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Show ORDINANCE NUMBER 1 AN ORDINANCE providing for the issuance and confirming the sale of $20,000 Water Bonos, Series Ser-ies 1961, of Cedar City, Iron County, Utah. WHEREAS at a special bond election duly and lawfully called call-ed and held in Cedar City, Iron County, Utah, on August 25, 1959. the following proposition was submitted to a vote of such qualified qua-lified electors of said city as had paid a property tax therein during dur-ing the year preceding said election. elec-tion. Shall negotiable coupon general gener-al obligation bonds of Cedar City. Utah, in the sum of $iHX),-(MX), $iHX),-(MX), bearing interest at a rate not to exceed six per cent l6' I per annum and due and payable pay-able in not to exceed 40 years from the date of said bonds be issued and sold for the purpose of defraying the cost of improving im-proving and extending the existing ex-isting waterworks plant and system of said city? WHEREAS the result of said election was declared by the City Council of .said city, sitting as a Board of Canvassers, by resolution resolu-tion duly passed on August ol. 1950, from which it appears that the total numbers of votes cast at said election in favor of the issuance of said bonds was 802. and that the total number of votes cast at said election against the issuance of said bonds was 13; and WHEREAS pursuant to Ordinance Ordi-nance Number 111 adopted by this City Council on March 3, I960. $550,000 of the bonds so vot ed were authorized and issued, and it is now desired to provide pro-vide for the authorization and issuance is-suance of $20,000 of the remaining remain-ing bonds of said total voted amount; and WHEREAS $20,000 of said unsold un-sold bonds have been this day offered for sale upon sealed bids and, when said bids were opened, open-ed, it was found that the bid of J. A. Hogle & Company of Salt Lake City, Utah, was the highest and best bid submitted for the purchase of said JJO.OOO bonds; and WHEREAS said bonds have been awarded to said purchaser at the price of par and accrued interest to the date of delivery plus of premium of $41.50, NOW, THEREFORE, Be It and It Is Hereby Ordained by the City Council of Cedar City, Iron County, t'tau: Section 1. That for the purpose of defraying the cost of improving improv-ing and extending the existing waterworks plant and system of said city, all to be owned and controlled by said city, there shall be Issued $20,000 Water Bonds, Series 1961. of Cedar City. Said bonds shall be dated July 1. 1961, of the denomination of $1,000 each, numbered 1 to 20. inclusive, in-clusive, and shall bear interest from date until paid at the rate or rates hereinafter set out, which interest shall be payable July 1, 1962 and semi-annually thereafter on the first days of January and July of each year. Such bonds shall mature serially serial-ly in nnmArtrw! nrdor on Julv 1 o' each of the years,, and shall bear interest as follows: Bond Interest Numbers Amt. Yr. Rate 1 to 5 $5,000 1963 3 6 to 10 5,000 1964 3 11 to 15 5,000 1965 3r,i 16 to 20 5,000 1966 37f Both principal and interest shall be payable in lawful money mon-ey of the United States of America Amer-ica at the State Bank of Southern Utah, Cedar City, Utah. Section 2. That said bonds and the interest coupons thereto attached at-tached shall be substantially the following form: UNITED STATES OF AMERICA STATE OF UTAH IRON COUNTY CEDAR CITY WATER BOND, SERIES 1961 Number $1,000 KNOW ALL MEN BY THESE PRESENTS that Cedar City, Iron County, Utah, for value received, hereby acknowledges itself to be Indebted and promises to pay to the bearer hereof the sum of One Thousand Dollars ($1,000) on the first day of July, 19 , together with interest thereon from the date hereof until paid at the rate of three per cent (3'f ) per annum, payable July 1, 1962 and semi annually thereafter on the first days of January and July in each year, with Interest falling fall-ing due on and prior to maturity payable only upon presentation and surrender of the attached interest coupons as they severally several-ly become due. Both principal of and interest on this bond are payable In lawful money of the United States of America at The State Bank of Southern Utah. Cedar City, Utah. This bond is one of an issue of j 20 bonds of like date, tenor and I, effect except as to maturity, is-I is-I sued for the purpose of defray- ling the cost of improving and j extending the existing water-I water-I works plant and system of said I city, all to be owned and con-.'trolled con-.'trolled by said city, under and I by virtue of and in full conform-1 conform-1 Ity with the Constitution and I Laws of the State of Utah, and I I an ordinance duly adopted b I the City Council of said city or 1 June 15, 1961, after having been I duly authorized at an electior legally held in said city on August Aug-ust 25. 1959. The City Council of Cedar City agrees that it will annually levy a tax sufficient to pay the interest inter-est on this bond as it falls due and also to constitute a sinking fund sufficient to pay the principal princi-pal when due. It is hereby certified, recited and declared that all conditions, acts and things assential to the validity of this bond and the issue of which it forms a part do exist, have ha.tnt-d, and have been done, and that every requirement of law affecting the issue thereof has been duly complied com-plied with, and that this bond is within every debt and other limit prescribed by the Constitution Constitu-tion and laws of the State of Utah, and that the full faith andj credit of Cedar City are hereby j irrevocably pledged to the punctual punc-tual payment of the principal of and interest on this bond according accord-ing to its terms. IN WITNESS WHEREOF. Cedar City has caused this bond to be signed by its .Mayor and coun-j tersigned by its City Recorder,; .with