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Show NEWS, Brigfccm City, Utah Tuesday, January 19, 1960 THE BOX EIDER righam City Approve Issuance of $2,000,000 in Revenue Bonds included therein, shall include the following: which the fund was created, liqui-- f 1. A statement in detail of at prevailing market prices the income and expenditures so much of said investments as of the system for such fiscal may be necessary and apply the year. proceeds to such purpose without 2. A balance sheet as of the further instruction from the city. end of such fiscal year. There shall not be required to be 3. The accountants comment in the Sinking Fund and the Reregarding the manner in which serve Fund at any time more than the city has carried out the the total amount required to pay requirements of this ordito and interest principal maturity nance, and the accountants on all of the bonds payable from for recommendation any the Sinking Fund then outstanding. change or improvement in the Whenever the money in the Sinkoperation of the system. ing Fund and the Reserve Fund 4. A list of the insurance , is equal to the total principal policies in force at the end of amount of all such bonds outthe fiscal setting out as standing plus interest to the next to each year, the amount of policy interest payment date plus retl.e the risks covered, demption premiums applicable to the policy, name of the insurer, and the outstanding bonds if called on the expiration date of the such interest payment date, if such bonds may then be called for 5. The number of, metered redemption under the terms of water customers at the end of their issuance, the money in the the year, the number of unsaid funds may be used to redeem metered water customers at all of said outstanding bonds. the end of the year, if any, Such part of the proceeds of the and the number of electric sa4e of the bonds as represents customers at the end of the interest received from the year. purchaser shall at the time of the 6. The number of fire hythe to of the bonds purdelivery drants connected to the sysinto the be chaser Sinking paid tem at the end of the fiscal mortgage, encumber, or in any manner dispose of the system or inany substantial part thereof, and extensions all and cluding any additions that may be made thereto, until all the bonds payable from the Sinking Fund shall have been paid in full, both principal and interest, except that the city may sell any portion of said property which shall have been replaced by- - other property of at least equal value, or which shall cease to be necessary for the efficient operation of the system, provided, however, that in the event of any sale as aforesaid the proceeds of such sale shall be paid into the the aforementioned Electric Reve- - and system and electric plant and of said city, and has caused the maintenance or for the benefit of nue Bonds, Series of April 1, 1952, system of said city, in full confor-- ' interest coupons hereto attached said Electric Revenue Bonds, AN ORDINANCE providing and to be executed by the fascimile ies of April 1, 1952, there shall be as so combined are sometimes mity with the Constitution of improve- - anj the construction of said officers, all as set aside in each sinking fund year of Utah. of Laws j Both the to State the as ft h referred signatures . i L i ments and extensions to the wa- the principal of and interest on this tm and and terworks plant system mentionbank above ot bond and paying which issue it is agent the bonds to the electric plant and system ed to be designated the Brigham 1. 1960, a part are payable solely from a of Brigham City, Utah; combin- - shall be dated January fund City Water and Electric Revenue special Countersigned: designated of Brigham in the denomination be shall and waterworks said plant ing Bond Sinking Fund, hereinafter shall be numbered t City Water and Electric Revenue system with said electric plant $1,000 each, sometimes called the Bond Sinking Fund, into which Sinking Recorder. inCity shall bear to 2,000, inclusive, and system into a single utility Fund, the amount hereinafter re- of Coupon) fund are to be placed the net rev(Form resultor rates rate such at terest system; authorizing and providquired to be paid into such fund in $ in an effective net interest cost enues derived and to be derived Number ing for the issuance of $2,000,000 ing such sinking fund year. The mon- On the first day of from the operation of said waer-work- s received on the money averaging Revenue Electric Water and in ss4d fund shall be used men-le- y the hereinafter and unless after 19...., system and, f plant Bonds of said city for the pur- not more than five and 25.64 is then callable for re- - ly to pay currently maturing of from bond thereof payment annum