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Show ORDINANCE No. 135 SERIES 1951 AN ORDINANCE TO CONTRACT CON-TRACT AN INDEBTEDNESS ON BEHALF OF CEDAR CITY, IRON COUNTY, UTAH, AND UPON THE CREDIT THEREOF, BY ISSUING THE NEGOTIABLE COUPON GENERAL OBLIGATION STREET IMPROVEMENT BONDS OF CE-I)AR CE-I)AR CITY IN THE AGGREGATE FR1NCIPAL AMOUNT OF $10.-000.00; $10.-000.00; PRESCRIBING THE FORM FOR THE LBJVY OF A TAX TO TAY THE PRINCIPAL AND INTEREST IN-TEREST TIIEROF; PRESCRIBING DETAILS IN CONNECTION THEREWITH. AND PROVIDING THE EFFECTIVE DATE OF THIS ORDINANCE. WHEREAS, Cedar City, in the County of Iron and State of Utah, is an Incorporated city, duly or-Eanird or-Eanird and exist in:; under the laws of tile State of Utah as a citv of the third class; and WHEREAS. Cedar City was duly du-ly proclaimed a city of the third class en the 181 h day of February, Febru-ary, l.HGK; and WHEREAS, nt a spec'nl election elec-tion duly called and held in Cellar Ce-llar City on the :Vh day of September, Sep-tember, lD.'l, the.c was submitted to the electors of the city quali-field quali-field to vole thereon, the following follow-ing quest ion, to-wit: "Shall the negotiable couron tk-neral Obligation Bonds of Cedar City, Iron County, Utah, in t lie aggregate principal amount of $10,000.00, or so much thereof as may be neces-.sary, neces-.sary, payable within twenty years from date of issue, and bearing interest at a rate not exceeding four per centum per annum, payable semi-annually, be issued and sold for the purpose of defraying in part the cost of extending, grading paving or otherwise improving the streets within Cedar City?" WHEREAS, more than a majority ma-jority of the qualified electors of the city, voting on the question so submitted, voted in favor of the issuance of the bonds; and WHEREAS, the City Council of Cedar City has determined, and does hereby determine, that it is necessary and for the best interest in-terest of Cedar City and the inhabitants in-habitants thereof that the general gen-eral obligation bonds of the city in the amount of $10,000.00 be issued and sold at this time for the purpose of defraying in part the cost of extending, grading, paving, or otherwise improving the streets within Cedar Citv. MOW, THEREFORE, BE ' IT ORDAINED BY THE CITY COUN- viu vr V.1U, iuvi COUNTY, UTAH: Section 1. That said election resulted in the approval of the issuance or the General Obligation Obliga-tion Street Improvement Bonds of Cedar City In the amount of $10,000.00, as aforesaid, and the result of said election is hereby so declared. Section 2. That all action heretofore here-tofore taken by the officers of Cedar City directed toward extending, ex-tending, gTading, paving, or otherwise oth-erwise improving the streets of the city, and the issuance of its bonds for that purpose, be, and the same is hereby, ratified, approved ap-proved and confirmed, including, without limiting the generality of the foregoing, the sale of said bonds to Continental National Bank & Trust Company. Section 3. That for the purpose pur-pose of providing funds to defray in part the cost of extending, grading, paving, or otherwise improving im-proving the streets within Cedar City, there shall be issued the negotiable coupon bonds of said citv in tho aTrrpirate nrinrinnl amount of $-10,000.00, consisting of 40 bonds in the denomination of $1,000.00 each, numbered from I to '10, both inclusive, bearing elate as of the first day of October, Oc-tober, 1951, bearing interest at the rate of one and three-fourths per centum per annum, payable -eml-annually on the first days of April and October of each year, as evidenced by interest coupons attached to said bonds, and maturing serially $8,000.00 on the first day of October in ;!k years 1952 to 1950, both inclusive; in-clusive; both principal and interest in-terest being payable in lawful money of the United States of America at ion's Savings Bank and Trust Company, Salt Lake City, Utah. Section -1. That said bonds shall be signed by the Mayor and City Treasurer, and attested by the City Recorder, and sealed with the corporate seal of said city. The coupons attached to said bonds shall bear the facsimile facsi-mile signature of the City Treasurer, Trea-surer, which officer, by the execution exe-cution of said bonds, shall adopt as and for his signature the facsimile thereof appearing on said coupons. Said bonds and coupons bearing the signatures of the officers in office at the time of the signing thereof shall be the valid and binding obligations obliga-tions of Cedar City, notwithstanding notwith-standing that before the delivery thereof and payment therefor, any or all of the persons whose signatures appearing thereon shall have ceased to fill their respective offices. Section 5. That said bonds and the coupons thereto attached shall be in substantially the following fol-lowing form: UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF IRON CEDAR CITY GENERAL OBLIGATION STREET IMPROVEMENT BOND SERIES OCTOBER 1. 