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Show MANTI MESSENGER, Manti, Utah Thursday, December. 12, 1974 (Continued from Page 8) Bond Is held by the United States of America, Farmers Home Administration (the Government). The Issuer further reserves the right, at its option, if this Bond is held by any holder other than the Government, to prepay the principal amount outstanding, in whole or, in the manner hereinafter provided, in part, at any time before January 1, 1976, in the event there are bond proceeds remaining unused at the time construction of the System is completed, or at any time on or after January 1, 1986. Prepayments shall be made on the date, at the place and in the manner provided herein for making regularly scheduled installment payments and partial prepayments shall be in the amount of that portion of one or more of the next succeeding monthly installments which woul d be allocable to principal, as set forth in the Amortization Schedule. No partial prepayment shall extend or postpone the due date of any subsequent monthly installment. Any prepayments shall be In the amount of principal being prepaid, together with accrued interest thereon to the date of prepayment, and shall be made without penalty or addi- tional interest or charges. Notice of any prepayment will be given not less than thirty (30) days prior to the prepayment date by publication of an appropriate notice one time in a newspaper of general circulation in Salt Lake City, Utah, or, if this Bond is at such time registered, by mailing a copy thereof by registered or certified mall at least thirty (30) days prior to the prepayment date to the registered holder of this Bond at his address shown on the registered books and to the original purchaser of the Bond. Interest on this Bond shall cease to accrue as to the amount of principal being prepaid after the date fixed for prepayment if notice has been properly given and funds (or securities in which such funds are invested) equal to the amount of prepayment have been deposited at the place of payment at that time. This bond shall be registered as to principal and interest in the name of the initial purchaser and any subsequent purchasers in an appropriate book in the office of the City Recorder of the Issuer, who shall be the Registrar, each registration to be noted hereon by said Registrar. This bond is transferable only upon said book, by notation thereon, by the registered owner hereof in person or by his attorney duly authorized in writing, by the surrender of this bond, together with a written instrument of transfer satisfactory to the Issuer, duly executed by the registered owner or his attorney duly authorized in writing; thereupon, a new bond in the same form as this bond shall be issued to and registered in the name of the transferee. This bond, upon the surrender thereof at the office of the Registrar with a written instrument of transfer duly executed by the registered owner or his duly authorized attorney, may, at the option of the registered owner, and at his expense, be exchanged for serial bonds, with or without coupons, in bearer or registered form, in the aggregate principal amount then remaining unpaid, bearing the same interest rate and having the same maturity as to remaining principal payments and dated as of January 1 of the year during which the surrender and exchange Is effected or as of the date of this bond, whichever date is later. If serial bonds are issued with coupons attached, said coupons shall be payable on January 1 of each year thereafter to the date of maturity of the principal amount of the serial bond to which such coupons are attached. Serial bonds so issued shall be redeemable according to the provisions of the aforementioned Resolution of the Issuer pursuant to which this bond is issued. This Bond is a limited obligation of the Issuer and is payable solely from a special fund designated the City of Manti, Utah 1975 Water Revenue Subordinate Bond Sinking Fund, into which special fund shall be deposited one hundred percent (100) of the net revenues of the Issuers municipal water system, including any future additions and extensions thereto. This Bond shall constitute a lien upon said net revenues which lien shall be in all respects inferior and subordinate to the lien thereon of the Issuers Water Revenue Bonds, Series 1951, authorized and issued pursuant to an Ordinance of the Issuer adopted on April 2, 1951 and the Issuers 1973 Water Revenue Subordinate Bond authorized and issued pursuant to an Ordinance of the Issuer adopted on March 7, 1973. For a more particular description of said special fund, the revenues to be deposited therein and the nature and extent of the security afforded thereby, reference is made to the provisions of the aforementioned Resolution adopted on December 4, 1974, pursuant to which such fund has been established and will be maintained. This bond does not now and shall never constitute an indebtedness of the Issuer within the meaning of any State constitutional provision or statutory limitation nor a charge against the general credit or taxing powers of the Issuer. The Issuer hereby covenants with the registered owner this bond to keep and