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Show ' 1 3 PARoVVaN TIMES, PAROWAN Mlv Hit At ITV OltlMXANt UTAH MARCH Ik al tisuing fiscal year and the average annual principal requirement H TIMED FIRIM PA44K I IlMKIt t daises of customers, and rev. nuea per lass of customer for each fiscal year to and WOM including the final maturity date of A similar audit and report shall he prepared by I Its of this Part (At ot Section 12 of graph city officthis ordinance have ill. bonds proposed to be issued, provided, however, that ials immedlatel) alter the expiration of each quarter uf each fiscal WEDDING ai been made, said amount shall t not more than ten per ten tutu bond in addition to those herein authorized shall be Issued hav vtsr. All expeuscs incurred in making of the audits ami reports U0a nor leM than five per cesium of lh( KroiHl ing a lien euimrior to. or on a purity with, that of the bond by ibis section shall be regarded and paid as a mainof required the April Sunday, for the system Hurting preceding fiscal year, i.ut in event herein authorized. tenance and u to be operation expense The City agrees to furnish a copy less attend you than said j may Moo.uo y per month Said Depriation Fund A written certification hv a certified accountant, to be of each of such audits to the holder of any of the bond at til ttc the BOUP amt filth Ml shajl be expended from time to time in making good anv depre. employed by the City of Parnwan. that public said earning are uf 1, .quest and without request to the original purchaser of said I lie mothball dal Ion in said aystem. and m making urb extensions or improve-ment- s ficient to pay said amounts shall tie conclusively presumed to be 1951 bond from the City, alter such audit and mid Itarubaru Turks thereof or repairs or betterment thereto as said report has liecu ice urate III determining the right of said City to City Connissue prepared, and that any such holder shall have the right to dtscuas authorise, for the ell may, from year to year consider advisable. in up again The amount in sell and deliver said additional bonds with the accountant of persons making (he audit the contents since JOLSON SINGS the Depreciation Fund shall he used whenever An additional liondB Issued In compliance necessary to meet with the terms of the audit and to ask for such additional information us be Interest and principal requirements on said I'M revenue bonds hereof shall hear Interest imyahle on the first days may reasonably require nrv stars Parks as a or the revenue bond authorized herein, and may In- - used at any of April and October In each year uud shall mature on the first I h That a long as anv of the hmuls nerehy authorized are married young lime to call said bond Any accumulations In said Depreciation lav of April in each year during the term of said bonds i'M 0 tzx riil t nie the City shall nfll grant any franchise or license lo will complex Fund which, in ihe opinion of said City Council, shall inferiority In determining whether additional bonds not be may be issued as afore competing system, nor shall 11 permit, during such period, any th - happily needed for the purpose of said itncdy Fund. may. in ihe discretion of said, consideration shall be given 10 ihe probable reduction or torso, atom, iation. firm or corporation 10 supply or sell eloctrl-a- l cr" ending thanks to said City Council, lie transferred to the Income Fund and used Increase In operating or muiuienunce expense facilities or services to any consumer, public or private, with-- n that will result in Hale Itarhara of for the purposes thereof as herein set forth. rom the expenditure of the funds the City. proposed to be derived from of the new bride. (ti There shall he and there is hereby created, a fund to be the issuance and sale of said bonds and said cost of operation (il That the City, in its opeintlnu of the system, will carry known as the Pnrownn Electric Eight and Power Improvement amt maintenance for said fiscal year may he accordingly modified fire and extended coverage Insurance, workman's compensation ' J Revenue Bond Sinking Fund, Series 1951. Section 15. Thai the City ..f Parowan herebv (hereinafter some.oveuants and 'nsurunce uud imhlir liability Insurance, and other types of insur- times called the Sinking Fundi, Into which there shall be set igi.es with each and every holder of the bond Issued hereunder knee, in such amounts and to such extent n Is normally ear- -' aside and paid, from any balance remaining in said Income Fund ai That notwithstanding anv provision contained herein, the led by private corporations