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Show Continued from page 10 addition to obligations theretofore incurred Provided, however, that in the event any such additional bonds are issued the first maturity days of which issue are more than five years from the date of issue of such additional bonds, then in that event the obligation of the City to make payments into a Reserve Fund shall be as follows: The City shall make payments into said Reserve Fund at such times and in such amounts that, 365 days prior to the date upon which the first annually maturing bond principal shall become payable, there shall be in said Reserve Fund an amount equal to one years principal requirement on such additional parity bond issue. Provided, further, however, that in addition to the payments into the Reserve Fund immediately hereinabove required, as to any such additional parity bond issue the first maturity of principal of which is more than five years after the date of issuance of such bonds, the City shall pay into such Reserve Fund, within a period provided by Ordinance authorizing such parity bonds, but in no event later than five years of the date of issuance of the bonds, an amount equal to one years interest requirement under such time as such bond issue shall remain outstanding, except that the monies in said Reserve Fund may be used to pay the principal and interest upon the last maturing bonds. (3) That at the time of the issuance of such additional bonds the City shall have on file a certificate from the City Engineer. This certificate shall show that the net revenues for the past twelve consecutive months preceding the month of delivery of such additional bonds, shall be at least equal to 1.35 times the average annual amount required thereafter for the payment of principal and interest on all bonds having an equal lien on the revenues of the Project. (4) "Revenue or Income" for the purpose of this shall be understood to refer to gross revenues remaining after there shall have been first paid therefrom the reasonable and necessary expenses of operating and maintaining the Project and keeping it in good repair and working condition. (5) The engineer may adjust the historical operating figures to reflect the annual gross revenue to be derived from the operation of the additions, extensions and betterments to be acquired or constructed from the proceeds from the sale of the additional bonds less his estimate of any increased cost for operation and maintenance of the "Project" allocable to such improvements. (6) The City shall have the power and reserves the right to issue bonds having a parity of lien as in this Ordinance without the Certificate of the City Engineer for refunding purposes only, provided: (a) Such refunding bonds may be exchanged for, or their proceeds are used to retire, prior to maturity, an equal amount in principal value of outstanding bonds, or any part thereof, issued for acquisition, construction, betterment or extension of the water-sewe- r system, or any part thereof, or any or all other Water-Sewe- r Revenue Bonds which may hereafter be issued on a parity with the bonds herein presently issued, or any part of said bond issues; and, (b) Such issuance of refunding bonds does not require a larger debt service payment in any year thereafter over the life of the refunding bonds than was required to be paid over the life of the bonds to be refunded; and, (c) The City will, in the Ordinance providing for the issuance of such refunding bonds and for the creation of a Bond Redemption Fund, further create a Reserve Fund in an amount equal to one years principal and interest requirements. (7) Nothing herein contained shall prevent the City from Revenue Bonds or Warrants issuing Water-Sewewhich are a charge on the Water-Sewe- r Revenue Bond Redemption Fund junior or inferior to the payments to be made into the Reserve Fund or any other Fund created on behalf of any parity bonds issued subsequent to this issue. (8) The above restrictions or limitations set forth in thus section may be waived or modified by the written consent of Bond holders representing of the then outstanding principal indebet-ednes- carry fire and extended h r two-third- s (9) The bonds herein authorized lien rights with the $750,000.00 1972. shall have equal Revenue Bonds of Section 15: COVENANTS That the City hereby covenants and agrees that with i'ach and every holder of the 1974 Bonds issued hereunder: A. That the City, with the proceeds derived from the sale of the 1974 Bonds herein authorized, will proceed to acquire and complete the Project without delay as hereinabove provided. B. (1) That there shall be charged against all purchasers of service, including the City, such rates and amounts as shall be adequate to meet the requirements of this and the preceding sections hereof, and which shall be sufficient to produce revenues or earnings to pay the annual operation and maintenance expenses of all parts of the water and sewer system and one hundred thirty five per centum (135) of both the principal of and interest on the Bonds and any other obligations issued on a paru passu basis payable annually from all or any part of the revenues thereof (excluding the reserves therefor), all of which revenues, including those received from the City, shall be subject first to distribution for the payment of the cost of operation and maintenance of the water and sewer system as herein provided: (a) The City agrees to pay, from its general revenues, the sum of $5.00 per month for each Cre hydrant connected to the "System". All revenues, including