cent computed per part of the per pose of defraying and has been so called cipal of and interest on the bonds the all sums required to be paid for cost of the aforementioned im-- 1 over the life of the bonds a sinking funds for the bonds payfix by ordinance the benefit of certain Electric Rev- and provision for the redemption herein authorized and such bonds council may city and extensions; preprovements able from the revenues of the sysenue Bonds, Series of April 1, thereof duly made, Brigham City, las may in the future be issued on said of sale the resolution or upon describing the form and other will pay a parity therewith under the terms from Box Elder County, Uta-h1952, of said city, the net tem, or any part thereof, in ac1, 1961, tails of such bonds and direct- bonds, payable January of Section 8 hereof. derivrevenues to to and be cordance with the respective priorderived bearer on thereafter providing and ing the sale thereof; 1 ities of such bonds in the applica1962 of said Dollars ($ ), in the manot January and July ed from the operation (f) Beginning first January the days and collection the for disposition tion of the revenues of the part of electric plant and system, out of the fund prescribed the revenues remaining in each as ner and with of interest each falling year, of the revenues of the combined more fully described and provided in said bond, and not otherwise, in sinking fund year after the pay- the system to which the property beon to and due maturity prior water and electric system; maksold belonged. in the ordinance adopted by the lawful money of the United States ments above required have been inby ing appropriate represented with other respect provisions ing to City Council of said city on the of America, at First Secrity Bank made, and after all deficits which to be attached (h) That the city agrees to conterest coupons the and thereof the to operation N. A., 7th day of January, 1960, for the of Utah. Fourth South may exist from previous years in to solidate the bills submitted for be as shall such bonds, payable issuance of said bonds, and prothis bond Branch, Salt Lake City, Utah, for the making of the required payelectric service with those subboth principal and interest in law- purpose of authorizing viding for the payment of such mitted for water service to those ful money of the United States of and the issue of which it is a part. interest then due on its Water and ments into the Sinking Fund have bonds. is issued under and Electric Revenue Bond, dated Jan- been remedied, shall, annually to of This bond Bank America at First persons who are liable for the paySecurity desires WHEREAS Brigham City 1 the extent of an amount equal to to2 2, in- uary 1, 1960, and numbered ment of charges for both such serto improve and extend its water- Utah ,N. A., Fourth South Branch, pursuant to Sections of Chapter 3 of Title 55 of This coupon and bond attached fifteen per cent of the amount to vices and, to the extent not inconworks plant and system and elec- Salt Lake City, Utah, and shall clusive, to be and all are issued under Sections sistent with the rights of the holdmature serially in numerical or- the Utah Code, 1953, paid into the Sinking Fund, be tric plant and system; and inclusive, of the Utah Code, placed in a fund in the hands of of each of the amendments ers of the Electric Revenue Bonds, on der thereto, including not January does said WHEREAS city those adopted at the 1957 session 1953, as amended, and do not con- the aforementioned paying agent Fund. Series of April 1, 1952, to require have on hand money to pay for years as follows: year. of Brig- hank to be known as the Brigof the Legislature of the State of stitute an indebtedness bill that each such consolidated First Security Bank of Utah, N, 7. and extenThe number of such improvements gallons and this bond and the cou- ham City within the meaning ot ham City Water and Electric Rev- A., Brigham City, Utah, is hereby of water be paid in full as a unit, and will Utah; deto be revenues but the the sions, passing through sta-tconstitutional or statu- enue Bond Reserve Fund herein-fte- r not permit payment of one porpons hereto attached do not con- any designanted as custodian of the master meter during the fisrived by the city from the operalimitation. Recalled the indebtedness of sometimes tion without payment of the retory stitute an revenues for of this the Brigham purposes cal year, the number of galtion of its waterworks plant and served Fund, except that no pay- section. All of the revenues as reof any mainder, Any bill not paid withCity within the meaning lons of such water billed dursystem and electric plant and sysment need be made thereinto at ceived by the city from day to day Mayor. in thirty days from the