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Show 1 Paso 14 Jan. 16 f 1956 LEGAL NOTICES ORDINANCE NO. 1 9691 ' j AND SEWER SYSTEM OF THE CITY OF BLANDING, PROVIDING FOR THE REDEMPTION OF THE AND WATER REVENUE THE CITY'S SEWER, SERIES 1954, DATED REFUNDING OF $ ..Id AND $65,000.00, od AUGUST 1, 1954, IN $19f,000.00; 1947 BONDS, FOR OF SAID 1954 BONDS, 194000 .00 AND FOR THE IMPROVEMENT FOR THE OF SAID '3BrCOO.QO THE REFUNDING OF ? THE OUTSTANDING PROVIDING OF SAID SYSTEM, ALL FROM THE PROCEEDS OF JOINT ELECTRIC, WATER AND SEWER REFUNDING AND IMPROVEMENT REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF BE ISSUED AND SOLD; $800,000.00 PROVIDING THE REVENUES OF SAID SYSTEM; PRESCRIBING AND . except for (1) the City's Waterworks Revenue Bonds, dated October 1, 1938 (herein sometimes designated the "1938 bonds"), authorized by Ordinance No. 264, adopted the 14th day of October, 1938, as amended by Ordinance No. 266., adopted the 27th day of March, 1939, in the outstanding principal amount both inclusive, to 25 of $7,000.00, numbered from 19 and being payable solely from the net revenues of the waterworks ) facilities of the City, (2) the City's Electric and Water Revenue Bonds, dated August 1, 1947 (herein sometimes designated the '1947 bonds"), authorized by Ordinance No. 269, approved by the electors of said City on the 19th day of August, 1947, in the outstanding principal amount of $65,000.00, numbered from - 26-- 81 11 inclusive, and payable 9698 solely from the net revenues of the waterworks and electric facilities of the City, and (3) the City's Sewer, Power and Revenue Bonds, Series 1954, dated August 1, 1954, authorized by Ordinance No. 369 (herein sometimes designated the "1954 bonds"), approved by the electors of said City on the 12th day of August, 1954, in the outstandof $196,000.00, numbered from 3 - 28 and ing principal amount 32 - 200 all ' inclusive, and payable solely from the unified electric, water and sewer utility of the City, the City has never pledged or in any hypothecated the revenues derived from the operation of the joint, electric, water and sewer system (herein sometimes merely designated the "system" or the "utility") or any part thereof, with the result that the net revenues derived from the operation of the system may now be pledged lawfully and irrevocably for the redemption of the bonds herein WHEREAS, 1959, as hereinafter described; prior redemption on the first days of April and October in each and i after extensive consideration and inquiry, . the City Council has concluded, and does hereby conclude, that it is to the great advantage of the City to accept said offer. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BLANDING, SAN JUAN COUNTY, UTAH: Section 1. That all action not inconsistent with this ordinance heretofore taken by the City Council and officers of the City of Blanding directed toward t Improvement of the municipal joint electric, water and sewer system, toward refunding bonds numbered 52Slj 8 v of'Wvd, in the aggregate principal amount of $ the'" City's outstanding Electric and Water Revenue Bonds, dated anrvnn August 1, 1947, and bonds numbered 4s2B..iiRt-22s2lD,Rl- l inclusive, in the aggregate principal amount of $7 04,. non. MV . of the City's outstanding Sewer, Power and Water Revenue Bonds, Series 1954, dated August 1, 1954, and toward Issuing its City of Blanding Joint Electric, Water and Sewer Refunding and Improvement Revenue Bonds, Series 1, 1959, to effect April said purposes, be, and the same hereby is, ratified, approved and confirmed, including, without limiting the generality of the foregoing, the sale from the series herein authorised of bonds in the aggregate principal amount of $600,000.00 to Kirchner, Ormsbee & Wiesner, Inc., of Denver, Colorado, said bonds being as hereinafter described and such sale betig on the terms hereinafter set forth. i WHEREAS,, subject to f . . 