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Show MILLARD COUNTY PROG Fill mure, i'tah 8 U F rila , April pi, 1071 D 1 ?:; March. 1 2 dav ot 44 (.ol len Aright Mavor ATT! Sir Carol Wise Ordinance An (edged, on this ae know Official Tnle: Cnv Recorder RFSOI t'TION sale of $150,000 Svsicm Revenue of April I. Nd. A cnnMrndng the Fleclric Utility Bonds, Series of the City of rillmore, Utah, fixing the interest tates to be borne thereby, and rants mg the publication of the not tee of sale with respect thereto. sealed bids have lil been received for the purchase ot $150,000 Flee trie Utility SvsD'tn Resemie Bonds. Series ol April I. 1iM. id i lilittore Cits, dated April I. 1474- and W Ilf REAS the bid of Haiti-n. Iniholl and Satnford. Itu. of Denver. Colorado, and asset tales, has been determined to be the Inchest and best bid lor the pun base of said bonds, s,nd bid being in full as follows1 Hander. Iinhotf A Sant ford. RLAS W - Ills. r? fernont Place Denser. Colotado 81)202 Phone' thi.l) 5.14 0221 I 4 1 To. Will REAS in the opinion of the Council, it is lo the best intetesiv of said city that such bid he accepted and sale of such bonds to said Hanifen, Imholf A Aamf-ird- , Inc, of Denver. Colo,, and assoc laics, be ratified and confirmed; .NOW. Tllf KT I ORE, Be It and It Is Hereby Resolved by the Council of Fillmore Citv. Millard Coumv. Utah, as follows: Sect urn 1. Thai the bid of Imholf A Samford, Hanifen Inc. of Denver, Colorado, and associates ffr the purchases of $150 00(1 I lei trie Iulily System Revenue Bonds. Senes of April I, 194, ol Fillmore Cnv, Dtah. who h bid is sel out in full in the preamble hereto, be and the same is hereby accepted, it being hereby found, determined and declared, alter public advertisement for bids Lr ibe purchase of said bonds, that said bid is the best and most advantageous bid received and lhai i he Imods, when issued at the mterrst rales stated 'n the bid, will bear interest at the obtainable. Section 2. That said bonds shall be delivered to said purchasers as soon a' may be afier the aloption of I hi, resolution, pursuant to due pay item therefor in accordance with the terms of sale at the price of par and accrued it.leiesl to the date of delivery, plus a premium of S .05 (Five cents). rate Fewest now Section 3. Ihat all resolutions or parts thereof in con- herewith are to the extent of such confeict hereby repealed and .hat this resolution shall be in full force and effect immediately upon its adoption. Adopted and apptosed this 27 day of March. 1474. Golden P. Wright flict Mavor ATTFSTt C arol C. W ise City Rciv'rdcr The following Ordinance was then introduced in writing, read in full, and pursuant to motion Pitot to our accepting dchsrry of said Securities, you agree to furnish a ccrttfird transcript of all dttcumrnis and legal pro- ceedings requisite to their issuance and delivery, including the signature and cetttlicale in cus- tomary matke Hum. evidencing the legality of said Set unties and the security provisions tc'aitng Iheteto to the satis- Jot.MeWaldo. and faction of lbrook Ho- whose unqualified approving legal opinion will Ur fut uisl.ed at yesur expense In customary rsiirtrt form shall accompany sai-Securities at delis cry. and said delivery shall be made to us within a reasonable crawl of lime. duly made by Councilman by Mundy anJ seconded was Councilman Nielson. adopted by ihe Mlowlng xotc; VF A IkdJc n W right. Mayor Jack E. McBndtv Councilman Theodore C. Whitaker. Councilman Robert A. Nielson. Councilman A. Alison Robiwn, Councilman William A. Mundy. Jr Councilman NAY: None The Ordinance was then signed by the May cm tn open meeting and recorded by the Citv Recorder in the official records of ihe Cits of I The Ordinance is as follows; ORDt.NAM NO. J t J To evidence our good faith, we enclose our cheek in the amount of SS.fXM.OO. If this is accepted, said check shall be held by you uncashcd until delivery of said Securities, but in the event of a breach by us in the performance of ths conn act. said cheek may be cashed and the proceeds retained by you as full liquidated damages hr such btcaih. and the cashing of xmh thoedi in such event shall constitute a full release and discharge of all damages If said twwd attorneys are unable to approve said Arc unties. r m the event of a bte.cli el tlis vv'.itract by you. said check shall be returr ed to us c.jv-- demand This bid is macie Lr immediate acceptance of rejection and d this oiler Is no: accepted, said good faith check shall be returned to us imnii d- - itch . otlcr n tl is rmilnahc undctslcsod and gtecd that sour acceptance of this ji;1 the cvecutmn the ret 4 be sour nltie tal date cvmstitu'e pu'chasc Si c there-unt- c .iuiboiied. shall lor the and sale of said a contract AN ORDINANCE for the construction of improvements and evtcnsiotis to the I lecinc Utility plant ai.J system of Edlmote City. Utah; providing, finding and declaring that portion of the revenue to be derived from the operation of said plant and svvtrm all-- s able to such improvement and ester, shuts; authorizing and providing lor the issuance of $150,000 t keltic ITiktv System Revenue Ronds, Senes of April I. 1474. of said city for the purpose of debasing part ef the cost ol the aforementioned improvements and extensions; prescribing the form anJ cither details of such bonds and directing the sale thereof, providing for the colk ciHn and dtcv.siibin of the revenues of the I Icctrtc I i nets Svstcnt plant and evNicm. making otl-e- r piovishins with respect to the operation thereof and the issuance of said bonds, and providing for the pavment of Uch hoods. WHEREAS, the Citv of ftllmi-teMillard Countv. ts a munii'pal cot pot a mm dulv and cvi.ung as a cih under the laws of the Sate of I tah. and . Wilt O b l:ii Mil ontc igures as o 5'4.M'X no Cions lists fc si I ess Pi- stuum $ 0s Plus Discount 54.L74 55 Net Interest Cost 5 5111, Average Kate SubmuicJ. Respectfully Hanifcn. Imholl A SamforJ. l u Bv Richard Christensen f Agent Accepted or and on behalf cf Fillmore Cttv Corporation pursuant to authorization by tin governing b'dv. and receipt of the above mentioned check HI AS. the Citv ( oum tl m.d it . Las d, III 11111,1 d that enlarge-t'ms ami rvicnsinn to the f I U ex-ar- the cost ol suih improve-m-nt- V Municipal I kittic ,1 sa.d Citv Itihtv 8x-I.- should he a qtiucd and cvtistrui ted and In such purpose to acqniic all iiCcessdtc propertv and construct all nc.cssafv facilities, and WllfRf AS, it is anticipated that ibe cost of the project t, e unkrtaken hv the A its br Ihe purpose of improving and extending us I lectin Utihix plant and svstcnt will he One Hundred and hftv Thousand Dollars and u s the Bonds. Section 2. It is hereby recited, found and declared that the value of the existing System of s am! extensions, but the to be di rived bv the re'inu-Citv from the operation ot its I lei me I'td e, Plant and System will not have been pledged or hypothecated in at y manner or lor any purpose at the time of the issuance ot the linnet herein authorized, and the ( tty desires s to issue its I lei trie Utility System Revenue Bonds, Series of Apr! I, 14 4. m the amount payable Irom