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Show Town of Bingham Canyon Ordinance No. 72 The Board of Trustees of the Town of Bingham Canyon, County of Salt Lake, State of Utah, met in regular session at the town hall, being the regular meeting place of said board on Wednesday, the 13th day of May, A. D. 11)25, at the hour of eight o'clock P. M., due, regular and timely notice of said meeting having been given to all members as .required by law and the rules and ordinances of said town. On roll call, the following members mem-bers were present; President, Dr. F. E. Straup. Trustee, C. L. Countryman. Trustee, Dan Fitzgerald. Trustee, A. J. Sorenson. Trustee, R. H. Kenner, absent. Also present, F. W. Quinn, Town Clerk. Trustee, Dan Fitzgerald introduced the following ordinance: AN ORDINANCE PROVIDING FOR THE ISSUE AND SALE OF REFUNDING RE-FUNDING BONDS OF THE TOWN OF BINGHAM CANYON, COUNTY OF SALT LAKE, STATE OF UTAH, IN THE SUM OF TWELVE THOUSAND DOLLARS ($12,000) FOR THE PURPOSE OF REDEEMING AN EQUAL AMOUNT OF OUTSTANDING WATER BONDS OF SAID TOWN, PROSCRIBING THE FORM OF SAID REFUNDING WATER . BONDS, PROVIDING TAX LEVIES TO PAY THE SAME, PROVIDING FOR THE SALE THEREOF AND DECLARING DECLAR-ING AN EMERGENCY. WHEREAS, in full conformity with the Constitution and Laws of the State of Utah, and the rules and ordinances or-dinances of the Town of Bingham Canyon, in the County of Salt Lake, State of Utah, the said town did issue is-sue and sell its negotiable coupon bonds as follows; $15,000 Water Bonds, dated December Dec-ember 31, 1913, due January 1, 1924, and subject to redemption any time after the .date of issue upon payment of the principal of the bonds and interest in-terest then accrued, bearing interest at the rate of six per cent per annum, an-num, in denominations of $1,000 each, numbered one (1) to fifteen (15), inclusive. " AND WHEREAS, bonds of said issue in the amount of $3,000 being bonds Nos. One, Two, and Three, have heretofore been redeemed, paid and cancelled by said town, leaving hoods Nos. Four to Fifteen inclusive, aggregating ag-gregating $12,000 outstanding, and WHEREAS, said bonds became due and payable on the first day of an-uary, an-uary, A. D. 1924, and there were no funds' available at that time with which to pay said bonds and arrangements arrange-ments were made with the holders thereof to extend said ' bonds until January 1, 1925, and the regular semi-annual installments of interest thereon have been paid promptly when due, and WHEREAS, there are no funds in the town treasury with which to pay said bonds or any of them, it is deemed deem-ed expedient and necessary by this board at this time and for the best interests of said town that new bonds be issued in place of said outstanding bonds on the first day of June, 1925. NOW, THEREFORE, BE IT ORDAINED, OR-DAINED, by the Board of Town (Continued on Page Seven) ORf NCE-- (Continued) TrjpWBf the Town of Bingham Canyon, Utah. Section 1. That for the purpose of refunding $12,000 Water Bonds dat-d dat-d December 31, 1913, due January 1, 1924, and subject to redemption any time after date of issue upon payment pay-ment of the principal of the bonds and interest then accrued, bearing interest at the rate of six per cent per annum, In .denominations of $ 1,000 each, numbered num-bered from Four (4) to Fifteen (15), Inclusive, there shall be issued in place thereof, bonds of said town in the amount of $12,000, to be dated ' June 1, 1925, bearing interest at the rate of five and one half (5V4) per centum per annum, interest payable semi-annually on December first and - June first of each year, both interest ' and principal being payable at the Banking House of Kidder, Peabody & Company In the City of New York, J in gold coin of the United States, of 'i or equal to the present standard of I weight and fineness, in denominations v of $1,000 each, numbered and payable I as follows: . I Bond No. 1, payable June 1, 1931. ; Bonds Nos. 2 and 3, payable June 1, 1932. Bonds Nos. 4 and 5 payable June 1, 1933. -i Bonds Nos. 6 and 7, payable June ' 1, 1934. v Bonds Nos. 8 and 9, payable June ' 1, 1935. Bonds Nos. 10 and 11, payable June 1, 1936. Bond No. 12 payable June 1, 1937. : Said bonds shall be in coupon form and signed by the President of Town Trustees, and attested by the Town Clerk and sealed with the corporate seal of said town, and the Town Clerk 4 shall endorse on each of said bonds, ' f the certificate required by Section J 466, Compiled Laws of Utah, 1917. Said bonds shall have attached thereto, there-to, coupons representing the semi-annual instalments of interest on the 1 bonds to which they are attached, and , evidencing and securing the payment .' of the interest on said bonds as it falls due. Said coupons shall bear 1 the fac-simile signature of the Pres- ident and the Town Clerk. . - Section 2. That the said bonds and .. ' coupons hereby authorized and the said certificate shall be in substan- tially