Show NO panguitch city utah Sop 20 til 1041 tho ivilo city council ot of the tha alt city of city garfield county itaho mot inot in special eoa BOB lloil ut tit eight 1 P ali M on september 1941 at tho the rog ular placa of tho the council in tit tho city hall in city duo due legal and timely notice of buld having boon been served all 1111 members na as required by law und and tho the rulos aulos and erdl tiati coa of said city on oil roll call tho the following niem bors constituting a quorum present IV EARL mayor Y irson councilman W W WALLACE A L L A C ha HOUSTON councilman W A councilman CALVIN MILLER 4 1 IX ell council ni wan an at V HATCH councilman thero wits also CLARENCE 1 I FOY city Ilo Ito cordor thero there was absent MONK after tho mooting looting If had boon been duly culled called to order and ana tho the roll had boon called and tho the ini ur of tho the pro preceding ceding tue mooting eting had boon beon read and approved tho the following ordin ordinance anco was introduced by PARLEY IPSON and after full discussion pursuant to motion mado made ly by PARLEY IPSON and seconded by W A LIZE was waa adopted by tho the following VOW voto ayo aye IPSON W WALLACE HOUSTON W V A lell LEE CALVIN MILLER MILLE 11 al V HATCH nay nho i the ardi ordinance clauce llauce was thereupon declared adopted ly by more than 1 two thirds vote veto of tho the council was vaa publicly approved and signed by the mayor and tho the city ro cordor corder was instructed to have a certified copy of the ordinance published in alo thc off ot 1011 caal journal and to record tho the ordinance tn hi tho the ordinance record together with an all affidavit by bytho tho publish or evidencing publication ot of the ordinance said ordinance is as aa follows AN ORDINANCE ing kiib the hsu atice of refunding water donds bonds ot of the city of 0 pan gultch city garfield county utah prescribing the form and other details of said bonds providing for the security and payment thereof and malting making certain covenants and agreements in that connection WHEREAS Pan gultch city utah has hero heretofore sailed issued udor uder N authority of chapter 22 of the laws of utah second special Ves vesslen slon 1933 as amended commonly known lis as tho the granger act ct its ita waterworks Water works improve meal revenue donda bonds to the of M 1 i said bonds bonda being boang dated february 1 1935 1936 bearing tit at four vor por cent por per alint annum numbered nuin borod 1 to 80 inclusive and fulling falling duo due serially Bor lully on Y 1 ot of each of the years 1937 to 1056 of which bonds num borod 1 to 21 1 21 11 26 16 1 28 29 20 32 33 30 36 37 40 11 41 11 II 41 15 48 43 49 62 53 und and 56 66 ull till number nuin bora inclusive have boon heretofore horo paid and retired and there outstanding and unpaid bonds numb numbered erod 22 23 20 26 27 30 31 34 35 36 38 39 12 42 43 46 47 50 51 54 56 55 and 67 to 80 all inclusive clu sive in the amount of maturing serially oil february 1 of each of the years 1942 to 1950 inclusive and panguitch city has haa also heretofore authorized and issued bonds under bald act to the alio amount of said eald bunds bonds being known as second lion waterworks Water works improve mont bonds of 1938 dated dutoi october 1 1938 interest tit four por per colit per an num numbered 1 to 46 inclusive mill and falling duo socially sori illy ally on oil october 1 li of each of the years 1941 1041 to idge inclusive 1 and bond number 1 of said eald issue has boon been paid and retired and there ro remain outstanding and unpaid bonds numbered 2 to 45 incle five elvo in the amount of falling duo serially on october 1 of each of 0 the years yeara 1042 1942 to 1963 inclusive and all of the aboyo above described outstanding bonds are arb valid and legally binding obliga etona of said city and aro are front the revenues derived bk b said city front from the operation of 0 atti plant and actor thoro there have boon been first paid front such tho the cost ot of operating and maintaining said plant and system and the ox of betterments and replacements necessary noc essary to keep eald plant and in good repair and working order and WHEREAS till all of said outstanding sta anding bonds are owned by one holder and such budi holder has haa offered to ox chango said eald bonds for or bonds payable from the sam barne a revenues but bearing interest at a lower rato and having in moro oro advantageously arranged maturities and it la Is accordingly desired to authorize the issuance Isau anco of 0 refunding bonds bonda in exchange tor for said outstanding bonds and WHEREAS authority to issue such refunding bouda bonds ta Is contained in the fhe aforesaid granger act find and nil all things necessary to bo be dono done prior to tho thel issuance of said bonds have boon dono done NOW THEREFORE be it ordained by the city council of panguitch Pan gultch city alty garfield Gort lold county utah as follows section 1 that for the purpose of refunding thu the outstanding bondu bonds ot of city ed in thu the preamble hereto there uro ara hereby authorized to bo be issued bonds bond of said city to bo be known as refunding bonds which bunda bonds shall boar date of bor 10 1 1941 shall bo 40 numbered consecutively from 1 to 63 inclusive clu sive und and