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Show OEOCfANCI I AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OP ONE HUNDRED THOUSAND DOLLARS ($100,000) SEWER SYSTEM SYS-TEM BONDS. WHEREAS, by the result of a special bond election duly and lawfully law-fully called and held In the City of Cedar City, Iron County, State of Utah, on Tuesday the 14th day of October, 1947, the City of Cedar City, Ci-ty, Utah was empowered to Issue and sell Its negotiable coupon bonds In the amount of One Hundred Thousand Thous-and Dollars ($100,000) for the purpose pur-pose of defraying the expense of Increasing, In-creasing, improving, enlarging and extending the present sewer system and works of the City of Cedar City, Including outfalls and disposal, facilities, fa-cilities, for the purpose of more adequately ade-quately supplying said City and the inhabitants thereof , with . sewers, which said sewer system and works shall be owned and controlled by aald City, and WHEREAS, the result of said election elec-tion was declared by the City Council, Coun-cil, of aald City, sitting as a Board of Canvassers, by resolution duly passed on the 30th day of October, 1047, from which, it Appears that a majority of the Qualified electors of said City, who are taxpayers thereof,,. voting, at said election, were in favor of the issuance of said bonds to the amount and. for the purpose above set forth, and WHEREAS, the City Council of the City of Cedar City deems lt expedient ex-pedient and necessary at this time to issue and sell all of .said One Hundred Thousand Dollars ($100,-000) ($100,-000) bonds so authorized. NOW, THEREFORE, BE IT ORDAINED OR-DAINED BY THE CITY COUNCIL OP THE CITY OP CEDAR CITY. IRON " COUNTY, STATE OP UTAH: Section 1. That for the purpose of defraying the expense of increasing, Improving, enlarging and extending tha present sewer system and works of tha City of Cedar City including outfalls and disposal facilities, for tha purpose of mora adequately supplying said City and tha Inhabit-ante Inhabit-ante thereof vita sewers, which aald tewer system and works ahall ba owned and oontrolled by said City, there ahall ba issued One Hundred. Thousand Dollars ($100,-000; ($100,-000; city af Cedar City, Iron County,. Coun-ty,. Stata of Utah, Sewer System Bonds, Series of December 1, 1947, dated December 1.1847, In .the denomination de-nomination of One Thousand Dollars Dol-lars ($1,000) each, numbered from one (1) to one hundred (100), both1 Inclusive, bearing interest at the rate of Two per cent (2) per annum an-num from date until paid, interest payable semi-annually on the first days of June and December in each year, commencing ; June 1, 1948, which bonds shall mature $9,000 on December 1 in each of the years 1949 and 1950, and $10,000 on December De-cember 1 in each of the years 1951 to 1959,. both Inclusive;, both Interest Inter-est and principal will be payable In lawful money of the United States at the First Security Trust Company in Salt Lake City, Utah, Bonds maturing .in 1958 and 195) ahall be redeemable in their inverse numerical order on . December 1, 1950, and on any Interest payment date thereafter, on thirty (30), days written notice, at par plus accrued Interest .Said bonds 'and each of them ahall be, except as to consecutive numbers and maturities, In substantially substan-tially the following form, to-wit: UNITED STATES OP AMERICA STATE OP UTAH ..-!' i IRON COUNTY f.: CITY OP CEDAR CITY SEWER ..'I t SYSTEM BOND .; SERIES OP DECEMBER 1, 1947 v at Ann no KNOW ALL MEN BY THESE PRESENTS: ,. . i That the City of Cedar Oity, Iron County, State o Utah, for, value received, hereby acknowledges Itself to be indebted and hereby promises t& pay to tha bearer hereof the sum of, ... V ONE THOUSAND DOLLARS ($1,000.00) on the first day of December, A. D. U. with interest thereon at the rata of , Two Per Cent (1) per annum, an-num, payable semi-annually on the first day of June and the first day of December in each year, corn menclng June 4, 104k, upon presentation presen-tation and surrender of -this bond and the attached coupons aa they severally become due, both principal princi-pal and Interest being payable at the; Pint Security Trust Company in 0alt Lake City,, .Utah, in lawful money ef the United States of America, Am-erica, i This .bond is one, of a series of .one hundred (100) .bonds of like date and amount, known, as VCIty of Cedar' Ce-dar' City Sewer sByatem Bonds, Sar iea of December 1. 