Show STATE OF UTAH COUNTY OF SANPETE SS t MANTI CITY j q The City Council of df f Manti City in the County of Sanpete and State of Utah met in regular session in full conformity with law at the City Hall within said City being the regular meeting pla place e of the City Council at the hour of p. p pm p.m. m. m on Monday the 2nd day of April 1951 J Upon roll call the following were found to be present Mayor layor R. R Easton Moffitt l Councilmen Clark Keller Wilford S. S Carlson Sam Parry Elliott Braithwaite Edward K Tooth Also Present Mrs 1 Cleo O. O Christensen Recorder Councilman Wilford Carlson introduced the following Ordinance Ordinance Ordinance Or Or- and moved its adoption i ORDINANCE AN ORDINANCE PROVIDING FOR THE TIlE CONSTRUCTION CONSTRUCTION CONSTRUCTION TION OF IMPROVEMENTS AND BETTERMENTS TO THE MUNICIPAL l WATER VATER SYSTEM OF MANTI CITY AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF WATER VATER REVENUE BONDS IN TIlE THE AGGREGATE PRINCIPAL AMOUNT OF FOR THE PURPOSE PURPOSE PURPOSE PUR PUR- POSE OF DEFRAYING IN PART THE COST OF SUCK SUCH IMPROVEMENTS AND BETTERMENTS PRESCRIBING THE FORM OF SAID BONDS AND OTHER DETAILS IN CONNECTION THEREWITH THERE PROVIDING FOR THE COLLECTION AND DISPOSITION OF THE REVENUES TO BE DERIVED FROM SAID SYSTEM MAKING OTHER PROVISIONS WITH RESPECT TO THE TIlE OPERATION OPERATION OPERATION OPER OPER- OF SAID SYSTEM AND THE ISSUANCE OF SAID BONDS PROVIDING FOR THE PAYMENT PAYl OF BOTH THE PRINCIPAL OF AND THE INTEREST ON SAID BONDS FROM A FIXED PROPORTION OF THE THENET THENET THENET NET REVENUES OF SAID SYSTEM DECLARING AN ANor or v EMERGENCY AND REPEALING ALL ORDINANCES IN CONFLICT HEREWITH HERE WHEREAS Manti ManU City in the County of Sanpete and State of Utah is an incorporated City duly organized and existing under the te laws of the State of Utah and now owns and operates a municipal water system for the benefit of the City and its inhabitants and WHEREAS the City Council has heretofore determined and does hereby determine that it is necessary and for the best interests of Manti lanti City and the inhabitants thereof that said system be improved enlarged extended and bettered bythe by the expenditure of not to exceed and WHEREAS Manti lanti City has never pledged the revenues of its municipal water system with the result that the net income derived from the operation of said water system may now be pledged lawfully and irrevocably for the payment of revenue bonds issued for the purposes hereinbefore recited and WHEREAS the City Council has caused a comprehensive I estimate to be made of the cost of constructing said improvements improvements improvements improve improve- ments and betterments and of the net operating revenues to tobe tobe tobe be derived from the system by Caldwell Richards Sorensen Soren Soren- sen a competent engineering firm approved by the State Stat Engineer of the State of Utah and having no connection with any manufacturer or seller of machinery pipe or other equipment equipment equip equip- ment to be used in making said improvements and betterments or in the installation thereof and further having no connection with any person or corporation engaged in the same business and WHEREAS pursuant to the provisions of Section 2 1 to Section 23 2 Utah Code Annotated 1943 commonly known as the Granger Act and all laws amendatory thereof or supplemental thereto the City Council of Manti City is au authorized au authorized authorized to provide for the construction of improvements and betterments to said system and to defray all or a part of the cost thereof by the issuance of revenue bonds of the City payable solely from the net revenues to be derived from the operation of the municipal water system as so improved and it has been determined and it is hereby determined by the Mayor and Councilmen tl that at it is necessary to issue such revenue bonds in the amount if for the purpose of providing funds with which to pay a part of the cost of the construction of such improvements and betterments NOW V THEREFORE BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF MANTI 1 CITY UTAH 1 I Section 1 That all action heretofore taken by the City Council and the officers of Manti City directed toward the improvement enlargement extension and betterment of the municipal water system of Manti lanti City and the issuance of its Water Vater Improvement Revenue Bonds in the aggregate principal principal prin prine cipal amount of not inconsistent with the provisions of this ordinance be and the same is hereby ratified approved approved ap ape ap- ap proved and confirmed Section 2 2 That t the e report prepared and submitted by Caldwell Richards Sorensen Consulting Engineers now on file in the office of the City Recorder be and the same is hereby approved including the estimate of revenues and segregation segregation segre segre- gation thereof establishing a fixed proportion of the net revenues revenues rev rev- to be derived from the operation of the municipal water system as a's so improved against which the proposed revenue bonds of the City will be issued Section 3 3 That a brief description of the contemplated improvements is as follows The improvement and extension of the municipal water system by improvements betterments and repairs to the distribution system Section 4 4 That the