Show from MU iusco four lInts tor for such buell year ox require that whon tile first day ot of vt ut 1 ce month shall hall bo be a sunday or v 1 illy legal holiday then such buch vay pay it shall bo mado made on tho the next pouts succeeding edcur day income gincomo and in tile 0 tho the revenues during any month are inadequate to make tho the required irod carment luto into said slaking fund tile the deficiency shall hall bo be mado made up and ad bald as aforesaid from tho the first income and revenues thore there after received in addition to pay ments othor otherwise provided to bo be nindo made 1 III fluch succeeding month or of doutha tile tho Ro refunding funding water I 1 bonds slaking sinking fund revenue solely and only shall hail be used i and lid Is hereby ex and exclusively clu pledged tor for the pur sot set forth section 7 while the bonds bonda authorized heroin herein or any ot of them remain outstanding outs landing and unpaid tile tho rates for all water and water service supplied by the system to said gald city and to its citizens and to all consumers within or without the boundaries of said city shall lo be 10 reasonable and just taking into account and consideration the cost and value ot of tho the system and the cost of maintaining and operating tile tho system sad and the proper and necessary allowances low ances tor for tho the depreciation du thereof and the amounts necessary for or tho the retirement of all bonds and the accruing interest on all such stich bonds as may bo be Is 1 sued hereunder rounder he and there shall be charged against all purchasers and users of said water and water service including said city such rates and amounts as ars shall bo be adequate to meet tile the requirements quire ments of this and tho the preceding sections hereof all of which revenues including those received from tho the city shall be subject to distribution to tho the payment of the cost of operating and maintaining the system and the expenses of Ietter betterments ments and replacements and the payment of principal ol of and interest on tho the bonds herein as hereinbefore in provided section 8 that tile tho city of Pan gultch city hereby covenants and agrees with each and every holder of the bonds issued bore under a that tho the city will maintain the system in good condition and operate the same in an efficient manner an and dat at reasonable cost b that nothing in this ordinance shall be construed as requiring the city to expend any units which aro are derived from sources other than the operator ope raton ot of the system except for the agreement mado made in section 7 above to pay tho the fair value ot all water and water service used by the city but nothing herein contained shall be construed to prevent the city of panguitch Pan gultch city from so doing c that tile tho city of panguitch Pan gultch city will keep proper books records and accounts separate and apart from all other records and accounts in which complete and correct entries shall bo be made of all transactions relating to the system said books and accounts shall bo be kept us as nearly as aa may be in accordance with the rules and regulations established by the utah state public utility commission tor for privately owned utilities tho the city will furnish to any holder of any of tho the bonds issued hereunder upon written request after tho the clo close so ol of such auch fiscal year complete operating and nd income statements of the tam m in roasio reasonable detail covering ch fiscal year it that tho the holder or holders of twenty five per cent 26 25 ln ill aggregate principal amount of bonds ads issued hereunder at any time ia outstanding shall havo have the right lent at all reasonable to inspect the system and all rec ds accounts and data of the city ity of Pan gultch city relating thereto hereto and that upon request b city of panguitch Pan gultch city will furnish to twenty five live per cent 25 of such auch holders such auch nanc statements and other information relating to tho the city it 01 panguitch Pan gultch city and tho the system al such auch holder or holders may time to timo time reasonably retire require 0 0 that the city in its opera oa ot of the system will carry tire fire Work meas compensation public liability an other insurance InBur anca ranco in such and to such extent as la Is normally carried by public utility allty corporations corpor allona operating sirlilar sirl illar lar water properties the cost t of 0 such insurance Ing urance shall bo be derea to be ono one of the costs ol 01 operating and maintaining the wem imeln in the 0 o event ot of loss or dannage nage to tho the physical properties it 01 the e system insurance proceeds eda shall all bo be used first for or tho pur m pose of tho the restoring or replacing property sporty losford uny any latal lacco 00 