Show 17 AN ORDINANCE PROVIDING FOR THE ahe IMPROVING AND ING OF THE EXISTING EIA ELEC 1 SYSTEM or OF PAROWAN CIT TY PROVIDING FOR ISSUANCE AND SALE OF F REVENUE BONDS N D TO THETO DEFRAY PART OF THE COSTS 0 THEREOF PROVIDING THE disposition OF THE INCOME OF THE ENTIRE ELECTRIC syster aY STEIl 1 REPEALING ItE PEALING ALL ordinances OR PARTS ul OF ordinances IN CONFLICT HEREWITH AND FIXING THE TIME THIS ORDINA Nl K R SHALL BECOME EFFECTIVE WHEREAS 1313 by bv ordinance no 15 16 adu adored isil and approved by the cit COU council acil oi parowan Ia rowan city I 1 iron ra a countr 01 tiltY utah on oil the ali ath day of oe november AD 1931 1934 and retorted refon lod and published as required hy by law a special election was ordered to 0 o bo be held in fit said city on oil the ittai dai of december A AD D 1334 1934 tor for tile the purpose ot of submitting to the ailed electors of 0 said city who had paid a property tax therein in the year preceding said election the tha question shall revenue bonds of 0 paro wan city iron county utah I 1 lii the amount ot of twenty thousand dollars payable serially within twenty nine 29 years from the date of issue solely from the net revenues ot of th entire electric system of 0 said ci aty y and bearing interest at a rate not to exceed tour four 1 I 4 per per annum payable semian seian semi se i an dually be issued pursuant to chapter 22 laws of the state 0 utah second special Sess fon 1933 commonly known as th revenue bond act of 1933 tor for the purpose of defraying in part the cost of improving and repairing the existing electric system of 0 Pa parowan roxan city the said net revenues of the entire electric system of said city to be pledged to the payment ot of sald said revenue bonds and WHEREAS said election was duly held and conducted in accordance with the requirements of the constitution and laws ot of the state of 0 utah on said day of 0 december AD 1934 and re returns turris of the result thereof have been mail mad vy oy tile the duly appointed and qualified judges ot of election and the city C council of said city sitting as a board of canvassers on the day ot of december AD 1934 canvassed said re t arna of the judges ot of election and by resolution declared that tes ites had been east cast in favor of issuing electric system bonds in accordance cor dance danco with said proposition and 8 voted had been cast against issuing electric system bonds in ac voidance toi to danco dance with said proposition showing a majority of votes in f vor of issuing electric system bonds in accordance with said proposition ion NOW THEREFORE BE IT AND IT IS HEREBY ORDAINED D by the city county of parowan carowan C city ity utah as follows SECTION ONE that in ill order to improve and repair the existing electric system of said parowan carowan city construction bp undertaken as follows that said parowan carowan city proceed as soon as funds are available to replace approximately lineal feet of wood stave penstock now found in parowan carowan atys electric system with welded steel pipe all pursuant to borrowers application P W A docket no title 11 II ot of the national industrial recovery act and the constitution and statutes of the state of utah and that said parowan carowan city further proceed to do any and all other things necessary to be done to carry out the objects and purposes stated in said application that the estimated coit of such construction is TWENTY FIVE THOUSAND TWENTY SIX AND DOLLARS SECTION TWO that tor for the purpose ot of defraying part ot of the cost of 0 improving and repairing the existing electric system ot of said parowan carowan city as de above parowan carowan city utah does hereby issue electric system improvement revenue bonds in the aggregate principal amount of TWENTY THOUSAND AND NO ITO loo DOLLARS oot to be in denominations and payable as follows twenty nine nin e 29 five hundred dollar bonds to be numbered consecutively from one 1 to twenty nine 23 20 both inclusive the first twenty seven 27 of said bonds being numbered ono one 1 to twenty seven 27 both inclusive to be ilay playable able serially in numerical merical order at the rate ot oi five hundred dollars 00 per year ear on the lat day of october of 0 each and every year beginning with the year and continuing toftum eluding in the vea 1 alyf and it ur ast two of said boldi tl being rin run herad twenty beigh eis ii 03 81 flud aud nine bif to be ply flyable able on the lat day ot of october 1963 ani fifty fire alre 55 bents r ot it one hundred dollath 00 each cach to be numbered consecutively from thirty 30 to eighty tour four 84 both inclusive the first fifty four 54 ot of said bonds being numbered fiam thirty 30 to eighty three sa ssi j both inclusive to be ba payable sei ial ly in numerical order at the rate oi of two hundred dollars p per year on the ast 1st at day of october ot of each and every ear beginning bes luning on the lat day of oc october 1916 t mid nd continuing to and including october lat 1962 and the last onri ona hundred dollar bond being numbered tour 84 to be payable on the lat day ot of oct oley olei ol ey 1963 3 such bonds shall be payable in any coin or currency which on the respective dates of 0 payment thereof is legal tender tor for the payment ot of public and private i debt and shall bear interest