estimated cost of such improvements is Section 5 That in order to provide funds to defray in part the cost of improving enlarging extending and bettering the municipal water system there shall be and there are hereby hereby hereby here here- by authorized to be issued bonds of Manti City to be known as Manti City Water Vater Improvement Revenue Bonds Series 1951 in the aggregate principal amount of which bonds shall hall be payable solely out of a fixed proportion as hereinafter specified of the net revenues to be derived from the operation of the municipal water system and not otherwise Such net revenues shall be deemed to be the gross revenues of the mun muff municipal water system after deduction only for the cost of operating and maintaining the system and the expenses of any betterments or replacements necessary to keep said system in good repair Section 6 G. That said bond shall be dated as of June 1 1951 shall be in the denominations of and and shall be numbered 1 to 72 both inclusive shall bear interest at not nut to exceed 4 and shall mature in regular numerical order as follows Bond Numbers Maturity Dates Amounts l' l J if 1 2 3 June 1 1953 4 5 6 June 1 1954 7 8 9 June 1 1955 10 11 12 June 1 1956 13 14 15 JUTe June 1 1957 j 16 17 18 June 1 1958 I 19 20 21 June 1 1959 22 23 24 June 1 1960 25 26 27 June 1 1961 28 29 30 June 1 1962 31 32 33 June 1 1963 34 35 36 June 1 1 1964 37 38 39 June 1 1965 40 41 42 June 1 1966 43 44 45 June 1 1967 46 47 48 June 1 1968 49 50 51 June 1 1969 52 53 54 June 1 1970 55 56 57 June 1 1971 58 59 60 June 1 1972 61 62 63 June 1 1 1973 64 65 66 June 1 1974 67 68 69 June 1 1975 70 71 72 June 1 1976 Bonds numbered 13 to 72 both inclusive maturing on I and after the first day of June 1957 shall be subject subject to red redemption redemption re re- re- re d in i inverse verse numerical order at the option of Manti City on the first day of June 1956 or on any interest payment pay pay- nt ment nt date thereafter prior to maturity at a price equal to the principal amount thereof with accrued interest to the redemption date together with a premium of three per cent of the principal ar amount thereof Notice of redemption shall be given by the ther r City Treasurer in in the name of Manti City by publication of su such h notice at at least once not more than sixty nor less than thirty days prior to the redemption date in a newspaper 01 oi general circulation in Manti City and a a copy of such notice p shall be sent by registered mail at least thirty days prior to the redemption date to Lauren W. W Gibbs Gibb's and to the original purchaser of the bonds Such notice shall specify the number or numbers of the bonds to be so redeemed if less than allare all allare are arc to be redeemed and the date fixed for redemption and shall further state that on such redemption date there will become become be be- come and be due and payable upon each bond so to be redeemed at the Office of the City Treasurer in Manti City Utah the principal amount thereof with accrued interest to the redemption date together with the stipulated premium and that from and after such date interest will cease to accrue Notice having been given in the manner hereinbefore provided the bond or bonds so called for redemption shall become due and payable on the redemption date so designated and upon presentation thereof at the Manti City Bank Manti l Utah together with all appurtenant coupons maturing subsequent s to the redemption date the City will pay the bond or bonds so called for re re- Section 7 That the revenue bonds hereby authorized shall be fully negotiable and shall have all aU the qualities of negotiable paper and the holder or holders thereof shall possess all the rights enjoyed by the holders of negotiable instruments under the provisions of the Negotiable Instruments Law Section 8 That the interest accruing on said bonds shall shaH be payable semiannually annually on the first days of June and December December De De- cember of each year until the respective respective- maturity dates of said bonds upon presentation and surrender of the annexed interest coupons as they severally become due and thereafter at the same rate until the principal of said bonds is paid in full both principal and interest being payable in lawful money of the United States of America without deduction for exchange or collection charges at the Manti 1 City Bank Manti Utah ManU City covenants and agrees to make available funds for the payment of the principal of and the interest on said bonds in accordance herewith Said bonds shall be payable to bearer shall be signed in the name of Manti City by the Mayor l and attested by the City Recorder with the seal of Manti 1 City affixed thereto and the interest coupons thereto attached shall be authenticated by the facsimile signature of the City Treas Treas- All of said bonds together with the interest accruing thereon shall be payable solely out of a fixed proportion as hereinafter specified of the net revenues to be derived from the operation of the municipal water system and not otherwise Section 9 That said bonds and the coupons thereto attached attached attacked at at- tacked shall be substantially in the following form UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SANPETE MANTI 1 CITY V WATER A TER IMPROVEMENT