Show ORDINANCE NO 19 AN ORDINANCE PROVIDING FOR THE IMPROVING AND REPAIRING OF THE EXISTING SYSTEM OF PAROWAN CITY PROVIDING TOR foft ISSUANCE AND SALE OF REVENUE BONDS TO DEFRAY PART OF THE COSTS THEREOF PROVIDING FOR THE disposition OF THE INCOME OF THE ENTIRE ELECTRIC SYSTEM REPEALING ORDINANCE NO 17 AND ALL OTHER ordinances ORDINANCE OR PARTS OF ordinances cus IN 4 CONFLICT HEREWITH AND FIXING THE TIME THIS ORDINANCE SHALL BECOME EFFECTIVE N fEREA 3 by ordinance no 15 and approved liy by th 3 git cil cou council icci or 0 carowan Ia rowan city iron county utah on oil the ath day ot of november AD 1334 1934 and recorded slid and published as required by law a special election was ordered to be held in said city on tile day ot of december AD 1934 tor for tile the purpose of 0 submitting to til the ie quail tied electors of said city who had paid a property tax therein in the year preceding said election tha following follow inc question shall revenue bonds of 0 paro pare wan city iron county utah in the amount of 0 twenty thousand dollars payable serially within twenty nine 29 years from the date ot of issue solen salen rom the net revenues ot of the tha entire electric system ot of said city and bearing interest a at t a rate not to exceed lour four 4 per per annum payable semian semi an dually be issued pursuant to chapter 22 laws of the state 01 ol 01 utah second special session 1933 commonly known as the revenue bond act of 1933 tor for the purpose of defraying in part the cost of improving and repairing the existing electric system of parowan carowan city the said raid net revenues of the entire electric system of said city to be pledged to the payment of 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 ol of utah on said day ot of december AD 1934 and returns ot of the result thereof have been made oy dy the duly appointed and qualified judges of 0 election and WHEREAS the city council ot of said city sitting as a board ot of canvassers on the day ot of december AD 1934 canvassed said returns of 0 the judges ot of election and by resolution declared that votes had been cast in favor of issuing electric system bonds in accordance cor dance with said proposition and 8 votes had been cast against issuing electric system bonds in accordance cor dance with said proposition showing a majority ot of votes in favor of issuing electric system bonds in accordance with said proposition ion NOW THEREFORE BE IT AND IT IS HEREBY ORDAINED by the city council ot of parowan carowan city utah as follows SECTION ONE that in order to improve and repair the existing electric system ol of said city parowan carowan city hereby undertakes der takes the following construction the replacement of the existing wood stave pipe with welded steel pipe and all other work incident to said construction the estimated cost ot of such construction st is SECTION TWO that for the purpose of defraying part of the cost of imp improving eving and repairing said system parowan city does issue electric estem im movement rio revenue bonds in the aggregate principal amount of twenty thousand dollars to be numbered consecutively from 1 to 84 both inclusive and to bo payable serially at the rate of 0 seven hundred dollars a year from the year 1936 to the ear 1962 both inclusive and the sum of eleven hundred 1100 collars Lol lars in the year 1963 the bond numbered 1 4 7 10 13 16 13 19 22 25 28 31 34 37 40 43 ari 49 52 55 58 GI 61 M 64 67 70 73 76 79 82 ant an 83 to be of tha denomination of five hundred dollars and the iema remainder inder of uch 9 I ands to bo be or of tho the denomination ct ono one hundred dollars suu bonds shall be payable in any coin or currency which on the respect ive dates of laymet thereof is ia legal tender tor for the payment of public and private debts shall bear interest from and after the first day of 0 october A D 1934 at the rate of tour four 4 per per annum payable aimi ml annually such euch inter it shall be payable in like mona ou on the first days ot of aaril and october in each year and shall be evidenced by coupons attached t f sald said bonds and such bonds shall mature serially the bonds numbered 1 2 and 3 or on october 1 1 and the remainder of such bonds in numerical order until and include ing october 1 I 1963 said revenue bonds shall be payable solely from rom the net i derived from the operation ot of ohp entire electric system of said paro wan city such net revenues shall bo deemed to be the gross revenues ot of such electric system after de dictions duct ions only tor for the cost of oper abing and maintaining the said e electric system and the expense ol of any betterments or replace keet keep the same in good repair and working order said revenue bonds and the coupons attached thereto shall be payable at the office of the city treasurer at parowan carowan city iron county utah said bonds bondi shall bear date tho the day ot of october A D 1331 and shall be signed by the th mayor of 0 said city countersigned counter signed by the city treasurer and shall have the corporate seal ot of sald faid