a portion of the revenues of said electric utility plant and system in the manner for which provision is hen it. after made; and W Ilf REAS. Section ct seq of the Utah Code Annotated, 1453, as amended, aulhore the issuance of such Bond-- , without rn election after the Council provides, finds and of $150111)0, 55-3-- declares the value ol the evist.ng c Hlik trtthty plant and xstm and value of the improvements ami extensions proposed to be constructed and ibe revenue to be derived from the entue electric u'lhty plant and svvlim when the contemplated impiovcments and extensions are completed and sets aside that portion of such revenues so determined as derived Irom said improvements and extensions for the purpose of pay tng sui li ILii ds and for such sinking fund and reserve as may lie necessary (or the proper security thereof; NOW, THERM ORE. fhe City Council of Fillmore Cnv hereby ordains; Section I. Ihat as used herein the following terms shall luxe the meaning indicated below, unless the context otherwise clearlv requires that some other meaning apply: A. "(tty" means Fillmore City, Millard County, Utah. B. "City Council" means tire City Council of the City of i ill more or successor governing body of the City hereafter provided Lr pursuant lo v law C. "iiord Hcldef"means the bearer of any of ,hc bonds herein authonzej, D. Bonds" means tha negotiable Electric t tlltiy System Revenue Ronds of the City in an ggegaie pttncspal an,uui m4 lorxived $5o,rat betrin authorized, l "System means the whole and each and every part "f ;he municipal electric urliiy system including all lhya property, real, personal, and mtsed of everv nature now or hrrrahrr owned by the City and used or useful in the operation e of said utiluy svsieui together with all improvements, extensions. cnlargcmem. ad ditrons, and repairs thereto, which may re made while anv of the bonds remain outstanding. F. "Revenues" means ail gis income and revenues of any kind from any source whatsoever derrxed from the operation of the Svxiem including w it.HHit limitation alf fees, tolls, rates, connection charge and other charges, the gross revenues of all improvements, J.lttnms and evtcnvionvof the System hereafter constructed of xcquued and alt interest earned and profits derived Irom the sale ol invest mints made from the incomes and revenues. U, "Operation and Maintenance i vprnscs" means all evpcnscjcasonably incurred in connection with the operation and maintenance of the System Including repurs and renewals (other than capital improvements) neecssarv to keep the Swum in got.d repair and din lent operating condition. Ibe cost ol audits required bv this ordinance. Ices of the poing agents on the bonds, pa enunt of premiums for insurance of the sc stem herein-alte- r requui d, and general!- all Fillmore City. Utah, to be retained in use following completion of the Improvements is S22V70.08; that the value of the improvements proposed to be constructed for the System is $150, 000; that Ihe value of the System after the Improvements will be are completed S377.770.08; that the value of the Improvements proposed to be constructed for the System will be 34, 7 of the value of the so as System improved and - ivpenscs tevilusivc of de- pt .latum) which un det general accepted accounting prac- able to tices ate properlv latum and maintenance of the svsicm shall be included as alloc ope Operation and Maintenance spenses. but onlv such ex pc uses av ate teasot.abv and propetiv neecssarv to the cl (icirrt operation and maintenance el the Sv stem shall be included s H "Net Revenues the trcrmies remaining after there shall have been first paid then from the reason able anJ neecssarv Operation and Maintenance I vpenses ol the nv-ati- Svstcnt Pledged Revenues" means .nd seven tenth Ihirlv-tiTi- e percent (14. Revenues J '1 "Sinking ,f the Net fund Scar mean the 1? month period of the beginning on lid, 1 nu.