Show ORDINANCE IS 10 AN ORDINANCE PROVIDING FOR THE ll 11 IMPROVING AND REPAIRING OF THE EXISTING WATER WORKS SYSTEM OF PAROWAN CITY PROVIDING FOR R 1 I LL HE IS AND SALE OF TlE BONDS TO DEFRAY PART 0 01 THE COSTS THEREOF THE disposition 1 01 I THE INCO INCOME IE OF TUB TIIE ns waterworks WATER WORKS SYSTEM lit JU PEALING ALL ALI ORDINANCE I 1 23 OR 04 PARTS OF ordinances S liv li COM COIN AND 1 THE TIME THIS SHALL BECOME WHEREAS by ordinance N no 1 adopted and approved approve d by tile cil at council or of carowan parowan Paro ar lt lion county utah on tuo the gill day 0 november A D 19 11 II and ictor ed cd and pl p as ly law a special election was waa order tl to be held in said citron the I 1 day ot of december A 1 D I 1 tile the purpose ut of submitting it tn 1111 til qualified electors of 0 said city 17 v I 1 had paid a 9 prot etty erty lax in x therein iu in the year preceding said elfA liall tha following question shall revenue bonds or of pa wan city iron county utah li the amount of 0 tinny eight thousand dollars serially within t twenty enty nine pitr le 29 years from the date ot of issue issi 11 si sai ly from the net revenues ot of ill entire waterworks water works system of eal sau city and bearing interest at a rate not to exceed four 4 pe pa per annum payable sera annually bo be issued pursuant I 1 1 chapter 22 laws ot of the stat ci cf utah special Ses lul 1933 commonly known js as ty tt revenue bond act ot of 1933 c the purpose ot of defraying in P pari lr the cost ot at improving and ing the existing waterworks water works tern tem ot of parowan carowan city the sali sal I net revenues ot of the entire vati natel works system 0 of said city to 0 IN hedged edged to the he aymen ot of sai eli bonds and WHEREAS WHERE ASsaid said election was duly held and conducted oi ducted tit in accor ance with the requirements ot of constitution constipation and laws ot of the th salt said day of 0 december of 0 utah on A D 1934 and returns 11 the result thereof have been mad by the duly appointed and qua qualities qu alltis litie I 1 judges ot of the election and I 1 WHEREAS the city council oi 01 said city sitting as a board ot of canvassers on the day ot of december A D 1934 canvassed said rt lt l t turns ot of the judges ot of e lection election allu aim by resolution declared that 12 votes had been cast in tavor favor ot of issuing waterworks water works bonds in accorn ance with said pro proposition posit on an and d U 9 votes had been cast against JS issuing uin waterworks water works bonds in accordance with said proposition showing allowing majority ot of votes in ill tavor favor ot or is suing waterworks water works bonds in accord ance with said proposition NOW THEREFORE BE IT AND IT IS HEREBY ORDAINED ORDAIN ED by tha th city council ot of parowan carowan city atall as follows SECTION ONE that in order 0 0 improve and repair the exi existing stint waterworks water works system ot of said parowan carowan city construction I 1 be undertaken as follows fol lows thal tha said parowan carowan city proceed as soon seal as funds are available to drill two additional wells and to construct a gallon concrete reser voi and a supply sup p ly main to the new belh and further furth er proceed to replace thi existing wood stave pipe in the trib ution system ot at parowan carowan city cites waterworks water works system with cast iron pipe all pursuant to parowan carowan city u application P W A docket no title 11 II ot at the national Rs ra covery act and the Constitution and statutes ot of the state ot of utah and that said parowan carowan city further pro aeed to do any and all other things necessary to be done to carry ou the objects and purposes stated in III said application that the estimated estin cost ot of such construction Is FORTY SEVEN THOUSAND EIGHT HUNDRED FIVE AND LOL LARb SECTION TWO that tor for the purpose 0 of defray ing part ot of the cost ot of improving and repairing the existing gatei works system ot of said parowan carowan city as described above parowan carowan city utah does hereby issue water works improvement revenue bondi in the aggregate principal amount of THIRTY EIGHT THO liSAND AND DOLLARS to be in n denominations as follows r twenty seven 27 one thousand dollar bonds to be numbered consecutively arora one 1 to twenty seven 27 both boll i inclusive to be payable serially I 1 numerical order at the rate of 0 one thousand dollars per pel year on oh the 1st ast day ol of octol er ol 01 cach ach and every year beginning with the year 1937 and continuing to tj and including the year 1963 find and on ont hundred ten auids oi of I 1 one hundred dollars 00 each to be numbered consecutively from twenty eight 28 to one hundred thirty seven both inclusive and payable as follows tol lowB the first two 2 of said bondi boi ili being numbered twenty fright eight 28 and twenty nine 29 to be payable october alst 1st 1936 and the last one hundred eight ot of gaia bonds being numbered thirty 30 to one hundred thirty seven both inclusive to be payable serially ita in numerical order at the rate ot at four hundred dollars per der year on the day ot of october ol of each and every year beginning october lat 1937 and continuing to and including the year such bonds shall be payable in any nojir iiii or currency which on the