shall bo be paid into the al liking fund fm Q established and bu subject to lu als tr lilu cioll in III tile thu lailla macmur ua its uro are other mamiya in 11 said abild fund suction section u D allut thu alty city ot alty CIL ller hereby tUY covenants covo nanta and ayroza with the holder ur oi holders of u tile tho bunda hureau authorized thor zed izod ur or lilly of them that thai it will faithfully and punctually Ver perform Lorin ull all duties with roto ronco to tho the system re required by wo tho constitution und laws of tile tha state stale of utah including tile tho wak malt lug lag und and ol of reasonably und and rates us ua above provided una and wilt will tho the or tho the system annd apply daiil to tile tho lospoc live funds created by tills this ordinance and salu saia city hormby irrevocably covenants binds and ob itself not to sell bell IL lea a ao 80 or in any mauner dis ot of tile tho or any sub atall part thereof tho including any and all oxton alona and addi tlona duelk that bilay be made thoroton tho roto until all tile tho bonda herein authorized to bo be issued shall ahall havo beon been paid in ill full fall buth both principal and interest Into rost aud abid tile tho city further covenants und and agree continuously to operate tile tho system and to charge and collect rates and charges for water and water service eer supplied thereby so that the gross revenues thereof will at all dinies be in Ext sufficient to pay for tho the cost of operating maintaining and administering the system and tile the cost of pro serving tho the sunio sumo lu in good repair and working order and sufficient to build up a reserve for depreciation cia tion to build up a reserve tor for improvements betterments bet tormenta and extensions other than those theao necessary to maintain the same sabuo tit in good repair and working order and lu in amounts such that tile tho net revenues thereof th will be sufficient to fully pay all principal of and alid interest on the bonds herein authorized as each falls due all as hereinabove provided and all as provided by section 10 ot of chapter 22 of tile tho laws of utah second special session 1933 1033 any holder of said bonds or any of the coupons representing interest thereon may either at law or in equity by suit action man elanius or other proceedings in any court of competent protect the lien created by this athla ordinance on the revenues of tile the system and may by suit action mandamus or other appropriate prop proceeding or proceed ings inga enforce and compel performance of all duties imposed upon sald said city by the provisions of ordinance including tile the making and collecting of sufficient ent rates and the segregator segre gaton of the income and revenues of the and the proper application thereof tho the city further covenants and agrees that it any default be made in the payment of principal of or interest on any of said bonds then upon the filing of suit by any holder of said bonds bonda or coupons any court having jurisdiction of tile tho action may appoint a receiver to said plant and system in behalf of the cho city with power to charge and collect rates aratea sufficient to provide tor for the baym payment aut of all bonds bonda and obligations outstanding against tile the system and for tho the payment of operating ox ex benses and to apply the income and revenues thereof in conformity forma with the provisions of this ordinance section 10 that tile tho bonds authorized to be issued hereunder and from time to time outstanding shall not be entitled to any priority one over tile the other in the application of the revenues revenue 8 of the system regardless of the time or times of their issuance it being the intention hereof that there shall be no priority rit among the bonds authorized t to be issued pursuant to this ordinance regardless ot of tho the tact fact that thai they may be actually issued and delivered a at t different times it Is hereby expressly agreed and covenanted that tile the city of pan duitch city will not hereafter Is sue any bonds or from the revenues ol of the system until all bonds herein authorized have been paid in full unless such bonds uro aro issued in sul auch 11 manner that respects respect a subordinate they are in all to tho the bonds herein authorized and in such manner that tile the prior lien it en of the bonds herein authorized on oil tho the revenues of the system herein pledged pled ged to the payment of said eald bonds la no not in affected or impaired anywise the bonds section 11 that herein authorized shall be prepared and executed no as soon as the adoption of be after may tilts ordinance and shall bo be th thereupon delivered to 10 the holder or bonds heroin herein authorized holders of the in exchange refunded zed to be for and upon simultaneous cancellation of such su ch bonds