the following forms, respective-v respective-v ly, to-wit: this bond to be signed by the President Presi-dent of its Town Board of Trustees and its corporate seal to be hereunto affixed, attested by its Town Clerk and the annexed coupons to bear the fac-simile signature of the Town Treasurer, as of the first day of June, A. D. 1925. DR. F. E. STRAUP, President of the Board of Trustees, Bingham Canyon, Can-yon, Utah. ATTEST: F. W. QUINN, Town Clerk, Bingham Canyon, Utah. (SEAL) To each of said bonds shall be attached at-tached a coupon for each instalment of interest contemplated by said bond, which said coupons shall be numbered number-ed consecutively, beginning with No. 1, with the several dates of payment and number of bond and shall bear the facsimile signature of the Town Treasurer; said coupons and each of them (except as to date of payment) shall be in substantially the following follow-ing form, to-wit: (Coupon) No. 1 $27.50 June On the first day of December, 1925, the Town of Bingham Canyon, Salt Lake County, Utah, will pay to the bearer hereof at the Banking House of Kidder, Peabody & Company in New York City, N. Y., the sum of Twenty Seven and 60-100 Dollars, ($27.50) in lawful money of the United Uni-ted States of America, being six months' interest then due, on its Refunding Re-funding Water Bond, Series B of June 1, 1925. (facsimile Signature) Bond No. Town Treasurer. There shall be endorsed on each of said bonds the following: (Town Clerk's Certificate) "I hereby certify that this bond is within the lawful debt limit of the Town of Bingham Canyon, Utah, and is issued according to law. F. W. QUINN Town Clerk." All the covenants, statements, representations rep-resentations and agreements contained contain-ed in said bonds and coupons and all recitals and representations of this ordinance, are hereby considered and understood and it is hereby ordained and declared that said covenants and prdmises herein are the covenants and promises of said Town of Bingham Canyon and that the representations also be included in the annual appropriation appro-priation bills passed by the Board f Trustees of said town of Bingham Canyon, in each year respectively. Section 3. Said bonds and each of them shall he signed by the President of the Town Board of Trustees and attested by the Town Clerk and the coupons attached to said bonds shall be signed by the facsimile signature of the Town Treasurer. The President Presi-dent of the Town Board of Trustees is hereby authorized and directed to sign, and the Town Clerk to attest and affix the seal to each of said bonds and the acts of said President and Town Clerk in so doing are and shall be the act and deed of the Town of Bingham Cnnyon. Section 4. Said bonds shall be issued is-sued in place of the bonds to be refunded re-funded in such a way that the debt of the Town of Bingham Canyon is not increased thru the issuance of these bonds. Section 6. Whereas, tlie Central Trust Company of Salt Lake City, Utah, has offered to purchase said bonds at par and accrued interest, which offer is the best and most advantageous ad-vantageous received by said Board and it is deemed for the best interests inter-ests of the town that said offer be accepted, NOW, THEREFORE, BE IT FURTHER FUR-THER ORDAINED that the offer of said Central Trust Company is hereby here-by accepted and that said bonds are sold to the Central Trust Cdmpany. The Town Treasurer is hereby empowered em-powered and instructed to deliver said bonds to the Central Trust Company upon receipt of the purchase price therefor. Section 6. 'fiat all ordinances and resolutions or parts of ordinances and resolutions in conflict with the provisions pro-visions hereof, be and the same are hereby repealed and after said bonds are issued, this ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid, satisfied and discharged discharg-ed as herein provided. Section 7. In the opinion of the Town Board of Trustees of Bingham Canyon, is is necessary to the peace, health and safety of said town that this ordinance become operative immediately. im-mediately. Section 8. NOW, THEREFORE, BE IT ORDAINED that an emergency is hereby declared and this ordinance shall take effect and be in force upon the day of its passage, approval and publication. PASSED By the Board of Town Trustees of the Town of Bingham Canyon, Salt Lake County, Utah, and approved this 13th day of May, 1925. DR. F. E. STRAUP, President, Board of Trustees, Bingham Canyon, Utah. ATTEST: F. W. QUINN, Town Clerk, Bingham Canyon, Utah. (Seal) After due consikleraribn of saidi ordinance, the adoption thereof was seconded by Trustee A. J. Sorenson and the same on being put to a vote, was unanimously carried by the affirmative af-firmative vote of all Trustees present, pres-ent, the vote being as follows: President Dr. F. E. Straup, "Aye" Trustee C. L. Countryman, "Aye." Trustee Dan Fitzgerald, "Aye" Trustee A. J. Sorenson "Aye" Trustee