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Show u ' HEREments and the issuance of such IN CONFLICT WITH , A N D FIXING THE bonds, and , ORDINANCE TIME SUCH WHEREAS, in full conformity SHALL BECOME EFFECTIVE. with the laws of the State of WHEREAS, the City of Brig-ha- Utah, particularly Sections 76A-2-to 76A-2-2- 3 Utah Code City, 'Utah, now owns and 1943, the Mayor and City operates, and for several years CES PAGE FOUR BOX ELDER NEWS Brigham City, Utah Wednesday, February 22, 19S0 1 An-note- Legal Notice past has owned and operated, an electric light and power plant and system for the purpose of PROVIDING supplying electric light and AN ORDINANCE FOR THE CONSTRUCTION OF power to said City and the InAND BET- habitants thereof, and IMPROVEMENTS TERMENTS TO THE MUNIWHEREA, it Is necessary for CIPALLY OWNED ELECERIC the immediate preservation of LIGHT' AND POWER SYSTEM the peace, health and safety of OF THE CITY OF BRIGHAM Brigham City, Box Elder County, AUTHORIZING State of Utah, and the InhabiCITY, UTAH, AND PROVIDING FOR THE tants thereof, that improveISSUANCE OF. ELECTRIC ments and betterments be made LIGHT AND POWER EXTEN- to the Citys municipal electric SION e BONDS, SERIES OF light and power plant and sysFEBRUARY 1, 1950, OF BRIG- tem, for the purpose of adeHAM CITY, UTAH,. IN THE quately supplying electric light AGGREGATE PRINCIPAL and power to said City and the 'AMOUNT OF THIRTY-FIVinhabitants thereof, and t THOUSAND DOLLARS ($35,. WHEREAS, pursuant to, the 000.00) 'FOR THE PURPOSE provisions of Sections to THE COST DEFRAYING OF Utah Code Annotated OF (MAKING SAID ; 1943, commonly known as the PRESCRIBING THE Granger Act, the Mayor and FORM AND OTHER DETAILS City Council of said City are OF SAID BONDS; PROVIDING authorized to provide for the ' i ORDINANCE NO. 119 ' i -- : 1 76A-2-2- IMPROVE-MENTS- w; .. f i n FOR- - THE COLLECTION AND (DISPOSITION OF REVENUES TO BE DERIVED FROM SAID OTHER SYSTEM; MAKING PROVISIONS WITH RESPECT TO THE OPERATION OF SAID SYSTEM AND THE ISSUANCE OF SAID BONDS; PROVIDING FOR THE PAYMENT OF BOTH THE PRINCIPAL AND THE INTEREST ON SAID BONDS FROM A FIXED PROPORTION OF TIIE NET REVENUES OF SAID SYSTEM ; REPEALING ALL ORDINAN- - construction of improvements and betterments to said system and to defray the cost thereof by the issuance of revenue bonds of, said City solely from a fixed proportion of the net revenues to be derived from the operation of said electric light and power plant system as so improved, and it Is considered by the Mayor and City Council to be necessary and to the best Interests of said City now to provide for such' construction of such improvements and better Council of Brigham City, by at s vote of all least a councilmen, have heretofore determined to proceed under said act to make such improvements and betterments, and has heretofore caused to be made a comprehensive estimate of the value of the existing municipal light and power plant and system, of the cost and value of said imand betterments, provements and the net operating revenues to be derived from the entire project when such improvements and betterments are completed, by a competent engineer approved by the State Engineer of the State, which competent engineer is hereby found to have no connection with any two-third- manufacturer or seller of ma- chinery, pipe, or other equipment, to be used in said project or in the installation thereof or with and person or corporation engaged in same business, and the said Mayor and City Council have heretofore approved, adopted and filed said estimates, and WHEREAS, the estimate of said engineer places the value of the existing municipal light and power plant and system at Two Hundred Sixty Thousand Dollars ($260,000.00), the cost and value of said improvements and betterments to be Thirty Five Thousand Dollars ($35,000. 00), the total value of the new PA reserve for said find the present value of Two irpTa ndrt-build to be yp ,9 El and system OX plant Two Hundred Ninetyfive Thou- bers and maturity dates, shall Thousand Dol- - improvements, better1 ' Mayor, Brigham City, Utah Hundred Sixty Irigba sand Dollars ($295,000.00), the hb'ln substantially the following ; extensions cost and other : jars ($260,000.00), the r value of the total plant as Im- form: Hfidnsdal' Attest:' improvements and neebsary said of value proved, that the (improvements UNITED STATES OF AMERICA be ThirtyFive in good repair and woZ1 to betterments and betterments proposed to be ' City Recorder, Brigham City, (Continued ($35,000.00), der, The City, hereby STATE OF UTAH Thusand ' (Dollars constructed will be paid for by Utah. new covenants that if such the of value total the and brigkam crrr the issuance of electric revenue (SEAL) to be