all bonds Issued pursuant to this Ordinance have been paid in full gation contained herein or to pay the principal of of interest on "y unless such additional bonds are issued in such manner that they the Bonds authorized herein.' , ' : ' - '.' are in all respects subordinate to the Bonds. SECTION 17. It is hereby declared that all parts of this Ordl- J The provisions of the foregoing paragraph are subject to the nance are severable and that if any Section, paragraph, clause ,:' following two exceptions: or provision of this Ordinance shall, for any reason be held 1" (1) The Bonds or any part thereof may be refunded (but only to be Invalid or unenforceable, the . invalidity or unenforce-with unenforce-with the consent of the registered owners thereof and the holders abUity of such section, paragraph, clause or provision shall of any Bonds payable to bearer unless such Bonds have matured not affect any of the remaining provisions of this Ordinance. or are then callable for redemption and have been properly so SECTION 18. All ordinances, resolutions, and regulations . i called or will mature or become callable for redemption by their or parts thereof heretofore adopted or passed which are ln terms within twelve (12) months thereafter). The refunding bonds conflict with any of the provisions of this Ordinance are, to v so issued shall enjoy a lien on ninety one and two-tenths percent the extent of such conflict, hereby repealed. . ( 91.2 ) of the Net Revenues on a parity with the bonds hereir SECTION 19. Immediately after its passage, this Ordinance authorized except that if fewer than all of the bonds shall be signed by the Mayor and attested by the City Recorder, ' ,,; . outstanding at that time are so refunded, no refunding bonds shall recorded in a book kept by the C if? for that purpose, shall bear Interest at a rate higher or mature at a date earlier shall punShed one time in the Millard County Chronicle, than the corresponding bond refunded thereby without the consent a newspaper published in and having general circulation In City . " of the owners and holders of all of the unrefunded bonds. In all or Delta. For a period of twenty-one (21) days after the publica- '- J other respects, refunding bonds may be secured In such manner tion of this Ordinance, qualified voters of the City may fUe a "'. and may be payable from such sources and be subject to other petition signed by them requesting that the question of issuing terms and provisions that may be provided in the Ordinance or sald js for tne sald purpose be submitted to the voters ofthe resolution authorizing their Issuance. Refunding bonds may be City. ? exchanged for not less than a llkeprlncipal amount of the bonds An election on such question will be held if, within said twenty- v authorized to be refunded, may be sold or may be exchanged in one (21) day period, such petition Is signed by at least fifteen V" part or sold In part. If sold, the proceeds of the sale not required percent ( 15 ) of the qualified voters voting tor the presiding for the payment of expenses, and ln any event, ln an amount officer of the governing body ofthe City at the last preceding "" sufficent to assure the payment of the bonds refunded when such City election and fUed with the City Recorder. bonds become available for payment may be escrowed pending For a period of thirty days after the date of publication of payment of the bonds refunded. this ordinance any person In Interest shall have the right to (2) Additional bonds may be Issued on a parity with the bonds contest the legality of this Ordinance or any bonds which may be herein authorized If all of the following conditions are met at authorized hereby, or the provisions made for the security ' the time of the Issuance of such additional bonds (herein referred and payment of any such bonds, and after such time, no one 'i1 to as "Parity Bonds"): ' shall have any cause or action to contest the regularity, (a) Ninety one and two-tenths percent (91.2 ) of the Net formality or legality thereof tor any cause whatsoever. ' Revenues of the System in the fiscal year preceding the year SECTION 20. This Ordinance shall take effect at the end of in which the Parity Bonds are to be issued where 120 of twenty-one (21) days following Its passage, approval and publl- the average annual Bond Service Requirement on all ofthe cation, unless a petition is filed as provided for in Section 19 Bonds and Parity Bonds then outstanding and the Parity Bonds hereof and an election on the question of the issuance of such so proposed to be issued; provided, this limitation may be bonds becomes mandatory. . ': waived or modified by the written consent of the registered PASSED by the City CouncU of the City of Delta, MUlard County 1 1 owners and holders of 75 of the principal amount of the Utah, and approved by the Mayor this 13th day of October, 1970. ' Bonds and Parity Bonds then outstanding. , -m 1 (b) All payments required by this Ordinance to be made into v . the Sinking Fund must have been made in full and there must . ' . v be in the Reserve Account the full amount required by this Ordinance to be accumulated therein. (c) The additional bonds must be payable as to princiDal ATTEST: - on January l,oi each year in wnicn principal ians aue ana payaoie a... and as to interest interest on January 1 of each year. . (d) The proceedings authorizing such additional bonds must Lois N. Steele raise the amount to which the Reserve Account shall be . 1 accumulated to an amount no less than the highest future y Recorder " Bond Service Requirement of aU Bonds and Parity Bonds ' then outstanding and the bonds so proposed to be issued and (SEAL) must require the accumulation of such amount in the Reserve Account to be accomplished within five (5) years after deliv- Published in the. MUlard County Chronicle October 15, 1970 ery of such additional bonds. K HI Hatch Farnsworth Mayor |