date it is state constitutional or statutory such the estimated tem will not be pledged or hypoing year, in be shall when Countersigned; time to the customer shall be there limitation. mailed any in as be shall, received, for or deposited waof manner any number thecated in any gallons of such said fund a- sum equal to (1) 10 deemed delinquent. The city heresa-ibank and shall be by said Bonds numbered 181 to 2,000, inused for fires and flushing ter purpose at the time of the issuance of the face amount of all bonds bank periodically paid to First Se City Recorder. by agrees that if any such bill clusive, are callable tor redemptof the bonds herein authorized exmains during such year, and of Auditors Certificate) issued payable from curity Bank of Utah, N. A., Fourth heretofore (Form remains delinquent for more than to the at of ion opof a the of of for the number maturity prior portion pledge gallons cept qqali-fieI, the undersigned, the Sinking of duly Fund $125,000, to South Salt in sixty days it will, to the extent not Lake of numerition the inverse Branch, City, electric unaccounted for at the end of the revenues of said city plant and acting Auditor of Brig- whichever is less, or (2) such high- be allocated in the manner here inconsistent with the rights of the cal order on January 1, 1970, and such and system to the payment of ceryear. Box Elder County, er amount as may be fixed by inabove in this section provided holders of the Electric Revenue on any interest payment date ham City, 8. of The kilowatt number tain Electric Revenue Bonds, Serdo hereby certify that the oreceedings hereafter adopted by All Bonds, Series of April 1, 1952, thereafter money so held by the custohours of electricity generated ies of April 1, 1952 of said city, par and accrued in- Utah, within bond is within the lawful the City Council. Money in such dian bank shall be held as cause all water and electric serretor fixed to the terest date special of the the electric dated April 1, 1952, originally by plant city debt limit of Brigham City, Utah, fund shall be used only to pay vice to the premises concerned to not general deposits, and all in the amount of $100,000 and and the from demption plus a premium of $40 and is issued by city acquired be cut off immediately. according to law. principal of or interest on the money held in the Sinking Fund for each bond so redeemed on or source the now outstanding in the amount of other any during WITNESS my official signature bonds payable from the Sinking and the Reserve Fund shall be for $30 1, 1975, to to kildesires the fiscal of (i) That in order to achieve the prior January $30,000, and city year, the number day of Fund falling due at any time for held as a special trust fund, the lowest interest rate obtainable for each bond so redeemed thereafter this billowatt hours of issue its Water and Electric Reveelectricity 1959. the payment of which there is not beneficial interest in which shall said bonds by granting the holders on or prior to January 1, 1980, $20 ed during such year, and the nue Bonds in the amount of $2,000,-00sufficient money in the Sinking be in the holder from time to time so therebond thereof the maximum security for each redeemed revenues such from number of kilowatt hours unpayable Recorder and City Fund. If at any time any money of the bonds then outstanding. All after on or prior to January 1, accounted for at the end of in the manner for which provision practicable, it is hereby covenanAuditor. in the Reserve Fund is used for money so held by the custodian ted and agreed that the rates for 1985, and $10 for each bond so resuch is hereinafter made; and year. SECTION 5. That notwithtand the purpose for which such fund bank shall be secured to the full water and electricity furnished by deemed thereafter prior to matur9. An analysis of ail funds WHEREAS, on May 26, 1959, an in this ordinance else- is created or is otherwise dissipaest etent required or permitted by the system shall always be mainNotice of the call of any of ing anything election was held in Brigham City, created in this resolution, setity. of the where contained, principal ted, the resulting deficiency shall the laws of Utah pertaining to the tained at such a level as will the bonds for redemption will be as to all out each Utah, to determine the following deposits ting and interest on the bonds herein be made up from the revenues cause the amount of revenue and disbursements made dursecuring of public deposits. given not less than thirty days authorized shall be proposition: payable only first thereafter received not heredate available for payments into the SECTION 7. That Brigham City prior to t h e r edemption Proposition Number 1 ing the fiscal year and the derived of out revenue the net for