bonda tho rna refunding bouda bonds may bo be do de livered tit ill onu one elmo or in III blacka I 1 time to provided only that at tho the thao of tile delivery ot of each block there shall bo be so BO received ved tit in exchange chango ox mid and cancelled tl like principal amount of 0 tho the bonds authorized to bo be refunded dod section 12 that tho the provisions of 0 title shall constitute it a contract between tho the city ot ol panguitch Pan gultch city and tho the holder or heillers ho illers ot of tho the bonds bonda heroin herein authorized zed to bo be issued and that after the issuance of any of such bonds bonda no ilo change variation 01 01 alteration alt oration of uny tiny kind in tho the provisions of this ordinance shall ahall bo be made in any manner except as aa 11 heroin a roll provided until such as aa all of said bonds bonda issued hereunder and interest duo due thereon havo have boon been paid in full section 13 that if any of tile tho bonds herein authorized shall over bo be hold by any court of competent jurisdiction to bo be invalid or ineffective lor for any reason tile tho liol holders dorB thereof shall be and are hereby aubro gated to all of tile tho rights powers and duties enjoyed by the holders of the bonds refunded th thereby section 14 that it any section paragraph clause or provision of tills this ordinance ahall be held to be invalid or ui ito tor for any reason tile the invalidity or un enforceability of buell buch section paragraph clause or provi provision shall ahall not ilot affect any 0 of tho the remaining lillig provisions of chis ordinance section 15 that all ordinance os 08 re and orders or jartz thereof in conflict with the provisions of tills this ordinance are to afie tl ie extent of such conflict hereby repeated lepo aled section 16 that immediately after its ita adoption this ordinance shall bu bo signed by the mayor and city recorder shall be recorded tit in a book kept for that purpose land shall be published in tho airfield COUNTY NEWS a newspaper flews pews paper published and a general circulation in tile the city of Pan gultch city and shall bo be in effect twenty one days front from and after such publication un less besst within said twenty ono one day period a petition signed by tile the voters of tile the city of panguitch city qualified to vote thereon at east equal to fifteen per cent in number of tile tho voters voting tor for tho the presiding officer of said city at the last preceding city election and asking that tile the question of issuing the bonds herein authorized bo be submitted to tile the voters of said eald city la Is lied filed with tho the city recorder in the manner pro elded by section 13 of chapter 22 laws of utah second special session 1933 as aa amended by chapter 74 of tile the laws of utah 1935 in which event this ordinance shall not become effective offo etive unless a majority of tile the voters voting upon such question at an election to bo be called tor for such guch purpose shall vote in favor of issuing e said bonds passed and approved september 1941 IS 41 W EARL MARSHALL mayor attest CLARENCE I 1 POY F OY city recorder deposited in tho the office of tho the city recorder and recorded october 1941 together tog ethor with an affidavit b by the publish er evidencing publication ot of said ordin ordinance anco in the GARFIELD COUNTY NEWS on october 2nd and 1941 A I 1 L FOY city recorder Re Ro cordei cordet there appears in the minutes other business not pertinent to the above bonds there inere being no further business to mile come before tho the council it was moved and duly dul y carried that the council adjourn W EARL MARSHALL mayor attest CLARENCE 1 I POY FOY city recorder STATE OF UTAH COUNTY C GARFIELD OP oF 1 I CLARENCE CIARENCE 1 I FOY hereby c certify that I 1 am tho the duly qualified and a cling acting city recorder of r Pan gultch itch city garfield county utah ulah I 1 further certify that the aboyo and foregoing a true and correct copy of the minutes ot of a meeting ot of the city council 0 of f said city held on tile the 2 ath day ot of sep september 1941 and an ordinance adopted at said meeting as aa said minutes and ordinance are officially of record in my possession I 1 further certify that said ordinance wa was B published on october and 2nd nd 1941 2941 in the GAR GAH FIELD COUNTY NEWS d newspaper P aper having general circulation in panguitch Pan gultch city and that said 0 ordinance together with an affidavit b the publisher evidencing such publication has been recorded in my my office in ordinance hook book number 2 tit nt pages IN WITNESS WI win I 1 BR cleof il 1 1 1 I havo hero hereunto unto subscribed iny illy official 81 signature iud and deroon tile tho corporate boal beat 0 of tile city of city this tiny liny 0 of october Oc 19 1911 tl 1 I FOY city Ilo cordor SEAL |