-s- prior to maturity being presented by appropiu'e interest eon, x ns to I attached In such Bonds, shall be payable as to both prindpal and interest in lawful money ot the t. tuieil States of America at Fir-- t Security Bank of Utah, ) illmorc Branch, Ftllmore, Utah. ; shall mature serially in nun.ei t.ai order on Apnl I of cadi -- I the years and bear interest as Citv when the con- 2 I 3- b - 4 7- 1422 23 2b I4M 2' 1 4h4, shall for redemption prior to maturity at tEc option of the Citv in inverse numerical orJer on April I. f 481. ami on any inlmexc payment date thereafter at the psincipal amount thereof, plus accrued interest to the dale Fixed for redemption and a premium of three per vent of the prtnelpsl amount of each Bond so rndei-mcNcuice of the cad of anv of Ihe Bonds for redemption shall He given mg less (tun thirl v (3tt davs prior to 3) the ic icmption dae through the public aiKn of an appropriate noike one time in a new spajs r published in the Ciiv of Salt State f I'uh County ol Millard have been fills interest :ie ,n i "even paid, t:Hy-) ,1 the OmUia percent (J4." Net Revenues from the S Mem a it ll exist tel!, a i,K i'.C the Improv, incuts completion thept-- e pledged for tiie vo'-the pj.n,i't ef th and m'ercst on ii funds the Bond Account to pay the same, but pending such use the same may be invested as hereafter provided. When the Resene Aci 'un: has been accumu-lak-c- l as m this paragraph pro iJed. no further al-- i in i jinu-p.ilo- (old Us . bor lhis vmenanls rud Irom 1 1. n s ! c hereinafir provided purpvse the agrees C its ,i the sc sic r., ot f' i' kmc! and natu'es.tl tioin !a a i i.mi , J c .)i,c r ' separate and a; an !:r"i ad s o If he .the ( uv fa: i' , t it' r.i u know n as i Li IleeUU Utnitv NvM.l Kc elfin !odi,as i the Reserve ini d be made unless parien:s Irom the Rexenc c,i ons I I ,s s c! at ' un-)- 'o . :i- -- Hv s '.,:uk III I it iM nave reduced the below the amount by this paragraph, tr h in it event monthly al-- 1 v.aii.'i's shall be resumed uir.pl such def'vicncy has been tioidn-d- , Ad same C tmi Of the amounts .11 sb ''-- bon.! and paid and .lo tne coupons wi'jc hid transferable Ire, r.".i ik'd the amounts requir!. be all, sated to the Bond 'unt and the Reserve A vo mt, including any ed A-- c nva'd t- - son AtbsMHH ljfff allocated mtmtblyyin or before me J0th day of each month, o a sub ai court established on tin books of the city as the "Imcrpency to air and Rvplacement the sum of $1 bh N plus such adcat tonal amount as r.ay be requited to meet anv immtblv installment to not theretofore a.J made in whole or in part. N.ich ahovatum shall conitnue jotil there shall have been av - umulated in said account tr-i- au anJ anv eoui r 11 oss i Samis bet ci n f i',!- -o .rd am suhsecjiic i t i ider the col and an. Louis d , i cU- - , b am am' idl tlu' st i 'i tidcr to f ih.iiore I He or o ?e, ..c nt ol uv i I 'u be rd nd f ' i .oi pons a, Uc h d cad t hen la ) al; be a ' r :hc saffi tc I i Imorc ( ' ll . hi r fi.i'ej 's. and in dan d ihvi uil condrlons led tb.Ugs without ,c u its ' Ulah am! sent bv registered mail I the raying Kuifow . agent bank and Smith and Cnmpanv, 1003 Kearns Building, Sal: lake fi'v Ulah Section 5, Tin Bonds shall be Signed by the Mavor and shall be ootinicrsiprcd by the Uuv Recorder, and hall have the . c ftc-.