shall bo in ih tho the do nomination of 1000 each ox copt that bond number 1 shall ahall be b lu in thu tho denomination of haid bonds shall boar interest az at the ruto rate of throe three and ono half balt por cent per annum until paid payable saml annually on march 1 and september Sop 1 I of ouch each year and interest falling duo on and prior to tho the maturity thereof shall bo be represented by ap atu ato interest coupons to bo be tit at tucked to said bald banda said bald bonds fidall bo be payable as to both pal und and interest in lawful money ot of the alio united states ot of america tit at tho the first security trust company in salt lako lake city utah and shall mature aturo serially Bor lally in cal order 2600 september Septon iber 1 2 1942 and 2000 september 1 ot of each of tho the years 1943 to 1973 1072 inclusive bonds numb numbered erod 38 to 63 in clu elusive sivo shall bo be callable call ablo for ro ion on any interest pay anent date data at tho the option of 0 tho the city in inverse numb orical order at tho the price palco of par plus accrued interest to tho the date data fixed for redemption demp tion ion plus a premium of thirty dollars for each bond called notice of redemption shall bo be given not less than thirty days prior to tho date fixed tor for redemption demp tion ion by registered mall mail to the place of payment and by appropriate prop notices to bo be labod one time in a newspaper having general circulation in salt lake city utah and in a financial newspaper paper published in the city of now york now new york section 2 that said bonds bonds shall havo have all of tho qualities ot ol negotiable a gotta blu paper and tho the holdorb thereof shall enjoy all rights enjoyed by the holders of negotiable under tho the provisions of the negotiable instruments law and to that end tho the provisions appearing in tho fifth paragraph of the bond form hereinafter set out aro are hereby approved and declared to bo be binding and effective section 3 that said bonds bonda be signed by th the a mayor of 0 panguitch city shall bo be counter signed by tho the city treasurer and shall bo be attested by tho city recorder under the corporate seal of said eald city and the interest coupons thereto attached shall bu executed with the facsimile signatures of said officials which officials by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons section 4 that upon presentation at the office of tho the cit treasurer ot of the city of pon pan Util tell city of any of said bonds such bonds may bo be registered as to principal in tho the name of the owner thereof on tho books ot the T treasurer to be kept for that purpose in his office which registration rog shall be noted on tho the reverse side of the bonds by the treasurer and thereafter the th principal of bonds so registered shall be pl payable afable only to the registered holders their legal senta tives or assigns bonds so BO registered may bo be transferred to other registered holders or trans to bearer upon pro presentation senta to tho the city treasurer with a legal assignment duly ac knowl edged or proved registration of tiny any of said bonds its as to principal shall not affect tho the negotiability of tho the coupons thereto attached and is aid coupons shall continue to be transferable by delivery section 6 that said bonds and coupons and the registration blank to appear on oil the back thereof shall bo be in substantially form of i A nil nd UNITED STATE OP OF AMERICA STATE OF UTAH COUNTY OF GARFIELD CITY OF CITY REFUNDING WATER REVENUE BOND number KNOW ALL MEN ATEN DY BY THESE PRESENTS that the city ot of pan gultch city in the coulty of garfield and state of utah for value received hereby promises to pay to bearer or it if thin bond be registered to the tha registered holder hereof in tho the manner hereinafter provided tho sum of 1 I dollars on the first day of september 19 and to pay day interest on said aum ium um from the date hereof until paid at tho the rate of throe three and one halt half per cent per annum payable semiannually semi annually on tho the first farat days of march and sop sep in each year upon presentation sen tation and surrender of th the annexed Into rost coupons Us ua thoy they LOVO rUlly matsuru both principal Val und and interest being payable in lawful money of tho the united of Ai ut at tho the first security trust truet company in hi tho the city or 0 salt lako lake city utah nu labored 38 to 63 in elusive cluB of tho the I 1 issue sue ot of which tills lu Is ono are callable for or re ion ou on any Into luto reat pay lay trient duto data ut at tho the option of the city lu in inverse numerical ordet order at thu the price of par plus accrued interest lute roat to the duto fixed for ro re lou ion plus a premium of thirty dollars for each bond called notley of redemption la Is to be ba given not loss jose than thirty days daya prior to tho the dato data fixed for re by registered regle mall mail to lila of payment and by ap ato not leek to bo published ono little lu in ft a newspaper having general circulation in salt lako lake city and ono time in a fina financial newspaper published publIsh od in tho the city and state of now york no in throat shall accrue after tho the dato data fixed for redemption