any time' become inZ 9us r oth plant after improvements Thou- for the purposes of Coupon) ' bonds in the sum of Thirty-fiv- e (Form Electric and Ninety-Fivherein Brigham City Light Two Hundred duties Thousand Dollars $ ($35,000.00); Power Extension Revenue Bond No.the this section specified ($295,000.00), Dollars sand required that the value of the plant conbe August revised 1950 and shall, Series el, February 1, City and ftJ structed by said revenue bonds On the first day of February, value of the improvements and as proposed to be con- time to time, o s will be 12 percent of the value No. .... the City of Brigham betterments be $1,000.00 A. D., 19 lection of the value necessary, so as to prod-12 to for of the total plant as improved; City in the County of Box Elder structed enties sufficient cha for as improved; such o fthe total plant affor that the estimated gross revedimes The City of Brigham City in and State of Utah, will pay to that the improvements and bet- poses; provided, however nue to be derived from the enbearer api to be con- thing in this Ordinance tire project when the contem- the County of Box Elder and Dinars in lawful money of the terments proposed Seand' hotwithstandw the contrary for by be will paid plated Improvements and bet- State of Utah, for value received, United States of America at the structed electric revenue rates shall never be fiXa Section terments are completed, will be hereby promises to pay to the First Security Bank of Utah, N. Issuance of sumo of Thirty amount .in excess of to t not less than Two Hundred Ten pearer hereof, In the manner A., Exchange Place Branch, Salt bonds in the for rate able service! the Dollars here- Five Thousand nd from tin unless the Thousand Dollars ($210,000.00) hereinafter Lake Utah, City, . provided, the sum of inafter mentioned bond that the value of the deredshall no. shall g per annum, and that the cost None of the facilities , said reveconstructed one by plant heretofore of maintenance and operation been priority ONE THOUSAND DOLLARS have properly the ed by the electric system the nue bonds will be 12 of imin will be approximately Seventy for application called redemption, be furnished, without a ($1,000.00) plant as Id system, manner described in the bond value of the totalestimated Thousand Dollars ($70,000.00) gross able charge being ma(jg time time or per annum, and that the net on the first day of February, to which this coupon is attached, proved; that bethederived from the for. In the event that th4 the to revenue six A. 19.... interest thereon being with not D., and otherwise, it after revenue, being operating paying of any department, agem contemthe when and entire project Electric on from its the interest costs at date until be months .will not less Mayor operation payment and bet- instrumentality, thereof shall b .: per Light and Power Extension Rev- plated improvements than One Hundred Forty Thou- rate of o fthe facnitl. there itself avail be will are completed, terments bonds a sand Dollars ($140,000.00) ) per annum, pay enue Bond Series of February 1, he t per cent ( not less than Two Hundred Ten services afforded by on the first 1950, dated February 1, 1950. sued pursuai annum; that the estimated net able Thousand Dollars ($210,000.00) tem, the reasonable cost regardless oi under of issued first revenue and is the This be to coupon alloca- day February operating of of value such cost facilities the actu ted to the payment of bond in- day of August in each year, both the provisions of Sections 76A-2-- per .annum, and that ay be be charged j, vices dt Uvered at Utah Code An- maintenance and operation will the shall,or terest and principal on the pro- principal to 76A-2-2and interest being ThouJ. such depan hereby expr City of $35,000.00 payable in lawful money of the notated 1943, and it does not be approximately Seventy posed issuance per agent or , instrumentalit) of sand Dollars' ($70,000.00) covenanted electrjc revenue bonds will be United States of America at the constitute an indebtedness shall be paid for as the not less than Sixteen Thousand, First Security Bank of Utah, N. the City within any state con annum, and that the net operanot hereafter accrue. therefor The reu paying operobiagations Eight Hundred Dollars $16,800, A., Exchange Place Branch, in stitutional provision or statutory ting revenue, after received so , (shall be deeit ation costs ,ill be not less than revenues or 00) per annum; and said esti- Salt Lake City, Utah, upon pre- limitation. ' , (Facsimile One Hundred Forty Thousand be' revenues derived from mate evidences the sufficiency sentation and surrender of this and power signature) per an operation .of the, electric Dollars ($140,000.00) of the revenues