- isinvi'p E'lli-iore- to SYSTEM OF LM E BONDS, St RILS APRIL I, SS.000 Ftllmoic City, in the Countv Mdlaiiaml State of Clah. the "City' . lor value received, hereby promises to pay to the beater, out ol the xpeua fut,d heteinbekm designated and not other tar, the snot ef ED 1 hiuswnj rkclljrs t$'.tKX1) on the Orxi day of Aptt'. 14 , with interest thereon (torn the d.oe heieof until paid at the rate of ") i r an percent ( num, payable April t. 45. and scmi annuahv thetcafur on the first davs of prd and OctoKr earh seat. lis n pu--ci tain- and surrender ol the attachui mtcresi onipons as the same scverallv laUdur. Keh pnmtp.d and interest being pav able in lawful n.oncv ol the Cnued States of America at lost Security Bank ol I'tah. fiiltm-rBianch. E'Umcue. I tah II, is bond is erne ot an issue $1 41.000 bonds of Ike dale, tenor and elicit, except as to interest rate, date f maturity and option of redemption, numbered to Vl, inclusive, lssocd bv the ( itv pursuant to o'dinaiivC duiv enacted (or .bo put pose of dc tracing all or a part of the cost o improving and extending the existing x fciinc w;dilv plant and svstcm of !l,c f. itv. ,n full contormitv with the Constitution and laws of the State oil tah I Ins bond and the issue ,f which it is a part are knitted obligations of the ( itv and arc pav able sokl from a special land designated the "ftllmore City I led tic Utility Svstcm Revenue Bonds Sinking fund", into which fund shall be and scvcti paid thirtv-nintenths percent (14 7", ) of ihe net rei. titles dene cl and to be f pursuant a hrmiaiion n ( S' Mi J Is issued under anJ to S.iiion I to 22. as amcndid, and tins Kmd and the coupon Fere in allacl cc! do not n, w ar1 vhall never cinstuuu an tmLbled-nis- s tllni.oe I uv wiibin he meaning of an- si.te or sta'tiioM linnt.i-lionor a c ,ige against ;l;t general end, I ot tacmg powers ol t! e I ttv Bonds to, minted I lo Is. inclusive, are no calabie for te.hmjiiion pn, r to m.dmav Bonds m, m be ted 4 u- 5U, of j' 5! j;i siirl :r,i ed d i ! ic-i- 1!- 1 oated or antic ipati d n anv I n av und . other than bv the issue c of which this Kmi.i is i ni IN VAIIMSS AA Ilf Rt Of I lilimoicCi:' I t..b 1 , 1 l"M I , f I, April ths isu .c-- - i 1 - said olfici i s. ad d.lc of Ap'd A r- ,r , , , 1 "bis li, m f ) uv tm ii'ioi for -- d ami - a v-- , ( premium of rtoe,- p,.: of the ptuuip.,l amount ,,f c.i,h bond so fcik-- t nud N Un e ol the l c ill of an' the bonds lor trdetopMof! I 1 mi" he y n,,( is than (h)l dais prim to the d te thiough the 1 .letup! ton put Itcatum of an apjrojiraie n.mee on time m a newspaper (uiMished m the Citv of Sjlt Lake City, Utah and st rt by regiseiid load to the paying s. agent bank and to Hu-ro- w br.nth and Compan I0')3 Kearns Bedding, Salt Lake A its. Utah, I itrrest on anv bond called tor redemption shall cease to accrue on the redemption date il notice has been C u'v x.e f ,"r, i ; K fi . i ' ot i ' , ! ( i Ul COf i uab-s- ibe s id it, . S ns f i c i I rd , tc J,c cl - no ki. il-- n ni i a a c D It 4-- e. i,. c ( .be-- c sk Uio'.H i il asc, , as au t e ) , Net kexrnurs from the s, ' ri i' i j i,. p p,,t r t , rr t res' ol , ol ae.l on Bonds as ca-lads 1 ! 1 , ;!,r 1. c t!i c .led. ' p- - i ' . . f d.l t I s- - !of eg c, pt , pa. ii i - sh-w- ami niimbt rei coup n and bond 1. 