1947. bonds are WHEREAS, WHEREAS, joint said outstanding make ' system cannot now adequately serve the rapidly expanding population of die City and Improvements and extensions are necessary; and WHEREAS, in order to i I authorized; and the City has been unable to finance such improvements and extensions under the contractual provisions of the ordinances authorizing said outstanding bonds; and WHEREAS,: there has now been deposited, from the net revenues of the waterworks facilities of said system, in the 2 ions First National Bank in a special fund fully insured by the Federal Deposit Insurance Corporation, the sum of $ 8120 00 f which sum is sufficient to pay all principal of and interest to maturity on said outstanding waterworks revenue bonds in the aggregate principal amount of $7,000.00, numbered from 1.9 both" inclusive, which bonds mature $1,000.00 on to the first day of October in each of the years 1959 to 1965; and first Kirchner, Ormsbee & Wlesner, Inc., of Denver, Colorado, offered to buy bonds in the aggregate principal amount of $600,000.00, of the City of Blanding Joint Electric, Water and Sewer Refunding and Improvement Revenue Bonds, Series April 1,' . B7-9- the on the ceed $800,000.00; and . WHEREAS,, on sold possible the financing of the necessary improvements to said system, as herein described, interest savings to the City, and in order to effect an over-a- ll and and in order more advantageously to arrange the maturities interest rates of all obligations payable and to be payable fro the revenues to be derived from the operation of the system, it 1947 necessary to refund the remainder of said outstanding and 1954 bonds, after other moneys properly available therefor, as aforesaid, are applied to redemption, and to authorize and issue new bonds in the aggregate principal, amount of not to exWHEREAS, WHEREAS, m rta . b.tao out-standi- WHEREAS, the City of Blending was duly proclaimed a city of the third class on the 16th day of July, 1941; and WHEREAS, the City now owns and operates, as a joint public utility, an electric, water and sewer system; and ad tter. rtll pr-- lun day of August, 1959, there will to the payment be sufficient smeys in the sinking fund pledged said of said outstanding 1954 bonds to redeem on said date ng due on all of said maturing Bond No. 3, the interest then a 1954 bonds and said premium, and there will remain --0to be applied toward the prior redemption balance of S on said date of all of said 1954 bonds; and the City of Blending, in the County of Sen Juen end Stete of Utah, is en incorporated city duly organized end existing under the laws of the Stete of Utah as a city of the third class; and . ..Id prior pT redemption WHEREAS, OF OTHER DETAILS CONCERNING SAID BONDS AND SAID SYSTEM; PROVIDING THE EFFECTIVE DATE OF THIS ORDINANCE. 1947 bond, to $40.00 for each bond; and HEREBY AUTHORIZED TO FOR THE DISPOSITION Ill fir.t f S' 27.370,44 to b. ltad towrd th. prior redeeptlon d.te Of oil rf ..id 1947 bond.; end 1954 bonds, bond Ho. 3 WHEREAS, of ..Id outstanding ad tte telac. of oill tatur. on tte fir.t d.y of Augu.t, 1959, of tte ot tte ..Id bond. Is subj.ct to prior retention tte option aount 1959, .t prtaclpol City on ..Id first day of August, of a thereof ad accrued lnterMt to ..Id d.t. pin. prenl POWER AND WATER REVENUE BONDS, AMOUNT OF PRINCIPAL AMOUNT OF - . te d.y of April, 1959, tter. of taad ptadg.d to tte P7 diffident non.,. ta the .taking tte ..Id det. th. Interest tten whekeas. on the UTAH; CITY'S ELECTRIC AUGUST 1, 1947, IN BONDS, DATED THE OUTSTANDING PRINCIPAL WATER - thereof and accrued interest to the Plu. amount Br,n,ll).i r.;i JOINT ELECTRIC, AN ORDINANCE CONCERNING THE . OUTLOOK BLAMDXNQ . Section 2. Ihat .11 of the ounlclpel el.ctrlc light the Mllitiee, nunlclpel waterworks f.cllitle. end tte nunlclpel Mver f.cllltl.. of tte City .tell continue to cooMltut. . Joint public utility de.lgn.ted .e th. city' of pOWBr Hading Joint Electric, w.tar ad Son designated ae the "eytM" or be operated and maintained as such. Sy.ten (hereto mm-tl- as and' .tell th. utility"), j |