REVENUE BOND SERIES 1951 No Manti Monti i 1 City in the County of Sanpete and State of Utah for value received hereby promises to pay upon the presentation presentation presentation present present- and surrender of this bond to the bearer hereof solely from the special fund provided therefore as hereinafter set forth on the first day of June 19 ONE THOUSAND DOLLARS FIVE HUNDRED DOLLARS and to pay solely from said special fund interest hereon at atthe atthe atthe the rate of per per annum on the first days of June and December in each year upon presentation and surrender of the annexed interest coupons as they severally become due If upon presentation at maturity payment of this bond is not made as herein provided interest shall continue at the same rate until the principal hereof is paid in full Both principal and interest are arc payable in lawful money of the United States of America at the Manti 1 City Bank Manti City Utah This bond is subject to redemption at the option of Manti l City on June 1 1956 or on any interest payment date thereafter at a price equal to the principal amount hereof with accrued interest to the redemption date and a premium of three percent of the principal amount hereof Redemption shall be made upon not less than thirty days prior notice by publication in iii a newspaper of general circulation in Manti City in the manner manner manner man man- ner and upon the conditions provided in the ordinance authorizing authorizing author author- izing the issuance of this bond This bond is one of an authorized issue in the aggregate principal amount of issued for the purpose of defraying defraying defraying de de- de- de fraying in part the cost of the construction of improvements extensions and betterments to the municipal water system of Manti City all in conformity with the Constitution and Laws of the State of Utah and an ordinance of the City duly enacted and adopted prior to the issuance hereof This bond is issued issuer under the provisions of Section 23 2 both inclusive Utah Code Annotated 1943 and all other laws amendatory thereof and supplemental thereto and it does not constitute an indebtedness indebted indebted- ness of the City within any State Constitutional provision or statutory limitation This bond is one of an issue of bonds payable both as asto asto asto to principal and interest solely from and secured by a pledge of 50 of the net revenues of the municipal water system said net revenues being defined as the gross revenues of said after deduction only for the cost of operating and maintaining maintaining maintaining main main- the system and the expenses of any betterments or replacements replacements replacements re re- re- re placements necessary to keep the system in good repair Itis It Itis Itis is hereby covenanted and agreed that the City will charge rates for water supplied by or through said system which will b be sufficient at all times until this bond and the coupons hereto attached are fully paid and discharged to produce net revenues from said system sufficient to pay this bond as and when it shall become due and payable but such rates shall not be in excess of a reasonable rate for the services rendered This bond is subject to the condition and every holder hereof by accepting the same agrees with the obligor and every subsequent holder hereof that a the delivery of this bond to any shall vest title in this bond and in the interest coupons attached hereto in such to the same extent for all purposes as would the delivery under like circumstances circumstances circumstances cir cir- cir cir- of any negotiable instrument payable to bearer b the obligor and any agent of the obligor may treat th the bearer of this bond as the absolute owner hereof for all purposes purposes purposes pur pur- poses and shall not be affected by any notice to the contrary c the principal of and the interest on this bond shall be paid and this bond and each of the coupons appertaining thereto are transferable free from and without regard to any equities between the obligor and the original or any intermediate hold holder r hereof or any set-offs set or cross-claims cross and d the surrender to the obligor or any agent of the obligor of this bond anc and of each of the coupons shall be a good discharge to the obligor for the same It is hereby certified and warranted that all the requirements requirements requirements require require- ments of law have been fully complied with by the proper officers officers officers of of- of said City in the issue of this bond IN WITNESS WHEREOF Manti City has caused this bond to be signed by its Mayor sealed with its corporate seal attested attested attested attest attest- ed by the City Recorder and the coupons hereto annexed to tobe tobe tobe I be authenticated with the facsimile signature of its City Treasurer Treasurer Treasurer Treas Treas- all as of this n day of 1951 S SEAL EAL Attest Mayor l u. u City Recorder 4 10 To be inserted in bonds numbered 13 to 72 both inclusive maturing on and after June 1st 1957 Form of Coupon No u June On the first day of or December 19 19 unless the bond to Jo which this coupon is attached has been called for prior redemption Manti ManU City in the County of Sanpete and State of Utah will pay to bearer in lawful money of the United Stales States |