OCR Text |
Show STATE OF UTAH, COUNTY OF IKON: ss. I, Lulu, 11. Uastian, here by certify that 1 am the duly qualified and uctini; Town Clerk of rarasjontih Town, Iron County, Utah. I further certify that the a-bovo a-bovo and foregoing constitutes a tru.? and correct copy of tlie minutes of a special meeting of the Town Board of Paragonah Para-gonah Town, Including a I!os-olution I!os-olution adopted at said meeting meet-ing liehl on July 2S, l'.Hii), as said minutes and Resolution are officially of record in my possession. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 2Slh day of July, 1!H'.0. Lula R. Bastian, Town Clerk July 31, Aug. 7, l!U!i). NOTICE OF SALE PARAGONAH TOWN, IKON COUNTY, UTAH. $90,000.00 WATER REVENUE BONDS, SERIES 1969. Sealed proposals will be received re-ceived by the Town Board of Paragonah Town, Iron County, Utah, at Its regular meeting place in the home of Lula R. liastian, Town Clerk, Paragonah, Para-gonah, Utah, until 5:00 o'clock P. M., on August 25, 1969, for the purchase of $90,000.00 Water Revenue Bonds, Series 1909. On said date and at the time and place aforesaid the proposals will be opened at a public meeting. The bonds will be dated as of the date of delivery and will bear interest at a rate or rates not in excess of five percent per-cent (5') per annum, said interest to be payable on January Jan-uary 1, 1970 and annually thereafter on the first day of January of each year. Interest accrues only from date of delivery. de-livery. Principal and Interest will be payable at the office of the Town Treasurer or, at the option of the holder, at a bank or trust company selected select-ed by the purchaser. 37 to 39 1998 3000 '10 to 41 1999 2000 to 44 2000 3000 -15 to 47 2001 3000 iS to 50 2002 3000 51 to 53 2003 3000 54 to 57 2004 4000 58 to 60 2005 3000 61 to 64 2006 4000 65 to 68 2007 4000 1)9 to 72 2008 4000 73 to 90 2009 18,000 The Town reserves the right, at its option, to redeem any or all of the bonds prior to maturity at any time before January 1, 1971, in the event there are bond proceeds remaining re-maining unused at the time construction is completed. In the event of such redemption, Bonds will be redeemed in inverse in-verse numerical order. The town also reserves the right, at its oplion, and for any reason, to redeem bonds numbered 90 to 9, both inclusive, prior to their maturity In inverse numerical num-erical order on January 1, 1980, or on any interest payment! date thereafter. Any redemption redemp-tion of the bonds will be at a price equal to the principal amount thereof and accrued interest thereon to the date fixed for redemption. Section 2. This Official Notice No-tice of Sale .shall be published two times in a newspaper of general circulation in lion County, Utah, once a week for two consecutive weeks, the last publication to be not less than fifteen days prior to the date on which the bids will be received and opened. The Official Notice of Sale may also be mailed to such banks and investment banking firms in the State of Utah as the officers of-ficers of tlie Town deem advisable. ad-visable. Section 3. The proper officers offic-ers and employees of the Town as designated by the President Presi-dent are authorized and directed di-rected to prepare a prospectus containing further information about the bonds, the proposed water system and Paragonah Town which will present an adequate picture to prospective prospect-ive bidders of the debt repayment repay-ment ability of Paragonah Town and the security pledged for the repayment of tlie bonds of the proposed issue. Copies thereof will be obtainable from the Town Clerk upon the request of any interested bidder. bid-der. Section 4. This Resolution shall take effect immediately upon its passage and approval. approv-al. PASSED by the Town Board of Paragonah Town, Iron County, Utah, and approved by the President this 2Sth day of July, 1969. H. Revere Robinson, I President ATTEST: Lula R. Bastian, Town Clerk (SEAL) said bonds be deemed to con-1 stitute an indebtedness of the Town within the meaning of any State, constitutional or statutory limitation or a charge against the general credit or taxing power of the Town. Except as all or some part of the bonds may be sold to the United States of America as hereafter provided, the bonds will be awarded to the responsible bidder whose proposal pro-posal results in the lowest a-mount a-mount of interest payable from the date of the bonds to their maturity after subtracting therefrom the amount of any premium proposed to be paid for the bonds. No bids for less than par plus accrued interest from the date of the bonds will be considered. Bids will be considered for the entire issue of the bonds as well as for specfic blocks of the entire en-tire issue maturing as follows: (a) bonds maturing during the first ten (10) years, lb) bonds maturing during the eleventh through fifteenth years, (c) bonds maturing during the sixteenth through twentieth years, (d) bonds maturing during the twenty-first through twenty-fifth years, (e) J bonds maturing during the twenty-sixth through thirtieth years, (f) bonds maturing during dur-ing the remaining years. The bonds shall bear interest inter-est at no more than five (5) different rates to be stated in multiples of one-eighth or one-tenth one-tenth of one percent per annum. an-num. All bonds maturing on the same date shall bear interest in-terest at the same rate. Each bond must bear