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Show ORDINANCE NO, 75 AN ORDINANCE CREATING A SPECIAL IMPROVEMENT GUAR. ANTY FUND; PRESCRIBING DE-TAILS DE-TAILS IN CONNECTION THERE. WTH, AND DECLARING AN EMERGENCY WHEREAS, Cedar City, In Iron County and the State of Utah, considering the issuance of certain cer-tain special improvement bonds; and WHEREAS, said Cedar City is desirous of additionally guaranteeing guaran-teeing its special improvement bonds by the creation of a "special "spe-cial improvement guaranty fund"; NOW, THEREFORE, BE IT OR-DAINED OR-DAINED BY THE MAYOR AND CITY COUNCIL OF CEDAR CITY, UTAH; Section 1. Special Improvement Guaranty Fund. There is hereby created a special fund to be know as "special improvement guaranty fund", which said fund shall be used for the purpose of guaranteeing to the extent of said fund the payment of special spe-cial Improvement bonds or spe-cial spe-cial improvement warrants, and Interest thereon heretofore or hereafter issued against local improvement im-provement districts, for the pay. ment of local improvements therein and for the purchase of property sold to the City at tax safe's or under foreclosure for delinquent special improvement taxes. Section 2. Creation of Fund. The City Council shall create and maintain said special improvement improve-ment guaranty fund by appropriation approp-riation from the general fund or by levy of a tax of not to exceed one mill in any one year, or by the issuance of general obligation obliga-tion bonds, or by appropriation from such other sources as may be determined upon by said council to provide moneys necessary neces-sary for that purpose. Said fund shall be held by the City Treasurer Treas-urer and shall be kept by him separate and apart from all other oth-er funds held by him. Payments out of said fund' shall be made only upon warrants drawn by the City Auditor. Section 3. Interest and Penalties. Penal-ties. All excess charges and penalties pen-alties collected by the City Treasurer Treas-urer for the benefit or credit of any special Improvement fund and remaining on hand after all bonds or warrants, together with Interest thereon, drawn against said special improvement fund shall have been fully paid and cancelled, shall be transferred by the City Treasurer to the said special Improvement guaranty fund. Section 4. Payment of Bonds and Warrants. When any bond, warrant or coupon drawn against any special improvement fund is presented to the City Treasurer for payment, and there Is not a sufficient amount in said special spe-cial Improvement fund against which it is drawn to pay the same, unless otherwise request ed by the holder, payment therefor there-for shall be made by warrant drawn by the City Auditor against the special improvement guaranty fund. Section 5. Purchase by City. In the event that any property is sold to the city at tax sales or under foreclosure for delinquent delin-quent special improvement taxes, said purchase shall be made by warrant drawn against the special spe-cial Improvement guaranty fund. AU proceeds from the redemption or sa le of property sold under foreclosure or of certificates to tax sale held by the city shall be paid into the special Improvement Improve-ment guaranty fund. Section 6. Replenishment of Fund. Whenever there is not a .sufficient amount of cash In said special Improvement guaranty fund at any time to make any and all purchases of property bid in by the City at sales of proper-ty proper-ty for delinquent special Improvement Im-provement taxes, the City Council Coun-cil shall replenish snid special improvement guaranty fund by-transfer by-transfer or appropriation from the general fund or other available avail-able sources as may be determined deter-mined by the City Council. Warrants drawing interest at a rate of not to exceed eight per cent per annum may be issued by the city auditor against said fund to meet any financial iiaoniucs accruing against it, dui at the time of making its next annual tax levy, the City Council Coun-cil shall provide for the levy of a sum sufficient with the other resources of the fund to pay war. ranis so Issued and outstanding, the tax for this purpose not exceeding ex-ceeding one mill in any one year. Section 7- Subrogation of City. Whenever the city shall have paid under its guaranty any sum on account of principal and interest in-terest on the bonds or warrants of any district, it shall be subrogated sub-rogated to the rights of the holders hold-ers of such bonds or warrants, or Interest coupons so paid, and such bonds or warrants or coupons, cou-pons, and the proceeds thereof, shall become a part of the guaranty guar-anty fund. Section 8. All ordinances or resolutions, re-solutions, or part thereof, in conflict con-flict with the provisions of this ordinance are hereby repealed. This repealer shall not be con-strarri con-strarri to