perform all covenants and agreements contained in the Resolution of said Issuer authorizing the issuance of this bond, and the Issuer will fix, establish, maintain and collect rates, fees or charges for service furnished by or through its water system, including all extensions and improvements thereto hereafter constructed or acquired by the Issuer and will collect and account for the revenues to be received for such service, and will set aside the net revenues thereof to pay the principal of and interest on this bond according to the payment schedule hereinabove set forth. It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this bond do exist, have happened, and have been done and that every requirement of law affecting the issue thereof has been duly complied with, that this Bond does not exceed any limitation prescribed by the Constitution and laws of the State of Utah, that the net revenues to be derived from the operation of said system have been pledged and will be set aside into a special fund by the Issuer to be used for the payment of the principal of and interest on this Bond and that the revenues of the said system are not pledged, hypothecated or anticipated in any way other than by the issue of this Bond and the said Water Revenue Bonds, Series 1951, and the said 1973 Water Revenue Subordinate Bond of the Issuer. of the City of Manti, Utah has caused to be signed by its Mayor and countersigned by its all as of this City Recorder with the seal of said Issuer affixed, 19 of , day IN WITNESS WHEREOF this Bond CITY OF MANTI, UTAH By Mayor COUNTERSIGNED: City Recorder (SEAL) TREASURERS CERTIFICATE OF DATES OF PAYMENT AND AMOUNT of the City of Manti, Sanpete I have received from the that County, Utah, hereby certify original purchaser of this Bond the amount or amounts indicated below on the date or dates set forth opposite such amounts); that the amount last inserted under the column "Total Printhe cipal Sum is, the total amount received by said City for issuance of this Bond and that I have placed my signature and the Citys Seal in the space provided opposite such amount(s) to evidence receipt of same. I, the undersigned Treasurer Aaount of Payment Data of Total Principal Sum Payment $. $ . $ and each such holder hereby releases the Issuer from all obligation as to interest paid by the Issuer prior to the date of such transfer 0 This bond and the issue of bonds of which it forms a part Date of Registration Name of are limited obligations of the Issuer and are payable solely of Owner Registered Signature Bond Registrar from a special fund designated the City of Manti 1975 Water Revenue Subordinate Bond Sinking Fund, into which special fund shall be deposited one hundred percent (100) of the net revenues of the Issuer's municipal water system, Including any future Improvements and extensions thereto. This Bond, and the issue of which it forms a part, shall constitute a lien upon said net revenues which lien shall be in all respects inferior and subordinate to the lien thereon of the Issuer's Water Revenue INSTALLMENT PAYMENT CERTIFICATE Bonds, Series 1951, authorized andlssued pursuant to an Ordinance The undersigned, Treasurer of Manti, Utah and duly authof the Issuer adopted on April 2, 1951 and the Issuers 1973 orized representative of the holder of this Bond, hereby certiWater Revenue Subordinate Bond authorized and Issued pursuant to an Ordinance of the Issuer adopted on March 7, 1973. For fy that the amount(s) shown below are the monthly Installment payments to be made on this Bond by the Municipality and will a more particular description of said fund, the revenues to be fully pay the Total Principal Sum and interest thereon within deposited therein and the nature and extent of the security afforded thereby, reference is made to the provisions of the forty (40) years from the date of this Bond. Amount of Monthly Installment $ aforementioned Resolution adopted by the Issuer on , , provided, that the last monthly installment may be in such lesser 1974 pursuant to which this Bond is Issued and such fund has or greater amount as is necessary to pay the balance of prinbeen established and will be maintained. This Bond, and the issue of which it forms a part, does not now and shall never constitute cipal and interest then remaining due. an indebtedness of the Issuer within the meaning of any State Treasurer of Manti, Utah constitutional provision or statutory limitation or a charge against the general credit or taxing powers of the Issuer. (Insert following paragraph only if serial bonds are issued in Authorized Representative of Holder bearer form.) This Bond is subject to the conditions, and every holder SECTION 9. The serial Water Revenue Subordinate Bonds hereof and every holder of the coupons hereto attached by which may be issued upon conversion of said single Water Revenue accepting the same, agrees with the Issuer and every subSubordinate Bond, as provided in Section 6 hereof, shall mature sequent holder of this Bond or of such coupons, that (a) delivery of this Bond to any transferee shall vest title in this Bond and annually on January 1 of each of the remaining years of the original term of the single bond, shall be dated