of the system to bond or the annexed coupons bonds here be and shall used net and a num; that the estimated cover the cost of operating and as they severally become due. paid , , City Treasurer. the same maci been additional operating revenue to be alloca- ed for in, revenues Countersigned: maintaining said system and Bonds other derived in bond of any 1, to ted February the maturing payment the requirements of the princl such a man ('Facsimile signature) 1955 and thereafter, shall be terest and principal on the pro the operation of said sysie all respects pal and interest of the bonds to Section That Febthe 9,, for Elec on Citj optional redemption posed issue of $35,000.00 be Issued hereunder, and bands herer City Recorder. ruary 1, 1954 or on any interest Bond trie Revenue Bonds wil lbe not maintain the electric s in such ma ...... No WHEREAS, it will be neces- payment date thereafter, at par, less than Sixteen Thousand, and all extensions and ad; hen of the Section 5. That said bonds Eight Hundred Dolars ($16,800, thereto in good condition sary to borrow money in the plus accrued interest plus a ized on the amount of Thirty-FivThousand premium, of - $15.00 for each shall be sold at once at public 00) per annum. Said valua- working order and shall the net xeve an same in the efficient no Dollars ($35,000.00) to pay the bond redeemed..a , sale after publication of tions and appraisals are hereby herein pled cost of making the improveThis bond is one of an author- tice of sale for at least ten days adopted .confirmed and ratified ner and at a reasonable c said bone ments and betterments herein ized issup ih the aggregate prim by publication in three weekly by the (Mayor and City Council long as any of the bonds, ofaffected or authorized to be Issued ri Issues of the Box Elder News, of said City and it is hereby outlined, by the issuance of cipal amount- - of Thirty-Fiv- e this ordinar revenue bonds payable from and Thousand Dollars ($35,000.00) a newspaper published in Brig found and declared that outstanding, said Citj Shall secured by a pledge of a fixed issued for the purpose of defray- ham City, Utah, and of general the value of the present plant maintain insurance on tl? ever, vent the Ci and circulation therein. The proceeds and system, the value of the tem, for the protection portion of the net revenues to ing the cost of constructing be derived from the operation installation of necessary appur- from the sale of the bonds so proposed improvements, and holders of such bonds, er dltions, of the electric light and power tenances and equipment to in- sold shall be deposited prompt- the value of the plant and sys- kind and in an amount ments, and y crease of would and the of be the said City carried plant system usually capacity ly upon the, receipt of such pro- tem after such improvements whh owned electric light and ceeds In a separate account or shall have been constructed, are vate companies engaged t system after construction and comple revenue' pr tion of the improvements accounts in a bank or bands as above set out, and, based on operation and maintenance and power plant and system, all-ifull conformity with the Consti- which are members of the Fed- said valuations, It is expresly similar system. Such Insi suance ofof betterments; pledging tution and Laws of the State eral Reserve System and of the found, ordered and directed by shall be not less In amouii n 'NOW, THEREFORE, BE IT of Utah, and an Ordinance of Federal Cor- the Is sufficient to put the r bonds the Insurance Council that Deposit and City Mayor ORDAINED BY THE (MAYOR the- lawfully enacted and poration ,and the City Treasurer Twelve per cent (12) of the into good operating coti City duly be AND CITY COUNCIL of BRIG! ditlons, adopted prior to the issuance is hereby authorized and direct- income to be derived from said after the happening of an ments HAM CITY, BOX ELDER COUN- hereof. This and un- ed to issued bond is in said which such ent q proceeds electric light and iower plant deposit against I Section K TY, STATE OF UTAH: der the provisions of Sections such bank or banks. All mon- and system as so improved shall shall, be insured. Any of Section 1. That the City of 76A-2-- 1 purchase to 76A-2-2Utah Code eys in such special account or .from such ins trie Revenu deemed to be income derived Brigham City construct improve- Annotated 1943, and it does not accounts shall be used solely for be of after the anj from the happening improve exclusively ments and betterments to its constitute an indebtedness ceived and of the construction of the improve- ments herein provided to be con event shall be immediate!) electric light and power plant the City of Brigham within to ments and betterments the