revive any ordinance nor resolution or part thereof heretofore repealed. Section 9. As long as any special spe-cial Improvement bonds of said Cedar City are outstanding, this ordinance shall be and remain tr- repealable until said bonds and the interest thereon shall be fully ful-ly paid, certifed and discharged as herein provided. Section 10. Should the course of this or any other state or of the United States declare any section, sec-tion, provision, paragraph, clause, sentence, phrase, or part thereof, of this ordinance invalid, unauthorized un-authorized or unconstitutional, or in conflict with any other section, provision, paragraph, clause, sentence sen-tence phrase, or part thereof, of this ordinance, then such decision deci-sion shall effect only the section, provision, paragraph, clause, sentence, sen-tence, phrase, or part thereof, declared de-clared to be unconstitutional un-authorized un-authorized or invalid; and shall not affect any other part whatsoever what-soever of this ordinance. The City Council of Cedar City, in Iron County and State of Utah, hereby here-by declares that it would have 'passed this ordinance and each section, provision, paragraph, clause, sentence, or phase hereof, here-of, or part thereof, irrespective of the fact that any one or more of the other sections, provisions, paragraphs, clauses, sentences or phrases, or parts thereof be declared de-clared invalid, unauthorized or unconstitutional. Section 11. It is necessary for the Immediate preservation of the peace, health and safety of said Cedar City and the inhabitants inhab-itants thereof that this ordinance become effective immediately. An emergency is hereby declared declar-ed and this ordinance shall be in effect on the date of its passage, approval and publication. PASSED AND ADOPTED by the City Council of Cedar City, in Iron County, State of Utah, and APPROVED by the Mayor this 20th day of February, A. D. 1950. L. V. BROADBENT, Mayor (Seal) Attest: ELLEN A. SIMKINS, City Recorder. K ORDINANCE AN ORDINANCE APPROVING, RATIFYING AND CONFIRMING CONFIRM-ING THE CREATION AND ESTABLISHMENT OF SIDEWALK SIDE-WALK DISTRICT NO. 1 IN CE-DAR CE-DAR CITY, UTAH; PROVIDING FOR THE ISSUANCE OF SPECIAL SPE-CIAL IMPROVEMENT BONDS; PRESCRIBING DETAILS I N CONNECTION THEREWITH; AND DECLARING AN EMERGENCY. EMER-GENCY. WHEREAS, the City Council of Cedar City, In Iron County and State of Utah, has heretofore, pursuant to requisite preliminary proceedings, establlshod KIM. walk District No. 1 for the pur-pose pur-pose of constructing sidewalks on certain streets in Cedar City, ; Utah; and WHEREAS, said City has adopted an ordinance levying a special tax and providing the assessment as-sessment of property therein described de-scribed In said Sidewalk District No. 1 for the improvements made therein: and WHEREAS, the City Treasurer of said Cedar City has given the requisite notice of the levy of said special tax, which became due and payable on the 6th dav of January, 1950; and WHEREAS, the total cost of construction was $49,187.98; and WHEREAS, valid special taxes and assessments upon the blocks, lots, or parts thereof, and pieces of ground fronting or abutting upon or adjacent to the streets (Improved In said District have been levied in the amount of $47,206.17; and WHEREAS, there remains Un-paid Un-paid by the proHrty owners of I said blocks, lots, or parts thereof, the sum of $42,373.90; and WHEREAS, said Cedar City has determined, and hereby determines, deter-mines, to Issue its special improvement im-provement bonds in the sum of $12,350.00; NOW. THEREFORE. BE IT OR. DAINED BY THE MAYOR AND CITY COUNCIL OF CEDAR CITY, UTAH: Section 1. That all of the proceedings, pro-ceedings, matters and things heretofore taken, had and done in connection with the creation and establishment of Sidewalk District No. 1 In Cedar City, Utah, and In connection with causing the construction of sidewalks In i the Streets Within snld Dlstrlrt as heretofore provided, including, without limiting the generality of the foregoing, the letting of contracts for the construction of said Improvements, and the apportionment ap-portionment of the costs and expenses ex-penses of said Improvements upon up-on the blocks, lots, or parts thereof, there-of, and pieces of ground fronting or abutting upon or adjacent to the streets In said District, as set forth In the assessment roll here, tofore made for said District, and the Issuance of special Improvement Improve-ment bonds for Raid purposes, be, and the same hereby are, In all respects fully approved, ratified and confirmed. Section 2. That there be issued In the name of Cedar City bonds designated "Special Improvement Bonds of Sidewalk District No. 1". In the aggregate principal amount of $12,350.00. consisting of 67 bonds numbered from 1 to 67, both Inclusive, which bonds shall bear date as of the 6th day of January, 