jve ive dates ot of payment thereof ii 41 i i legal tender tor for the payment ol of public and private debts and shall bea interest from and after the day of 0 march 1935 at the rate at 0 lour four 4 per der cent per annum paya payable semiannually semi annually such interest shall be payable in like money on oil theist the abt days ot of march and S september apte be r a ot each year and shall b be c e evidence degeld by coupons coupons attached to such bonds and such bonds shall mature serially said revenue bonds shall be pay able solely from the net revenue 3 derived irom from the operation of 0 the entire water waterworks works system of 0 said parowan carowan city such net reve nusa shall bo be deemed defined to be the gross gros venues ot of such waterworks water works sy system stein j after deductions only tor for the cost a ol 01 operating and maintaining the sa said ld system and tile the expense pense of any betterments or replacements to keep the sanio same in good repair ond and Nor klim oi der said revenue ponds bonds and the coupons attached thereto shall be pay ol 01 all at the office of the city treas inc at parowan carowan city iton iron county utah itah said sad bonds shall bear data dao the llast ilist hy day of 0 march A U D 1935 and na hall diall bo signed by the hie M KB or ct cf aid id city by t tho 11 0 city and shall have the cor car seal mal cf said city affixed therelo attested by the city reorder or of said city all coupons at alicd to lo said bonds shall bear tile the 1 lile signature ot of tile the treasur 1 cr cl ot 0 said city and as thus thui acthen Ica located ted said coupons shall be bind nt ol 01 ligat lons tor for tho interest evidenced ther theraby by sl TIO 11 THREE that sald said revenue bonds and the hie coupons thereto attached and enoh each 0 them shall be ba in substantially trally me ile following form UNITED STATES OF AMERICA state ot of utah parowan carowan city county t oi iron waterworks WATER WORKS SYSTEM REVENUE BONI BOND carowan parowan rowan city a municipal corporation in the county ot of iron state of utah beitey acknowledges itself indebted and for or value received promises to pay to the bearer hereof a or it if this bond be regi registered to the registered holder hereof on the first day ot of A D 19 the sum of 0 DOLLARS DOLLA RS and to pay ilay interest thereon at the rate of four 4 par per annum payable se ml ini annually on the first days of and in n each year from date until maturity upon surrender of the annexed coupons as they severally become due both principal and interest of this bond are payable in any coin or 0 currency which on oil the respective dates oy ot payment thereof is leal gal tender for the payment of public and private debts at the office ot the city treasurer at parowan carowan city iron county utah this bond Is one ot of a series ot of revenue evenue bonds issued by parowan carowan city in the aggregate principal amount ot of thirty eight thousand dollars tor for the purpose of defraying in part the cost of improving and repairing the existing waterworks water works system of 0 paro wan city utah by virtue ot of a majority vote ot of the qualified electors 0 said city voting at a special election as required by articles XIV section 3 ot of the constitution of the state of utah duly called and held on the day of december ber A D 1934 and by virtue ot of ordinance no 15 ot of the city council ot of said city duly passed on the ath day of 0 november A D 1934 and pursuant to the constitution and nd laws ot at the state of utah including iding section 1578 15 7 8 revised statutes 1933 and chapter 22 laws of 1933 second spatial session commonly known as the revenue floiad act of 1933 As requited by section 3 ot of the said revenue bond act of 1933 it Is hereby stated that this bond is issued under the provisions sons thereof and that it does not institute an indebtedness of said city within any state constitutional provision or statutory limitation this bond is payable as to both principal and interest solely from the net revenues of 0 the entire wat system ot at said parowan carowan city said net revenues being defined by said ordinance no 15 as the kross gross revenues of 0 such system after deductions only tor for the cost of op crating and maintaining the system and band the expense ol at any betterments or cr replacements to keep the same in good repair and working order and as security tor for such payment said anet net revenues are pledged by said ordinance in an amount sufficient to the payment of the in detest upon and princ principal pal of the issue ot of bonds of 0 which this Is one I 1 and to the creation of a bond and interest sinking fund I 1 it is hereby covenanted and agreed that tho the city will charge reasonable water rates adequate to produce revenues from said water works system sufficient to pay op and a 0 said system and the interest on and the principal of this bond as and when the same become due and payable it Is hereby further covert caven anted and agreed that rates adequate to provide revenues sufficient lor such purposes will be maintained at all times until this bond and the coupons hereunto attached are tully fully paid and discharged provided that such rates shall not be in excess ol of a reasonable rate lor for the service