1474. attached are issued Mider Set lions a i. to 51 22, 1 i ,1 . Ur i esi i d ,c o.i thr find; and I g ore-eixi- ! h I xi i ? B o I A ht to - p ,v s, si of !.c prim ij d i d u:i bonds as and whin Dir same i , 0 h d ,, . ted to b of t1 in a')- ,, e ii r .tii-- pel ii if. trahs-fuout i.ar my n otln r ptVTse (ii) Ol rtie amounts j bn alt d !,) lot Sinking fund at'er there s1 all have In cii alio aird Die amounts required ailmau d hi the in ml 1 1 1 - s u nt v in the Suiplas unt. may He invested, in Dr discrrllnft of the City CiMiikil, in direct obligations of, r obligations unconditionally guaranteed by, the United Niaks ,f Anirma having ma'm.iv not nmre than fO year fioni ibt date of the making of the inr tmmt. or such lesser will assure tratunty as liquidation of such investments to amounts sufficient t pay promptly the amounts required tor thr purposes for which aid Ac- 1 d te-pa- and irplacrmeiit to the 5 , mi ru i to pav the principal of and ti st on any general H ga i tv ,r jiiomr ken and iccn I mds issued by the A i f t w.i h purpose or may h. ,i. '!- Fr any cihcr lawial c itjsuate put pose; pto-'i-d ,1 4 am tune after any of BD ',v I, cietn authorized ate uv be redeemed in ae o' .ih tbetr letnis, they '" n, i, n u be purihascd oft the o cn n.a kct at any price higher ih,t- - i: c j :ue at which they could rr w redeemed. ( ) All ninnies in the fclesiric Rex sue I und allocated to the Rc suvc Ac.ounf and any icmaming amounts In the 1 und alter ail required , haic been made '.o pitlu B, d Areiiunt, Reserve Ai and mrrgency Repair and frplavrment Acxsiunt, and a" - urn sb.DI s ii, b I u she purpose paving ptHdpal and to' tc M "h 'be bonds and. t c pi L mi ctnunt of hg s.'iur as lo o a!u r aiitb.-nrd- , shall not al-L- ut-'- - .dong d(,r on niwtuiii.g I. k test ai! lo D,e end mm' dab', pi I I at t r sc eg I in i nl ti i us .rt'o a'e ) o ?Hn i t ti-.- lu iron in the amount manner am! out ( do- - fund and not s'a.ed in said otherwise, in law ltd money of the United Mates f Amino, first hiiurov Bank of I tah. f dim ore Branch. I tab, for interr st Don due on its I H rtnr ltility Nv stent Revenue B'nds. Scru s April 1, 144. dated This r, Ibe , j -- of the City known a the "5.ip!s Account' ". Funds the Surplus Account i me be used by the City to tvd cm or purchase or otherwise feme in advance of nia'tiMH a.n of t?;c bonds issucj hcru-ili- t to nukr extensions, kx tk 5 , - , - t :h , 'l rt-'t (oil li n .ilc, wL-- - i h v As, mu i.li I I I .' . established on tht c.-u- bis addition, rt-- e do All A s c ) p.ixu.ixt ii let n furcimliir bond is tlu para-grap- Fli-cU- n v av t so.. $ this nmammg amount in Recinuc fund, if am. in hiding amounts in Ihe si- i., fund after all payment tcqa.trd lo be alliKated have been made, shall be allocated to the ,iri un's alloc atid to Uic s I i K 1 i, t d tb 'l. caii.d to a sc b h.,.l t h ac c'i '! cst it'b .!, J in ) i PON- as in tiu-dte- i i t del r : lust s nkiitg fund viar ! h g hc iso ,,c of she , .v i i,;a'm qt shad corstnuic one iwiil'h o! tin- - cal, a! !e ti j;,J J.1-- bell: so ra'.ltd and ptocteofl tor i,!e red mpiioii then if dulv made, I dlmofe (uv, MdUtd tcoir', zApttl I i be tin rtie fust i!av of Ihib, ,u4 L 1 i sol n 'if'CC F, I, in I, , ihe "s,( Fund c Nt:t,,bri . lift' as - - 10-1- I i ) lOR'l 14 4t c I A . - ' S' i vide K . C. w ,nM A fived redi-mpiio- . d ac n ui O - ,l shall I r a!in a'ed to tn account l- d ouniei sir (hi for ZWC. l M,. which ths Is one are callable for redemption piior to tuatmiiy at the option ot ihe t it in inverse nuimticaiotdemn April I. IVSI. and on a s tnictcst pavment date thei after at the principal amount tin not, plus aettued interest to the dale of 4 .n is n.s in rest a'. c s 1 etc r wrh i'uHi nal sa.d At'v attixed, aid Uas caused ibe hrieio ai'a- he to be i, bv the ta vnoli s.gnatcoes of Ally . : this Kind be sigod bv i s Mavor and louiiis isigm d by us 1 inclusive, nunirnu' t s. p as u pt S b is j iid ill I the nj'craitc n it lb, ato.ic piaiil and sxs.e-I iht lotc 1 - I a b on ph lg d and will be set as.de into a lu-'o s.i f (rv to be sjk-cisrrtu- - pr - p pa.ru nl . I iis.