structed from the proceeds of for the purpose of putting Mayorat and City and system by the purchase and any state', constitutional the City provi- electric light and power plant the sale of these bonds, and that system into good operatin' installation of necessary appur sion or statutory liminitation. M, on Thi as described in Sec- Twelve per cent and and re; dition of the system, by repair tenances and equipment, to in (12) of March, T This bond is one of an issue tion 1 hereof, including any ar- net revenues of said plant and ment of any part, parts crease the capacity of said light Recorder of of such system legal system, as net revenues are whole engineering, and power plant system, at an of bonds payable as to both chitectural, instructed principal and. interest solely and other expenses incidental hereinbefore defined, shall be may be damaged or des; to be estimated cost of $35,000.00. pub of thereto. from to; and a of if secured such completion for or, Upon the proceeds, and allocated by pledge pledged Section 2. That for the pur of sale in 1 and such au; Twelve of funds with cent net better, other the improvements of per prinany (12) purpose of the payment pose of defraying the cost, of the ly interval ments unexpended balance cipal of and interest on the fo rthe purpose, shall no construction of such improve revenue of said light and power in suchany News, a toor account accounts, bonds herein authorized to be sufficient to place the ments and betterments to said plant and system, said net in and of being defined as the gross gether with any achrued inter- issued for the payment of the in good operating con! the system as above outlined there revenues City of on the sale of such cost of the construction of said such proceeds shall be in est received of after such system, shall be, and there hereby are deductions asking for be into Goven for the shall cost bonds, of the United in , f paid States" only improvements and better ments. authorized to be, issued bonds first d Revenue' Bond Series That the moneys set aside to be Bonds hr in such high grad to be known as Brigham City operating and maintaining the Extension at leas 1950 of here- paid into the 1, and Fund of the system bonds expense any February, maturing nlcipal' City Brigham Electric (Light and Power Extendate sp inafter provided for, and used Electric Light and Power Exten- more than ten years from sion (Revenue Bonds, Series of betterments or replacements to for bids for of Fund. in the said same in the or purposes of an) good Bond Series of date sion Revenue repair purchase, notice shal February L 1950, in the aggre- keep and working order. Februray 1, 1950 Sinking Fund, other investments of like ; the follow! gate principal sum of Thirty. of The' of bonds issue the any arc as It is hereby covenanted and herein Five Thousand Dollars ($35,. NOTICE authorized by the City hereinbefore provided for, shall term and character the City will charge be used and are hereby pledged ally held by comme'fcia! 000.00), which bonds shall be agreed that a warrant shall constitute Notice is by rates for which will a reserve of electricity the purpose against on behalf of the City for by the City for sealed bid! payable solely out of a fixed be sufficient and Twelve semi-annuat until all inter- withdrawals, and proportion, as hereinafter spec this bond and the times, the benefit of each and every paying the Mayor coupons at- holder of est and principay requirements cent (12) of the ineome; Brigham ified, of the net revenues de- tached C of said that bonds, any the are to thereto of is of Ordibonds fully the paid under this hereby pledged of ty, Stale o rived from the operation of said said bonds have been issued for nance to net and discharged, of ment produce at the principal and outstanding that system and not otherwise. Such revenues from said a valuable consideration In full oclocl system suftime. On or before the fifteenth interest on the bonds heree net revenues shall be deemed to the 16th d with law. conformity to on ficient of January and July in thorized to be issued. Sue! 1950 for 'pay the interest be the' gross revenues of such days principal of this ' bond, as Section 6. There shall be and each year, funds sufficient to ceeds shall be kept invests Five Thoutl system after deductions only for the become when same due and the there is hereby created, and meet the interest and principal til such time as funds, the cost of operating and main and but such rates shall be maintained, a sinking payments falling due on the together with such pro 000.00) Br taining the system and the ex shall payable, and not be in excess of a rea- fund to be known as Brigham first days of February and Au shall be sufficient to put