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Show 'w' Kut 17, 1157 I i.. M THE JOURNAL (Continued from Pape 4) alty of ten per cent (10"(). connected with the system at the redemption of to the provisions of this premises, then the board shall be many bonds payend of the fiscal year, the number able from the Revenue Bond and pursuant section shall be lodged with the entitled to enter upon such pi cruof occupied buildings in the un- Interest Redemption fund as may Trustee and shall be delivered by ises, and it shall an agent Rerr!ce charges shall be areas in the district be redeemed with the amount it upon the written order of the or employee so through incorporated enter and shall payable in advance and shall which are not connected with the available. Chairman board and upon shut off the supply of water to of the to accrue the day on begin system, and as to each municipalThe payment of premiums for receipt by the Trustee of the out- such premises. The provisions of which service becomes availity receiving sewage treatment and all insurance policies required un- standing bonds authorized to be this and the next succeeding paraable but need not be paid for disposal service from the district der the provisions ot this section refunded thereby in shall not be applicable to principal a period of thirty ( :u) days as aforesaid, the number of prop- shall be considered to be one of the amount equal to that of the bonds graphs within the limits of an premises thereafter. the Following erties in such municipality con- expenses of be to which delivered, and outstanding incorporated opmunicipality receivmaintaining making of the first payment nected with the municipalitys erating the system. bonds shall be presented to the ing service from the district pureach monthly payment shall sewer system at the end of the Trustee to be delivered in ex- suant to contract with such mube due in advance on the first S. Neither the system nor any fiscal year. change for the refunding bonds and nicipality. day of the month. A penalty thereof may be sold, leased, simultaneous cancellation and repart 12. If the owner of The cost of such audit shall be of fifteen percent (l.Vt) shall or in any tirement, provided however, that connected with the any premises encumbered, mortgaged, considered to be one of the costs manner disposed of while system sail bebe added to all charges delinof in lieu of outstanding bonds then come any for more than delinquent of maintaining and operating the the bonds remain outstanding, ex- matured or properly called for re- six quent for fifteen (l.") days or in months the (0) more. payment of system. The board will promptly cept that Ihe board may dispose demption, it shall be sufficient if his sewer the board charges, cause to be corrected all failures of any equipment, In cases where the nature of machinery, fix- the proceeds of the sale of the re- that in addition to all other agrees remedisclosed the auditors by report tures, apparatus, tools, imple- funding bonds, together with other dies for which the sewage from any commeris made to have been made in observing ments or other chattels which provision cial or industrial plant, buildsuch purpose in this resolution, funds available for may will it the covenants and agreements of have become worn out or unservic-able- , in an amount sufficient to proceed ing or premises is such that pay immediately, and it is hereby authis resolution. it imposes an unreasonable by substituting for the same such matured or redeemed bonds thorized to proceed, with a suit Said books of record and account, other property or equipment of including all accrued interest and n burden upon the system, an assumpsit against such owner as well as the physical properties equal value. additional charge shall be made redemption premiums, if any, shah o recover the amount of any such of the system, shall be open to therefor, or the board may, if !. At any time at which any of have been deposited with the Trus- delinquent charges, together with at all reasonable the revenue examination it deems it advisable, compel bonds may be in de- tee to be held solely for the pay- penalties and with interest comtimes by the holders of any of the fault as to the payment such plant, building or premof either ment of such bonds and accrued thereon at the rate of six revenue bonds and by the Trustee principal or interest, the holders interest and redemption premiums, puted ises to treat such sewage in per annum. and its agents, engineers, account-- 1 of not less than twenty-fiv- e such manner as shall be speciif any. All bonds received by the per the revenue bonds ants and attorneys, although the cent (2.V, ) in fied by the board before disamount of Trustee in exchange for refundprincipal for redemption or Trustee shall be under no duty to the outstanding revenue bonds, or ing bonds and all bonds paid uncharging such sewage into the otherwise retired prior to maturity make or cause to be made any the Trustee in behalf of the hold- der the provisions of this section system. under the foregoing provisions of such examination unless requested ers of such shall be cancelled by the Trustee this All charges made for sewer bonds, may outstanding resolution at any time at so to do by the holders of twenty-fiv- e to any court of competent and delivered to the Treasurer. services shall be chargeable apply which shall there not be in the in principal per cent (2.V-for the appointment B. Additional bonds other than jurisdiction against and payable by the Fund the full amount Guaranty amount of the outstanding revenue of a receiver for the system. If those referred to in A owner of the premises connectbe to paragraph accumulated thererequired bonds and indemnified by them such receiver shall be appointed he of ed with the sewer, but such subsection may also be is- in under the provisions of this this against any expenses which it may may enter and take possession of sued on a parity with the revenue resolution. owner may be relieved from incur thereby. The board will at the system and maintain the sys- bonds if all of the such liability if and to the exfollowing condiSection 12 all times furnish the Trustee all tem and collect and receive all tions are met: tent that any such charge or Modification of Resolution information which it may reason- charges and revenues arising therecharges are paid by the occuThe holders of seventy-fiv- e The net revenues the of sys(1) per ably request. from in