1950. and shall bear Interest at the rate of four per centum (4r'r per annum to ma-turlty, ma-turlty, payable annually on the 6th day of January In each year, as evidenced by Interest coupons attached to said bonds. Raid bonds shall be fully negotiable and shall have all the qualities of the Negotiable Instrument of negotiable paper, subject to Law. Said bonds shall be num the payment provisions stated bered, shall be in the denomlna- herein, and the holder or holders tlon of, and shall mature serially thereof shall possess all rights in regular numerical order on enjoyed by holders of negotiable the 6th day of January, as fol- instruments under the provisions lows: Bond Numbers Denomination (Both inclusive) of bond Year Amount 1 4 $1,000.00 1951 $4,000.00 5- 6 100.00 1951 200.00 7 10 1,000.00 1952 4,000.00 11 - 12 100.00 1952 200.00 13 50.00 1952 50.00 14 17 1.000.00 1953 4,000.00 18 19 100.00 1953 200.00 20 50.00 1953 50.00 21 - 24 1,000.00 1954 4,000.00 25 - 26 100.00 1954 200.00 27 - 30 1.000.00 1955 4,000.00 31 32 100.00 1955 200.00 33 50.00 1955 50.00 24 37 1,000.00 1956 4,000.00 38 39 100.00 1956 200.00 40 50.00 1956 50.00 41 44 . 1,000.00 1957 4.000.00 45 . 46 100.00 1957 200.00 47 - 50 1,000.00 1958 4.000.00 51- -52 100.00 1958 200.00 53 50.00 1958 50.00 54 - 57 1,000.00 1959 4,000.00 58 - 59 100.00 1959 200.00 60 50.00 1959 50.00 61 64 1,000.00 1950 4,000.00 65 66 100.00 1960 200.00 67 50.00 I960 50.00 Said bonds and the coupons thereto attached shall be payable pay-able in lawful money of the United States of America at the office of the City Treasurer of Cedar City, Iron County, Utah, without option of prior redemption. redemp-tion. Said bonds shall be signed by the Mayor and City Treasurer, and countersigned by the City Auditor of said Cedar City, and its corporate seal shall be affixed to each bond and countersigned and attested by its City Recorder. The coupons shall bear the facsimile fac-simile signature of the City Auditor, Aud-itor, which officer by the execution execu-tion of said bonds shall adopt as and for his signature the facsimile fac-simile thereof appearing on said coupons, and when said bonds are executed, said coupons shall constitute the binding obligations of said City for said interest. Said bonds and coupons bearing the signatures of the officers in office of-fice at the time of the signing thereof shall be the valid and binding obligations of Cedar City, notwithstanding that before the delivery thereof and payment therefor any or all of the persons per-sons whose signatures appear shall have ceased to fill their respective re-spective offices. If, upon presentation presen-tation at maturity, payment of any bond Is not made as herein provided, interest thereon shall continue at the rate of eight per centum (87,) per annum until the principal thereof is paid in full. Section 3. That said bonds and the coupons thereto attachpH shall be in substatlonally the following form: (Bond Form) UNITED STATES OF AMERICA State of Utah County of Iron CEDAR CITY, UTAH SPECIAL IMPROVEMENT BOND SIDEWALK DISTRICT NO. 1 $1,000.00 $ 100.00 $ 50.00 No Cedar City in the County of Iron and State of Utah, a municl. pal corporation duly organized and existing, for value received hereby promises, out of funds available for the purpose, as hereinafter set forth, to pay to bearer hereof the principal sum of ONE THOUSAND DOLLARS ONE HUNDRED DOLLARS FIFTY DOLLARS on the sixth day of January, A. D. 19 without option of prior redemption, with Interest thereon at the rate of four per centum iVi) per annum, until maturity, payable annually on the sixth day of January in each year, both principal and interest being payable pay-able in lawful money of the United Unit-ed States of America, at the office of the City Treasurer, Cedar City, Iron County, Utah, upon presentation presen-tation and surrender of this bond and of the annexed coupons ns they severally become due. If. upon presentation at maturity, payment of this bond Is not paid as hproln nrnviiinH Intnrnct hum. on shall continue at the rate of I eight per centum (8) per an-1 num until the principal hereof is paid in full. This bond Is one of a series of sixty-seven special Improvement bonds numbered consecutively from one to sixty-seven, both in-elusive, in-elusive, Issued by Cedar City, all of which are of like date and designation des-ignation and aggregate the total to-tal amount of FORTY-TWO THOUSAND. THREE HUNDRED FIFTY DOLLARS ($42,350.00). Payment of this bond and the Interest thereon shall be made from, and as security for such payment there Is pledged, a spe-clal spe-clal fund designated the "Cedar City Sidewalk District No. 1 Fund", containing the receipts derived by said City from the special tax and assessment levied upon the property Included in Sidewalk District No. 1 of said City for the purpose of paying In part the cost of construction