1947." and is issued for the purpose of defraying the expense of increasing, improving, improv-ing, enlarging and extending the present sewer system and works of the City of . Cedar City, Including outfalls and disposal facilities, tor tha purpose of more adequately supplying said city and the inhabitants inhabit-ants thereof with sewers, which said sewer system and works shall be owned and controlled by said City, under and by virtue of and in full conformity with the Constitution and Laws of the State of Utah, and an ordinance duly adopted and made a law of said City prior to the issuance of this bond. Bonds numbered 81 to 100, both Inclusive, of the issue of which this bond is one, are callable for rer demptlon at the option of the City in Inverse numerical order on December De-cember 1, 1950, and on any interest payment date thereafter, at the price of par and accrued interest to the date fixed for redemption, upon thirty (30) days' prior written notice. no-tice. . The City Council of said City of Cedar City shall . annually levy a tax sufficient to pay the. interest on this .bond as lt falls due ard also to constitute a sinking 'fund sufficient to pay the principal when due. It Is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this bond exist, have happened, and have been done, and that every requirement of law affecting the Issue thereof has been duly complied with, and that this bond is within every , debt and other limit prescribed pre-scribed by the Constitution and the Laws of said State, and that the full faith and credit of said . City of Cedar City are hereby irrevocably pledged to. the punctual payment of the principal and interest . of this bond, according to its terms. . IN WITNESS WHEREOF, the City of Cedar City has caused this bond to be signed by its Mayor and its City, Treasurer, attested .by its City Recorder, with the seal of the City' iVfixed, and the coupons hereto here-to attached to ba signed with the facsimile signature of the City Treasurer, which official by trie execution hereof does adopas and for hla own proper signature,, his facsimile c signature appearing on each of aald coupons, all as of the first day of December, A. D. 4947. Myron P. Hlgbee, Mayor, City of Cedar City, Iron . . , County. State of Utah. ATTEST: . Ellen A. Slmklns, , , City Recorder, City of Cedar City, Iron County, State of Utah. . . , . Francis W. Betenson, City Treasurer. City of Cedar City, Iron County, State of Utah. (SEAL) . To each of said bonds shall be attached at-tached a coupon, for each installment install-ment of interest contemplated . by said bond which coupon shall be numberedi consecutively . beginning with No. 1, with the several dates of payment and number of bond, and shall bear the facsimile signature of the City Treasurer. Said coupons cou-pons shall be , In substantially the following form, to-wlt: (COUPON) . No. On the first day of JuneDecember, JuneDecem-ber, 19 . the City of Cedar City, Iron County, State of Utah, will pay to the bearer hereof at tha first Security Trust Company Salt Lake City, Utah, the sum of Ten Dollars, ($1000) in lawful money t of the United States of America,' being six months' interest then due on its Sewer System Bond, Series of December De-cember 1, 1947. ;..,. 4,..t...-(Facsimile 4,..t...-(Facsimile Signature) City Treasurer, City of Cedar City, , . Btaie ox utan Bond No................ . There shall be endorsed on each of said bonds the following;. "Certificate "Cer-tificate of the City Recorder , and ez-off loio Oity Auditor. X hereby certify that this bond is within the lawful debt limit of the City, of Cedar City. 8tate of Utah, and Is issued according to law., , . Ellen A etmklns. City Recorder and ex -officio City Auditor, Oity of Cedar City, , BUte of Utah. (fllAL) , . , t. Section 4. That said. bonds and each of them ahall be signed by the Mayor and the City Treasurer .and attested by the City Recorder, with the seal ef said City affixed, and the aald coupons , shall bear, the facsimile signature of,, the. City Treasurer. The Mayor and, the City Treasurer. of said, City are each hereby empowered and directed to sign, and the City Recorder of said City to sign and attest and affix the seal of the City to each of aald bonds; and the acts of said Mayor, aald, City Treasurer and aald City Recorder In so doing are and shall be the act and deed of the City of Cedar City, Utah. All the covenants, coven-ants, statements,, representations and agreements contained In said bonds and, .coupons, and all the recitals and representations of this ordinance are hereby considered and understood, and lt is hereby ordered and declared that said covenants cov-enants , and , prombes therein are the covenants and promises of the City of Cedar City, and that the representations and statements therein are the representations af said City." . . 