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Show ' U BUNNN&iOUTUOK LEGAL NOTICES Section. 3. all of the outstanding That series designated Electric bonds of the i ! August 1, 1947, and all of the outstanding bonds of the .aeries designated Sewer, Power and Water Revenue Bonds, Series 1934, dated August 1, 1954, shall be, and the sane hereby are ordered eeaed 5? b Paid in full, , and bonds nunbered 5381.1 87- 8 inclusive, of said J947. series, and bonds nunbered 1428 Rad 32200 . iilli inclusive, of said 1954 aaries shall be refunded as herein provided tthS-bood- tlon r, Section 4. That the joint electric, water and sewer yaten shall be, and the sane hereby is ordered to be, lnproved, such inprovenent to Include, without llnitation, the building of sewer disposal facilities, conduits and drains and the con- traction of waterworks lines and reservoirs, said inprovenent being herein sonetlnes designated as the "project." Section 5. That for the purpose of protecting Che ptdllc health, conserving the property and advancing the general welfare of the citlsens of the City, for the purpose of so and paying that portion of the outstand1947 1954 and revenue bonds nunbered as aforesaid, and for ing the purpose of defraying the cost of so improving the system, it is hereby declared necessary that the City make and issue its "City of Bland lng Joint, Elpppric, Water and Sewer Refunding and Improvement Revenue Bpt)ds,cSer.ies April 1, 1959," payable both as to principal and iptereft. solely from the net revenues derived from the operation 9frfche joint electric, water and sewer system, such net revenues bfing, the gross revenues after deduction only for the necessary and reasonable expenses of operating and maintaining such .utility and keeping it in good repair and working condition, and the City pledges irrevocably such revenues to the payment of such. bonds and the interest thereon, the ceeda thereof to be used splely for the purpose of refunding ,and paying said portion of. said outstanding 1947 and 1954 bonds as hereinabove more specifically provided and for the purpose Improving the system. The estimated cost of so improving the system is estimated not, to exceed $ 5 68 f 000 00 and the cost .of - general.-circulation- priori so, 's Section. .6. ,1hat,in order to provide funds so to re fund and pay said outstanding revenue bonds and to defray the cost of so improving the sys tem, the revenue bonds of the City designated "City of :B landing Joint Electric Water and Sewer , j J I j j j . Refunding and Improvement .Revenue Bonds, Series April 1, 1959' are hereby authorised , to, be Issued in the aggregate principal of $800,000.00, tpurfuant to the provisions of Chapter 1, Article 39, New Mexico .Statutes Annotated, 1953, and all other acts amendatory thereof or supplemental thereto, which bonds shall be dated as of the first day of April, 1959, shall consist of 800 bonds in the denomination of $1,000.00 each, numbered consecutively from 1 to 800, both inclusive, shall bear Interest payable on the first day of October, 1959, and semiannually thereafter on the first days of April and October in each year, as evidenced by interest coupons attached to said bonds, and amount be numbered, .bear interest rates, and mature serially on the first day of April in each of the years hereinafter desig hall nated, as follows: Inc., Deoyep, i Colorado, as r epr e on ta tlvei o f i the! hMder o or- holders of thei bonds. Such notice hall.speelf yUkhernuhber'or numbers of retheiibondsf to be (If i&essRhan alLare-to:-be deemed). end. the OAste fixed forvredepplien,andsahAll further due ta te i the t.onraettn redemption datei there villlbecoma and-bbond soi tobeiradeened at the Zions First and, NationaluBanki-iSSlt Lake City, Wash, the principal amount thereof veiith accrued Interest raoAthe redemption date, together with t the .stipulated premium, andi that ffroa.and .after such date been given in interest will cease tto accrue. Mleticet-havlngbonds so called the.munner hereinbefore provided, theLbond.-oi for the redemption ..redemption date so designated,. nod ypon; presentation. thereof at said bank, together with all appurtenant, coupons umatur lng subsequent to the; redemption date, i the City of:Blanding will pay the bond or I hoods so called for redemption. - . e payablci-fipan--eac- j ! r oso . f - l ( outstanding bonds is $ 232.00Q-0- 0. excluding that portion. of Lhe cost of refunding to be paid from other than the proceeds of the bonds hereby authorised. o e ed 6 refunding and paying, said U-t- i efunding above-describ- atmaturlty i.,.upon rf , In the event any o&mhldxhoods shall not be paid presentation, .thpylshalLicontinue to draw interest at the . Bo til principal and interest i i coupon rate specif lediiin sishall be payable in. imtiifiilnaMoey of the Halted States of Aswrlca, without deduction. ,fiom aUrhapge or collection charges, at the ZZions First NatioulTlSikliii6ialt Lake City, Utah. Bonds numbered 18 7cto5i800 , both inclusive, maturing on .innd after the flrstidaybf-Apiril,- i 1970, are subject to prior in Inverse numerics at the option of the City o Oft Blending, on the firstudjiybfii April, 1969, or on any interest payment. date thereafter, aatipxdcmrwqual to the principal the redemption date and a .amount thereof, with accrued; Interes a S 'Premium. of four, per.centamn-(4)o6ftAhprincipal amount there-.O- f. NNotice of redemption.. ahalLjbej&ivcn by the Treasurer of- the CltyoOf.Blanding, In tho.nameooftitiiai'Clty, by publication of uichinotice,atlleast,once,i.iiot:.nore( Shan, sixty nor less than .thirty idays. prior: to the. redemption! date, in. a newspaper of , such in the' CityofcBladding, and a copy-onotice.--shalbe sent by registeredumailiat least- thirty days and Water Revenue Bonds, dated I l Section 7. That, subjcctitoithe provisions specifically made or necessarily imp lied 'here in, the revenue .bonds hereby authorized shall be fully negotiable and shall shave all the qualities of negotiable. coupon paper, and the holder .or holders thereof shall possess all rights enjoyed by the .holders of negotiable Instruments under the provisions of the Negotiable Instruments Law. Said bonds shall be payable to bearer and shall be signed by the Mayor in the name of the City of Blending and attested by the City Recorder, with the seal of the City affixed thereto, and the interest coupons thereto attached shall be also payable to bearer and shall be authenticated by the facsimile signatures of the 'Officers as they appear on said bonds, which officers by the execution of said bonds hall adopt as and for their signatures 'the facsimiles thereof appearing on said coupons . Said bonds and coupons bearing the signatures of the officers in office at the 'time of the signing thereof shall be the valid and binding obligations of the City of Blending, notwithstanding that before the delivery thereof and payment therefor, any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices All of said bonds, together with the Interest accruing thereon, hall be payable and collectible solely out of the net income to be derived from the operation of the system, the income of which is so pledged; the holder .or ihoiders 'thereof may not look to any general or other fund 'for '.the ipayment of ,principal and interest on such obligations, except the designated special funds pledged therefor; and such bonds shall not constitute an Indebtedness nor a debt within the meaning of any constitutional or statutory provision or limitation, nor shall they be considered or held to be general obligations of the City. Section 8. That said bonds and the coupons thereto attached shall be in substantially the following form: ! ! ; j |