interest and each bond must bear interest at one rate only. No bond may bear interest at a rate in excess ex-cess of five percent (5rA ) per annum. The highest rate of interest stated in the proposal shall not exceed the lowest rate of interest so stated by more than three percent per annum. The Town reserves the right not to sell any of bonds numbered num-bered 81 to 90, both inclusive, or to sell only such of said numbered bonds as it may need for the purpose of financing fin-ancing the cost of said water system. It is expected that if the rates and terms of the bids received are higher and less reasonable than those which may he obtained by selling the bonds to the United States of America, acting through the Administrator, Farmers Home Administration, (hereinafter called the "Government"), that the bonds will be sold to the Government at an interest rate of five percent (57c) per annum. The bonds will be in the denomination of $1,000.00 each, numbered serially from I to 90, both inclusive. The bonds will be in bearer form without coupons attached but may be registered as to principal princ-ipal and interest at the option of the holder, and may have coupons attached at the option op-tion and expense of the holder. hold-er. The bonds will mature serially in numerical order on January 1 in each of the years and in the amounts as follows: Bond Nos. Date Amount Both Incl. Maturing Maturing January 1: 1 1972 1000 2 1973 1000 3 1975 1000 4 1976 1000 5 1977 1000 6 1978 1000 7 1979 1000 8 1980 1000 9 1981 1000 10 1982 1000 II 1983 1000 12 to 13 1984 2000 14 1985 1000 15 1986 1000 16 to 17 1987 2000 18 1988 1000 19 to 20 1989 2000 21 to 22 1990 2000 23 to 24 1991 2000 25 1992 1000 26 to 27 1993 2000 28 to 29 1994 2000 30 to 32 1995 3000 33 to 34 1996 2000 35 to 36 1997 2000 Notice of the call of any of the bonds for redemption will be given not less than thirty (30) days prior to the redemption redemp-tion date by publication of an appropriate notice one time in a newspaper of general cir. culation in Salt Lake City, Utah, and by mailing a copy of the redemption notice by registered or certified mail at least thirty (30) days prior to the redemption date to the registered re-gistered holder of the bonds to be redeemed at the address shown on the registration books and to the original purchaser pur-chaser of the bonds. If all of the bonds to be redeemed are at that time registered, notice by registered or certified mail to the regstered holders thereof there-of not less than thirty (30) days prior to the date fixed for redemption shall be sufficient suf-ficient and publication of the redemption notice shall not be required. The bonds will be issued under the provisions of Chapter Chap-ter 3 of Title 55, Utah Code Annotated 1953, as amended, and the principal and interest inter-est thereon shall be payable only out of 91.3 percent (91.3' ) of the net revenues to be derived from the System as it shall exist after the construction con-struction of the improvements, additions and extensions to the town's present water system, sys-tem, and in no event shall The right is reserved to reject re-ject any or all bids. Each bid must he enclosed in a sealed envelope which should be plainly marked "Proposal for Paragonah Water Revenue Bonds, Series 1969" and must be accompanied by a certified or cashier's check drawn upon an incorporated bank or trust company in the amount of three per cent (3'A ) of the principal amount of bonds bid for, if $50,000 or less, or two percent (1') of such amount, if more than $50,000, payable to the order of Paragonah Town as a guar, antee of good faith on the part of the bidder. Checks will be returned to the unsuccessful bidders promptly upon the a-ward a-ward of the bonds to successful success-ful bidder. The check of the successful bidder will be held Oncashed and applied toward the purchase price of the bonds at the time of their de- livery. If the successful bidder fails to accept and pay for the bonds when so tendered, his check will be forfeited as liquidated li-quidated damag.es. The bonds will be delivered in Paragonah, Utah, at the office of the Town Treasurer or elsewhere at the purchaser's expense and risk on or about sixty days after the opening of bids or as otherwise may be agreed upon with the purchaser; pur-chaser; provided, if, pursuant to Section 55-3-13, Utah Code Annotated (1953), an election shall be required, the Town shall not be required to deliver the bonds until a reasonable time after the project and the Issuance of the bonds shall have been favorably passed upon in an election held for such purpose and the purchaser purchas-er may rescind the agreement with the Town and be relieved of any obligation to purchase the bonds. The unqualified approving opinion of Messrs. Jones, Waldo, Wal-do, Holbrook & McDonough of Salt Lake City, Utah, will be furnished without cost to the purchaser. There will also be furnished the usual closing certificates, including a statement state-ment that there is no litiga-ton litiga-ton pending or, to the knowledge know-ledge of the signer thereof, threatened affecting the valid, ity of the bonds. Copies of an official statement state-ment containing further Information In-formation about the bonds and Paragonah Town may be obtained ob-tained from Lula R. Bastian, Town Clerk, at her home in Paragonah, Utah. Dated this 28th day of July, 1969. H. Revere Robinson, President Lula R. Bastian, Town Clerk |