on an any bond tio no called for redemption unless default in tho the payment cheroot shall bo made this bond la Is ono of a ot at bonds bonda in tho aggregate agg rogato principal amount of issued for tho the purpose of refunding a like principal amount of outstanding bonds of said city which had boon issued and this bond and the issue of which it la Is a part orb arb issued under and in full compliance with the constitution and statutes of the state of utah including chapter 22 of the laws of tho the state of utah second special session 1033 1933 an aa amend od ad this bond and tho issue of which it Is a part are payable only from and secured by an exclusive pledge of the net revenues to be derived from tho the obo operation rution of tho the water and of said city which net revenues shall bo be sufficient to pay the principal of and interest on said bald donds as and when each becomes duo and payable and are to bo be set aside as ft a special fund for that purpose and identified as tho the refunding water revenue bonds sinking fund of tho city of Pan gultch city and this bond does not constitute an indebted loss of the city of panguitch Pan gultch city within the meaning of any constitutional or statutory provisions vi or limitations said city has covenanted and does her by covenant that it will fix such rates for or the sale of water and services afforded by said eald plant and system and will collect and account for the revenues to bu be received yec elved tor for tho the sale bale of such water and service sufficient promptly to pay the principal of and interest on this bond and the issue of which it forms a part as each becomes duo due A this bond nifty may bo registered as to principal in the name of the holder on the books of tho the city treasurer of 0 said city in tho the of lice ice of the treasurer such reg to be noted on tho the back cheroot by the treasurer uttel which no transfer hereof shall lou ata valid unless mado on said books and similarly noted on the back hereof but this bond may be discharged from registration by baing transferred to boarer bearer after which it shall bo be transferable by delivery but may be again registered as before the registration of this bond ns as to principal shall not restrain tho the negotiability 0 of the coupons hereto attached by br delivery merely tills bond la Is subject to the condition and every holder hereof by accepting the sarno samo agrees with the obligor and every sub aub sequent holder that a tho the do 1 ul of tills bond to any tran trails boreo it if not registered or it the ilist registered transfer be to bearer shall vest title tatlo in this build bond and the interest Inte roat represented hereby la in such buell transferees transfer ees tj t the saulo extent and tor for all pur posos as aa would the delivery un der like of any un instrument Ins trumont payable to bearer b tho the obligor and tiny any agent ol of tho the obligor may treat the boar of this bondo bond or it if it be registered thu the registered holdom herlof as the absolute absolu to owner hereof for all purposes and shall not bo be affected by tiny any notice t tho the contra contrary ry c the principal of and interest Int orest on this bond will bo be paid and this athla bond and each of tho the coupons appended hereto oro are free from and with j out regard to equities setoff set off oafs and cross clamme botteen bo tween thu tho obligor and tho original or any intermediate holder hereof d the surrender mr ronder to tho the obligor or any agent of the obligor of this bond and each of tho the coupons if not registered or the receipt of tho the registered holder for tho the principal hereof it if this bond bo be as to principal shall bo a good diBe discharge hargo of tho the same sama to the obligor it Is hereby certified recited and declared that all acts acta conditions and things required to ox let happen and bo be performed precedent to and in tho the issuance of this bond have existed have bavo happened and have boon been per formed in duo time form and manner as aa required by law that the amount of this bond together j with the issue of which it forms forma a part does not noi exceed any limitation mi prescribed by the constitution or the statutes of the state of utah that an amount of the revenues to be derived from the water plant and system of said city has been pledged and will be sot set aside into a special fund by said city sufficient tor for tho prompt payment of the principal of and interest on this bond and the issue of which it forms forma a part IN TESTIMONY WHEREOF the city of panguitch city utah hag had caused this bond to be signed by its ita mayor countersigned counter signed by tta its city treasurer and attested by its city recorder under the corporate seal of said city and has caused the interest coupons hereto attached to be executed with tho the facsimile signatures of said officers all os 99 of this first day of september 1941 1 I mayor countersigned Countersign Counter signed Gd I 1 city treasurer attest 7 I 1 city recorder form of coupon number on the first day of 19 the city of panguitch cit city Y garfield Gartl eld county utah will pay to bearer dollars in the th manner and out of the fund deser described abed in the bond to which |