as of the date when the in the Interest coupons attached hereto at the time of such deconversion is effected and shall be in such denominations, not livery and the delivery of any interest coupons attached hereto to exceed two, as will permit them to mature within the origito any transferee shall vest title in such Interest coupons so nal term of the single bond in substantially the same amount(s) delivered to the same extent for all purposes as would any such of principal and interest as are required to be paid annually delivery under like circumstances .of any negotiable Instrument on the single bond, as set forth in the Amortization Schedule payable to bearer; (b) the Issuer and any agent of the Issuer referred to therein, during each of the remaining years of the may treat the bearer of this Bond and of any of such coupons original term of the single bond, except that Bond Number 1 as the absolute owner thereof for all purposes and shall not be of the series may be in a different denomination if necessary affected by any notice to the contrary; (c) the principal of and the and additional denominations may be used if necessitated by interest on this Bond shall be paid and this Bond and each of the redemption provisions set forth in the serial Water Revethe coupons attached hereto are transferable free from any nue Subordinate Bonds upon redemption thereof. The serial Water claims of ownership by any such holder; and (d) the surrender to the Issuer or to any agent of the Issuer of this Bond and of Revenue Subordinate Bonds shall be in substantially the followeach of the coupons attached hereto shall be a good discharge ing form: to the Issuer for the same. UNITED STATES OF AMERICA The Issuer hereby covenants with the bond holder to keep STATE OF UTAH and perform all covenants and agreements contained in the COUNTY OF SANPETE Resolution of the Issuer authorizing the issuance of this Bond CITY OF MANTI and the issue of which it forms a part, and the Issuer will fix, 1975 WATER REVENUE SUBORDINATE BONDS establish, maintain and collect rates, fees or charges for serNo. vice furnished by or through its water system, Including all $ extensions and Improvements thereto hereafter constructed or KNOW ALL MEN BY THESE PRESENTS: That the City acquired by the Issuer, and will collect and account for the revof Manti, Sanpete County, Utah (the Is suer 0 for value received, enues to be received for such service, and will set aside the net revenues thereof to pay the principal and interest on this Bond promises to pay from the special fund hereinafter described and the issue of which it forms a part as each becomes due. and in the manner hereinafter set forth, but hot otherwise, It is hereby certified, recited and declared that all conto (the bearer) (the order of the registered owner) hereof, the principal sum of DOLLARS ($ ditions, acts and things essential to the validity of this Bond and ) on the first day of January, 19 the issue of which it forms a part do exist, have happened, and unless this Bond is redeemed prior thereto as hereinafter provided, together with interest have been done and that every requirement of law affecting the thereon from the date of this Bond until paid at the rate of issue thereof has been duly complied with; that this bond and the issue of which it forms a part does not exceed any limitafive percent (5) per annum, said interest payable on January tion prescribed by the Constitution and laws of the State of Utah; 1, 19 and on the first day of January of each year there after (upon presentation and surrender of the attached interest that the net revenues to be derived from the operation of the said system have been pledged and will be set aside into a special coupons as they severally become due). Both principal and interest on this Bond shall be payable in lawful money of the United fund by the Issuer to be used for the payment of principal of and States of America at the (address of the registered owner shown interest on this Bond and the issue of which it forms a part, on the registration books of the Issuer) (office of the Treasurer, and that the revenues of the said system are not pledged, hypothecated or anticipated in any way other than by the issue of bonds Manti, Utah). of which this Bond is one and the said Water Revenue Bonds, This bond is one of an authorized issue of serial bonds Series 1951 and 1973 Water Revenue Subordinate Bond of the of like date, term, Interest rate and effect except as to maturIssuer. ity, in the aggregate principal amount ot IN WITNESS WHEREOF, the City of Manti, Utah has caused DOLLARS ($ ), this Bond to be signed by its Mayor and countersigned by its issued in exchange for and conversion of the Issuer's 1975 , Water Revenue Subordinate Bond dated . City Recorder, with the seal of said Issuer affixed, all as of the , 1975. in the total principal sum of $ , authorized day of , by a Resolution of the Issuer duly adopted on CITY OF MANTI, UTAH 1974, after having been authorized by the vote of a majority of the duly qualified electors of the Issuer voting at an election held therein on October 1, 1974. This bond and the issue of serial Mayor bonds of which it is a part is issued for the purpose