1951 No $1,000.00 Cedar City, in the County of Iron and State of Utah, acknowledges ack-nowledges itself indebted and tw.U.. . 1 .1. - m-iiuy (jiuiiiiM-.s pay io uie bearer hereof the sum of ONE THOUSAND DOLLARS on the first day of October, 19 with interest thereon at the rate of one and three-quarters per centum per annum, payable semi-annually on the first days of April and October in each year, both principal and interest being payable in lawful money of the United States of America at Zion's Savings Bank and Trust Company, Salt Lake City, Utah, upon presentation and surrender sur-render of this bond and of the annexed coupons as they sev- j erally become due. I This, bond Is Issued by Cedar City, for and on behalf of said City and upon the credit thereof, there-of, for the purpose of defraying in part the cost of extending, grading, paving, or otherwise improving im-proving the streets within Cedar Ce-dar City, under the authority of and in full conformity with the constitution and statutes of the State of Utah and pursuant to an ordinance of said City duly nr!nnt.i,1 miKHctinrl nnrl mnrtn a law of said City prior to the issuance is-suance of this bond. It is hereby certified and warranted war-ranted that the issuance of this bond has been authorized by the electors of Cedar City, qualified to vote on the question, at a special spe-cial election held in said City on the 4th day of September, 1951. It is hereby certified and recited re-cited that all the requirements of law have been fully complied with by the proper officers of said City in the issuance of this bond; that the total indebtedness of said City, including that of this bond, does not exceed any limit of indebtedness prescribed by the constitution or laws of the State of Utah, and that provision pro-vision has been made for the levy and collection of annual taxes sufficient to pay the in-toiest in-toiest on and the principal of this bond when the same become be-come due. The faith and credit of Cedar City are hereby pledged for the punctual payment of the principal princi-pal of and the interest on this bond. IN WITNESS WHEREOF, Cedar City has caused this bond to be signed by its Mayor and City Treasurer, and its corporate seal to be affixed hereto, attested by its City Recorder, and the annexed an-nexed interest coupons to bear the facsimile signature of the City Treasurer as of the first day of October. 1951. Mavor (SEAL) City Treasurer Attest: City Recorder (Form of Coupon) No $8.75 On the first day of April, October, 19 Cedar City, in the County Coun-ty of Iron and State of Utah, will pav to the bearer EIGHT AND 75100 DOLLARS at the Zion's Savings Bank and Trust Company, Salt Lake City, uian, in lawiui money ot tne United States of America, being six months' interest on its General Gen-eral Obligation Street improvement improve-ment Bond, Series of October 1, 1951, dated October 1, 1951, and bearing No (Facsimile Signature) City Treasurer AUDITOR'S CERTIFICATE l certify that this bond is within with-in the lawful debt limit of Cedar Ce-dar City, in the County of Iron and State of Utah, and is issued according to law. Dated this day of 1951. City Recorder and Ex Officio City Auditor. Section G. That said bonds were sold at public sale as directed by resolution of the City Council. The funds realized from the sale nf t;n ill hnnH iihnll ho nnnlinrl solely to the purpose of defraying defray-ing in part the cost of extending, grading, paving, or otherwise improving im-proving the streets within Cedar City, but the purchaser of said bonds shall in no matter be responsible re-sponsible for the application or disposal by said city, or by any of its officers, of any of the funds derived from the sale thereof. Section 7. That at the time and in the manner provided by law, commencing in the year 1951, and annually thereafter while any of the bonds herein authorized author-ized are outstanding and unpaid, in order to provide for the payment pay-ment of the principal and interest in-terest as the same becomes due, there shall be levied on all the taxable property in the city, in addition to all other taxes, direct annual taxes sufficient to provide pro-vide for the payment of such principal and interest, and said taxes, when collected, shall be deposited in a special fund to be known as "Street Improvement Bond Fund", and such fund shall be applied solely for the purpose of payment of the interest on and the principal of said bonds, respectively, and for no other purpose whatever, until the indebtedness in-debtedness so contracted under this ordinance, both principal and interest, shall have been fully ful-ly paid, satisfied and