-the pun, if d of iioo; . rh b( tsind ? d "hr 1. K c! I it I 'inisa part, and :K roinii s ol s.od clccliu Uti.dy p'ar! and svstcm art not phdgid bv(,ib. and vxlem prouded. no further allocation to that account V nude unless pay in1': fitn the same has the same below the a in oi tcqydcd by thi tw,gfciapli, i.i which event shall le resumed .j.h defines. hi bcca .frhc ia .AiDvii ciyi ui j adufi-.ula'e- the 'I c ti . ,c.n oi ,;a! i ft'-- ! , l',.i Js repair lo the ment be necessary, but pMduig such use the same mac be wtrsied a hereafter provided. When the 1 ineruciny Repair and nt Acwnint Ha been u anr.i r I'm I ciueigincy siu a! t sach repair or replace- u,aia, lod, tmlusne. of Oiapier 3 of lule 5; of the Utah I ode Annotate!, 45 3. l r t.eJ ,. - t. placements ti gr.t- - r ol this with rise Issue f vh.h ' f sms a part. i!hs not c cere I am pan. 1011 e I 111-1- 1 This n O.J IPs tx.nu t ap,'' 11c u l l.islij.-sii- Iter the c (We m.p ovcii.ci.ls, add, lions and extensions. fcr a mcrc particular descripthtn of said lend. :fv t rttUsV cd t s sc ja alls cl thoi cm and the nature and extent of the sccuniv afforded thcrcbx. rcfetencc is made te. the Oi dinanev adop'cf bv the I ity Coune.S of said t itv on the 2th day of March. 4'4. fr the purpose of authoMmg this bcmJ and the issue uf which it is a 1 p-- iin issuame t Face have tccn p tto, me ! in m and ai J due t.nu as nquucd bv law, Ih'IuI is In staU-l- coupons. ol and happen lin'd said on exist, sum of $10,000 CO. Such cu I shall He used solely Dai icq-cite- coupons to be attached to said Bonds shall Ih1 evccuted wch the facsimile signatures of said Mavor and lity Recorder, which officials by the cxe.ution of said Bonds shall adopt as and f r their own proper signatur- - x their reHciice (acsi-nnsij.i,a lures appearing avc-Hin- t dis-ha- corporate seal of said I uv impressed thereon. Interest deli-- . m-,- ! - hm remedy any .is which may have oc-- , uired in .he allocations tcq' itcd is be made in the ' ccui'l and ike Rc- - ' Ol e al-- I s.niJ to the Sinking fund, atk'i there shall have been . .rt absohue owin' a , to,! tn shall and not purposes ic , I ) ! o a'v c led l'i Jin d cot Ha's; (i l!,c fii .i,'al l! g oilt re , A. count in pa, cl'h I xuf-fvte- e and purpose ot set are hc'cby tc-- -- X Fillmore City 1 an-- l principal ( nv ai d to be ate r, ibl I iii--ran agent of I '.I'.tvur C its na. , . t the bearer of tms bond uml e s of nv of suc't f S' of said electric Utility ptai, system, as the same will exist I nllcd Stair a America Number a li .I'acikd loufs-ill- uicuii'cUliu demed front the i;erauoti I10RM OF BONDI fd - i -- 482, through RE c i liego'iabtc lake City, Bonds numbered 14 to 30. inclusive, maturing April I, MIClRie ITIIJTY the mu rest Ftont and tiller Bonus of ill 7, to lo j v fj .li u . 'o Su San e exit lit fu a. I purposi s as wmihl anv Mich delivers In 4M 30 Bonds numbered 1 to 1 8. inclusive, are not callable for redemption nnor to maturitv. 