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Show PAROWAN TIMES PARO WAV UTAH SEITEMBER it), Ordinance o. 2 ...aKrWANCE 70 X)XTRACT AX INDEBTEDNESS ON behalf ok the town ok paragonah and l ThE UtEDIT THEREOF. BY ISSUING THE N EGOTIABLK COUPON GENERAL OBEIGAT iuN El.EVliUC EIGHT AND tOvER BONDS OK HE TOWN oK I AiUuONAjI IN THE OH'Ax. AMOch OK ivEti..iUiiLhG luE y.OtmoO, P'OIUI OK SAID BONDS. 1KOvIMXg UOK THE LEVY OK A iu 1 TAX TO i A THE z'KINv FAl. AND INTEREST THERE-OKPRESCRIBING DETAILS IN CONNEXION THEREWITH. AND DECLAliUNC AN EMERGENCY -- . WHEREAS, the Town of Iaiagonah is a inun quil corMi.Uiuii u!y oigauizi-- and existing under .. laws uf the slate oi Utah, .... and WHEREAS, at a special election duly called and held In the Town 01 Paragonah, there was auL.nitied to tl. elector a of tile Town, qual.tied to vote thereon, he following question, to wit: -- "Shall the general obligation bon .a of tL Town of 1aragonaui, Iron County, Utah, iu the aggregate principal amount of $9,000 00. payable wlthiu twenty jeaia fruni date, be liwuid and sold lor thu purpose of improving the municipal electric light and power system In order to edequately supply the the Town and the Inhabitants .ther.-o-f with electric light and power, aaid system to be owued and controlled by the municipality 7" 'SvM (hireaucratic fright mare xrj- - and WHERE AS, more than a majority of the quaJinef electors of the Town voting; on the question so submitted voted iu favor of the Issuance of the bonds; and WHEREAS, the Board of Trust 'es of the Town of Paragonah has determined and does hereby determine Chat It Is neceasary and for thi best interests of the Town of Paragonah and the Inhabitants thereof that the general obligation bonds of the Town In the of J9.000.00 be Issued and sold at this time for the purpose of d fraying in part of the cost of improving the municipal electric light and power system. NOW. THEREFORE, BE IT ORDAINED by the BoarJ of Trustees of the Town of Paragonah, Iron County, Utah: Section 1. That said election resulted In the approval of the issuance of the general obligation bonds of the Town of Paragonah in the amount of $9,000 00, and the result of said election is hereby so declared. Section 2. That all action (heretofore taken by the Board of Trustees and the officer of the Town of Paragonah directed toward "the Improvement of the municipal electric light and power system and the lasuauci of its bonds for that purpose be, and the same is, hereby ratified, approved and confirmed,including, without limiting the generality of the foregoing, the acceptance of the proposal for the purchase of said bonds submitted by tihe State Finance Commission. Section 3. That for the purpose of providing funds to defray In part the cost of Improving the municipal electric light an! power system of the Town of Paragonah, there shall be Issued the negotiable coupon bonds of said Town in the aggregate principal of $9,000.00, consisting of eighteen bonds in the denomination of $500 00 each, numbered from 1 to 18, both inclusive, bearing date as ef the first day of July, 1949, bearing interest at the rate of two and three-fourtpT centum per annum, payable on the first days of January and July in each year as evidence! by interest coupons attached to said bonds, both principal and Interest being payable In lawful money of the United States of America at the office of the Town Treasurer, Paragonah. Utah, and maturing serially In regular numerical order $500 00 on July 1, In the years 1950 to 1967. Section 4. Said bonds Shall be signed by the President and Town Treasurer, attested by the Town Recorder, and sealed with the corporate seal of said Town. The coupons attached to said bonds shall bear the facsimile signature of the Town Treasurer, whch officer, hy the execution of said bonds, shall adopt as and for his signature the facsimile thereof appearing on said coupons. Said bonds and coupons baring the signatures of the officers in office at the time of the signing thereof shall be the valid and bind.ng obligations of the Town of Paragonah. notiylthstanding that before the delivery thereof and payment therefor any or xl of the persons Whose signatures appear thereon shall have ceased to fill their resepetive offices. Section 5. That sail bonds and the coupons thereto attached shall be in substantially the following form: UNITED STATES OF AMERICA COUNTY OF IRON STATE OF UTAH TOWN OF PARAGONAH General Obligation Electric Light and Power Bond Series of July 1, 1949 $500.00 . No. (2-1- hs seml-unnuall- y lie m ,yw aga MT10NAL Y. DISTILLERS PROD. CORP., N. 86 PROOF 65X GRAIN NEUTRAL SPIRITS Eg Count the FISHER BODY STYLING AND LUXURY EXTRA VALUES and youll choose FISHER UNISTEEL BODY CONSTRUCTION WIDE-BAS- E WHEELS plus TIRES BRAKES CERTI-SAF- E with IN ITS FIELD, Th BearUo VISIBILITY MAINTAIN 0 Uno Sd CENTER-POIN- CHAMPION VALVE-IN-HEA- D ENGINE PHONE 680 300 NORTH MAIN STREET, CEDAR CITY, UTAH T STEERING Bradshaw Chevrolet Company PHONE Th Town of laragouuh. In the County of Iron and State of Utah, acknowledges Itself Indebted and tfsereby promises to pay to ATHIJCTES FOOT 11(11 th bearer hereot the sum of NOT IIIKD TO Hit I. KUE HUNDRED DOLLARS IN ONE IIOl It. on the first day of July, 19- - , with lnt rest thereon at the rat of per centum jcr annum, pajable ini the flr.