8ecUon 5. That to pay the interest inter-est falling due on said bonds on June 1, 1948, and thereafter as the same becomes due. and also to pro-, vide a sl"tng fund for the pay ment of the principal of said bonds at maturity, there shall be levied on all taxable property in aald City, 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 here-inbefore provided. Said taxes when collected shall be applied solely for . the purpose of the payment of said interest and principal of said bonds, respectively, and for no other purpose pur-pose whatsoever until the indebtedness indebted-ness so contracted under this or , dlnance, principal and interest, shall have been fully paid, satisfied and discharged. But nothing herein eon tained shall be so construed as. to prevent said City from applying any other funds , that, may be in the City Treasury and available for that purpose to the payment of said interest in-terest and principal as the same respectively mature, and the levy' or levies herein provided ' for, may thereupon to that extent be diminished, dimin-ished, and the sums herein provid-. ed for, to meet the Interest on said bonds and to discharge the prtnei- . pal thereof when due, are hereby ., appropriated for that purpose, and said amount for each year , shall also be Included in the annual appropriation ap-propriation bills passed by the City Council in' each, year respectively. Section 6. That the acceptance of the offer of Lincoln Ure Sc Cd. and Edward L. Burton and Co to purchase said bonds at par and accrued interest plus a premium of $none, is hereby ratified and con-. firmed, and that said bonds shall be delivered to the said purchasers as soon as they may be legally issued, is-sued, upon, receipt of the puxehsse price therefor. Section 7. That all ordinances and resolutions or parts of ordinances and resolutions .in conflict, with the provisions hereof, be and the tame v are hereby repealed, and after said bonds are issued, this ordinance shall be and remain lrrepealable until un-til said bonds and the interest thereon there-on shall have been July paid, satisfied satis-fied Land discharged "as herein provided pro-vided ',-u Section . That the City Recorder be and he Is hereby authorised and directed to..cuaeNthJa ordinance to be published immediately, and to place on file in hla office a certified certi-fied copy thereof. AND WHEREAS, lt Unnecessary for the immediate preservation of the peace, health and safety, of said City of Cedar City and the inhabitants inhab-itants thereof that the proceeds of these bonds be. available immediately immediate-ly for .the purpose herein set forth. NOW, THEREFORE, BE IT FURTHER FUR-THER ORDAINED that. an emergency emer-gency is hereby declared, and that this ordinance shall be in full force . and affect on the day of Its passage; approval and publication as hereinbefore herein-before provided. ... , PASSED AND APPROVED by the City Council of. the City of Cedar City, Iron County,. State of Utah, this. 18th day ef November, A. D. Myron , Hlgbee, Mayor, City of Cedar City, atate of Utah. ATTEST: ,, . ( ..( Egen A. 0unkinev , s City Recorder, City of Cedar Oity, State of Utah. (SEAL)....,. Thereupon CouncaaaSajl Hey- . borne seconded the adoption of the foregoing Ordinance, and, tha tame on being put to a vote; vat unanimously unani-mously carried by the affirmative . vote, of all Councilmen present, the vote being' as follows: Mayor M. t. Hlgbee, "AyeV councilman aawin u Fetertoa afe- eentL. Councilman Morris Robert Aye. Councilman Hebar M. 6evy, "Aye", Councilman Karl Hsyborne; "Aye". Councilman Parson U. Webster, absent ab-sent .. , PASSED. AND, APPROTSD this 38th day of November, L D. 1147. Myron P., Hlgbee, Mayer. City of Cedar City, h State of Utah. ATTEST: . Ellen A..$lrnklna, City Reeorder, City ef Cedar Otty. State of Utah, (SEAL) , ... ....... CSRTtTIOATi ; State of Utah, County of trass. City, ef Cedar, as. , , T, Blen A. Sknklna. being ftret duly swam depose and say that I , am the duly elected, oaaliftefl and , acting City Recorder of Cedar dtr. '. Utah; that X do hereby certify that tha above and foregoing is a full, true and correct copy of an erdla- j ance entitled "AN . ORDUf ANCI i PROVIDING FOR THB XBSUANCl AND SALS OP ONI HUNDRED THOUSAND DOLLARS ($100,001). SEWER SYSTEM BONDS" passed by the City Council of Cedar City, Utah on the 38th day of November, i 1947, the original of which said or-i or-i dlnance is now en file and of re-l re-l cord in my said office. , IN WITNESS WHEREOF, 1 have hereunto act my hand and affixed the Corporate seal of said City thU 38th day of November, 1947. ELLEN A. 8IMHZN8. CityReeordef (Dee. 4 11, 1H7) |