penses of any betterments or sonable rate Bone renservice for the operating in Electric and Power shall gust system to following good City respectively Light replacements keep the same t 1950, oi . Extension Revenue Bond Series be paid over to the paying dition, shall be available from Twel in good repair and working or dered. to ' This bond the is which subject of , February 1, J950 Sinking agent of the bonds. To the such purpose," at der. the net re into which there shall amount of each payment shall said proceeds may be withi Section 3. That the bonds condition and every holder Fund and same hereof use) by accepting the be set aside from the future be added the paying, agents from investment and hereby authorized shall be dat The City. ed February 1, 1950, shall be in agrees with the obligor and ev- earnings of said electric light charges an dall expenses in con- such purpose, or until such bonds is holder that ta) ery subsequent and power plant and system nection with the forwarding of as the outstanding princrpi nance No. the denomination of $1,000 each, shall bear interest at the rate the delivery of this bond to any (after payment of the necessary funds. All moneys in said interest on all the bonds) 16, 1950, i vest transferee in shall title this to be determined at the time and Fund either shall be deposited authorized to be issued, expenses of nance is bond and the interest represen- operating saidmaintaining ' have in banks in then are acordance with numafter offered for outsfanding, the system), sale, they pends upo has ted thereby in such transferee to the date of the Issuance of these provisions of the State bered, maturing as follows: , Deposi- paid. After the system coming ef same extent for all purposes bonds, in cot: the tory Act or shall be invested in restored to operating approximately durance p Numbered Amt ' Maturity as would the delivery under monthly installments, 12 equal of short term general obligation any remainder of such ins Said boi nelike circumstances of any 1 to 5, inclusive $5,000 said revenues. Said .sinking bonds of the State of Utah or of proceeds shall be paid to ruary 1, l Fu 6 to 10, inclusive 5,000 gotiable instrument payable to fund shall be used solely and the 'United States Government Income Electric Light 15,000.00 11 to 15, inclusive, 5,000 bearer; (b) the obligor and any only, and is hereby pledged for Brigham City. The! of the 7. Section 16 to 20, inclusive 5,000 ye of treat be the That it be shall the such insurance shall obligor may agent the purpose of paying the ininclusive, as of 21 to 25, inclusive 5,000 bearer bond of this the Mayor and City ered one of the operating the the terest on and the principal of duty ruary l, 26 to 30, inclusive 5,000 absolute owner hereof for all the bonds herein authorized to Council to cause a separate ac- of the system. shall be e 31 to 35, inclusive 5,000 purposes and shall not be af- be issued, and whenever there counting system to be main-taineon Febru: to as 10. That fected by any notice to the con- is available in said for Section interest payable the electric light and fund ) interest herein on the first days of February trary; (c) the principal of and an amount sufficientsinking bonds of to be kept by any the system, j to the power ter, at p; the City Recorder. The City Re ized to be issued are owand August of each year until the interest on this bond will succeeding two years pay principal est not plus : corder shall keep proper books ing, the City shall pai8, and shall have coupons be paid and this bond and each and interest, additional pay- of en each bon of otherwise record the or attached thereto accounts and in coupons which appertaining ments need not be made into evidencing All bid: such interest, signed with . the thereto are transferable, free the sinking fund until such time complete and correct entries the electric system or a' dition or facsimile signature of the Treas from and without, regard to as the amount available in the shall be made of all transac- thereof and shall not seel be acconr urer of the City and counter equities,, set-off- s and cross sinking fund will be less than tions relating to said system, or otherwise dispose of check in signed with the facsimile signa claims between the obligor and an amount sufficient to pay the these accounts shall conform to stantial portion of said as a nevi ture of the City Recorder of the the; original or, any intermed- principal and . Interest due in the requirements of the Public but the City may enter v be forfeit surjoint bonds holdfct the Said Service the shall be sign iate Commission of Utah for rangements for fyereof; (d) City. the succeeding two years. Whenthe succe ed by the Mayor of the City, render 