of paying part of the cost of construction and acquiring Improvements COUNTERSIGNED: and extensions to the Issuers municipal water system and is issued under the authority of the Utah Municipal Bond Act, Chapter 14, Title 11, Utah Code Annotated, 1953, as amended, City Recorder and under and by virtue of and in full conformity with the Con(SEAL) stitution and laws of the State of Utah. The Issuer hereby reserves the right, at its option, to if the serial (Include the following Registration Certificate only redeem in inverse numerical order any or all of the bonds in registered form) prior to maturity at any time before January 1, 1976, in the bond is issued REGISTRATION CERTIFICATE event there are bond proceeds remaining at the time construction of the said improvements and extensions to said system (No writing to be placed hereon except by the Bond Registrar) are completed. The Issuer further reserves the right, at its option, to Date of Registration Name of Registered Owner Signature of redeem in inverse numerical order bonds numbered Bond Registrar mature which after both to , inclusive, January 1, 1986, on January 1, 1985, and on any principal and Interest payment date thereafter at a price equal to the principal amount of each bond so redeemed and accrued interest thereon to the date fixed for redemption. The Issuer further reserves the right (Include the following INTEREST COUPON FORM only if the to redeem all of the outstanding bonds of this series whenever bonds are issued with interest coupons attached.) serial held United of same of are States Farmers the the all America, by Home Administration. Notice of the exercise of the right of $ the Issuer to redeem any bond is to be given not less than thirty No.' (30) days prior to the redemption date by publication of an apOn the first day of January, 19 , unless the hereinpropriate notice one time in a newspaper of general circulation after mentioned bond is callable for redemption and has been in Salt Lake City, Utah and by mailing a copy of the redemption so called and provision for such redemption duly made the City notice at least thirty (30) days prior to the date fixed for redemption to the original andor registered holders of the bonds of Manti, Sanpete County, Utah, will pay to the holder hereof to be redeemed. If all of the bonds to be redeemed are at that at the office of the City Treasurer of said City, the amount time registered, notice by registered or certified mail to the shown hereon in lawful money of the United States of America registered owners thereof not less than thirty (30) days prior in the manner and out of the funds stated in said bond and not to the date fixed for redemption shall be sufficient and publicaotherwise, being the interest then due on its 1975 Water Revenue -Subordinate Bonds, dated , and numbered tion of the notice shall not be required. Interest on any bond subject to redemption shall cease to accrue after the date fixed This coupon and said bond are Issued under the authority for redemption of said bond if notice has been properly given and funds (or securities in which such funds are Invested) of the Utah Municipal Bond Act, Chapter 14, Tide 11, Utah Code equal to the redemption price have been deposited at the place Annotated, 1953, as amended, and do not now and shall never constitute an indebtedness of the said City within the meaning of payment at that time. of any State constitutional provision or statutory limitation If this Bond is redeemable, as above stated, less than the entire principal amount of this Bond may be so redeemed, and or a charge against the general credit or taxing powers of said City. in such case, upon the surrender of the Bond there shall be issued to the owner thereof, without charge therefor, for the unredeemed balance of the principal amount of the bond, a bond Treasurer of like maturity and Interest rate. Any redemption of any of the said bonds shall be without penalty or additional Interest or charges. SECTION 10. Each of the said Bonds shall be signed (Include the following paragraph only if the serial bond is to by the Mayor and countersigned by the City Recorder, with the be registered form) seal of the Municipality affixed thereto and the coupons attached (This bond shall be registered as to principal and interest to the General Obligation Water Bond shall bear the facsimile in the name of the Initial purchaser and any subsequent purchasers signature of the City Treasurer. The Mayor is hereby empowin an appropriate book in the office of the City Recorder of the ered and directed to sign and the City Recorder to countersign Issuer, who shall be the Registrar. This bond is transferable and affix the seal to each of the Eonds and to prepare the Bonds only upon said book, by notation thereon, by the registered owner and any necessary supporting documents and certificates. The hereof in person or by his attorney duly authorized in writing, Treasurer is empowered and directed to sign or to cause his by the surrender of this bond, together with a written instrument facsimile signature to be affixed on any coupons which may be of transfer satisfactory to the Issuer, duly executed by the attached to any serial bonds