discharged, discharg-ed, but nothing herein contained shall be so construed as to prevent pre-vent said city from applying any other funds that may be in the treasury and available for that purpose to the payment of said interest or principal as the same respectively mature, and upon such payments the levy or levies herein provided may, thereupon to that extent, be diminished. The sums hereinbefore provided to meet the interest on said bonds and to discharge the principal thereof, when due, are hereby applied to that purpose, and said amount for each year shall be include in the annual budget and the appropriation bills to be adopted and passed liv Iho Pitv Pnisn'il nf ::iirl ritv ' J J , - - in each year respectively. Section 7A. All moneys received by Cedar City from the State of Utah during the life of the indebtedness in-debtedness herein created and known as "Class C Funds" for road improvement purposes, as provided by the laws of the State of Utah, shall be placed in the "Street Improvement Bond Fund" created by Section 7 of this ordinance, or-dinance, and to the extent that moneys are so deposited in said Fund to be applied to the pay- ment of the principal of and the interest on the bonds herein authorized, the levies otherwise provided for by Section 7 of this ordinance may be diminished. Section 8. That it shall be the duty of the City Council of said city annually, at the time and in the manner provided by law for levying other taxes, if such taction shall be necessary to effectuate ef-fectuate the provisions of this ordinance, or-dinance, to ratify and carry out the provisions hereof with reference refer-ence to the levy and collection of taxes, and that said Citv Council Coun-cil shall require the officers of I and for said city to levy, extend j and collect such taxes in the : manner provided by law for the j nurpose of creating a fund for the payment of the principal of. :said bonds and the interest ac-jcruinr; ac-jcruinr; thereon. Such taxes, when 1 collected, shall be kept for and 'applied only to the payment of the interest and principal of said i bonds as hereinbefore snecified. Section 9. That the officers of Cedar City be, and they hereby iare, authorized and directed to take all action necessary or appropriate ap-propriate to effectuate the pro-1 I I'lt-iinc tViiu nrftinnnpn inolilrl. ing, without limiting the generality gener-ality of the foregoing, the printing print-ing of said bonds and the execution exe-cution of such certificates as may reasonably be required by the purchaser thereof relating to the (Signing of the bonds, the ten-lure ten-lure and identity of the munici-, munici-, pal officials, the assessed valuation valua-tion and indebtedness of the city, the receipt of the bond purchase pur-chase price and, if in accordance I with the facts, the absence of litigation, lit-igation, pending or threatened, affecting the validity thereof. Section 10. That all ordinances or parts thereof in conflict with this ordinance are hereby repealed. re-pealed. After the bonds hereby authorized have been issued, this ordinance shall constitute a contract con-tract between Cedar City and I the holder or holders of said ! bonds, and shall be and remain I irrepealable until said bonds and the interest accruing thereon shall have been fully paid, satis-fieri satis-fieri and discharged. Section 11. That in the opinion of the City Council of Cedar City it is necessary to the peace, health and safety of said city that this ordinance shall take effect ef-fect upon the date of its passage, approval and publication. PASSED by the City Council of Cedar City, Iron County, State of Utah, and approved by the Mayor of said city, this 1st day of November, No-vember, 1951. L. V. BROADBENT, Mayor. (SEAL) Attest: ELLEN A. SIMKINS, City Recorder. STATE OF UTAH. COUNTY OF IRON, CEDAR CITY, SS I. Ellen A. Simkins. the duly chosen, qualified and acting City Recorder of Cerlar City, in the County of Iron anil State of Utah, do hereby certify that the foregoing fore-going pages numbered 2G to 36. both inclusive, are true, perfect and complete copies of the record rec-ord of proceedings of the City Council of Cerlar City, had and taken at a lawful meeting of said Council held at the City and County Building, in said City, on the 1st day of November, 1951, at the hour of 7:30 o'clock, p. m., as recorded in the regular official book of records of the proceedings proceed-ings of said Council kept in my nffifn nnrt t li n t cniit nrnpnmt i n itc were duly had and taken as therein shown, that the meeting therein shown was duly held, and that the persons named as present pres-ent at said meeting were present as shown by said minutes. HFWYere-P WITNESS my hand and the seal of Cedar City, this 1st day of November, 1951. ELLEN A. SIMKINS, City Recorder. (SEAL) (Adv. Nov. 15.) |