those received from the City, shall be subject to distribution to the payment of the cost and operating and maintaining the "System" and the payment of principal of and interest on the bonds as hereinbefore provided. I'J) That the payment of and interest on the Bonds herein authorized shall be payable from not to or such lesser percent as is legally exceed 21.3 of the net revenues of the project, permitted including the reasonable reserves herein designated therefor; 131 That no free service, facilities, or commodities shall be furnished by the water and sewer system; that, should the City elect to use the facilities of the water and sewer system, or any part thereof. any use of the water and sewer system, or any ' part thereof by or on the services rendered thereby to the City or any Department thereof. will lie paid for from the Cities General Fund or other available revenues at the reasonable value of j the use so made, or service, facility or commodity j so rendered. l4l That the City shall cause all rates, fees, and service charges appertaining to the water and sewer system to be collected as soon as reasonable, shall irescnbe and enforce rule and regulations for the payment thereof and for the connection with and the disconnection from properties of the water and sewer system, and shall provide methods of roll tion and penalties, including but not limited to the denial of water service for nonpayment of such sewer rate, fee, and service charge, to the end that the net revenue of the projTt. shall be her-ofadequate to meet the requirements C. That system charge shall be Ulled jointly with fharge f'r water facilities, and each su'h lull shall shw separately sewer and water charges. I). That. s (org a any of thie flood remain outstanding t and amount will b kept by projT hook of record the City. Mparate and apart from all rfhcr and a'Tounts. show in complete and correct rntric of all transaction relating to the water and sewer j j j j J j ' , ! j . i j , ) wit ! V.. S(T1 thai an holder of any of the Bonds, or any duly authorised ir'nt nr agent of suh holder, shall t have the right at all reasonable times to m- and to thereto date relating aod record, arrant. ' inspect the water and sewer system and all properties comprising the water and sewer system. F. That the City covenants and agrees that it will, within sixty days following the close of each fiscal year, cause an audit of books and accounts to be made by an independent certified public accountant, showing the receipts and disbursements for the account of the water and sewer system, and within said sixty days make such audit available for inspection by the holder of any of the Bonds or his duly authorized agent. All expenses incurred in the making of the audit required by this section shall be regarded and paid as a maintenance and operating expense. The City further covenants and agrees that, within said sixty days, it shall deliver a copy of such audit to the original purchaser of the Bonds herein authorized, such copy to be furnished at the City's expense and without request of the purchaser; that, additionally, it shall furnish a copy of such audit to the holder of any of said Bonds who requests such in writing prior to the expiration of the fiscal year for which the audit is made without expense or charge, or who thereafter requests such in writing upon the payment of a reasonable charge made by the City for duplicating copy of such audit. So long as the 1958, 1963 and 1966, 1972 and 1974 Bonds are outstanding, separate records shall be maintained, covering the requirements of this Paragraph F, for sewer facilities, service, income and expenditures. The City wQl not create nor suffer to be created any lien or charge upon the water and sewer system or upon the revenues therefrom except as permited by this Ordinance, or it will make adequate provisions to satisfy and discharge within sixty days after the same shall accrue all lawful claims and demands for labor, materials, supplies or other objects which if unpaid, might by law become a lien upon the system or upon the revenues therefrom; provided, however, that nothing herein shall require the City to pay or cause to be discharged, or make provision for any such tax, assessments, lien or charge before the time when payment thereof shall be due or so long as the validity thereof shall be contested, in good faith by appropriate legal proceedings. 1. That the City, in its operation of the project will t i reduction of the principal amount of the 1974 Bonds required for consent to such amendatory or supplemental ordinance; or (5) The establishment of priorities as between the 1974 Bonds issued and outstanding under the provisions of this Ordinance; or (6) The modification of or otherwise affecting the rights of the holders of less than all of the 1974 Bonds then outstanding. Section 19: That the provisions of this Ordinance shall constitute an irrevocable contract between the City and the holder or holders of the 1974 Bonds. After the issuance of any of the 1974 Bonds, this Ordinance shall be and remain irrepealable, and no change, variation, or alternation of any kind in the provisions of this Ordinance shall be made in any manner, except as hereinabove provided in Section 18 of this Ordinance, until such time as all of the 1974 Bonds and the interest accruing thereon shall have been paid in full, cancelled and discharged, as herein provided or provision duly made therefor. Section 20: REPEALER resolutions and ordinances, or That all orders, parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. This