of sidewalks In said District, under, by virtue of. and In full conform-Ity conform-Ity with, the Constitution and Laws of the State of Utah and certain ordinances and resolutions resolu-tions of said City duly passed and made law thereof prior to the Issuance hereof. It Is hereby certified that a special Improvement guaranty fund has been created by ordinance ordin-ance as authorized by Article 8, of Title 15, Utah Code Annotated, 1943, which ordinance was adopted adopt-ed and approved on the 20th day of February, 1950, and said City agrees that at all times during the life of this bond and until payment hereof in full, said fund shall be at all times maintained as therein required. This bond is payable exclusively out of said special tax and assessment and said special improvement guaranty guar-anty fund. Said City shall not be held liable for the payment of this bond, except to the extent of the funds created and received by said special tax levies and assessments and to the extent of Its special Improvement guaranty fund; but said City shall be held responsible for the lawful levy of all special taxes or assessments, assess-ments, for the creation and maintenance of the special Improvement Im-provement guaranty fund as provided pro-vided by law, and for faithful accounting, collection, settlement and payments of the taxes levied for local improvements and for the moneys of said funds. Said special tax and assessment assess-ment made and levied to defray said cost, with accruing interest thereon, constitutes a lien upon and against the property upon which such tax and assessment was made and levied from and after this sixth day of January, 1950, the date upon which the ordinance levying such tax and assessment became effective, which lien Is superior to the lien of any mortgage or other encumbrance en-cumbrance and is equal to and on a parity with the lien for gen-eral gen-eral taxes, and such lien shall continue until said tax and assessment as-sessment is paid, notwithstanding notwithstand-ing any sale of the property for or on account of a general or special tax. or the Issuance of an auditor's deed. It is hereby further certified, recited and declared that all acts, conditions and things essential essen-tial to the validity of the bond exist, have happened and have been done in due time, form and manner as required by law, and that the total issue of special spe-cial Improvement bonds of said City for said District, Including this bond, does not exceed the amount authorized by law nor the special tax and assessment levied to cover the cost of said Improvements in said District, and that all of said special tax and assessment has been lawfully law-fully levied. This bond is subject to the condition, and every holder hereof here-of by accepting the same agrees with the obligor and every subsequent sub-sequent holder hereof, that (a) the delivery of this bond to any transferee shall vest title in this bond and in the interest coupons attached hereto in such transferee trans-feree to the same extent for all i'ui(us-s us wuuiu me , ucuvery under like circumstances of any negotiable instrument payable to bearer; (b) the obligor and any agent of the obligor may treat the bearer of this bond as the absolute owner hereof for all purposes, pur-poses, and shall not be affected by any notice to the contrary; (c) the principal of and the interest in-terest on this bond shall be paid, and this bond and each of the coupons appertaining thereto are transferable, free from and with-out with-out regard to any equities be-tween be-tween the obligor and the origin-al origin-al or any Intermediate holder hereof, or any set-offs or cross-claims; cross-claims; and (d) the surrender to the obligor or any agent of the obligor of this bond and each of the coupons shall be a good discharge to the oblgor for the same. IN WITNESS WHEREOF, Cedar City, Utah, has caused this bond to be signed by Its Mayor and Its City Treasurer, countersigned by its City Auditor, and Its corpor-ate corpor-ate seal to be affixed thereto and countersigned by Its City Recorder, and the annexed cou-pons cou-pons to bear the facsimile signature sig-nature cf said City Auditor, and this bond to be dated as of the sixth day of January, A. D. 1050. Mayor Countersigned: City Auditor City Treasurer (SEAL) Countersigned: City Recorder (Coupon Form) $40.00 $ 4.00 No $ 2.00 On the 6th day of January, A. D- 19 Cedar City, County of Iron, State of Utah, will pay the bearer hereof: Forty Dollars Four Dollars Two Dollars in lawful money of the United States of America, out of a special spe-cial fund designated the "Cedar City Sidewalk District No. 1 Fund", at the office of the City Treasurer of said City, being one year's interest on its special im-provement im-provement bond of Sidewalk District Dis-trict No. 1, dated January 6, 1950, and numbered No city Auditor