Show An ordinance ORDINANCE AUTHORIZING AND PROVIDING FOR FORUE BORROWING OF MONEY THE ISSUING AND ANDr UE r a OF THE NEGOTIABLE 1972 SEWER REV REV- the sUBORDINATE BONDS OF THE CITY OF IM SANPETE COUNTY UTAH IN AN AMOUNT r OT TO EXCEED FOR THE PURPOSE OF C PART OF THE COST COOT OF ACQUISITION l ND CONSTRUCTION OF IMPROVEMENTS EN EN- AND EXTENSIONS TO THE AL KL SEWER SYSTEM FOR SAID CITY FORM THE TERMS AND CONDITIONS BOND Wr G THE TE th t fo F ITS ISSUE AND RETIREMENT AND THE SECURITY T PLEDGING A PORTION OF THE NET NETJa Ja REVENUES AVENUES FROM THE HE SAID SEWER SYSTEM AS ASFOR 14 FOR SAID BONDS PROVIDING FOR THE COLLECTION HANDLING AND DISPOSITION OF THE SAID REVENUES AND REPEALING ORDINANCES SOLUTIONS OR REGULATIONS OR PORTIONS re ree THEREOF IN CONFLICT HEREWITH d WHEREAS the City of Ephraim Sanpete County Utah is corporation duly organized and existing as a City ti the lawS of the State of Utah and WHEREAS f the City Council of said City has determined erde Improvements j enlargements and extensions to the muni- muni sewer system for said City should be acquired anda and a tied and for such purpose to acquire all necessary and construct all necessary facilities and WHEREAS said City does not have funds available to toh tonCe such h acquisition and construction and nCe WHEREAS Eighty two Eighty two percent 82 of the revenues to derived by the City from the operation of said System as itU It Pr U 11 exist following the said acquisition and construction have havet 1 been and will not be pledged or hypothecated in any manner i purpose at the time of the issuance of the bonds t any I for II I referred to and 1 WHEREAS The City Council has determined that the said and Slid construction should be financed In part by the theL L s nance kance Lice of the City's negotiable registered sewer revenue 1 It Sa bond In an amount not to exceed and j part by grants from the United States in the amount of ofa a and andI I 1 WHEREAS said bonds have been publicly offered for sale J I sealed bids pursuant to a Notice of Sale dated June 9 i 1 2 and At 1 WHEREAS no bids were received and the City Council Councils f s 5 therefore determined to sell the bonds to the United States j 2 H America acting through the Administrator Farmers Home Homei t i l ministration at the interest rate of five percent 5 per I pum nurn pursuant to the provisions of Sections 1 to 22 Inclusive Chapter 3 Title 55 Utah Code Annotated 1953 as amended d f WHEREAS WHEREAS the City has applied to the Farmers Home j ministration for a loan as above stated and has complied ti all of the rules and regulations of said agency for the of such loan and WHEREAS said System will be located in a rural area id will be primarily used by or will generate substantial legible gible bie benefits primarily for farmers and other permanent i dents living in the area and WHEREAS the proposed System will not compete with ling dug or planned private or public facilities NOW THEREFORE be it ordained by the City Council the City of Ephraim Sanpete County Utah as follows wit SECTION 1 Definitions The terms hereinafter defined 1 for all purposes of this ordinance have the meanings Thin ein specified 11 Ka a City or Municipality means the City of Ephraim pete ete County State of Utah F jb b City Council means the City Council of the City of aim alm or any successor governing body of the City herein herein- S- S S J er r provided for pursuant to law S tj c Bond Holder means the registered holder of any ft bonds and any holder of any bearer bonds that are is ed d Bonds mean the negotiable sewer revenue subordinate subordinateD i D of the City in an aggregate principal amount not to exceed I 00 herein authorized and shall mean Interchangeably I single bond In such amount or the serial bonds In such ag- ag gate amount hereinafter described e System means the whole and each and every part of City's municipal sewer system including all property real and mixed of every nature now or hereafter owned by byr Nf r City and used and useful In the operation of said sewer system ther Cher with all Improvements extensions enlargements addland add add- tons and repairs thereto which may be made while any of the ds remain outstanding 0 t I Revenues means all gross Income and revenues of any Dd ad d from any source wha whatsoever oever derived from the operation the System Including without limitation all fees tolls rates cUon charges and other charges the gross revenues of all additions and extensions of the System hereafter instructed trotted or acquired and all Interest earned by the profits rived rived from the sale of Investments made with Income and venues revenues g Government means the United States of America acting the Administrator Farmers Home Administration and ands s agents h E Net Revenues means the revenues remaining after here shall have been first paid the reasonable and expenses of operating and maintaining the System lid fed d keeping it In good repair and working condition 1 I Operation and Maintenance Expenses means all expenses affably Incurred In connection with the operation and mainI main- main I Dance of the System Including repairs and renewals other than f improvements necessary to keep the System in efficient rating condition the cost of audits hereinafter required fees It the paying agents on the