'to the Obligor or any ever the amount in the utilities facilities with of its sersimilar any rendering sinking or refuse countersigned by the City Treas agent of the obligor of this bond fund is equal to the entire vice. The City shall furnish utilities and may exchtor terms of urer, and the seal of the City and of each of the coupons shall amount of the principal and in- any holder or holders, made not sell any portion of said than par affixed thereto, and attested by be a good discharge to the terest to become due on all of more than sixty days after the which shall have been rep will be the City (Recorder. Both prill obligor of the; same. the bonds issued hereunder then close of each fiscal year, com- by other property of is reserv-alcipal and interest of said bonds It is hereby certified, recited then no further plete financial statements of equal value, or .which10 bids, necessary shall be payable in lawful and declared that ail things es outstanding, the said cease to be system covering such payments need be made into the by ord money of the United States of sential to the validity of this said sinking fund. All accrued fiscal year and certified by the efficient operation of sai. City Cou America at the First Security bond exist, have happened and interest received from the City Recorder. tem? provided, however, Box Side the Bank of Utah, N. A., Exchange have been done, and that every chaser of said revenue bondspursale the event of any 8. Section at That rates for serhis 16th consw Place Branch, Salt Lake City, requirement such of of law affecting the time of purchase thereof vices furnished by such electric proportion the Utah. Bonds maturing Febru the. issuance hereof has been shall be paid into the into i; paid sinking system shall be reasonable and shall be ary 1, 1955 and thereafter, shall duly complied with. fund. uniform in respect to class at Light Income Fund of tw be optional lor redemption - on and be used for all rimes. The City expressly City of said Fund.'p, IN WITNESS WHEREOF, the The City has heretofore em- covenants that ATTEST: February 1, 1954 or on any in poses such rates will terest payment date thereafter, City of Brigham City has caus ployed an engineer of recogniz- be maintained as Fannie P any will be adeThat 11. Section at par, plus accrued interest, ed this bond to be signed by ed standing approved by the quate to City provide revenues suf- er of 25 in' aggregate? plus a premium of $15.00 for its Mayor, countersigned by its State Engineer of Utah to make ficient for the bonds the of of amount the payment an (SEAL) pal each bond redeemed. City Treasurer and attested by appraisal of the value of the interest on and outstanding-holdeSaid bonds and the coupons its City Recorder under the cor- existing electric light and pow- the bonds issuedprincipal of all time then '.Sectior or holders of Z& attached thereto shall be fully porate seal of said City, and er plant and system of the City and when the samehereunder as out 1 sns of become time bonds at due of any caused interest the has have coupons all the Brigham City and the cost and payable, to create an Exnegotiable, shall at tonstitut the right have shall be to executed and hereto value of the improvements tension Bond attached qualities of negotiable paper the City of February sonable times to and the holders thereof shall by the facsimile signature of and betterments herein provided 1, 1950 Fund Series au lbe hole as and electric to hereinbefore, system enjoy all rights enjoyed by the the City Treasurer and City Re to be made to said plant and provide for the bonds h payment of the accounts and data of j holders of negotiable instru- - corder, which officials by the system, and of the value of 6aid expenses of issued, Any administration thereto. and ments under the provision of execution of this bond do adopt plant and system relating as It will operation of the of suanee c or any bonds system said and own t h e signatures exist , after improvements have such expenses for instruments as and for their Negotiable the mainten- - pons representing inter change Law. their respective facsimile signa been made, which reports of of the system anvl necessary to on, may either in lw Section 4. Said bonds and the tures appearing, on said cou appraisals are on Hie m thance his ordi preserve the same in suit, first as of of records the of by all equity ex pons said City, and whi'hlnoi and coupons attached thereto, day hi. workingorder.build (Continued on NP plant after Improvements to be qep$ as to consecutive num- February, 1950. e w - J - ($35,-000.00- ); ' . semi-annuall- y 1 1 1 e - r i oi mun-cipall- n M V '. ' i V o i , i rev-enu- 1 I i i 0i i d semi-annuall- y K February f I 1m 18 to 25 |