Section 4. That said bonds and the interest thereon are payable solely out of, and as security for such payment there is hereby pledged, a special fund designated desig-nated the "Cedar City Sidewalk District No. 1 Fund", containing the receipts derived by said City from the special tax and assessment assess-ment levied upon the property Included In Sidewalk District No. 1 of said City, provided however, how-ever, said payment is additional-ly additional-ly secured by a special improvement improve-ment guaranty fund heretofore created by ordinance. Said City shall not be held liable for the payment of any of said bonds, except to the extent of the funds created and received by said spe-cial spe-cial tax levies and assessments and to the extent of its special improvement guaranty fund; but said City shall be held responsible respon-sible for the lawful levy of all special taxes or assessments, for the creation and maintenance of the special Improvement guaranty guaran-ty fund as provided by law, and for faithful accounting, collect-tlon, collect-tlon, settlement and payments of the taxes levied for local improvements im-provements and for the moneys of said funds. Section 5. That said bonds when executed shall be issued by the lawful purchasers thereof; there-of; and Cedar City hereby pledges to the holder or holders of said bonds, the exercise of all lawful corporate powers in the collection of said special tax and assessment of the payments levied le-vied for the collection of such bonds. Section 6. All assessments col-lected col-lected by the Treasurer of said City and the account thereof shall be kept In the "Cedar City Sidewalk District No. 1 Fund", separate and apart from all other funds and moneys of said City, and said fund, hereby created, shall be kept In the custody of the City Treasurer In the manner man-ner provided by the laws of the State of Utah and the ordinances of Cedar City. Section 7. That the officers of Cedar City be, and they hereby are, authorized and directed to take all action necessary or appropriate ap-propriate to effectuate the provis-ions provis-ions of this ordinance, including, without limiting the generality of the foregoing, the printing of said bonds and the execution of such certificates as may reasonably reason-ably be required by the purchasers purchas-ers thereof, relating Inter Alia, to the signing of the bonds, the tenure ten-ure and Identity of the municipal officials, the amounts certified on the assessment roll together with the amount of cash payments, pay-ments, the accuracy of property descriptions, the receipt of the purchase price, the delivery of the bonds, and the absence of li-tigation, li-tigation, pending or threatened, affecting the validity of the bonds Section 8. That all ordinances or resolutions, or parts thereof, in conflict with the provisions of this ordinance are hereby repealed. re-pealed. This repealer shall not be construed to revive any ordinance, ordi-nance, nor resolution, or part thereof, heretofore repealed. Section 9. That after said bonds are issued, this ordinance shall be and remain irrepealable until un-til said bonds and the interest thereon shall be fully paid, certified cer-tified and discharged, as herein provided. Section 10. That should the courts of this or any other state or of the United States declare any section, provision, paragraph, clause, sentence, phrase, or part thereof of this ordinance invalid, unauthorized or unconstitutional, or In conflict with any other section, sec-tion, provision, paragraph, clause, sentence, phrase, or part thereof, of this ordinance, then such decision de-cision shall affect only the sec tlon, provision, paragraph, clause, sentence, phrase, or part thereof, declared to be invalid, unauth-orized unauth-orized or unconstitutional, and shall not affect any other part of this ordinance whatsoever. Said City Council of said Cedar City hereby declares that it would have passed this ordinance ordi-nance on behalf of said City and each section, provision, paragraph, para-graph, clause, sentence, phrase, or part thereof hereof, irrespective irrespec-tive of the fact that any one or more of the sections, provisions, paragraphs, clauses, sentences, phrases, or parts thereof, be declared de-clared Invalid, unauthorized or unconstitutional. Section 11. That it is necessary for the immediate preservation of the peace, health and safety of said Cedar City and the inhabitants in-habitants thereof that this ordinance ordi-nance becomes effective immediately. immed-iately. An emergency is hereby declared, and this ordinance shall be In effect on the date of its passage, approval and publication. publi-cation. PASSED by the City Council of Cedar City, County of Iron, State of Utah, and APPROVED by the Mayor, this 20th day of February, Febru-ary, A. D. 1950. Mayor (SEAL) City Recorder (Adv. Feb. 23, 1950) |