the same manner as the tem must in each of the two com- cent (7 pant of the premises. in principal amount of 7. The board will at all times board itself might do and shall r. Any charge for services renfiscal years immediately the revenue bonds (not including dered by the system which is not insure and keep insured all parts operate the system and collect pleted preceding the issuance of the ad- in any case any bonds which may paid within ninety (!0) days from of the system which are of a and deposit the revenues in the ditional bonds have been equal to then be held or owned by or for the date on which it becomes due character usually insured by com- manner provided in this resolu- one and times the highest the account of the district, but shall be certified by the Clerk of panies operating like properties, tion and as the court shall direct. combined interest and principal including such refunding bonds not Either the Trustee or the holdthe district to the Treasurer or in good and responsible companies requirements for any succeeding owned by the district as may have Assessor of Davis County and in against risks customarily insured ers of not less than twenty-fiv- e twelve months period on all ob- been issued under the provisions of each such case such delinquent against by companies engaged in per cent (2.V, ) of the outstand- ligations payable from the Rev- Section 11 above) shall have the bonds be also revenue shall insurSuch a business. similar ing with interest charges, together enue Bond and Interest Redemp- right from time to time to apand penalties, shall immediately ance shall be for at least eighty entitled at any time by mandamus tion Fund, including those then prove the adoption by the board of upon- such certification become a per cent (s(Kr) of insurable value, or other suit, action or proceed- outstanding and those so proposed any amendment to this resolution lien on the delinquent premises subject to deduction from such ing in any court of competent jur- to be issued. For the purpose of which may be deemed necessary on a parity with and collectible at loss or damage (except in case of isdiction to require the district and such or desirable by the board, providnet revenues computation the same time and in the same total loss) of not more than one the board and its officers, agents shall be understood to be the por- ed, however, that nothing herein manner as general county taxes, per cent (1 rf) of such insurable and employees to fix and collect tion of the revenues received in contained shall permit or be convalue. Public liability and prop- charges adequate to carry out the such fiscal all as provided in Section to not used for the strued permit the modification Utah Code Annotated, 10.13. It erty damage insurance shall be provisions of this resolution and payment of year exof the terms and conditions conof the any part shall be the duty of the proper carried in the amounts and to to carry out and perform all other penses of maintaining and operat- tained in this resolution or in the officials of Davis County to util- the extent ordinarily carried by covenants and agreements con- ing the system, as above provided, bonds so as to: ize promptly all methods of en- companies operating like proper- tained in this resolution and to it (a) Make any change in the being understood that all or forcing such lien available for col- ties. The proceeds of all insur- perform their duties and obliga- part of such expenses of mainte- - maturity of the revenue bonds. lection of general county taxes, in- ance other than public liability tions hereunder. Such suit, action nance and operation will have been (b) Reduce the rate of interest cluding sale of the delinquent and property damage, except the or proceeding may also request paid with the proceeds of the op- borne by any of the revenue bonds. premises. The proceeds of the en- proceeds of any single loss which the enjoining of any acts or things eration and maintenance tax, and (c) Reduce the amount of the forcement of any such delinquent does not exceed $10,000, shall be which would constitute a violation that the revenues will have been principal or premium, if any, paycharges after the deduction there- made payable to the Trustee as of the terms of this resolution, applied in part to the payment of able on the revenue bonds. from of the cost of sale, where its interests shall appear by the and may request an order requir- such expenses only if the proceeds (d) Modify the terms of paycollection is enforced through sale customary trustee clauses to be ing the board to act as if it were of said tax shall have to ment of principal of or interest proved of the delinquent premises, shall attached to or inserted in the the trustee of an express trust. or premium upon the revenue bonds be sufficient for such purpose. 10. The revenue bonds shall enbe paid to the Trustee and shall policies. The board shall furnish be or any of them, or impose any conto The (2) payments required be allocated and applied by the to the Trustee a list of all policies, joy complete parity of lien on the made into the various ditions with respect to such payfunds proTrustee in the same manner as showing the character of the in- revenues despite the fact that any vided in Section 10 hereof must be ment. other revenues of the system. The surance, the property and risk of the revenue bonds may be de- current. (e) Affect the rights of the board will use all means legally covered, the name of the insur- livered at an earlier date than any must The additional bonds holders of less than all of the rev(3) available to it for the enforcement ance company, and other perti- other of the revenue bonds. The be to on as June enue bonds then outstanding. principal of the payment of the amounts re- nent details, and shall keep the district will issue no other bonds 1 payable in which each of If at time the board shall year principal naany or kind or of informed to district of the Trustee fully any obligations any quired to be paid interto as due and falls have such amendatory payable a adopted from or to ture such list. enjoying payable by incorporated municipalities for change in or addition 1 1 of resolution, it shall so and est on December June on revenues lien the notify the having prior- each sewage treatment and disposal Upon the written request of the Trustee and the year. revTrustee shall at dethe service as above set forth, and Trustee such policies will be ity over or parity