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Show Page 18 BLANDING OUTLOOK Jan. 16. 1859 LEGAL NOTICES ui vi bubo; UNITED STATES OF AMERICA STATE OF UTAH COUNTY CITY OF BLAND ING JOINT ELECTRIC, WATER REFUNDING AND IMPROVEMENT SERIES APRIL OF SAN JUAN AND SEWER REVENUE BOND 1, 1959 $1,000.00 of Blanding, in the County of San Juan State of Utah, for value received, hereby promises to pay, upon presentation and surrender of this bond, to the bearer hereof, solely from the special funds provided therefor, as hereinafter set forth, on the first day of April, 19 , the principal sum of The City ONE and to pay solely rate of five per three and from said centum THOUSAND DOLLARS special funds interest hereon at fhe (5) per centum per atpim?, payable on the first day of October, 1959, and semiannually thereafter on the first days of April and Octper in each yeap , upon presentation and surrender of the annexed ppupons as they severally become due. If upon presentation af maturity, payment of this one-quar- ter is not (3-14- X) as herein provided, Interest shall continue at the same rate until the principal hereof is paid in full. Both principal and interest are payable in lawful money of the United States of America, without deduction for exchange or collection charges, at the Zions First National Bank, Salt bond made Lake City, Utah. is (This bond one of a series subject to prior redemption in Inverse numerical order at the option of the City of Blanding on April 1, 19G9, or on any Interest payment date thereafter, at a price equal to the principal amount thereof VltH accrued Interest to the redemption date and a premium of f(WF fer centum (47L) of the principal amount hereof, such redemption to be ma-J- upon prior notice in the manner and upon jhe conditions provided in the ordinance authorizing the pFr j issuance of this bend.) This bond is one of a series of eight hundred bonds of i ike '.(lor, amount and date, except as to number, rate of interest, prior redemption option and maturity, authorized for the pjrpose of paying the costs of improving Lhe joint electric, water and sewer system of the City of Blanding, including, without limitation, the building of sewer disposal facilities, conduits and drains and the construction of waterworks lines and reservoirs, said improvements to be in an amount not exceeding $ 568i0C0v0Q and said bonds are authorized for the additional purpose of refunding and paying bonds in the aggregate principal amount of $ 3flpOOQyQO of the City's Electric and Water Revenue Bonds, dated August 1, 1947, and refunding and paying bonds in the aggregate principal amount ; lQdgOQflTOfl of its Sewer, Power and Water Revenue Bonu.. , scries 1954, dated August 1, 1954. This bond and the series of which it is a part are authorized pursuant to Ordinance No.lQ5Ql . approved by a majority of the qualified electors of said City voting at a special election duly called for said purpose on the 17 day of Pehnufiyy . 1959, and are authorized by a majority of the qualified taxpaying electors of said City voting at an election duly called and held in said city on said 17 day of Fsbrjayy . - . J 1959. This bond does not constitute an indebtedness of the City of Blanding within the meaning of any constitutional or statutory provision or limitation, shall not be considered or held to be a general obligation of said City, and is payable and collectible solely from the net revenues derived from the operation of the municipal joint electric, water and sewer system, the net revenues of which are so pledged; and the holder hereof may not look to any general or other fund for the ment of the principal of and interest on this obligation, except the special funds pledged therefor. Payment of the bonds of the series of which this is one and the interest thereon shall be made solely from, and as security for such payment there are pledged, pursuant to said Ordinance No. 1959-- 1 . two special funds identified as the "City of Blanding Joint Electric, Water ' ! i,u uvcirent Revenue Bonds, !! i ('l iJ, I. Series ,. ; ;t Water and Sewer Refunding and "City of Blanding Joint Electric, Reserve Fund, Improvement Revenue Bonds, Series April 1, 1959, into which the City covenants to pay respectively, from the revenues derived from the operation of its muqi,clpal joint electric, water and sewer system, after proviaipp only for pH Oftd necessary and reasonable expenses of the opeppploq FPp?iF nance of said utility and keeping it in condition, sums sufficient to pay when due the principal of and f Vhiph Phi I one, the interest on the bonds of the and to create and maintain a reqspnahTe reservp for such purpose. For a description of said fuqd? W4 Fl nature qnd extent of the security afforded thereby for the payment of th? Principal pf and interest op said hPpds, reference is naJe tp said ordinance The bonds of the eerie? pf Which this is one ere equitably and ne FPnnea f lhe jninf ratably gepured by n first Hen on municipal PiePtFiF wafer and sewer system; apd bond? in addi fion tQ the series of which this is one may be issued and made payable from the net revenues and income of the system in the winner and upon the conditions provided in the ppdinnnee anther izing the issuance of this bond The City of Blanding covenants and agree? With the holder pf this bond and with each and every person yhQ may become the holder hereof that if wifi keep and perfPF9! ell the covenant? of said ordinance, including, wlfhOMt limiting the generality pf fhe foregoing, ft? covenant against the sale or mortgage of said system or any part thereof nnle?? provision shall be made for the payment of the principal of ?qd the interest on the bonds of the series of which this i? one, and including its covenant that it will fix, maintain and collect rates for services rendered by said system sufficient to produce revenues or earnipgs to pay the operating and maintenance charges and both the principal of and interest PP the bonds of the series of which this is onp. i ) ; j j ; ; This bond is subject to the conditions, and every holder hereof by accepting the same agrees with the obligor and every subsequent holder hereof, that (a) the delivery of this bond to any transferee shall vest title in this bond and in the interest coupons attached hereto in such transferee to the same I all purposes as would the delivery under like circumstances of any negotiable instrument payable to bearer; t and the the of the (b) any agent obligor obligor may treat bearer of this bond as the absolute owner herepf for all purposes, and shall not be affected by any notice tp the contrary; (c) the principal of and the Interest on this bond shall be paid, and this bond and each of the coupons appertaining thereto are transferable, free from and without regard to any equities between the obligor and the original or any intermediate holder s; or and (d) the surrender hereof, or any set-of- fs to the obligor or any agent of the obligor of this bond and of each of the coupons shall be a good discharge to the obligor for the same . extent for cross-claim- It is further certified, recited and warranted that the all requirements of law have been fully complied with by the proper officers of said City in the issuance of this bond; and this bond is issued pursuant to and in strict conformity with the Constitution and law? of the State of Utah. IN WITNESS WHEREOF, this the City of Blanding has caused bond to be signed by its Mayor, sealed with its seal, attested by its City Recorder, and the coupons corporate hereto annexed to be authenticated with the facsimile signatures of: said Mayor and Recorder, all as of the first day of April, i959. (Do Not Sign) Mayor (SEAL) Attest: (Do Not Sign) town "Uecorder . |