repealer shall not , be construed to revive any order, resolution, or ordinance, or anv part thereof, heretofore repealed. Section 21: SEVERABILITY That if any section, paragraph, clause, or provision of this Ordinance shall for any reason be held invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not effect any of the remaining provisions of this Ordinance. Section 22: CONFIRMATION OF BOND SALE The agreement by and between HANIFEN, IMHOFF & SAMFORD, INC., in Denver, Colorado and the City of West Jordan, Utah, dated April 11, 1972 in regard to the disposition of $750,000.00 in bonds is hereby ratified and confirmed. Section 23: PUBLICATION That this Ordinance, immediately upon its passage, shall be published at least once in the Jordan Valley Sentinel, a newspaper having a general circulation within the City. Section 24: EFFECTIVE DATE OF ORDINANCE It is the opinion of the city council that this Ordinance will promote the health, safety, prosperity, security and general welfare of the inhabitants of the City, and the peace, health and safety of the Citv, that an emergency is hereby declared The Jordan Valley Sentinel Midvale, Utah Page 11 Thursday, April 18, 1974 by-law- to exist, and that this Ordinance shall become effective upon its passage, posting as provided by law and publication in a newspaper of general circulation injhe citv of West Jordan. PASSED, ADOPTED AND ORDERED PUBLISHED by the City Council of the City of West Jordan, and approved by the Mayor of said Council, this 16th day of April, 1974. Signed Junius H. Burton MAYOR ATTEST: Murial E. Andersen, CITY CLERK (SEAL) (other business not pertinent to the Ordinance appears in the minutes of the meeting). Pursuant to motion duly made and carried, the meeting was adjourned. Junius H. Burton MAYOR (Pub. Past Grands hold meeting Monday Mrs Alice Ben was the hostess for the Past Noble Grand meeting held by the Queen of the West Lodge. Assisting her with hostess duties was Mrs Juanita Cook, Mrs Fay Jenkins presided. A committee was appointed to plan a Mother's Day dinner. Mrs Arta Sorich, Mrs Jackie Holt, and Mrs Mildred Hadley are on the committee. Card games were played by 20 guests, with Mrs Frances Arko. Mrs Libbie Bowden, j Mrs Lorraine Troester, and Mrs Blanche Macklin winning prizes. Dinner and dance for Boys Ranch j j Bing Midvale F.O.E. Aerie and Auxiliary announce a dinner and dance on Saturday Apr. 20. Proceeds will go to Utah Boy's Ranch. Dinner is at 6 p.m. and the dance at 9 p.m. Ralph Beck and his band will donate their talent and time for this worthy cause. The public is welcome to attend. Vets Administration warns Gl's to return "Cert" cards promptly Veterans attending colleges and universities under the G. I. Bill are advised to return their certification of atten- dance cards promptly. Elmer J. Smith, Salt Lake regional office director for the Veterans Administration, explained that the "Cert" cards must be filled out, signed, and returned to the regional office before the veteran can receive a final allowance check for the current school vear. If the card is not returned at theend of thecurrent term, the veteran cannot auto- matically be enrolled for the upcoming summer or fall sessions, Smith stressed. Veterans attending college under the G. I. Bill must keep the Veterans Administration informed on changes in the number of dependents, educational programs, and their current mailing address. vetCollege registrars and eran coodinators shouW insure that the veteran Venrol-Imen- t for the school term is certified promptly about all your friends. Just for a few moments-thi- nk What was it about them that caused you to become friends with them? Was it the amount of money they happened to have in the bank? Was it their social position? Was it their popularity? Usually a friend is not picked on the basis of any of these considerations. You choose a friend because of personal, human qualities. Shouldn't you choose a funeral director the same way? Krafts D ' a El O O srftjtv It takes experience to be a great sea captain, and Age to be a great bourbon. 1: fa' m JSincientJijicient C3V nv S SFr, rtU-nsM- - , coverage insurance, Workmens Compensation Insurance (except to the fund to extent the City maintains a cover Workmens Compensation), public liability insurance, and other types of insurance in such amounts and to such extent as is normally carried by private corporations operating public utilities of the same type. The cost of such insurance shall be considered one of the operating costs of the project. In the event of property loss or damage, insurance proceeds shall be used first for the purpose of restoring or replacing the property lost or damaged, and any remainder shall be treated as net income and shall be subject to distribution in the manner provided hereinabove in Section 12 hereof, for net income and revenues derived from the operation of the project. G. That, as long as any of the Bonds heretofore and hereby authorized are outstanding, the City shall not grant any franchise or license to a competing system, nor shall it permit, during said period (except as it may legally be required to do), any person, association, firm or corporation to sell water or water and sewer service or facilities to any consumer, public or private, within the City. H. That the City will not sell, lease, mortgage, pledge, or otherwise encumber, or in any manner dispose of, or otherwise alienate, the Project or any part thereof, including any and all extensions and additions that may be made thereto, until all the Bonds heretofore and hereby authorized