inabove required to be used Shall the City Council of covenants and agrees with amount in each fund at the Sinking Fund to be at least equal through the publication of an ap- and to be derived from the hereby sys current principal and interest ref to one and times the curend of the fiscal year. each and every holder of the propriate notice one time in a fi- tern, and in no event shall Brigham City, Utah be authorrent requirements of such fund. quirements or other purposes hav- bonds issued hereunder or issued nancial newspaper or journal pub10. A statement of the schedized to issue the bonds of said bonds or the interest accruing ing a priority in the application of .. and on any interest payment date lished in the City of New York, on a parity therewith under the ules of rates in effect during SECTION 8. That the bonds aucity in the amount of $2,000,-000thereon be deemed or construed the revenues of the system, it beinNew or 00 for the purpose of deof Section 8 hereof: Illinois, at York, thereafter the fiscal year, the respective to be issued hereunder thorized Chicago, provisions par and accrued of to be a general indebtedness ing the intention hereof that there terest to the date fixed for re- and sent by registered ma-i- to the and from time to time outstanding fraying part of the cost of imwhile the bonds auaggregate dollar amounts billThat (a) said from or any be as shall at as city payable possible nearly the demption plus a premium of $40 paying agent bank and to Edward and extending ed for water and electricity shall not be entitled to any priority proving funds of said city other than those all times in the Reserve Fund the thorized herein or any of them or for each bond so redeemed on or L. Burton & Company, 160 South sold during the fiscal year and one over the other in the applicaexisting waterworks plant and issued be bonds which any may of said from the derived amount hereinabove specified or operation the tion of the revenues of the system, billing system and electric plant and prior to January 1, 1975, $30 for Main Street, Salt Lake City, Utah. system. It is intended that the monthly on a average remain therewith parity to which the and orovisions of this ordinance be that portion thereof The city has covenanted the rates per water customer and per regardless of the time or times of system of Brigham City, said each bond so redeemed thereafter and unpaid, annual aforementioned payments for all water, on or prior to January 1, 1980, $20 bonds to bear interest at rates electric customer. their issuance, it being the intenagreed and does hereby covenant electricity and sersubordinate to the provisions should have accumulated. The So long a any of the aforemen- tion of the City Council that there for each bond so redeemed there- and agree that it will fix such fully to resulting in an effective net invices the by supplied system 130 of Ordinance Number adopted amount so to be paid into such terest cost on the money retioned Electric Revenue Bonds, shall be no priority among the after on or prior to January 1, rates tor water and water service the Mayor and City Council of lind in each sinking fund year said city and to its inhabitants ceived averaging not more 1985, and $10 for each bond so re- and electric service and will col- by and to ail customers within or Series of April 1, 1952, remains bonds authorized to he issued pur1952, shall, as on March 20, be as Brigham City practimay nearly f deemed thereafter prior to matur- lect and account for the revenues than five and per cent the boundaries of said outstanding, the city will make suant to this ordinance regardless authorizing the issuance of the be paid to the paying agent without (5 ity. Notice of the call of any of to be received for such water and aforementioned Electric Revenue cable, per annum computed shall be reasonable and just, available for inspection by each of the fact that they may be accity, bank in monthly installments on the bonds for redemption shall be service, that the net revenues so over the life of the bonds, and account and considera- holder of any of the bonds pay- tually issued and delivered at difinto Bonds, Series of April 1, 1952, and the same day in month as taking said bonds to mature serially given not less than thirty days received will be sufficient to make all tion the cost and value of the sys- able from the Sinking Fund a ferent times. It is hereby exordinance of this month the payment made that provisions to the redemption date all payments now having priority in not to exceed Forty (40) prior tem and the cost ot maintaining copy of the audit for which pro- pressly agreed and covenanted shall be so interpreted as to per- into the Sinking Fund. the vision is made in Section 8 of the that Brigham