operating public utilities of the am4 after the payments or distribution of monies hereinabove pro eim revenues- - or Income- - from the municipal electric light ype. The cost of such Insurance shall he considered one of the ! vlded have been made, hut not to exceed 21 k72 of the net rev- and power system shall Include all income and revenue derived operating coat of the system and shall in payable solely from i b the enues of the aystem. so long as any of the bond he revenue City of Parowan from the operation of the system whe of the system In Ihe event of loss or damage. In-- 1 1 hereby authorither resulting from additions. zed are outstanding, the following amounts: auranee proceeds shall he used first for the purpose of reatorlng Improvements repairs, or better-min- t i to the system, or otherwise, and shall Include all reven- or replacing ihe property lost or 1. 19.11. (a Monthly, commencing of April the dain'iged. and any remainder J )A V A MONDAY St ues received by the City of Parowan. or nei maturing installment of interest on. and hall he treated us net income and revenues, and shall he subject of the any municipal ,orpor-anonext maturing installment of principal of. the 1911 bonds succeeding to the rights of said City, from said aystem and o distribution In the manner provided hereinabove In Section 12 April 1 & 2 from the sale of services to the Inhabitants of what is herein authorized; now the of this ordinance for gross Income and revenue derived from the! City of Parowan (Including all territorial uuncxatlous which tin Monthly, an additional amount equal to twenty per Iteration of the system. may he made while said revenue bonds, or centum of the amount required to be deposited under sub(Jl That the "it y will not sell, lease, mortage, pledge or other- in Color any part thereof, are outor 1111 from the vise of sale this standing!. encumber, or in any manner dispose of or nlienate the sya- - ! of v paragraph Part and of Jane Calhoun paragraph this (A I. electricity distributed by meanH with Hi, of said system owned and operated by said 12 of this ordinance, such amount to be and constior any part thereof, including nnv and all extensions and Section em. a the City same Nigh may at any time exist to serve customers outside the idditlon tute a reserve to meet possible deficiencies in said fund. that may be made thereto, until all the bonds herein , City limits as as customers wpll Authorized within to lie issued shall hrfve been paid in full, both prtn- balance the limits. (1i after Any the City remaining making of the payments W EDN KSD A V TUI- herein provided shall he used by the City for the payment of (b) That while the bonds authorized hereto, heretofore or Ipnl and Interest, except that the City may sell any portion of 1 I a THURSDAY interest and principal falling due on additional bonds, if hereafior. which shall be payable from revenues derived from laid property which shall have been replaced by oilier properly I April 3. 4 & 5 if ai least equal value, or which shall cease to lie any, which may be hereinafter imposed, including therefor a said system, or any of said bonds, remain outstanding and unnecessary for 4 the rates the efficient shall be paid. of (which the in or reasonable reserve, isoperation for lawful the that in Hi system, payable however, of provided, bonds of the the money prior redemption MIS FOR Git sued under Ihe provisions of said Ordinance adopted March 28 United States of America) for all service rendered by the aystem he event ol any sale, ns aforesaid, the proceeds of such sale shall , a 1 Uity and to its inhabitants and to all consumers bo distributed os gross Income or revenues of the system In ac- - f 1949. or of this ordinance, or of an ordinance authorizing addi-- I ot dance with the provisions of Section 12 of this ordinance or be hounderies of said City, shall be whhout tional hereafter bonds, as herein provided, or for the adopted, Johnson and Kathryn adequate vlth V. for the payment of the interest (kl That Ihe bonds authorized to lie issued hereunder, shall ' in the open market of said 1949 bonds, or of said bonds i 10 Pr0Vll0 revenues sufficient purchase Grayson on an f constitute first lien against the gross income and revenues do- - "I said ,hp PrlncPal 1911 ns bonds herein provided, and authorized herein or hereafter, or shall be used to improve, ex- rived ! sia e from the reasonable and and Just, operation of the system after provision is made I or distribute cost the tend, repair better said system, or shall be held as a reserve equitably FWliAY .V SATURDAY of