shall have been paid in full, both principal and interest, or unless provisions have been made therefor, except that the City may sell any portion of said property which shall have been replaced by other property of at least equal value, or which shall cease to be necessary for the efficient operation of the Project, but in no manner nor to such extent as might prejudice the security for the payment of the bonds herein authorized; provided, however, that, in an event of any sale as aforesaid, the proceeds of such sale shall be distributed as net income of the project in accordance with the provisions of Section 12 hereof. I. That the City shall employ experienced and competent management personnel for the water and sewer system. In the event of default on the part of the City in paying principal of or interest on said Bonds promptly as each falls due, or in the keeping of any covenants herein contained, and if such default shall continue for a period of sixty days, or if the net revenues of the project in any fiscal year should fail to equal at least the amount ot the principal ol and interest on the revenue Bonds and other obligations (including all reserves therefor specified in the authorizing proceedings, including but not limited to this ordinance) payable from said net revenues in that fiscal year, the City shall retain a firm of competent management engineers skilled in the operation of sewer and water systems to assist the management of the water and sewer system so long as such default continues or the net revenues are less than the amount hereinabove designated. J. That the City will faithfully and punctually perform all duties with respect to the Project required by the Constitution and Laws of the State of Utah and the ordinances and resolutions of the City, including but not limited to the making and collecting of reasonable and sufficient rates and charges for services rendered or furnished by the water and sewer system as hereinbefore provided, and the proper segregation of the revenues of the water and sewer system and their application to the respective funds. K. That, other than as provided by this Ordinance, there are no liens, or encumbrances of any nature, whatsoever, on or against the water and sewer system or any part thereof or the revenues or any part thereof derived or to be derived from the operation of the same. L. That the City will require each person, firm, or corporation with whom it may contract for labor or materials of construction to furnish a performance bond in the full amount of any contract exceeding $5,000.00 in amount. Section 16: DEFAULT That each of the following events is hereby declared an "event of default" that is to say: A. Payment of the principal of any of the Bonds herein and heretofore authorized to be issued shall not be made when the same shall become due and payable either at maturity, or by proceedings for prior redemption, or otherwise. B. Payment of any installment of interest shall not be made when the same becomes due and payable or within thirty days thereafter. C. The City shall for any reason be rendered incapable of fulfilling its obligation hereunder. D. The City shall default in the due and punctual performance of its covenants or conditions, agreements, and provisions contained in the 1974 Bonds or in this Ordinance, and if such default shall continue for sixty days after written notice, specifying such default and requiring the same to be remedied, shall have been given to the City by the holders of twenty five per centum (25) in the principal amount of the 1974 Bonds then outstanding. Section 17: PROCEDURE ON DEFAULT That upon the happening of any of the events of default as provided in Section 16 of this Ordinance, the City w ill do and perform all proper acts on behalf of the holders of bonds and coupons to protect and preserve the security created for the payment of their bonds and coupons and to insure the payment on the bonds and coupons promptly as the same shall become due. If, for any reason, the City does not act for and on behalf of thebond holders, the holders of 25 of the principal amount of the 1974 bonds then outstanding, may proceed to protect and enforce the right of the bond holders by a suit action or special proceedings in equity or at law, either for the specific performarce of any covenant or agreements or for the execution of any power or for the enforcement of any proper k'gal or equitable remedy shall be deemed most effective to protect and enforc" the riKhts of the aforesaid. Section AMENDMENTS That t his Ordinance mav be amended or supplemented by ordinance adopted bv the City Council in accordance with the Law of the State of Utah, without receipt by the City of additional consideration, but with the written consent of any the holder of twothirds of the bnd authorized bv this Ordinanceand outstanding at the time of the adoption of su h amendatory r supplemental ordinance mot including in anv any ItomJs which may then be held or owned for the account of the Crtv. but including MKh refunding bonds a may be nsm-- for the purpose of refunding any of the J!..r.d he rm aulhort-eif uh refunding bond are not owned by the I imi rM(1-d- . that no such ordinance h;,! have the fleet of permitting: of the matuntv-- of anv 174 llond. or ill An il!t A reduction m the irirwipal amount of ary J a 7 4 J'nind. I be rate of im rest thereof or t he redimpt on premium fiUU- thereon, or l' The creation of a lien wpon or a pledge of revenues r.if Vir.g pri. r to the hen or pledge r,ild by this Ordinance; or (4) A TEN YEAR OLD BOURBON mp --r 4 I |