City will not hereyears from their date and to through the publication of an ap- over the application of the moneys mit full compliance with the proand operating the system, be paid solely as to both prin(g) All of the revenues received amounts necessary for the retire- aforementioned Ordinance Number after issue any bonds or obligapropriate notice one time in a fi- pledged to the payment of the visions of said Ordinance Number in any sinking fund year and not ment of all nancial newspaper or journal pub- bonds of the issue of which this is 130. In case of cipal and interest from the bonds, and the accru 130, to the extent that any material tions payable from the revenues of conflict beto be paid in such sinking lished in the City of New York, one and promptly to pay the prinrevenues to be derived from required on all such bonds as or information appearing therein the system, or any part thereof, interest Ordiing of said tween the provisions fund year into any of the above the combined operation of the New York or Chicago, Illinois, and cipal of and interest on this bond issued be hereunder. There is not shown in the audit required until all bonds herein authorized nance Number 130 and of this or- ,'unds shall be used by the city to may sent by registered mail to the pay- and the Issue of which it forms a waterworks plant and system have been paid in full, unless such shall be no free service and there above. of in the application or dinance, All expenses and electric plant and system pay principal of or interest on any shall be charged against all reciincurred in the additional bonds are issued in becomes ing agent bank and to Edward L. part, as each due, to of said the proviprovisions, any bonds, to im 160 South make of the audits required by such manner that they are in all Burton & Company, of said city and under no cirpayments required to be sions of Ordinance Number 130 general obligation pients of water, electricity and making cumstances to be a general obMain Street, Salt Lake City, Utah. made into the above mention Brig prove or extend the system or to service, including said city, such this section shall be regarded and respects subordinate to the bonds shall govern. create a reserve therefor, to retire rates and amounts ligation of the city or payable SECTION 3. That said bonds ham City Wat?r and Electric Revshall be ade- paid as a maintenance and opera-ito- herein authorized. SECTION 6. That from and or from ad valorem taxes? The city agrees to through call for redemption to of and The provisions of the foregoing enue Bond Sinking Fund, of shall be signed by the Mayor expense. to meet the requirements quate the issuance of any of the bonds, through purchase on the open a copy of each such audit paragraph are subject to the folfurnish and the city and shall be countersign- carry out all the requirements of sections this and the preceding and of all income revenue every the best price obtain hereof, all of which revenues, in- to the holder of any of the bonds lowing exceptions: market at WHEREAS said election resulted ed by the City Recorder and shall said ordinance. Each successive in favor of the issuance of the have the corporate seal of said holder of this bond and each hold nature derived from the operation able any of the bonds herein au- cluding those received from the at his request after the close of 1. If at any time after the bonds bonds described in said propose city impressed thereon. Interest er of each of the coupons hereto of the system, including the pro- thorized or bonds issued on a par- city, shall be subject to distribu- each fiscal year and to Edward herein authorized, or any part charges ity therewith, to pay principal of tion to the tion and it is now desired to au coupons to be attached to suid itt.whed is conclusively presumed ceeds of al! connection payment of the cost of L. Burton & Company, 160 South thereof, shall have been issued, to the payor interest or redemption prem thorize the issuance ot said bonds bonds shall be executed with the to forego and renounce his equi- not applied directly and maintaining the sys- Main Street, Salt Lake City, Utah, the City Council shall find it de- operating of or cost the of ment urns on any junior lien bond payconstructing under the provisions of Sections facsimile signatures of said Mayor ties in favor ol subsequent holders and the payment of principal and that any such holder shall sirable to refund said bonds or any the system, or of making able from the revenues of the sys- tem, to 22, inclusive, of Chapter 3 of Ti- and Recorder, which officials to of and interest on the Electric have the right to discuss with the bonds issued on a parity therewith by for value without notice, and tle 55 of the Utah Code as amend- the