which may be issued pursuant hereto registered owner or his attorney duly authorized in writing; and the Treasurer is authorized and directed to certify as to the thereupon a new bond in the same form as this bond shall be dates of payment and amounts paid on the single Water Revenue Issued to and registered in the name of the transferee.) Subordinate Bond.. The acts of the Mayor, City Recorder and (Include the following paragraph only if the serial bond is to Treasurer in so doing are and shall be the act and deed of the be in bearer form without Interest coupons attached.) Municipality and the authority granted to such officers shall (Interest is payable only upon presentation of this bond apply to all persons now or hereafter holding such offices. All at the place of payment provided above. Each holder of this bond of the covenants, statements, representations and agreements is hereby placed on notice of all payments of interest made on contained in said Bonds and all of the recitals and representations this bond prior to its transfer to such holder and each such holder of this resolution are hereby considered and understood and it hereby acknowledges that the actual unpaid Interest due on this is hereby ordered and declared .that the said covenants and bond prior to the transfer to such holder has been ascertained promises therein and herein are the covenants and promises REGISTRATION (No Treasurer's Signature CERTIFICATE writing to be placed herein except by the Bond Registrar) ! of the Municipality and that the representations and statements therein and herein are the representations and statements of said Municipality. The City Recorder is hereby empowered and directed to register the said single and any of the said serial bonds which may be Issued in registered form in a book or record to be kept and maintained in this office and, upon payment of the purchase price, to deliver said single bonds or serial bonds to the purchaser. Delivery of a check for deposit in a "supervised bank account pursuant to the regulations of the Farmers Home Administration shall be considered payment within the meaning of this Section. The sale of the General Obligation Water SECTION 11. Bonds to The Continental Bank and Trust Company at a price of par and accrued interest to the date of delivery plus a premium of $ (None), in accordance with the terms of the sealed bids submitted by said purchasers on this date, at the advertised public sale of said bonds is hereby in all respects ratified and confirmed. Said bonds shall be delivered to the purchasers as soon as they may be legally issued, upon receipt by the City Treasurer of the agreed purchase price therefor. To pay the Interest falling due on said SECTION 12. General Obligation Water Bonds as the same becomes due and also to provide a sinking fund for the payment of the principal of said bonds at maturity, there shall be and is hereby levied on all taxable property in the Municipality, in addition to all other taxes, a direct annual tax sufficient to pay the interest on said bonds and to pay and retire the same as hereinbefore provided. Said taxes when collected shall be applied solely for the purpose of the payment of interest on and principal of said bonds, respectively, and for no other purpose whatsoever until the indebtedness so contracted under this resolution, principal and interest, shall have been fully paid, satisfied and discharged, but nothing herein contained shall be so construed as to prevent the Municipality from applying other funds that may be in the Municipality treasury and available for that purpose to the payment of said interest and principal as the same respectively mature, and the levy or levies herein provided for may thereupon to that extent be diminished. The sum herein provided for to meet the interest on said bonds and to discharge the principal thereof when due is hereby appropriated for that purpose. Principal and interest falling due at any time when there are on hand from the proceeds of the above tax levy insufficient funds, shall be advanced from other funds of the Municipality available for such purpose and such other funds may be reimbursed when the tax levy proceeds become available. SECTION 13. The proceeds of the sale of the Water Revenue Subordinate Bonds shall be deposited at the time of sale In a special fund to be known as the "Construction Fund. Said fund shall be deposited in a "supervised bank account as defined in the regulations of the Farmers Home Administration and shall be made under a deposit agreement with the Government. All moneys so deposited to said fund from the proceeds of the sale of the Water Revenue Subordinate Bond shall be used solely for the purpose of acquiring and constructing improvements and extensions to the municipal water system, including any architectural, engineering, legal and other expenses incidental thereto. Any unexpended balance of the Water Revenue Subordinate Bonds remaining in the said fund after completion of said acquisition and construction of the said water improvements shall be paid immediately into the "City of Manti, 1975 Water Revenue Subordinate Bond Sinking Fund hereafter described. The said unexpended