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Show fe:5RDINANCE ORDINANCE PROVIDING ATHE ISSUANCE AND SALE FB2pV THOUSAND DOLLARS Of,ifln00) PAVING BONDS OF iff PEASANT CITY, UTAH: WHEREAS, by the result of a i i ond election duly called and iPMi Mount Pleasant City, Utah, on "eld the 19th. day of June, A. S4'U,ro?6 aid CMy was authorized D', ,m'.ered to Usue and -jell Ten &S (".000.00) Pav-" Pav-" Bonds, and, 'HEREAS, the .result of said lm was duly declared Dy the '1 'council of said City, sitting ; a. o rH of Canvassers, by iresodution 'passed on the 21st day of Jane fVl926. and, . WHEREAS, the City Council ot , city has du'y Passed a re3" fL authorizing and diercting the 0, said $10,000.00 Paving Bonds, and, WHEREAS, Ashton-Jenklns In-,rance In-,rance Company, a Utah Corpurj- has offered to purchase said fl' Thousand Dollars ($10,000...!)) pin.r Bonds, when, as and if they be legally issued and delivered L, therefor par and accrued in tlffrom date of bonds to date of ' . ivery, which said bid is the. hi,gh-: hi,gh-: best and niost advantageous to ,i ' city, and which said bid was b resolution duly accepted by said City Council, vnw THEREFORE, BE IT OR-ntlNED OR-ntlNED BY THE CITY COUNCIL OF MOUNT PLEASANT CITY, UTAH:- Section 1. That for the purpose ol defraying the expense of grading paving and otherwise improving th; ' Jjblic streets of said City and to pa-, tie City's portion of the ccst j of th ame, in manner provided fov in .. resolution passed by the City Coun ill oo May 15th, 1926, providing fo ind ordering a special election for tie purpose-of BU'bmitt'ing to th-qualified th-qualified electors of said City, th: ltiestion of incurring a bonded in dtbtednesa to the amount of Ter. , ttousand Dollars ($10,000.00) ! Mount Pleasant City, does issue Ter . Thousand Dolla-is ($10,000.00) Pav iug Bonds of the denomination of (1000. 00 each, numbered consecutively consecu-tively from 1 to-10 inclusive, to he denominated "Mount Pleasant Uiu Paving Bonds, Series of July 1st, ' 1526, and to be dated July 1st, 1926.' and to become due and payable icriilly as fellows:- $2,000.00 on He ft. at day of July i'l each of the yran 1930 to 1934 both inclusive both Uterest and principal paynHc at the Chathaim and Phenix National 1 tank and Tm-rt Company in Nev. York City, N. Y. or at the office o' i Aanton-Jenkins Insurance Company i in Salt Lake City, Utah, at th3 option ot i.he heller, hearing inter ; al 'he ;ite of five percent (5) per ar.num, payable semi-annually. Sa'wi bondp M each of them shall be ( Jtcept as to consecutive numbers and date of payment) in substantially tin- fol-kwing fol-kwing form, to-wit:- UNITED STATES OF AMERICA STATE OF UTAH MOUNT PLEASANT CITY PAVING BOND SERIES OF JULY 1ST, 19?f . $1..0H0.00 KNOW ALL MEN BY THESE PRESENTS:- , That Mount Pleasant City, Sanp3te Caunty, Utah, hereby acknowledges I'self to be Indebted and for value I leceived hereby promises to pay to ( 'he bearer hereof the sum of One Thousand Dollars ($1,000.00) in , told Coin of the United States o , America of the Present standard of eight and fineness on the first dav ! "' July, A. D. 19 at Chatham and enix Nalilonal Bank and Trust tompany in New York City, N. Y. v M the office of Ashton-Jenkin, 'MMance Company in Salt Lake wy, Utah, at the option of the oer, wilJi Interest thereon at the ate of five per cent (5) per annum "on date u.ntii pa,id, .payable aemi-nually aemi-nually In like money on the first !s of ,T,i1y aud jauUary in each said interest to maturity bein? P'eiented by Interest coupons here-10 here-10 attached. This bond is issued for the purpose turn fUDdS t0 be u3ed f or thc U i cf srailnK. paving and other-e other-e improving the public streets of on V n a',d t0 the City's VOT-,- ot cts of the same in man-ed man-ed h ,1 1 for in a resolution pass-l8 pass-l8 y. the city Council of said City, trJi , Undr'' and Pursuant, to the ""lon9 ot ,he Con,ti(utlon anr, rltv p 1he S,ate ot Utah, by the C(J louocil of said Mount Pleasant torj'n, , 3 authorized by the elector elec-tor ihJ City at a special election l"at purpose. "aJi?,7 C(U,lc11 ot aaid cty shall "e Inters