city affixed thereto attested by the city recorder ot of said city all coupons attached to said bonds shall bear the facsimile acal nillo signature ot of the treasurer of 0 said city and as thus authenticated said coupons shall be binding obligations for or the interest evidenced thereby SECTION THREE that said 11 revenue evenue bonds and the coupons thereto attached and each lot 0 o them shall be in substantially tho the following form UNITED STATES OF AMER AMERICA ICA ite slate ot of utah parowan carowan city county c lion ELECTRIC SYSTEM IMPROVE avent REVENUE BONDS kc N parowan carowan city A municipal corporation in tile the county of iron state Stat or of utah hereby bees it 1 tt 41 indebted and tor for value receive 1 promises to pay bearer 1 bercoe ln reo or it if this lond lend 1 be c eil ed to tile the registered holder lin hereof reaf a on 7 alj firt fir t div ot or AD 19 the sum ot of DOLLARS and to pay interest thereon at the rate of four 4 per celi tuni per annum payable bemi sei bei mi annually on oil the first lays days ot of abill api 11 and october in each year fron from date unini maturity upon surrender of 0 the annexed cou coupons pollE as they severally become due both principal and interest int bercs t ot of this bond are payable in any coin or currency which on the inspective dates of payment thereof is legal tender for the payment of 0 public and private debts at the office of the city treasurer at par owan city iron county utah this bond is one of a series of revenue bonds issued by parowan carowan city in 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 of 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 the day of december AD 1934 and by virtue of ordinance no 19 of the city council of said city duly passed on the 2 ath day of 0 january A D 1935 and pursuant to the constitution and laws of the state of 0 utah including section 15 78 7 8 revised Stait Stati utes Ates 1333 and chapter 22 laws of 0 1933 second special session commonly known as the revenue bond act of 1933 As required by section 3 of 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 la Is payable as to both principal and interest solely from the net revenues of the entire electric system of said parowan carowan city said net revenues being defined by said ordinance no 19 as the gross revenues of such system alter after deductions duct ions only tor for the cost ot of operating and maintaining the said system and the expense ot of any betterments or replacements to keep the same in good repair and working or order der and as security tor for such payment said net revenues are pledged by said ordinance in an amount sufficient to the payment of the interest upon and principal of the issue ot of bonds of which this is one and to the creation ot of a bond and interest sinking fund the theredo refo it is hereby covenanted and agreed that the city will charge reasonable electric rates adequate to produce revenues from said e hectric system sufficient to pay operation and maintenance expenses ot of said system and the interest on oil lind ind the principal of this bond as ind when the same become due and payable it is hereby further covenanted and agreed that rates adequate to provide revenues sufficient tor for such purposes will be maintained at all times until this bond and he coupons hereunto attached are ully fully paid and discharged provided d that such rates shall not be in icess ot of a reasonable reao rate tor for the ervice rendered this bond is subject to the condition and every holder hereof by the same agrees with the obligor and every subsequent holder that a the delivery of 0 this cond to any transferee it not reg st ered or it if the last registered ran ster be to bearer shall vest tl ti le in this bond and the interest represented ep resented thereby in such trans erco creo to the same extent tor for all purposes as would the delivery under ike circumstances of any negotiable instrument payable to bearer b tho obligor and any agent ot of the obligor may treat the bearer of his bond or it if it be registered in the name ot of a holder the registered holder of this bond as the absolute hereof tor for all purposes and shall not be affected by any notice 0 o the contrary c the ot of and the interest on this bond will be paid and tills this bond and each ot of the coupons appertaining hereto are transferable tree free from and without regard to set itts and cross claims between the obligor and the original or any intermediate ter mediate holder hereof d th the ur render to the obligor or any agent of 0 the obligor of this bond and 11 x bac eich h ot of the coupons it not regia or it if the last registe registered transfer be to bearer or the receipt ot of tte the registered holder for or the hereof and interest hereon herein it this bond be registered in the namo lamo ot of a bolder shall be a good listebarger liste I barge to the obligor ot of the same it is hereby certified recited ard declared that all things essential to tho ho validity of this B bond ond exist have Napp appended app ened and have