Bonds payment of premiums for on the System hereafter required and generally all alls s exclusive of depreciation which under generally ac- ac accounting practices are properly allocable to operation lad ed maintenance of the System but only such expenses as are aree i e and properly necessary to the efficient operation and andI ti I of the system shall be included j H 0 CD Sinking Fund Year means the twelve 12 month period 1 ginning on July 1 of the calendar year and ending on the next June 30 ck k Bond Service Requirement means the amount required be paid into the Subordinate Bond Sinking Fund to be established to Section 9 hereof in any given Sinking Fund year for forke ke payment J Payment of principal and interest on the bonds 1 0 Total rota amount which Loan Commitment means the total iii be 2 Government is obligated to lend to the City on the terms described on the date the bonds herein authorized lIe re Issued by the City provided that In no event shall such amount J Ieee e l I I SECTION 2 Pursuant to the provisions of Section 1 to 22 of Chapter 3 Title 55 Utah Code Annotated 1953 II f amended and for the purpose of defraying part of the cost of acquisition and construction of Improvements enlargements and pensions pensions to the municipal sewer system for the City of Ephraim h Including in such cost all proper engineering legal fiscal other costs Incident to such acquisition and construction T City is hereby authorized to obtain a loan from the Govern- Govern Govern Govern-at Nut t and as evidence thereof to Issue and sell to the Govern Govern- Its negotiable Sewer Revenue Subordinate Bond In the prin- prin 8 amount of not to exceed bearing interest at theD theIn the In D of five percent 5 per annum payable from 82 of thee the 1 e Revenues of the System as hereinafter set forth I SECTION ACTION 3 3 The Bonds shall be known as City of Ephraim II pete pefe County Utah 1972 Sewer Revenue Subordinate Bonds be dated as of the date of delivery and payment shall be In principal amount of not to exceed J shall wall bear interest at the rate of five percent 5 per annum Om m date until paid Both principal and interest on the Bonds shall be payable in lawful money of the United States of America to the registered owner of any of the Bonds at the address of such owner shown on the registration books of the City or In the case of Bonds payable to bearer at the office of the City Treas Trees Treasurer Treasurer Ephraim Utah Principal shall be payable annually on July 1 and interest at the rate stated above shall be payable annually semi on July 1 and January 1 of each of the years during the repayment period unless all or part of the principal Is earlier prepaid or redeemed according to the schedule set forth in Section 5 of this Ordinance The City hereby reserves the right at its option to prepay or redeem as appropriate any scheduled payments or serial bonds or portions thereof prior to the due date or maturity at any time before July 1 1974 in the event there are bond proceeds remaining unused at the time construction of the improvements additions and extensions to the System are completed The City further reserves the right at Its option on July 1 1983 or on any Interest payment date thereafter to prepay or redeem as appropriate any scheduled payment or portion thereof or any serial bond falling due after said date or If all of the outstanding Bonds are held by the Government to prepay or redeem as appropriate any scheduled payment or portion thereof or any serial bond at any time following the date of the Bonds In the event of any such prepayment or redemption principal last to become due will be prepaid first and serial bonds will be redeemed In inverse numerical order Prepayments and redemptions redemptions shall be made without penalty or additional Interest or charges and shall be made at the place and In the manner herein provided for making regularly scheduled payments on the Bonds Notice of the call of any of the Bonds for redemption or the prepayment prepayment prepayment pre pre- payment of any portion thereof will be given not less than thirty 30 days prior to the redemption or prepayment date by publication of an appropriate notice one time in a newspaper of general circulation circulation circulation lation In Salt Lake City Utah and by mailing a copy of the re redemption redemption redemption re- re or prepayment notice by registered or certified mail malt mailat maltat at least thirty 30 days prior to the redemption or prepayment date to the registered holder of the Bonds to be redeemed or pre- pre at the address shown on the registration books and to t the e original purchaser of the Bonds If It all of the Bonds to be redeemed or are at that time registered notice by registered or certified mall man to the registered holders thereof not less than thirty 30 days prior to the date fixed for redemption or prepayment prepayment prepayment pre pre- payment shall be sufficient and publication of the redemption or prepayment notice and mailing thereof to the original purchaser shall not be required Interest on any bond subject to redemption or prepayment shall cease to accrue after the date fixed for redemption or prepayment of said bond if notice has been properly given and funds or securities in which such funds are Invested equal