the service between the users, taking into account and con- for Ihe payment of the operation and maintenance costs, for the 1 for said purposes. April H & 7 IBI The amounts paid into said Bond Fund and into said sideration the cost and value of the system, and the proper and tirincipal. interest, and reserve requirements on said 1949 bonds 4 and for the (tuO.OO per month payment Into the Depredation 'ij DO' ll,E FEATURE Sinking Fund created under the provisions of paragraph (A) necessary allowances for operation and maintenance and for the of Fund, as hereinabove provided the and the amounts depredation system for the necessary and of this 12. Section shall be deposited in separate (4 (2) of all bonds I retirement HP (li That other than as provided by this ordinance and hv snid PARADE payable from the revenues of the system, bank accounts in a bank or banks in accordance with the proOrdinance on and all interest adopted and approved March 28. 1949, there are no , bondH. such and accruing there shall be charvisions of the Slate Depository Ait, and shall lie used solely and OF 1951 lien nr encumbrances of any nature whatsoever on or against ik all of ged said against purchasers mich electricity. Including City, I'll only, and said funds are hereby expressly and exclusively pledged, .a? aid system or the revenue derived or to lie derived from tho i jut PI.lS for the purpose of paying the principal of and the interest on rates and amounts as) shall lie adequate to meet the requirements of this and the preceding sections hereof, all of which rev- opi ration of the same. 1 G 1 STORY said 1949 bonds and the bonds herein authorized to be issued, enues, fmi That each municipal official having custody of funds deIncluding those received from the City, shall be subject respectively. Said payments shall be made into said funds on the i rived from operation of Ihe system ahull lie bonded in an amount to distribution to the payment of the cost of operating anil mainfirst day of each month, except that when the first day of any GUARDIAN-SHI- I to NI in funds total his one at time. JPROBAII equal any the custody the creation and system, maintenance of u depremonth shall be a Sunday or a legal holiday, then such payments taining Section 10. That the bonds authorized to be Issued hereunder, t NOTICE ciation fund, ihe payment of principal of and interest on the be made on the next succeeding secular day. In the event shall ml C011-- k from time to lime outstanding, shall not he entitled to any For Fi her Information the income and revenues derived during any one month are in- bonds heretofore and herein authorized, and such other purposes one over the other in tin application of the revenues of District Court or priority as no herein that free service shall be furnished by provided; adequate to make the payments required to be made into said said of the system, regardless of the time or times of their issuance, or spective Signers. use thereof that or system of any the thereof; any part Bond Fund and or said Sinking Fund, the deficiency shall be In the I ifili District Court of services tendered thereby by the City, or any department thereof, il being the intension of the City Council that there shall he no i ij revenand income from as and aforesaid made the first up paid the 8ti h- of dull, in anil for will be paid for at the reasonable value of the service so ren- priority among the bonds authorized to be Issued pursuant to 4 i ues thereafter received. No payment need be made into said Hi lie minty of Iron and that the income so derived shall be deemed to be this ordinance regardless of the fact that they may lie actually dered. if the amount then contained la the Matter of the Estate of Bond Fund or said Sinking Fund income derived from the operation of the system, to be used and issued and delivered at different times. It is hereby expressly 21: therein is equal to the entire amount of the outstanding bonds accounted SUSIE l MIC KELSON for in the same manner as any other income derived ' freed an( covenanted that the City will not hereafter issue any ' to be paid from said Funds, respectively, both as to principal bonds or obligations payable from Ihe revenues of the system until (creased. from the operation of said system. and interest. Whenever the amount in the Income Fund shall I, NOl It K TO 'll EDITORS all bonds herein authorized hnve been paid in full, unless such (c) That all bills for electricity served by or through the sysexceed the aggregate requirements of the current fiscal year, tof In a are bonds iastted manner additional such