rendered I 1 this pond bond Is subject to thi tha can condition and every holder hereof by excepting the same agrees with the obligor and every subsequent holder that a the delivery of 0 this thi 1 lond and to any transferee it not registered ered or it the last re estt r transfer be to bester bearer shall vest title in ill this bond and the interest represented represent ec thereby in such transferee to the same extent for or all purposes poses as would the delivery under like circumstances ot of any negotiable instrument payable to beardi b the obligor and any agent of t the he obligor may treat the bearer of this pond hond or it if it be registered in tho the name or of a holder the registered holder of 0 this bond as the absolute owner hereof tor for all purposes and not be affected by any notice to the contrary c the principal a 0 and tho interest on this bond will to paid and this bond prid baell ot of the coupons appertaining thereto are transferable tree free from roin and iNith without out regard to equities act otts offs and cross claims between the obil ob il 1 gor and the original or any inter holder hereof he d the render to the ahe obligor or any igent I 1 c tf f the r ot at this bond annlot tit 1 of ach ot of tho the coupons it if not registered or if 1 the last registered transfer ansler tr bo be to bearer or the rec receipt ettli boz 0 the registered holder for or the principal hereof and lu interest terest hereon it this bond be registered in the name lame of 0 a holder older li shall be a good discharge to io the obligor ot of the baic earner it Is hereby certified recited and declared that all things essential to tho the gallity ot of tills this rond bond exist have happened ancl have boon been done and that every requirement of la law affecting the issuance hereof has been bee duly compiled with IN WITNESS WHEREOF paro wan cuy city has caused this bond to be signed by its mayor AIA counter signed uy by its treasurer and its corporate beal to be hereto affixed attested by its city recorder and has also caused the annexed coupons to to authenticated by tile the facsimile sign signa almo tulo of said treasurer and this dond bond to be dated batea as of 0 the first day of A D mayor of parowan carowan city SEAL city Re corde countersigned COUNTER SIGNED city treasurer FORM OF COUPON N NC 0 on the first lay day a 0 AD 19 parowan carowan city a mun alun corporation tit in the county of 01 iron state of utah will pay to the hereof at the office of the city treasurer t Dol dollars larL in any coin or currency which on oil the date of payment hereof is legal tender for the payment of 0 public and private vatz debts being six G months interest on its waterworks Water works system improvement pro revenue bond no dated datert AU AD thir thin coupon Is issued under tinder and pursuant to the constitution and laws of the state slate of utah including section 1578 15 7 8 revised statutes 1933 and chapter 22 laws law of 1933 second special session and a as s required by section 3 of said chapter 22 it is hereby stated state that this coupon is issued under the iio ill a visions thereof and that it does riot pot constitute an indebtedness of the said city within any state constitutional tut ional provisions or statutory limitations the interest represented by this coupon coupon shall be payable solely from the net revenues of the entire waterworks water works system of parowan carowan city facsimile signature of city cily I 1 treasure BACK OF POND BOND NOTICE NOTHING TO BE WRITTEN HERE ON EXCEPT BY CITY RECORDER i this land may be registered as to principal only in the name of the holder hereof on the books of tho the city recorder of parowan carowan city utah at which time such 1 tion shall be noted below by said city recorder upon its presenta tion by such registered holder ills legal representative or assigns together with proper proof of identity power of attorney or assign ment as the case may be said city i recorder if so ye requested quested shall register it in the name of another holder bolder or to bearer after registration to bearer this bond shall be transferable by delivery but it may be registered as before the registration of this bond as to principal shall not affect the negotiability of the coupons which shall continue to be transferable by delivery the within bond has been registered as follows date data of in III whose signs signature t ure regis name re of city gist ered recorder records r SECTION FOUR that there is hereby created a special fund to be known as the waterworks Water works system income fund of parowan carowan city herein called the waterworks Water works income fund into which shall be paid from ana and after the date of the sale of the bones herein authorized to be issued at all I 1 income derived from the operation or 6 the entire Warter works system a 0 said city As long as any of the principal of or interest on any of i the londs lands herein issued is outstanding the waterworks Water works income fund shall be b administered is as herein pro elded lefore before any of at the monies in such fund Is used for any other pur pose tit in any month there shall bs ba paid ki i into a separate account to be known as the waterworks Water works system operation and maintenance lurd lund l und of parowan |