ben done and M hat every reoul requirement rement ot of law a the issuance hereof has been duly complied with IN WITNESS WHEREOF paro wan van city has caused tills this bond to 0 10 o signed by its mayor counter linned by its treasurer and its corporate ceal to be hereto affixed attested by its city recorder and hns has ilso caused the annexed coupons to be authenticated by the facsimile signature of 0 said treasurer and this bond to be dated as ot of the first day ot of october A D 1934 I 1 mayor of 0 parowan carowan city SEAL ATTEST city recorder countersigned COUNTER SIGNED city treasurer FORM OF COUPON no on tile the first day ot of AD 19 carowan parowan a city a municipal i corpora n corporation tion in the county or of alron iron state rf of utah will pay to the abcar bearor r harcor at the office of the lily city treasurer dollars in any coin or currency which on tire the date of payment hereof Is legal tender lender for the payment of public and private debts being six 6 months filter ail est on its Elec erectile tile system improve rient bevc retsuo aitio pond no dated october A U D 1931 this coupon is issued under ull der 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 easlon and as required by section 3 of said chapter 22 it is hereby stated that hat this coupon Is issued under the provisions thereof and that it does not constitute an indebtedness of the said city within auy any state constitutional tut ional provisions or statutory limitations mitat ions the interest represented by this coupon shall be payable solely from the net reven revenues u Is of the entire electric system of parowan carowan city facsimile signature of city treasurer back bach of bond NOTICE NOTHING TO BE WRITTEN HEREON EXCEPT BY CITY RECORDER this bond may be registered as to principal only in the name 0 of the holder hereof on tile the books of the city recorder of 0 city utah at which time auch registration gi shall be noted below by said city recorder upon its presentation by such registered holder his legal representative or assigns together with proper proof of identity power of attorney or assignment as s the caso may be said city recorder it so requested shall register it in the name ot of another holder or to bearer after registration to bearer this thin bond shall be transferable by delivery but it may again be registered as before the registration of this bond as to principal shall not affect the negotiability of the coupons which shall continue fao to be transfer ablo by delivery the within bond has been registered as follows date of in whose signature regis name re of city recorder SECTION FOUR that ahat there is hereby created a special fund to be known as the electric system income fund of parowan carowan city herein called the electric income fund nto into I 1 which shall be paid from and after the date of the sale of the bonds herein to be issued all income derived from the operation of the entire electric system ot of said city As long as any ot of the principal of or interest on oil any ot of the bowls bonds herein issued is outstanding the electric income fund shall be administered as herein provided before any of the monies in III such fund Is used for any other purpose in any month there shall be paid 1 into a separate account to he be known as the electric system operation and maintenance fund of parowan carowan city herein called the electric opera operation tion and maintenance fund an a mount amount sufficient to pay all reasonable expenses of operation and maintenance of the electric system tor for such month the monies in the electric operation and maintenance ten allce fund shall be used only tor for the payment of 0 the legitimate costs ot of operation and maintenance of the system and the reasonable expenses ot of any betterments 0 replacements necessary to keep the same in good repair and working order 2 into a separate account to be known as the electrio system rond pond and interest sinking fund of parowan carowan city herein called tio io i o Fl bond fund the amount herein required to be paid into the electric bond fund it in month there shall be paid into the electric dond bond fund in approximately crual monthly installments after making the above required payment into the electric operation and maintenance fund an amount equal to one hundred per of 0 tho the amount reau reoul red tred to pay the interest and prInC principal IDal payments tailing falling due on or before the next maturity date ot of any 0 of f such bonds and in addition thereto an amount at least equal en ual to twenty 20 per ot of said amount such additional payments to be continued d until there Is in such electric bond bend fund an an sufficing utti cint to meet tho the interest and IvIn cipal payments pay menti falling due on or before the next maturity date of such bonds bon d and the interest ard principal lay marts due thereon tor two years thereafter the the purpose of addition nI payment into alef electric bond fund build shall be to provide a reserve to POs possible futudo futuro deficiencies therein no |