1 ill r and until r I 4m) 4h J4h2 .Section lb, d b the same, agici wuh accepting Fillmme f'uv cud everv sub si cj oi ni iiciuk-- of lias ; com . r t such ciiupoi.s, ih.o i.t) dcl.ci-rof ibis bond to at v irji.si.'ree nos IniiiU ai;,l ciuli c i si ton T8 In-1- Citv Fee old coup'ns t'lriio alia.!.' l4 IMS Co'JMi iSIglkd tbi-i-i'- I 10 12 Mavo- a, tru 5- - and the m t Year Mjturtng April I UTS - b'lo-taoo- n kuM-kv mwl 01 ( iu:h-onm- re- fu'Io-- Consiti agici'imiit aforetnetitioned Ordinance i'll', bond the iss'iamc and without limiting Uie cunor-allt- y of Hie foreg-dnthe City wUI fix, astabllsh and rnaiu'.iip r'asonab,c rates fur electric power and sirvic.es su'ipb'td bv llie Cnv, imlud'iig all ex tensions, enlargements and tm i heriato-- r proxements consiructtd or acquired In rt Cily, vrt'l u ::.c! and .u .. ... ! fm the levenues rceivid for so. it aer.ites and wiil sc i s,de iherefrcuu the portion thereof pledged lo the payment of itu prinujul md interest of the b.md ef wb'ch 'his Is on, all as is more particularly set foi It in sjkI Oubnanie. 'Ihis Ihi'h! i, su jtei m nid every loidi he'enT jijJ e,-rholJ.er of tin semi-annuall- c Bond Nitnibcis (Uuh inclusive) loni.r.in-- engineering, Operation and Maintenance Expenses of the System. It is hereby further recited, found and declared that the portion of the Net Revenue of the System t be dcri.cd ft.Mii .J ol Improvement will be 34.7 all of the Net Revenues derivcJ from Ihe operation of said improved Svstcm and such ol Net Revenues shall therefore be deemed lo be Fillmore perfoim all eovenunts legal, fiscal and other cost incident thereto, and to the authorization and issuance of the B.inds, there are hereby authorized to be issued Fleetric ltility System Revenue Bonds, Series of Aprii 1. I4'4, of the Citv in the ptineipal amount of $150, OH) whub Bonds shall be pavable from the Pledged Revenue as hereinafter sped-lied- . templated Improvements are completed will be $108,500 afur payment therefrom of the extended and the extirpated annual Revenues to be derived from the Svstcm of he-tb- improving and extending the existing electric utility plant and system of said City, and to 10th day of each rnonth, commenting October It), 19'4. to a sub account established on the books of the ciiv known as the "Reserve Account" the sum of $333.33 plus such additional amount ts may be required to meet anv monthly installment to the Reserve Account not theretofore made in whole or in part. Such allocation shall continue until Dure shall have been accumulated in the Reserve Account the sum of $20,000. Ann- tntx allocated to the Reserve Account shall be used solely to pay the piincip.il and inkiest falling due on the bonds at any time are not wnen ibe-r- brtoie the irsi 1 b'e alloiatec monthly, on or 1 ih The Cnv na cove named an ! tou1 BPiied and does nail and agiet t keep and . Section 3. For the purpose of detray tng part of the com of defray proper wnt, been deposited Seiuniv Bank of there shall An run: Ends equal Jim have propertv gtvin and to ilk derived ex, Iumu-I- from sod Improvement and x!t;d! constitute the Fledged Pi'vc income, Section 4. The Bonds shall be dated April I, 1474, shall be m the elciomination of $5,000 caih hall be numbered 1 to 30. inclusive, shall bear interest at the rates hereafter set forth, said interest to be payable April v I. 975, and thereafter on the first days of April and October of iaih year, wilt, interest tailing due on and rk-ctn- I lllll ICS calendar year and ending on the next succeeding June JO. means K. "Improvements" the presently contemplated improvements, extensions and enlargements to the System all or a portion of the com of which is to be paid from 'he proceeds of in conncilnm therelie, y with that the Cit, p.iv for such lunds of the project Irum It A its on hand or to be obtained bv the Issuance of us revenue bonds; and WHEREAS1. Mid City doe not have on hand money to pay |