the seal ot the city affixed. and the coupons hereto attached, to be signed with the facsimile! .signatures of said officers, who. ty the execution hereof do adopt as and for their own proper signatures sig-natures their facsimile signatures! appearing on each of said cou-l pons, all as of the first day of july, 1961. ARNOLD E. ANDERSON, Mayor Countersigned: ELLEN A. SIMK1NS, City Recorder. (Form of Coupon i Number $ On the first day of 19 Cedar City, Iron County, Utah, will pay to the bearer hereof here-of at The State Bank of Southern Utah, Cedar City, Utah, the sum of Dollars ($ ) in lawful money of the United States of America, being be-ing the interest then due on its Water Bond, Series 1961, dated July 1, 1961, and numbered ARNOLD E. ANDERSON, Mayor Countersigned: ELLEN A. SIMKINS, City Recorder. (Form of Auditor's Certificate) I, the undersigned, duly qualified quali-fied and acting auditor of Cedar City, Iron County, Utah, do hereby here-by certify that the within bond Is within the lawful debt limit of Cedar City, Utah, and is issued according to law. WITNESS my official signature this day of 1961. City Recorder and Ex-officio Auditor Section 3. That each of said bonds shall be signed by the Mayor and countersigned by the City Recorder, with the seal of said city affixed, and the said coupons shall bear the facsimile signatures of said officers. The Mayor is hereby empowered and directed to sign, and the City Recorder Re-corder to countersign and affix the seal of the city to each of said bonds and the acts of said Mayor and City Recorder in so doing are and shall be the act and deed of Cedar City, Utah. All of the covenants, statements, representations rep-resentations and agreements contained con-tained in said bonds and coupons, cou-pons, and all of the recitals and representations of this ordinance are hereby considered and understood, under-stood, and it is hereby ordered and declared that said covenants and promises therein are the covenants cov-enants and promises of Cedar City, and that the representations representa-tions and statements therein are the representations of s:iid city. Section A. That to pay the interest in-terest falling due on said bonds as the same becomes due, and also to provide a sinking fund for the payment of the principal of said bonds at maturity, there shall be and is hereby levied on all taxable property in said city, ci-ty, in addition to all other taxes, tax-es, a direct annual tax suffi cient to pay the interest on said bonds and to pay and retire the same as hereinbefore provided. Said taxes when collected shall be applied solely for the purpose of the payment of said interest on and pricipal of said bonds, respectively, re-spectively, and for no other purpose pur-pose whatsoever until the indebtedness indebt-edness so contracted under this ordinance, principal and interest, shall have been fully paid, satis-fied satis-fied and discharged, but nothing herein contained shall be so construed con-strued 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 and principal as the same respectively respective-ly inatur?, a.id the levy or levies lev-ies herein provided for may thereupon there-upon to that extent be diminished. diminish-ed. The sums herin provided for to nvet the interest on said bonds and to discharge the principal prin-cipal thereof when due, are hereby here-by appropriated for that purpose. Principal and interest falling due at any time when there are on hand from the proceeds of the above tax levy insufficient funds, shall be advanced from other funds of the city available for such purpose and such other funds shall be reimbursed when the tax levy proceeds become available. Section S. That the sale of said bonds to J. A. Hogle of Salt Lake City, at the price of par and accrued ac-crued interest to the date of delivery de-livery plus a premium, of $41.50, in accordance with the terms of the bid submitted by said purchaser pur-chaser on this date, is hereby in all respects ratified and confirmed. confirm-ed. Said bonds shall be deliv ered to the purchaser as soon as they may be legally issued, upon up-on receipt by the City Treasurer of the agreed purchase price therefor. Section 6. That all ordinances and resolutions or parts thereof in conflict herewith be and the same are, to the extent of such conflict, hereby repealed, and after af-ter said bonds are Issued, this ordinance shall be and remain ir-repealable ir-repealable until said bonds and the interest thereon shall have been fully paid, satisfied and discharged as herein provided. Section 7. That it being necessary neces-sary for the immediate preservation preserva-tion of the peace, health and safety of Cedar City and the in-! habitants thereof that the pro-1 ceeds of the bonds herein auih-i oried he available immediately I for the purpose herein set forth. i an emergency is hereby declared. I ami tins ordinance snail lie in full force and effect immediate- ly upon its adoption and publi-cation. publi-cation. Passed by the City Council of Cellar City, Iron County, Utah, this 15th dav of June, 1961. ARNOLD E. ANDERSON. Mayor Attest: ELLEN A. SIMKINS, City Recorder CERTIFICATE 1. Ellen A. Simkins, the duly appointed, qualified and acting City Recorder of Cedar City, Utah.; do hereby certify that the above and foregoing i.s a true and correct cor-rect copy of an ordinance er:tii-led er:tii-led "AN ORDINANCE PROVIDING PROVID-ING FOR THE ISSUANCE OF AND CONFIRMING THE SALE OF $20,000 WATER BONDS. SERIES SER-IES 1961, OF CEDAR CITY, IRON COUNTY. UTAH," passed by the City Council of Cedar City, Utah, on the 15th day of June, liJtil, and on file and of record in m' said office. In Witness Whereof I have hereunto here-unto set my hand and affixed the Corporate Seal of the Cedar City Corporation, this 15th day of June, A. D. 1961. ELLEN A. SIMKINS, City Recorder. , (June 22. 1961). |