execution of said bonds shall agree that this bond and each of connections thereto (which income tem or for any other lawiul cor- Revenue Bonds, Series of April I, accountant making the audit the or any of the aforementioned and revenues hereinafter porate purpose. If, at any time ed; the contents of the audit and to ask Electric Revenue Bonds, Series of mentioned adopt as und for their own proper the coupons hereto attached may sometimes referied to the tfter January 1, 1970, any bonds 1952, above NOW. THEREFORE. Be It and their lespertive facsi- he negotiated hv delivery by anv bonds herein authorized as here for such additional information as April 1, 1952, said bonds, or any signatuies revenues), arc hereby pledged herein authorized are purchased inbefore provided. he may reasonably require. It Is Hereby Ordained by the City mile part thereof, may be refunded signatures appearing on said person having possession thereof, for the following purposes and m the Council of Brigham City, Box El- coupons. open market, they shall be such possession howsoever (e) That the holder or holders (but only with the consent of the may shall be That the holder of any of (b) follow-,naside into the set der Countv, Utah, as follows: purchased at no price higher than the bonds payable from the sink of twenty-fivper cent (25) in holders thereof unless the bonds S1XTION 4. That said bonds and have been acquired, and that any special funds: which any of said the price a SECTION 1. That for the pur- coupons, and the endorsement to holder who shall have taken this ing fund shall have a right, in ad aggregate principal amount of have matured or are then callable (a) The income and revenues of bonds can then be redeemed prior dition to all other rights afforded bunds payable from the Sinking for redemption and have been pose of defraying part of the rost appear on the hack thereof, shall bond or any of the coupons from .he the he in water system shall he set n maturity. of improving and extending and without value for him by the laws of Utah, to apply Fund at any time outstanding shall properly so called) and the refundsubstantially the following my person The amount to be paid into the to and obtain from any court of have the right at all reasonable ing bonds so issued shall enjoy a existing waterworks plant and sys- form: notice, thereby has acquared ab- iside from time to time as needed fund year Sinking F und in each sinking fund tem and electric plant and system solute title thereto, free from any during each sinking ( Form of Bond) competent jurisdiction such decree times to inspect the system, and lien on the revenues of the system of said citv, and to defray proper UNI I ED STATES OF AMERICA defenses enforceable against any (the sinking fund year for the pur- zear shall be such amount as will or order as may be necessary to all reenrds, accounts and data of on a parity with the bonds herein of this ordinance beginning on tssure the engineering, legal, fiscal and other SIATE OF UTAH prompt payment as require the city officials to charge the city relating thereto, and that authorized, provided however, that prior holder and free from all pose and ending on the folcosts incident thereto, and to the uch falls due of principal and in and collect rates for services sup upon request the city will furnish if only a portion of the bonds outCOUNTY OF BOX ELDER equitities nnd claims of ownership January authorization and issuance of the of any such prior holder, erest becoming due on the bonds plied by the system sufficient to to any holder or holders financial standing payable from all or any Brig- lowing December 31) in amount BRIGHAM CITY bonds, there are hereby authorizham City and its officials and the sufficient to provide for the paylerein authorized and all other WATER AND ELECTRIC meet all requirements of this or statements and other information part of the revenues of the system ment of the reasonable und necesed to be issued Water and Electric REVENUE BOND relating to the city and the sys- is so refunded no refunding bond payable from such fund dinance. paying agent bunk shall not be of operating and incluuding such obligations as may Revenue Bonds of the citv in the Number tem ns such holder or holders may may bear interest at a- rate highwill the maintain $1,000 That by any notice to the con- sary expenses city (c) of $2,000,(100, amount maintaining the wuter system. be issued in the future on a par the system in good condition and from time to time reasonably re- er or mature at a date earlier principal Brigham City, in the County of trary which bonds shall be payable Irom Box Elder and State of Utah, for of ty under the conditions hereinaf (b) The income and than the corresponding bond reIt is hereby certified, recited