from and after the lat day ot of march 1935 at the rate ot of tour four 4 per cent per annum payable semian semi an dually nii ally such interest shall be payable in like money on the lat days ot of march and september of 0 each year and shall be b evidenced by coupons attached to such bonds and such bonds shall mature serially said revenue bonds shall be payable solely irom from the net ie leven venues uia derived irom from the operation ot of the tha entire electric system ot of sa said paro wan city such net le venues shall bo be deemed to be the groi gross is venues revenues f I 1 1 41 ct r F such 13 h electric system after deductions duct ions only for or the cost of operating mid alid inai ta ining the said e c electric system and the expense ot of any betterments or to 10 keep the same in fit good repair and working wor hins order said revenue bonds and the coupons attached thereto shall be pay luo llo at the office ot of the city tre arcas as ure at parowan carowan city iron county utah said bonds shall bear date dale the first day of march AD 1335 ind shall be signed by the mayor if ii said city counter sigred sIgved by the city treasurer and shall have tile the corporate seal of said city affixed hereto attested by the city recorder of said city all coupons attached to said bonds shall bear the he rac signature of the treasur r ol of said city and as thus authenticated said coupons shall he be binding obligations tor for the inter cat evidenced ther eliv SECTION THREE that said revenue bonds and the coupons thereto attached and each ol oi them shall be in substantially ih tolvine tol wine forim forma UNITED ITES SITES S OF AMERICA CA state stalo of utah parowan carowan city coun y 0 iron ELECTRIC SYSTEM IMPROVE VENT REVENUE BONDS nc v T parowan carowan city A munt municipal orp oration iu in the county of iron state tats 1 I 1 atah hereby ages iges s itu indebted and for value lv 1 I promises to pay to fhe he be bearer 1 ter li i or if this bond be re r egeter ieter I fl il to the registered holder lin liniear rear 3 thoi th firt fir t dv div d v of kd D 19 the sum 0 of DOLLARS DOLLAR i and to pay interest thereon at the rate of lour fa 4 ner per annum payable se ni ml annually on oil the first day of an ana e in each year arm lite until anat arity upon surrender of the annexed d coupons as they seila sela rally become due roth principal and interest of this bond are payable in my iny coin or currency which on the respective dates of payment thereat at is legal tender tor for the payment il if public and private debts at the effice of the city treasurer at par owan city iron county utah this pond bond is one of a series of revenue bonds issued by parowan carowan city in ill the aggregate principal amount of twenty thousand 20 dollars tor for the purpose of defraying in part the cost of improving and repairing the existing electric system of parowan carowan city utah by virtue of a majority vote oi 0 the qualified electors of said city voting at a special election as required by articles XIV section 3 of the constitution of the state of utah duly called and held on thy the day of december AD 1934 and by virtue of ordinance no IS 15 of the city council of said city duly passed on the ath day of november AD 1934 and pursuant to tho constitution and laws of the state of utah including section I 1 15 5 78 7 8 revised ites 1933 and chapter 22 laws of 1933 second special session commonly known know as the revenue bond act of 1933 As required by section 3 of tho the said revenue bond act of 1933 it is hereby stated that this bond is issued under the provisions thereof and that it does not constitute an indebtedness ednes of said city within any state constitutional provision or statutory limitation this bond is payable as to both principal and interest solely front from the net revenues of the entire electric system ot of said parowan carowan city aid net revenues being defined by id rl ordinance rice no 15 at as the gross ro revenues venues of 0 such system after chions only tor for the cost ot of oper biting and maintaining the said system and the expense ot of any betterments or replacements to keep the bamo in good repair and working order and as security lor for such payment said net revenues are pledged by said ordinance in an amount sufficient to the payment ot of the interest ints rest upon and principal of the issue of 0 bonds of 0 which this is one and to the creation ot of a pond ond and interest sinking fund the thereto theredo refo it Is hereby covenanted and a greed that the city will charge easo nabla electric rates adequate to produce revenues from said electric system sufficient to pay operation and maintenance expenses ot of said system and the interest on oil and the principal ot of this bond as and when the same become due and namable nay able it is hereby further coven anted and agreed that rates adequate to provide revenues sufficient clent or such purposes will be maintain d at all times until this bond and the he coupons hereunto attached are fully paid and discharged provided that such rates shall not be in icess of a reasonable reao rate tor for the service rendered this bond la is subject to the condition and every holder hereof by accepting the same agrees with the obligor and every subsequent holder