R. H. Kenner, absent, not voting. DR. F. E. STRAUP, President, Board of Trustees, Bingham Canyon, Utah. ATTEST: F. W. QUINN, Town Clerk, Bingham Canyon, Utah. , UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SALT LAKE 5 TOWN OF BINGHAM CANYON REFUNDING WATER BOND i No. 1 $1,000. SERIES B of June 1, 1925 5 ,! The Town of Bingham Canyon, in y the county of Salt Lake and State of Utah, for value received acknowledges j itself to be indebted and hereby prom- ises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS I ($1,000) in gold coin of the United States of America of or equal to the present ; standard of weight and fineness on t the first day of June, A. D. 1931, with interest thereon from date until paid k at the rate of Five and one-half I (5) per centum per annum, pay-,f pay-,f able in like gold coin semi-annually I on the first day of June and the first day of December in each year, upon , ; presentation and surrender of the an-i an-i nexed coupons as they severally ma-I ma-I ture. Both principal and interest are f- payable at the Banking House of Kid- der, Peabody & Company in the City of New York, U. S. A. 1 This bond is issued for the purpose of refunding legal and valid out-j t standing bonded indebtedness of said ' town and is one of a series of twelve r (12) bonds of like date and amount, t, numbered frftn one (1) to twelve (12) f both inclusive, and known as "Town of Bingham Canyon, Refunding Wat-' '. er Bonds, Series B of June 1, 1925, j in the aggregate amount of Twelve , Thousand Dollars ($12,000.00) issued ; under and pursuant to the provisions t of the Constitution and Laws of the 1 State of Utah. The Board of Town Trustees of the town of Bingham Canyon shall an- : nually levy a sufficient tax to pay ,1 the interest on this bond as it falls : due and also to constitute a sinking ; fund fpr the payment of the principal i thereof as the same falls due. I . It is hereby certified, recited and declared that all conditions, acts, and things essential to the validity of this bond exist, have happened and have been done and that every requirement of law affecting the issue thereof has been duly complied with, and that this bond is within every debt and other limit prescribed by. the Constitution f and Laws of said State, and that the full faith and credit of said Town of Bingham Canyon are hereby irrevocably irrevoc-ably pledged to the punctual payment of the principal and interest of this bond according to its terms. ; IN WITNESS WHEREOF, the town of Bingham Canyon has caused i : ' and statements therein are the covenants cov-enants and promises of said Town of Bingham Canyon and that the representations and statements therein there-in are the representations and statements state-ments of said town. And it is further stated and represented that the town of Bingham Canyon is a municipal corporation and a town under the Constitution and Laws of the State of Utah. The interest falling due on said bonds on the first day of December, 1925, shall be paid out of the general fund of said town and for the purpose pur-pose of reimbursing said general fund for said instalment of interest, and to meet the interest falling due on said bonds on the first day of June, 1926, and December 1, 1926, there shall be levied in the year 1925, on all taxable property within said town, in addition to all other taxes, a direct annual tax sufficient to produce the sum of $990.00, and to meet the interest in-terest falling due on said bonds annually an-nually thereafter and for the purpose of paying the principal thereof at maturity, there shall be levied on all taxable property in said town, in addition ad-dition to all other taxes, a direct annual tax sufficient to produce the sums as follows: Year Interest Principal Total 1926 $660.00 $660.00 1927 660.00 660.00 1928 660.00 660.00 1929 660.00 660.00 1930 632.50 $1,000 1,632.60 1931 -550.00 2,000 2,550.00 1932 440.00 2,000 2,440.00 1933 330.00 2,000 2,330.00 1934 C20.0O 2,000 2,220.00 1935 110.00 2,000 2.11CV00 1936 27.50 1,000 1,027.50 Said taxes, when collected, shall be applied solely for the purpose of paying pay-ing the interest and principal of said bonds respectively and for no other purpose whatever until the indebtedness indebted-ness so contracted under this ordinance, ordi-nance, principal and interest, shall have been fully paid, satisfied and discharged, but nothing herein contained con-tained shall be so construed as to prevent pre-vent said town froim. applying any other funds that may be in the treasury treas-ury and available for the purpose to the payment of said interest or principal, prin-cipal, as the same respectively mature, ma-ture, and the levy or levies herein provided for may thereupon to that extent be diminished, and the sums hereinbefore provided for to meet the interest on said bonds and . to discharge dis-charge the principal when due, are hereby appropriated for that purpose, and Baid amount for each year shall |