operate the same in an efficient quire. the revenues hereinafter specified value received, hereby er set nut. The amount to be so manner and at reasonable cost (f) That the city in its opera- funded thereby without the conpromises and deeluied that all acts, condi- the electric system shall first coninThe complete widerwoiks plant to pav to the beater, out of the tions and things required to exist, tinue to be set aside and sh.,-1- be und into such fund in each sink sent of the holders of all of the (d) That the city covenants and tion of the system will carry used tor the payment ot the reaand system of the citv serving the special fund heieinbelow designang fund year shall, as nearly preceagrees that so long as any of said surance, including workmens com unretunded bonds payable from happen and be pei formed the ted and not nthetise, the sum of dent to and in the issuance of this sonable and proper expenses of nay be practicable, he paid to the bonds remain outstanding City and its inhabitants and proper pensation insurance and public the Sinking Fund created by Secin and maintaining the laying agent bank, First Security hooks of record and account will liability insurance, such tion 6 hereof. inhabitants of the territory adja- One Thousand Dollars ($1,000), on bond have existed, have happened operating N. to as is such amounts and extent Fourth A.. South Utah. all of all im- the fust day of January, 19 Bank electric 2. Additional bonds may also be cent thereto, and he the includuing system. including ind have been peifonned in regu-city, separate kept by by private cor- issued on at parity with the bonds from all other records and normally provements. extensions and addi- with Intel est thereon tiom the date ir and due time, form and man- neressaiy expenses of better ments Branch. Salt Lake City, Utah, ipart tions thereto which may be made Iv teof until at the rate of ner ,.u requited bv law, that the nd replacements lequued to keep monthly installments on or before1 accounts, showing complete and porations operating public utilities herein authorized if all of th folr' ) while any of the bonds herein au( rent iinount of this bond, together with the system in good repair and he tenth duy of each month, each correct entries of all transactions of the same type. The cost of suclt lowing conditions are satisfied: per nstullment of which shall consti-ut- relating to the system, and that insurance shall be considered one thorized remains outstanding, and per annum, (a) The amount available to payable January 1. he issue of vvhieh it forms a part, working Older. of the principal the holders ot any of said bonds of the operating costs of the sysbe paid into the Sinking Fund thereafter does not exceed an (r) After the payment of the liminution including ull property, real, per- 1961, and damIn tem. the event of loss or and proper maintesonal and mixed, of every nature on the fnst days of January and prescribed bv the constitution or reasonable from the revenues ot the sys'ailing due on the next succeeding or any duly authorized agent of the and now or hereafter owned by the July of each year, ujxin presenta- statutes of the State of Utah, that nance nnd operation expenses of January tem must in each of the two agents of such holders, shall have age. insurance proceeds shall be surrender of the annexed n amount of the revenues to he the electric svstem. 25 htri of the next maturing installment of in- the right at all reasonable times used first, for the purpose of recity and used or useful in the oper- tion completed sinking fund years accounts storing or replacing the property ation of its water properties, are interest coupons as the same sev- derived from the operation of the revenues of the elci trie system terest, except that until the exten- to inspect all records, Immediately preceding the isordinance erally fall due, both principal and waterworks plant and system and .hall he used for the payment of sions and improvements to the nnd data relating thereto and to lost or damaged, and any remainhereinafter in suance of the additional bonds sometimes referred to collective- interest being pavablc In lawful electric plant and svstem of Brig- artnctpal of and interest on the system to be made with the pro- inspect the system and all proper der received on account of damhave been equal to one and f and Electric Revenue Bonds. Series of ceeds of the bonds herein author- tie comprising said system. The age to the waterworks plant and times the highest comly as the water system." When- money of the United States of ham City has been pledged ever the words "the electric sys- America at First Security Bank will be set aside into a special fund April 1. 