Show form of registration certificate date of I 1 in whose registration dignat signature uro of name registered city treasurer tr asprer 1 section 6 that after the issuance of any of the bonds heroin authorized the complete water plant and system of the city of Pan gultch city including nil properties loa of every nature located within and without the bound arloa aries of said bald city and owned by said city and used or useful in connection with the operation of its water plant and system and including all improvements ad dittens and extensions which may bo made to said plant and system while any of the bonds herein authorized remain outstanding all of which are hereinafter collectively referred to as the system shall tor for the purposes sot of this ordin ordinance anco bo be operated on a fiscal basis commencing on the first day of september of each year and ending on tho last day of august of tho tee following year from and after the delivery af pf of auy any bonds issued pursuant to this ordina ordinance tzg th revenues of the system shall bs sot alde into a separate and special fund to be used tor for the retirement of tho the aforesaid bonds and in operating and maintaining the system and in malting making betterments or replacements necessary 0 keep the system in good repair and working order as follows to wit tho the cost of operating and maintaining the system and tho the expense of making any better ments or replacements thereto necessary to keep the same in good repair and working order shall be a first lien ilea and chargo charge upon the revenues and income inco mp derived from the system syB tern rand end such cost shall bo be D paid a I 1 d from said revenues and income from fr 0 m month to month as said revenues reve n aes ues and income are collected the incont I 1 and revenues remaining after such payments have been made shall bo be considered the tha net rev enuta of the system tom and a nd are a r 0 so 8 0 designated lu in this thili and tho the following sections of this ordinance there shall bo be and lb hereby fureby created nn an account and unc fund to be known as Ito refunding funding water revenue bonds sinking into which there shall bo be set aside each year the of the not net revenues of said plant a and 11 d system as defined dea A n ad tho tha amount by which any such payment la in any fiscal year exceeds the aggregate amount of interest on said bonds falling duo on march 1 of such buell fiscal year and the amount of principal ot of and interest on oil said eald bonds falling duo on oil september I 1 of the following fiscal year shall be held in said fund as a reserve for contingencies and shall be used solely as hereinafter provided provided prodded however that no further payments need bo be made into said bald sinking fund after such amount of the bonds issued pursuant hereto shall haya been retired that the amount then hold in said bald fund including the reserve for contingencies la Is equal to the entire amount of tho the interest and principal that will be payable at the time of the maturity of each and all of the bonds then than remain ing outstanding if 11 for or any reason tho the city shall fall in any fiscal year to pay into said sinking fund ag aa aforesaid sums sufficient to meet the aggregate amount of interest and principal becoming due any sums then hold held as aa a reserve roserio for contingencies shall be used tor for the payment of any portion of tho the interest on or principal ot of said bonds becoming duo due on oil which bonds there would otherwise bt be default but such reserve shall bo be reimbursed from the first available payments mode made into the sinking fund thereafter in excess of the required payment jor for the then current fiscal year at any time when there shall bo be hold held in said sinking fund as a reserve for contingencies a sum greater than that needed to pay all principal of and interest which will fall due in the period ot of alve months following the expiration of the current fis cal year and find and to thu extent that such surplus not in tho jUdgen judgement jud gement lent of tile iho city council bo be required to bo be ed for tho the purpose of balancing the depreciation of tho the system sestet and for the making of 1111 improvements prove its better montH and exten blons to tho system other than those necessary to maintain the system in good repair and work ing order such surplus may ba used either to purchase so on the open market such buell of the refund ing bonds bonda herein authorized as aa can be purchased at a p rice not greater than ono one hundred three and accrued interest or for the purpose of calling tor for redemption and paying such of said bald bonds aa are optional for resumption at A ter nil all of tho the optional been redeemed any surplus ex asting in said reserve reserva may thea bo be used either to purchase so bonds heroin herein authorized on oil the open market without restriction jig as to price or for such buell other proper corporate purpose as aa the city council rilay consider advisable all money hold held in said sinking fund shall bo be deposited in the first security trust Coin company pany ot ol salt lako lake city or in some other bank of equal standlee stand lne and rating and all such deposits shall be continuously secured by collateral or bond to the fullest extent required or perm permitted it t e d by the laws of tho the state of utah governing tho deposit of 0 public moneys tile the payments required to be made into the sinking fund shall ahall bo be made in monthly installments on oil tho the first day of each month in ani amounts equal to not less than one twelfth ot tho total principal and interest continued on page five |