that a the delivery ot of th this is dond bond to any transferee it if not re res istel ed or i t the last registered transfer bo be to bearer shall vest title in this bond and the interest ep resented thereby y in such transferee to the same extent tor for all purposes poses a as would the delivery deliver under 0 circumstances ot of any negotiable instrument payable to bearer b the obligor and any a agent ot f the obligor may treat the be bearer ot his pond or it if it be registered ii if I i the name of 0 a holder the regi registered steed holder of 0 this bond as the absolute owner hereof for or all purposes aal and shall not be affected by any i B i tile the contrary c the of and the interest on this end bond will be paid and this bond and each ot of the coupons appertaining transferable tree free from thereto hereto are and without regard to equities set afi and cross claims between the dobli obligor igor and the original or a any ny intermediate ter mediate holler holde r hereof d to the he 01 obligor itkor or any agent of the obil obligor igor of this do hond d ard ad uz u each of tile the COUP coupons ons it if not eed e ed or it the last registered egister ed transfer be to bearer or the receipt ot of the registered holder for or the princ lital hereof and interest hereon herein c it tills this bond be registered in the tha namo name ot of a holder shall be a good harge barge to the obligor ot of the same recited recite d and certified it is hereby declared that all things essential to I 1 tho the validity of this pond nond exist have I 1 bapp happened elied and havo have been bean done and i that thai every ot of law affecting the issuance has been duly complied compiled with 1 lis is vi paro parn wan city has caused this bond to 0 o bo I 1 signed by its mayor counter liick lii cd by its treasurer and its corporate seal to be hereto affixed attested by its city recorder and has I 1 also caused the annexed coupons to be authenticated by the facsimile signature of said treasurer and 1 iq i ind to be dated as of the first day of A D mayor of parowan carowan city ATTEST city recorder rOUN SIGN IM city treasurer FOR OP OF COUPON no on t the he first day of 0 AD 19 carowan parowan Paro wati city a municipal corporation in the county of iron state stale ot of utah will pay to tile the bearer hereof at the office or of the city treasurer dollars in any coln coin or r which on the dato date of payment hereof Is legal tender for the payment of public and private debts being six fi 6 months interest et in its eli taic system mena bond no 1 batee I 1 AD this coupon is issued binder under and pursuant to the constitution and laws of the state of utah including section 1578 15 7 8 revised statutes 1933 and chapter 22 laws of 1933 second special session and as requited by section 3 of said chapter 22 it Is 13 hereby stated that this coupon is issued under the provisions elsio a thereof and that it does not constitute an ail indebtedness of 0 the said city within any state constitutional tut ional provisions or statutory limitations mitat ions the interest represented by this coupon shall be payable solely from tile the net revenues ot of the entire electric system ot or parowan city facsimile signature ot of city treasurer back of 0 bond NOTICE NOTHING TO BE WRITTEN HEREON EXCEPT BY CITY RECORDER tills this bond may be registered as to principal only in the name 0 of the holder hereof on the books ot of the city recorder ot of parowan carowan city utah at which time registration shall be noted delow below by said city recorder upon its presentation by such registered holder his legal representative or signs assigns together with proper proof of identity power of attorney or assignment as the caso case may be said city recorder it so requested shall register it in the name ot of another holder or to bearc after registration to bearer this bond shall be transferable by ds li cilery ivery lery but it may again be registered as before the registration ot of this his bond AT a to principal shall not affect the negotiability of tile the coupons coue cone which shall continue e 14 to 0 bo be transfer ablo by delivery the within bond has been registered ere a follows date of in whose signature regis name re of city tra tr atlon tion glat ered recorder SECTION FOUR that ahat there I 1 Is hereby created creata a racial tun fun u d to be known as the electric system income fund of 0 P browan Tr rowan owan city herein called the electric income fund into which shall be paid from rom and after date 0 of the sale or 0 the bonds herein to be issued all income derived from the operation oper atlon of 0 the entire electric system ot of said baia cit city yi As long as any ot of the principal 0 ot or interest on any 0 ot I 1 the bonds herein issued is outstanding the BI EI lecarie income fund shall be administered as herein provided be toie role any ot of tile the monies in such fund Is used for any other purpose in any month there shall be paid 1 into a separate account to be known M the electric system operation and maintenance fund of 0 parowan carowan city herein called tho the electric 0 Oner ne atlon ration and maintenance fund an amount sufficient to pay all reasonable expenses of 0 operation and maintenance to nance ot of the electric system tor for |