1952, authorized by the ized are completed end in oper- city further agrees that It will system shall be paid into the Brigbined Interest and principal tem the ham City Water and Electric Revare used in this ordinnnee, of Utah, N A.. Fourth South bv said city suflicient for the aforementioned Ordinance Number ation, stud Installments shall be within sixty days following requirements for any succeedthey shall be undet stood to refer Branch. Salt like Citv. Utah 'he promit payment of the ptin-- ( IW in the manner for which pro in sueh monthly amounts as shall, close of each fiscal your (the term enue Bond Kinking Fund, and shrill ing twelve months period on all to the complete electric light and This bond is one of an issue of ipal of and in'erest on this bond vision is made in ih..4 ordinance together with surh other money as bonds then outstanding fiscal year as used in this sec he subject to distribution in the e whatever twelv same manner as are other moneys from the Sinking Fund power plant and system of Brig- $2,000,000 bonds of like dale, tenor ind the issue of which it forms a and for making all other payments may he available for payment of fmn meaning be month period the city may from in said fund, The remainder of ham City as it now exists and ns and effect, except as to (inlet est part, and that the rev enues of said requu cd for the hunt lit of said such principal and interest, and the bonds so proposed to It may hereufter be Improved cod rate.) dale of maturity and op- wrterworks plant and system and bonds. he issued. adequate to meet such princtpul time to time be using for general any Insurance proceeds received of to the elecand Interest requliements. extended while any of the bonds tion of redemption, numbered damage to electric plant and system ure not financial purposes) on account (b) The payments required accounting been apauthorized by this ordinance re- 2.000, inclusive, issued by Brigham pledged, hypothecated or anticipato bo mode Into the Sinking Money in the Reserve Fund may, cause an Midit fo such books and tric system, after having ail City pursuant to ordinance duly ted In any way other than by the plied to the extent necessary or mains outstanding, including at the discretion of the City Coun- - accounts to be made hv an Ind Fund must have been made in full. property, real, personal and mix- enucted and pursuant to mithorl-zntio- issuance of the nlorementionul principal and interest the revenues cil of Brigham City, be invested pendent firm of certified public possible to the purpose of rcstor ed, of every nature owned by the ing or replacing the property lost duty granted by a majority Electric Revenue Bonds. Series of of the entire combined system in direct obligations of the United accountants, showing the receipt (c) There must he In the city and used and useful In the of the qualified taxpaying electors April 1, 1952, and the Issue of shall first he used for the payment States of America maturing nnt In- - and disbursements for account of or damaged, shall bo distributed Reserve Fund the sum requirIn as the of Interests mnnner surh of the reasonable operation of Its electric properties. of said city voting at an election bonds of whirh this bond is one. ed by Section 8 hereof (or sqch necessary ter than ten years from the date the system, and that such audit The wa4rr system and the rlprtrle duly called nnd held In snid city IN Such investments will be available for inspection by the holders of obligations payable TESTIMONY WHEREOF, expense of operating and main- - of purchase, sum higher ,my by prosystem are hereby combined Into on the 26th day of May. 1959, for Brigham City, Utah, haL caused tinning the system and shull then shall be held by the paying agent the holders of any of (he bonds in whole or In part from the revehereafter adopted ,h ceedings the of nues electric of one single utility svstem to the the purpose of defraying part system may this bond to he signed by its May- be used ns hereinafter provided, and said bank shall, when Each such uvidit, In addition to required) to be therein bclore extent not Ineonsi .trnt with the the cost of Improving nnd extend- or nnd rounterripned bv Its Citv i necessnrv to use the moneys in whatever matters may be thought require. (e) From the revenues not payments Into snid fund the rev. IvullaU tight ot Ui lot $ivpci bjf Uni auCuuliUiil Id bg UJ Ikat city will out sell, ullu,g Uni existing watciwviki pUul itecoidur Under Uic CulpuidU Seal (cully icquuej lui upciaimu surd said iuUd Iwl Ui (Cwttluuint o Jug 8 vast $iUtpua j ORDINANCE NO. 217 Ser-jda- -- ss I , I sole-tione- d one-hal- j , semi-annual- pol--ic- y. , 1 1 - wa-te- r d a-- t one-hal- sa-i- l one-hal- H) ea-c- -- n a-- 1 are a-- g e 1 I p..-i- e one-sixt- this one-hal- pay-abl- , 1 n j hi.-n- - lAlifci it in ora uij |