as in be adprovided tem shall rendered monthly at the established rates in gether with an amount sufficient to meet the requirements of vance to be due and payable the first day of each and every Section 14 of this ordinance and shall have a lien on the rev- such surplus month. In the event said bills are not the next succeeding fiscal year, fifty per centum of enuee of the system junior in lien to the bonds authorized herein. jj paid in full within thirty Section 17 That the provisions of Section It! hereof are sub- - J !l may be used to purchase in the open market said 1949, andor days after becoming due and payable, service shall bo immedi1951. bonds at the best price obtainable at less than the call Ject to the exception that if at any lime after the bonds herein ,'i ately discontinued or hereafter authorized, or any part thereof, shall have been price, or in the event such purchases do not exhaust fifty per I (d) That the "Parowan Electric Light and Power Improve- issued, the City Council shall find it riesireable to refund said centum of such surplus, then to the prior redemption of said ij shall be used bonds; said bonds, or any part thereof, bonds which are subject to prior redemption. Any bonds so pur- ment Revenue Bond Sinking Fund, Series 1951 may be refunded (hut j; chased or redeemed shall thereupon he cancelled. In the event solely and only, and is hpreby pledged, for the purpose of paying only with the consent of holders thereof, unless the bonds have such purchases and redemptions do not exhaust fifty per centum the interest on and the principal of the bonds herein authorized. matured or are then callable for prior redemption and have been it Executor (e) Thai in the event of default on the part of the City in properly called, or unless said bonds are subject to refunding of such surplus, the balance shall be held in the Income Fund Jmorr a- MATHESON I or for available principal of or interest on said bonds promptly as each j,y operation of the law at the option of Hie City), and t lie re- - ''J paying become bonds as purchase said Attorn' time such until or Executor or in the keeping of any covenants herein contained, funding bonds so issued shall enjoy complete Bankin' Southern Utah Bldg. equality of Hen f J redemption in accordance with the foregoing, provided, that said falls due. if default shall continue for a period of sixty dayN, the with tho portion of said bonds which is not refunded, if such and hereas be distributed v Cedar monies so held in the Income Fund may Utah. any I a manager for the system, which manager shall will 12 of B this of A Section City appoint on and six Continued in page paragraphs !;. 23, 30, A prilll. inabove provided the system ordinance. The monies in the Bond Fund and the Sinking Fund have full control over the system and shall operate enforce such reasonable rates shall be continuously secured by direct obligations of the United for the City of Parowan, and shall be sufficient to make the payments required will as to and at least charges times all at amount an equal in 1 States of America in all things so operate the system the amount of money then itt the Income fund. The Bond Fund by this ordinance, and shall with all of the requirements and provisions and Sinking Fund, less the amounts held in cash and required as to fully comply The of ordinance. this the for right of the holder or holders of the bonds and interest requirements j o meet the aggregate principal to require the appointment of such manager current fiscal year, and other requirements for said current fiscal herein authorized be and in the event of default as herein shall not exclusive, Fund andor year. Any monies in the Income Fund, the Bond or holders shall have the right to proceed holder such of the outlined, in direct obligations tl;e Sinking Fund may be invested of the covenants to require the performance or in law equity United States of America. seem appro them to shall which in action contained herein any comthe (C) Interest on said 1911 bonds accruing prior to or betterments priate. pletion of said improvements, extensions, repairs (f) That the City will operate and maintain said system, so shall be paid, if sufficient funds are not available therefor, from as any of the bonds herein authorized are outstanding, in 21.S7 of the net revenues derived from the operation of said long an efficient operating condition and will make such extensions HONEYMOON system, from the proceeds derived from the issue of the revpnue or additions thereto as may be necessary or adCOUPLE improvements ajoying extent that