-If a' pleased, jour 4'V I. daya of January and July In each jrar, bth principal and interest , teng payatlt in lawful money of Me United States of America t any drug store. T-- L. a the office ot the Town Triasuier in Pat agoiia.i, Utah, ujktti preaen-"atio- n fungkide, contain .' 90 pi and sumn.'er of this Bint an) of the annexed coupons as alchol. IT PKNKTlt they severally Ixcome due. Reaches MORE geim i. 1.11.1. This bond is named by the Tvwn of Paragonah by and on lf the Itch. Tiklay at of aaid Town and Umii the credit thereof for the of jairpoae providing funds to di ray in part the cost of Improving the muni-- , ipal el V trie light and power system to supply the Town and the inhab.tauta thereof with electric light an.l power, said aystein to be owned and controlod by the municipality, under t)he authority of. and in full conloim.ty with, the Constitution and Statutes of tho State of Utah, ant pursuant to an ordinance of said Town duly adopted, published and mad a law of aaid Town prior to the asuance of this bond R la hereby certified and wnuntl that the issuance of this bond has bom authorized by the electors of the Town of Paragori-ah- . quaifled to vote on the quest Ion, at a special election held n YOUR OWN Utah Symphony aaid City on the 10th day of June. 1949. Ontwrtra, hooping pact wit growing appreciation of lint munc It is hereby certified and recited that all of the requirements ta lha Wol, thi Moron pitunit of law have been fully complied with by the proper officers of NINI brilliant concorH. said Town In the iuancc of this bond. That the total indebttvlnesa of said Town, Including that of this bond, docs not excess! any limit Quasi artists will induJe of indebtedness proscribed by the Conatilution or Law of the State the world's bast: of Utah, and that provision haa been made for the levy and Artur Rubinstein, Pianist collection of annual taxes sufficient to pay the Interest on, and the Nathan Milstein, Violinist principal of, thus bond when the same become due. Corinne lacomble, Pianist The faith and credit of the Town of Paragonah are hereby Frances Magnes, Violinist for the punctual payment of the prirk ipal of and the Inpledged of the ftd Hi terest on this bond. of UloH nt be-lia- .rma?) -- UfUvorttly IN WITNESS WHEREOF, the Town of Paragonah has caused this bond to ba signed by Its President and Town Treasurer, and Its corporate seal to be affixed thereto, attested by its Town Recorder, and the annex'd coupons to bear the facsimile signature of the Town Treasurer as of the first day of July. 1949. PRESIDENT MAURICE ABRAVANAl Conductor Plan e winter Moron of onoymnt nd muiical adventuio Soy M.iun tickalt and SAVEI TOWN TREASURER (SEAL) Attest: Order yew lichrli NOW for choice Matt. Wiito: TOWN RECORDER UTAH SYMPHONY (Form of Coupon) $6 87 $6.88 No. IS (At EonnoH'O Phono 1 7651 Salt lot City 1, Utoh Id W, So. July, On the first day of January, 19 , the Town of in tho County of Iron and State of Utah, will pay the Paragonah, lhe bearer SIX AND 87100 DOLLAR SIX AND 88100 DOLLARS at the office of the Town Treasurer, In lawful money of the United States of America, being six months Interest on its General Obligation Electric Light and lower Bond, Series July 1, 1949, dated July 1, 1949. (Facsimile Signature ) TOWN TREASURER Its your No. Section 6. That when said bonds have been duly executed, the of Paragonah shall deliver them to the State Finance Commission, the lawful purchaser thereof, on reoipt of the agreed purchase price. The funds realized from the sale of said bonds Shall be applied solely to defray in part the cost of improving the municipal electric light and power system, but the of said bonds shall in no manner be responsible for the purchaser application or disposal by said Town or by any of its officers of any of the funds derived from the sale thereof. Section 7. That the interest accuring on said bonds on January 1, 1950 and the principal and interest due on said bonds on July 1, 1950 shall be paid from the falling fund of the Town general or from any other fund available for that purpose and' for tho purpose of reimbursing said bonds, and to provide for the payment of the principal and interest falling due on said bonds promptly as the same thereafter .become due. Them shall be levied on all the taxable property In the Town, in addition to all other taxes taxes sufficient for that purpose and' Bald taxes, when annual collected, shall be deposited In a special fund known as the Gen oral Obligation Light and Power Bond Fund," and such fund shall be applied solely for the purpose of the payment of the Interest on and the principal of said bonds resjtectively, and for no other pur pose whatever until the indebtedness so contracted under this ordinance, both principal and intercut, shall have been fully paid, satisfied and discharged, but nothing herein contained shall be so construed as to prevent said Town from applying any other funds that may be in the Treasury and available for that purpose to the paymfent of said interest or principal, as the same respectively become due, and upon such payments being made, the levy or levies herein provided for any thereupon to that extent be diminished. The sums hereinbefore provided to meet the interest on said bonds and to discharge the principal thereof, when due, are hereby applied for that purpose, and Bald amounts for each year shall be Included in the annual budget and the appropriation bills to be adopted and passed by the Board of Trustees in each year respectively. Section 8. It shall be the duty of the Board of Trustees of said Town, annually, at the time and in the manner provided by law, for levying other taxes if such action shall be necessary to effectu ate the provisions of this ordinance to ratify and carry out the provisions hereof with reference to the levy and collection of taxes, and said Board of Trustees shall require the officers of and for said Town to levy, extend and collect such taxes In the manner provided by law for the purpose of creating a fund for the payment of the principal of said bonds and the interest accuring thereon. Such taxes. When collected, shall be kept for and applied only to tho payment of the Interest and principal of said bonds as herein before specified. Section 9. That the officers of the Town of Paragonah be and they hereby are authorized and directed to take all action neces sary or appropriate to effectuate the provisions of this ordinance including, without limiting the generality of the foregoing, the printing of said bonds and the execution of such certificates as may be required by the purchaser thereof relating to the signing of the bonds, the tenure and Identity of the municipal officials, the assessed valuation and indebtedness of the Town, the receipt of the bond purchase price and the absence of litigation, pending or threatened, affecting the validity thereof. Section 10 AU ordinances or parts thereof in conflict with this ordinance are hereby repealed. After the bonds hereby authorized have been Issued, this ordinance shall constitute a contract between the Town of Paragonah and the holier or holders of said bonds, an shall be and remain lrrepealable until said bonds and the interest accuring thereon shall have been fully paid', satisfied and discharged. Section 11. That in the opinion of the Board of Trustees of the Town of Paragonah it is necessary to the peace, health and safety of said Town that this ordinance shall take effect upon the date of its passage, approval and publication. PASSED by the Board of Trustees of the Town of Paragonah, Iron County, State of Utah, and approved by thie President of said Town this 12th day of July, 1949. SAMUEL ABBOTT of Paragonah Town President, County of Iron, State of Utah Attest" Treasurer John B. Topham, Town Recorder (SEAL) The adoption of the foregoing ordinance was seconded by was camel Trustee Earl LeFevre, and upon being put to a vote trustees present, the vote being as by the affirmative vote of all follows: Aye Frank Dunton Aye Richard A. McBride "Aye" Earl LeFevre "Aye" William S. Boardman WORLDS EXTRA ECONOMICAL TO OWN OPERATI CURVED with WIDEST TREAD RIYETLESS E BRAKE LININGS are exclusively yours at lowest cost in Chevrolet! Ingest, heaviest car DUBL-UF- mi adopted and approved o... 12 Utah's Greatest Fait Mora Exhibits e Better Exhibils V? ""M Superb Stock Section National Sheep Dog Conlrit Utah Square Done ChompiomSip FREt HOT-tO- THRIU SHOW RACES an Improved and reomtrucld Orond Stand Racttrack ?u4m '"ttoum RTEMBER - on tci" ilELSgi Tm going to ask you folks to watch for a visit to your county by the Natural Resources Committee of the Utah chambers of commerce. They'll report their findings in a recent survey of natural resources. Attend their meetings! Give them your ideas on developing the resources of your area! Learn more about the possibilities of our state!" Akrr President, Town of Paragonah County of Iron, State of Utah 680 Attest: JOHN B. TOPHAM Town Recorder (SEAL) " UTAH MINING ASSOC'.' ' : |