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Show Page o Tin: JOURNAL provide for the issuance of the revenue bunds in order to pay part of the cost of the acquisition of Clearfield, Utah the system for which the bonds August 13, 1057 were voted; The Hoard of Trustees of North NOW THEREFORE, He It ReDavis County Sewer District, Utah, solved by the Hoard of Trustees met in regular session at the reg- of North Davis County Sewer Disular meeting place of the hoard trict, as follows: in the Smith Iluilding in ClearSection 1 field, Utah, at 7:30 oclock p.m., Definitions on August 13th, 1057, with the The following words and terms following members present: used in this resolution shall be A RESOLUTION Ray J. Dawson, Chairman Richard S. Stevenson, Trustee Erwin Wall, Trustee Clarence J. Stoker, Trustee J. Alex Patterson. Trustee Albert Mitchell, Trustee Lawrence E. Holt, Trustee Arthur Mitchell, Trustee A. 0. Stoker, Trustee Absent: Joseph Cook, Golden F. Layton. There were also present William King, District Attorney, and Vird Cook, District Clerk. After the meeting had been duly called to order and the roll called with the above results, the following resolution was introduced in written form by Clarence J, Stoker, was read and considered, after which, pursuant to motion made by J. Alex Patterson, and seconded by Richard S. Stevenson, it was adopted by the following vote: Aye: Ray J. Dawson Richard S. Stevenson Erwin Wall Clarence J. Stoker J. Alex Patterson Albert Mitchell Lawrence E. Holt Arthur Mitchell A. O. Stoker Nay: None The resolution was thereupon signed by the Chairman, attested by the Clerk, ordered recorded and declared to be in effect. The resolution is as follows: A RESOLUTION providing for the acquisition of sanitary sewer facilities for North Davis County Sewer District, providing for the issuance of bonds of North Davis County Sewer District; entering into certain agreements and making certain provisions for the security and payment of such bonds; providing for the sale and delivery of such bonds, and entering into collateral agreements and provisions in connection with the foregoing. construed as follows: 1. The board shall be understood to mean the Hoard of Trustees of North Davis County Sewer District. The district shall be under2. stood to refer to North Davis County Sewer District as such district now exists or as' it may be at any time hereafter exist with extended boundaries. 3. The consulting engineers shall be understood to refer to the engineers hereinafter named who have prepared plans and specifications for said districts sewer system and to any successors to said engineers who may be hereafter selected in the manner for which provision is made in this resolution. Trustee shall be understood to be the bank hereinafter designated to perform the various duties for which provision is herein made, and any bank which may in the future succeed to the duties of the Trustee as herein 1. The provided. 5. The words the system a treatment and disposal plant, and for the purpose of paying such legal, engineering and fiscal agent expenses reasonably incurred in connection therewith land with the authorization and is-- I suance of such bonds as may be properly payable from the proceeds thereof, including the payment of interest to accrue on the bonds during the period of construction, which interest so to accrue is hereby estimated to be in the sum of $10,0(10, there shall be borrowed on the credit of the revenues and payable solely from the revenues, the sum of $soo,ouo, and that in evidence thereof there are hereby authorized to be issued the revenue bonds of the district in such amount. The revenue bonds shall be desSewer Revenue Bonds, ignated Series 1057, shall be dated June 1, 1957, shall be in the denomination of $1,000 each, shall be numto son, and shall be paybered able as to both principal and interest in lawful money of the United States of America at such bank as may be agreed upon between the district and the purchaser of the bonds and designated by resolution at or following the date of the sale of the bonds. The revenue bonds shall bear interest at such rate or rates not exceeding 1 five per cent (5',;) per annum as may hereafter be determined by resolution of the board, which interest shall be payable on June 1, y 195 s and thereafter on June 1 and December 1 of each shall be callable for redemption at the option of the district in inverse numerical order on June 1. 