balances of the Water Revenue Subordinate Bond shall be used only for the payment or prepayment of amounts of principal due or to become due on the Water Revenue Subordinate Bond or for redemption of any serial Water Revenue Subordinate Bonds at a price (exclusive of accrued interest) not exceeding the face amount thereof. Any bonds so redeemed shall be cancelled and shall not be reissued. Following the transfer of unexpended funds from the Construction Fund to the said sinking fund, the Construction Fund will be closed. SECTION 14. From and after the issuance of the Bonds and until all principal and interest thereon have been fully paid, one hundred percent (100.00) of the Net Revenues from the System are hereby set aside and pledged for the sole purpose of the payment of the principal of and interest on the Water Revenue Subordinate Bonds, provided, that, the lien on said net revenues of the Municipalitys Water Revenue Bonds, Series 1951 and its 1973 Water Revenue Subordinate Bond shall at all times be prior and superior to the lien of the 1975 Water Revenue Subordinate Bonds thereon. All Revenues of the System shall be deposited from day to day as collected in a fund separate and apart from all other funds of the Municipality, which fund shall be known as the "City of Manti Water Revenue Fund, sometimes herein referred to as the "Revenue Fund, which fund shall be deposited in a bank Insured by the Federal Deposit Insurance Corporation and qualified as a depository of public funds under the laws of the State of Utah: From the amounts in the Revenue Fund there shall (a) first be paid all Operation and Maintenance Expenses of the System. For this purpose the Municipality shall establish an account known as the "Expense Account to which shall be allocated monthly, on or before the 10th day of each month, such portion of the Revenue Fund as is estimated to be required for Operation and Maintenance Expenses of the Systems for the following month. There shall be allocated to the Expense Account from time to time during the month such additional amounts as may be requirted to make payments of Operation and Maintenance Expenses for which the amounts theretofore allocated to the Expense Account are insufficient. At the end of each Sinking Fund Year all amounts in the Expense Account in excess of that required to pay Operation and Maintenance Expenses then due shall be transferred to the Revenue Bond Sinking Fund as hereinafter provided. One hundred percent (100.00) of the amounts in the (b) Revenue Fund not allocated to the Expense Account shall be allocated, to an account established on the books of the Municipality known as the City of Manti 1975 Water Revenue Bond sometimes herein referred to as the "Sinking Sinking Fund Fund. Of the amounts allocated to the Sinking Fund there amounts as will assure, to the extent the availability of net revenues from the System, the prompt payment of the principal and interest on the Municipalitys Water Revenue Bond, Series 1951, and its 1973 Water Revenue Subordinate Bonds as the same shall become due and any payments required to be made to any funds (Including reserve funds) established pursuant to the said Ordinances of the Municipality adopted on April 2, 1951 (for the Water Revenue Bonds, Series 1951) and March 7, 1973 (for the 1973 Water Revenue Subordinate Bonds). Of the remaining amounts in the Sinking Fund, there (ii) shall then be allocated to a established on the books of the Municipality known as the "Bond Account such amounts as will assure, to the extent of the availability of the net revenues from the System, the prompt payment of the principal and interest on the Bonds as the same shall become due. The amount to be so set asi de shall, as nearly as may be practicable, be set aside and allocated to the Bond Account monthly, on or before the 10th day of each month, and shall equal l12th of the amount of the principal and Interest next due on the Bonds to the end that there will be sufficient funds allocated to the Bond Account to pay the principal and interest on the Bonds as and when the same become due. Amounts allocated to the Bond Account shall be used solely for the purpose of paying principal and interest on the Bonds and shall not be reallocatted, transferred or paid out for any other purpose. Of the amounts allocated to the Sinking Fund after (iii) there shall have been allocated the aforesaid amounts, there shall be allocated to a established on the books of the Municipality known as the "Reserve Account the sum of $100.00 plus such additional amount as may be required to meet not thereany monthly installment to the "Reserve Account fore made in whole or in part, such allocations shall continue until there shall have been accumulated in the "Reserve Account an amount equal to the largest future Bond Service Requirement falling due in any 12 month period on the Bonds or $11,700.00 whichever is greater. Amounts allocated to the Reserve Account shall be used solely to pay the principal and interest falling due on the Bonds at any time when there are aot sufficient funds in the Bond Account to pay the same, but pending (Continued on Page 10) (i) first shall be allocated such sub-acco- sub-acco- |