to the redemption price or amount of prepayment have been deposited at the place of payment at that time Except as otherwise provided herein every payment on the Bonds shall be applied first to interest computed to the date of payment and then to principal The said Bonds are Issued under the provisions of Sections Sections Sections Sec Sec- 1 to 22 Inclusive of Chapter 3 Title 55 Utah Code Annotated Annotated Annotated An An- 1953 as amended and the principal and Interest thereon shall be payable only out of the net revenues to be derived from the said System and in no event shall said Bonds be deemed to constitute an indebtedness of the City within the meaning of any State Constitutional or statutory limitation nor a charge against the general credit or taxing powers of the City SECTION 4 The sale of the Bonds to the Government Is hereby authorized and approved The Government has requested and the City Council has agreed that the City's obligation shall be represented In the form of a single registered negotiable revenue bond without coupons that the registered owner thereof shall have the right to convert the said single bond to serial bonds with or without coupons in bearer or registered form at athis athis athis his own expense and that the single bond be In such form as to permit the Government to make Incremental advances on Its Total Loan Commitment to the City during the period of construction of said system SECTION 5 The single bond referred to in Section 4 hereof shall be in substantially the f following form except that the Maximum Maximum Maxi Maxi- I- I mum Principal Amount may be reduced and the payment schedule adjusted In the event that the City determines to issue less than of Sewer Revenue Subordinate Bonds UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SANPETE CITY OF EPHRAIM 1972 SEWER REVENUE SUBORDINATE BOND KNOW ALL MEN BY THESE PRESENTS That the City of Ephraim County of Sanpete State of Utah the Issuer for value received promises to pay from the special fund hereinafter described and in the manner hereinafter set forth and not otherwise otherwise otherwise other other- wise to the order of the registered owner hereof the Total Principal Sum set forth in the Treasurers Certificate as to Dates of Payment and Amount set forth at the end of this Bond hereinafter Treasurers Certificate but in no event more than a Maximum Principal Amount of payable In Installments on July 1 of each of the years during the repayment period together with Interest on the unpaid balance at the rate of five percent 5 per annum payable semi annually on January 1 and July 1 of each year during the repayment period Interest shall accrue on the principal hereof from the dates payments of principal are made by the purchaser as recorded in the Treasurers Treasurer's Treasurers Treasurer's Treasurers Treasurer's Treas Treas- Certificate to the date of payment or earlier prepayment advanced the repayment If It the Maximum Principal Amount is period and annual principal amount payable shall be as set forth in the following Repayment Schedule If the Total Principal Sum of the Bond is less than the Maximum Principal Amount the repayment period and annual principal amounts shall be shortened and reduced In Inverse order to correspond to the Total Principal Sum and the Issuer shall make the payments stated for each year beginning with the first repayment and continuing until the Total Principal Sum together interest thereon shall be paid In full REPAYMENT SCHEDULE Principal Amount Date Maturing July 1 Maturing 1000 1973 t 1974 f 4 3 1975 1976 1977 1978 Y r ry j 1979 1980 l 1981 r r 1982 r i 1983 rr 1984 i 5 1985 t 1 r r. r M t 1986 10 1 r r 1987 i e. e 1988 i 1989 a i 1990 V r or 1991 I. I 1992 J SS 1993 1993 x 1994 4 i v F v 1995 1996 1997 1998 1200 1999 14 o OO 2000 O 2001 2002 js 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 The principal amount of this bond shall be the Total Principal Sum set forth in the Treasurers Treasurer's Certificate and certified to by the Treasurer by the placing of his signature In the space provided opposite said amount In no event shall the Total Principal Sum exceed the Maximum Principal Amount of Both principal and Interest on this bond shall be payable in lawful money of the United States of America to the registered owner hereof at the address of such owner shown on the registration registration registration regis regis- books of the issuer Any holder of this bond subsequent to its original holder is hereby placed on notice of all payments of both principal and interest made on this bond prior to Its transfer transfer transfer trans trans- fer to him and all subsequent holders hereof hereby acknowledge that they have ascertained the actual unpaid principal amount of this bond as of the date of transfer to them and hereby release the Issuer from all obligation as to all principal and interest paid by the Issuer prior to such date The Issuer hereby reserves the right at its option to prepay any scheduled payment or portion thereof prior to its due date at any time before July 1 1974 In the event there are bond proceeds remaining unused at the time acquisition and construction of the improvements enlargements and extensions to the System are completed The Issuer further reserves the right at its option |