to the bonds hereby authorized, or any part thereof, an Amating Amric its economical and efficient operation at all to insure be paid front said portion of the net rev- visable Tour viything such interest cannot extent sufficient to supply public or private an to and times pr plaaci just ft enues of said system. demands for service within ihe City and the territory adjacent thy with. said thereto. (D) The payments hereinbefore required to be made into shall be COLLEGE Operation and Maintenance Fund and Depreciation Fund (g) That so long as any of the bonds remain outstanding STUDENTS . . . on the first day of each proper books of record and account will be kept by the City, made in equal monthly installments 1 dollar on hd that when the first day "of any month shall be a seperate and apart from all other records and account, showing except month, ad trip wk be made on complete and correct entries of all transactions relating to the horn. Sunday or a legal holiday, then such payments shall the next succeeding secular day. In the event the income and system, and that the holders of any of the bonds, or any duly revenues during any one month are inadequate to make the re- authorized agent or agents of such holders, shall have the right BUSINESSMAN be made at all reasonable times to Inspect all records, accounts and data quired payments into said funds, the deficiency shall h! ho' revenues income and the first from as aforesaid and relating thereto and to inspect the system and all properties com paid up on th woy to hi nozt aoloi thereafter received. orising said system. The City furth agress that it will, within coll. Section 13. The lien on the revenues of the system securing sixty days following the close of each fiscal year, cause an audit the payment of the bonds authorized herein, and the pledge for of such books and accounts to be made by an independent firm the payment of said bonds, is junior and subordinate to the of certified public accountants, showing the receipts and disDRIVER . . oao lien of the bonds, and the pledge for the payment thereof bursements for the account of the system, and that such audit oi tho world' authorized by said Ordinance adopted and approved the 28th will be available for inepection by the holders of any of the boat plootomt bonds. Each such audit. In addition to whatever matters may be of March, 1949. day and copablo! thought proper by the accountant to be included therein, shall Section 11. That nothing in this ordinance contained shall be include the following: construed in such a manner as to prevent the issuance by said the income (1) A statement in detail of the income and expenditures City of Parowan of additional bonds payable from of the system for such fiscal year. and revenues derived from the operation of the system and conGreyhound give Hen of (2) A balance sheet as of the end of such fiscal year. stituting a lien upon said revenues subordinate to the you carefree travbefore (3 The accountants comment regarding the manner in that any however, el enjoyment . . . the bonds herein authorized; provided, earnthe City has carried out the requirements of this which the or issued, authorized are rebonds actually such additional completely and Ihe accountants recommendation for any fiscal lieved of driving for ordinance, the year ings derived from the operation of said system or improvement in the operation of the system. and issuance tiin Frequent schedule! save authorization the of change the date immediately preceding low fares save money . ( 4 ) A list of the insurance policies in force at the end of shall have been sufficient to pay the cost of operation and mainfiscal year, setting out as to each policy the amount of the fund requirements tenance for said period, and the depreciation pYHOUND BUS DEPOT sufin the policy, the risks covered, the name of the insurer and and, fiscal said addition, for year, set forth hereinabove of (1) the printhe expiration date of the policy. ficient to pay an amount representing 110 next ensuing fiscal year (5) The number of electrical connections at the end of the TELEPHONE 2131 cipal and interest requirements for the revenues from the year. of the bonds payable City , of the outstanding 6MW NIUTRAL SPIRITS (61 The number of customers per class of customer, If there Hi MRl AJtt (HU (NMKT. 10HCVIUI, IIHTUdtTj. of the system, and (2) the interest requirement for the next) K hi (5, semi-annuall- y 1 u- EATRE ! one-sixt- one-twelf- n cm ATI FAIR 4 1 ill. m RRIAGE 11 1 f - kl-s-r- MINER you Save jby MIKE says. GREYHOUND i A lioa's Pharmacy Parowan. Utah |