with the of addithe of district cause enue bonds herein authorized, proexpense the (4) The proceeds unless legally prohibited will shut posited with it. In case of loss or damage to vided however, that bonds may tional bonds must be used solely notice of the proposed adoption of off service to any such municipalresolution to be published in ity which shall become more than any of the insured property, the hereafter be issued on a parity for the making of improvements, such a financial newspaper or journal three months delinquent in the proceeds of any such insurance with the revenue bonds herein au- extensions, renewals, replacements in disconthe City of New York, to or thorized the the published under on the loss due to one not amounts of following system. repairs amounting payment any New in a financial newsand 11. will the York, ditions: The board be shall more either than trict. $10,000 require in the City of The ownA. revenue bonds or and of the to paper maintain the board published any occupant any premises, promptly applied by (. The board will be be with thereof refunded for which and shall er of Chicago, Illinois, and the trusthe repair or replacement of the part may delinquent keep proper books of record tee shall also holders consent in thereof mail a copy thereof the the six of the all months more other property destroyed or damaged, than account separate from to imeach to bonds as records and accounts in which or otherwise to the improvement (except that registered owner of revmaturing payment of the sewer charges shall be made full and correct en- of the system, or if not so applied or bonds which are. redeemable posed hereunder, to cease to dis- enue bonds at the address appeartries of all transactions relating within six ((5) months of the date and have been properly called for pose of sewage or industrial or ing on the Trustees registration wrastes to the system. Such books of rec- of receipt thereof by the board, redemption, such consent shall not commercial originating books. Whenever at any time within ord and account shall be audited such proceeds shall be deposited in be necessary), and the refunding from or on such premises by disin the same manner and at the the Revenue Bond and Interest Re- bonds so issued shall enjoy com- charge thereof into the system un- one year from the date of the first same times as are county records, demption Fund. In any case where plete equality of lien with the por- til such delinquent charges with publication of said notice, the and not later than one month af- the proceeds of any such insur- tion of the xevenue bonds which is all penalties for delinquencies shall board shall deliver to the Trustee ter the making of each audit, the ance shall amount to a sum in ex- not refunded, if any there be, and have been paid, and, in order to an instrument or instruments exeboard will cause to be delivered cess of $10,000 on account of any the refunding bonds shall continue enforce the provisions of this para- cuted by the holders of at least to the Trustee and to the holders one loss, all such moneys shall be to enjoy whatever priority of lien graph and to prevent the creation seventy-fiv- e per cent (7 7rc) in have issues amount over who of the outstandof a health hazard, it is agreed principal of any of the revenue bonds may subsequent promptly deposited with the Trusmay have so requested copies of tee and shall be paid out from time been enjoyed by the revenue that if any such occupant shall ing revenue bonds specifically consuch audit. Each such audit, in to time to the board upon written bonds refunded, provided however, not cease such disposal at the ex- senting to and approving the adopaddition to whatever matters may request of the board, signed by its that if only a portion of the rev- piration of a period of thirty (30) tion of the amendatory resolution, be thought proper by the auditor Chairman and Clerk and accompa- enue bonds outstanding is so re- days running from the giving of thereupon, but not otherwise, said to be included therein, shall in- nied by a certified copy of the funded and if such bonds are re- the notice to cease such disposal, resolution shall become effective clude the following: resolution of the board directing funded in such manner that the it shall be the duty of any pri- and the provisions thereof binding the of detail A in statement such' request, and specifying that interest rate of the refunded bonds vate or public board, body or per- upon the holders of all of the rev(a) income and expenditures of the certain expenditures have been is increased or that any refunding son supplying water to or selling enue bonds, and no holder of any made or incurred in repairing or bond matures at a date earlier water for use on such premises to revenue bond whether or not he system for the fiscal year. end A balance sheet as of the (b)replacing the property damaged than the maturity date of the cor- cease supplying water to or sell- shall have consented to or shall of the fiscal year. or destroyed, and the amount responding bond refunded thereby, ing water for use on such prem- have revoked any consent as in re(c) The auditors comments thereof, and requesting the pay- then such revenue bonds may not ises within five (.") days after the this section provided, shall have garding the manner in which the ment by the Trustee to the board be refunded without the consent receipt of notice of such delin- any right to object to the adopboard has carried out the require- of an amount not in excess of the of the holders of the unrefunded quency from the board, and if tion of such supplemental resoluments of this resolution and the amount of such expenditures. Any portion of the revenue bonds, but such public or private corporation, tion or to the operation of any of auditors recommendations for any insurance proceeds not so paid out this exception shall not be appli- board, body or person shall not at the terms or provisions thereof. y Any consent given by the holder the expiration of such five (.) day charges or improvements in the by the Trustee within a period of cable to bonds refunded at a bond pursuant to the of reto one from default. of to the date the cease or of the water prevent operation system. period year supplying on Page 0) (d) The number of properties ceipt thereof shall be used for the Any refunding bonds authorized selling water for use on such -- 3) one-ha- lf - 17-0-3- .0 i () mat-turit- provi-(Continu- ed |