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Show RESOLUTION A RESOLUTION providing for the issuance and confirming the sale of $500,000 General Obligation Sewer Bonds of the City of Cedar City, Utah. WHEREAS, at a special bond election duly and lawfully called and held in the City of Cedar City, Utah, on September 18, 1973, the following proposition was submitted to a vote of the qualified registered electors of said City: PROPOSITION Shall the City Council of Cedar City, Utah, be.authorized to issue the General Obligation Bonds of said City in the amount of not to exceed Five Hundred Thousand Dollars ($500,000), bearing interest at a rate or rates not to exceed seven percent (7 percent) per annum, and due and payable in not to exceed twenty (20) years from the date of said bonds; these bonds to be issued and sold for the purpose of defraying all or a part of the cost of constructing improvements, extensions and modifications to the sanitary sewer system of the City? WHEREAS, the results of said election were declared by the City Council of said City, sitting as a Board of Canvassers, by resolution duly passed on the 20th day of September, 1973, from which it appears ap-pears that the total number of votes cast at said election in favor of 'the Proposition was 806 and that the total number of Votes cast at said election against the Proposition was 27. WHEREAS, the $500,000 of the bonds authorized at said election have been this day offered for sale upon sealed bids, and when said bids were opened, it was found that the bid of First Security Bank of Utah, of Salt Lake City, Utah and associates was the highest and best bid submitted for said General Obligation sewer Bonds; and WHEREAS, said bonds have been awarded to said purchasers at the price of par and accrued interest to the date of delivery plus a premium of $none. NOW, THEREFORE, Be It and It Is Hereby Resolved by the City Council of the City of Cedar City, Utah: Section l. For the purpose of defraying al! or a part of the cost of constructing improvements and extensions to the Sewer Utility System of the City, there shall be issued General Obligation Sewer Bonds of the City of Cedar City, Utah, in the aggregate amount of $500,000. Said bonds shall be issued pursuant" to the Utah Municipal Bond Act, shall be dated November 1, 1974, shall be of the denomination of $5,000 each, shall be numbered 1 to 100 inclusive, and shall bear interest from date until paid at the rate or rates hereafter set out, which interest shall be . payable beginning November 1, 1975, and semi-annually thereafter on the first days of May and November of each year. Said bonds shall be numbered and shall mature serially in numerical order on November 1 of each of the years and shall bear interest as follows: Bond Numbers Year Amount Coupon 1-3 , 1977 15,000 6.25 percent 4-6 1978 15,000 6.10 percent 7-9 1979 15.000 6.10 percent 10-13 1980 20,000 6.10 percent 14-17 1981 20,000 6.10 percent 18-21 1982 20,000 6.20 percent 22-25 1983 20,000 6.20 percent 26-100 1984 375,000 6.25 percent Bonds numbered 1 through 25 maturing on or prior to November 1, 1983, are not callable for prior redemption. Bonds numbered 26 through 100 maturing on November 1, 1984, are callable for redemption at the option of the City in inverse numerical order on November 1, 1983, and on any interest payment date thereafter at par plus accrued interest to the date fixed for redemption and a premium of three percent of the principal amount of each bond so called for redemption prior to maturity. Section 2. Said bonds and the interest thereto attached shall be in substantially the following form: |