1972 and on any interest payment date thereafter at the principal amount thereof plus accrued year. terest to the date fixed for reThe revenue bonds shall become demption and a premium of $10 due serially in numerical order on for each bond so redeemed on or prior to June 1, 1075, and $50 for June of each year as follows: each bond so redeemed thereafter prior to maturity. Notice of the call of any of the bonds for redemption is to be given not less than thirty days prior to the redemption date by registered mail to the registered holders thereof at the addresses shown on the Registrars registration books. If any bond is called for redemption which is not at the time of call registered as to principal, not less than thirty days notice of redemption shall be given through the publication of an appropriate notice one time in a financial newspaper published in the City of New York, New York, or Chicago, Illinois, and sent by registered mail to the bank at which the bonds to be redeemed are payable. Section 4 Registration The bonds shall be registrable semi-annuall- 1 (Continued on Page 3) shall sanitary sewer system and treatment and disposal plant constructed with the proceeds of bonds heretofore and the bonds herein issued authorized, together with all improvements and extensions here- after made thereto, and together with all sewer properties and facilities now and hereafter owned by the district and serving the district, including real estate, trunk and lateral mains, pipes, valves, buildings, machinery, apparatus and equipment of every character and description and all rights, privileges, leaseholds, easements, franchises, rights-of-waand contracts pertinent thereto or in connection therewith, used whether lying within or without the boundaries of the district. the revenues (I. The words shall be understood to mean all revenues of every character derived from the operation of the system, including not only all payments made by residents and nonresidents of the district for current services rendered by the system, but including also all initial payments as hereinafter defined. To the extent that provision is hereinafter made for the application of insurance proceeds to the payment of principal cf or interest on the bonds herein authorized, such proceeds shall also be considered to be included in the term the revenues". There shall not be included in the term any money derived from the levy of taxes on taxable property in the district. 7. The words initial payments shall be understood to mean all advance payments' made by prospective users of the system in anticipation of connection with and use of the system, in consideration of the acquisition of the system by the district and its availability to such users, provision for whch payments appear in the schedule of fees contained in Section 1". hereof. S. The words the general obligation bonds shall be understood to refer to the bonds of the district heretofore and hereafter issued which are payable from the proceeds of ad valorem taxes. the revenue !. The words bonds shall be understood to refer to the bonds in the amount of $S()0,(H; payable from the operating revenues of the system, which bonds are herein authorized. Section 2 Acquisition of Facilities The district shall continue with the construction of its system for the collection, treatment and disposition of sewage, pursuant to plans and specifications therefor prepared by the consulting engineers, which plans and specifications have been heretofore approved by the board. Section 3 y, Switch to Canyon Coolness In Your Ho me... Electrically ! The flip of your finger, and refreshing cool air pushes away summers wilting weather in your home. , uvi imn 17, 1957 ive, of the bonds herein authorized be understood to mean the WHEREAS there was held in North Davis County Sewer District on May 3, 1955, an election at which there was submitted to the said district in the year next preceding the election, the following proposition: Shall the bonds of North Davis County Sewer District, Utah, in the aggregate amount of $2,000,-00- 0 maturing in not to exceed forty (40) years from the date thereof, and bearing interest at not to exceed the rate of five per annum, be per cent issued by said district for the purpose of paying the cost of the acquisition of a system for the collection, treatment and disposition of sewage for said district, which bonds shall to the extent of $X(M),(NH) constitute special obligations of said district payable solely from the revenues to be derived from the operation of its sewer system, and shall to the extent of $2,100,000 constitute full general obligations of said district payable from the proceeds of ad valorem taxes to be levied on all taxable property in said district in amounts sufficient for such purpose and from such part of the other revenues of said district not needed for the payment and security of the above mentioned $soo,ooo special obligations as may be pledged to the payment of such $2,100,000 general obligations in the resolution authorizing their issuance ? and WHEREAS due and legal notice of the calling of said election was given and said election was in all things properly held and conducted and resulted in the approval of said proposition by a vote of .01 in favor and SO against; and WHEREAS of the bonds so authorized at said election, there have been heretofore issued general 1 he Bonds obligation bonds to the amount of of paying pat reveFor the the none of but purpose $1,S 40,000, of the sewer system cost been of the have so authorized nue bonds inelud-- . as to of district the desired aforesaid, is now it issued and (5) ing August An electric room air conditioner also filters out dirt, pollen and outside noises. 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