lax 3ufflc'ent to pay '"W and i n thl3 bond 39 u fall lurid snffl to restitute a alnktn-g Ven due t0 Pay the Prtnclpai l4rLh,lreby cert'ned, recited and Sin,. ' conditions, acts and 'kl bona " al t0 the va'lidlty ot h,'e hep a ' have happened and Anient ?e aild that every re-lereo( re-lereo( hL L v affecl'in,g the issue that .lit" duly implied with ieb and n 8 bond is wlthi every ;ie Con.titnMr limit Pcribed by !'e ot Utah n and aw, of said p5rvUh- .CredU and a" t- N at tho ? ity. consti-of, consti-of, a "me of the issuance. !i to .1 8haI1 continue to be he PfincL, Ptual payment of boot Pal a"d interest of thi Sc? WHEREOF, Mount' N ll, Mayr and City ;llTlXel herwi 3 C(rPO'-ate seal to te and VUSted by ita City " hit fL? annexed coupons -sinule signature of the Mayor City Treasurer ATTEST :- City Recorder To each of said bonds sliail be at-ached at-ached a coupon for ea, h installment i Interest contemplated by suid ooad wh.ch said coupons shall be ..u.ribeied consecutively, besmninR with numb&r 1, with the several dates of payment and number of bond and shalLbear the fac-simile sHgnature of the City Treasurer; said coupons and City Treasurer; said coupons and each of tilifra (except as to dates of layment and nunvher) shall be in substantially the following form to- (Form of Coupon) Coupon No... nn.OO. On January-July A. D. 19 Mount Plaaaant City, Utah, will "pav to the bearer hereof at Chatham and Thenix National Brank and Trust ""ompany in New York City. N. Y o' at the oft'ce 0r A.-'hton-.lenkins "in-urance "in-urance Company iii Salt bake City, Jtah, at the option of the holder, the rm of Twvnty-rive nrvllar TO,i.0il n Gold Coin of the United States of -merica oi the ivesrnt ata idarj of nelght and fineness, uontli3 interest then due on ita Pay-n.g Pay-n.g Bond, dated July 1st. 1926. fond No Fac-simile- 3'nature City Treasurer There shall be eidior5ed on each -f the said bonds the fcl'owing:- "I hereby certify that this bon-i is within the lawful debt limii of Mount Pleasant City, Utah and is issued a. wording to law. City Recorder." Section 2. The interest falKn; ue on said bond,3 on the first dayj of January A. D. 1927, and on the r.irst day of July A. D. 19 27 Shall be aid ccit of the general fund of said ity and for Ihe purv&je cf reimburs-n.s; reimburs-n.s; said Ci'ty for the pavme'at of aid inteirest there nha'l lie levied bj he City Council of said Cily in th--car 1926, on all taxable propert1 . Ilh'n said City, in addition to a I vher taxes, a direct tax sufficient to riroduce the sum of ' ve IlunderJ Dollars ($500.00); and thereafter to aise the neceaiary funrl3 vlih whicl: o pay the interest and principal a iaid boads promptly ai the same ac-:rues, ac-:rues, there shall be levied on al axale property w'sbin said City, ir ddition to all other. ta?:es. a direci mual tax as follow.:- In each cf 'the years 1927 and l 0 2 S , sufficient to produce the sum if $500.00 in each of said years. In the year 1929 sufficient to pro-luce pro-luce the sum of $2,500.00, bein.f 'nterest $500.00 and principal 52,000.00. In the year 193 0 sufficient to iroduce the sum cf $2-400.00, beinr interest $400.00 and principal $2,000.00. ii the year 1931 sufficient to produce the sua of $2,300.00, bein-interest bein-interest $300.00 and jpiVncip-ai' $2,000.00. In the year 1932 sufficient to oroduce the sum of $2,200.00, bei.i nterc-.t $200.00 and principa' $2,0,'00.00. In the ve?,r 1933 sufficient to produce the rum of $2,100.00, being aterest $100.00 and principal 2,000.00. Said taxe3 when collected shall h. ipplied solrdv lor ihe purpose of th; ayrnent of s:.id intcest and principal princi-pal of 'ii'd b.-.mdj cespectivelv, an-: for no other p .! po se. until Hie indebtedness in-debtedness so contracted under thi. . ordinance, principal and interest shai. have been fully v?'- satisfied and li-K-h.K.ged, but nothing herein con-aiined con-aiined shall be so construed as to 'irevent :-iid City from applying any 'irhe- fanda that may be in the City r.easury a.U available for that pur-nwe pur-nwe to the payment of said interes ,nd principal ao the same respective-y respective-y mature-) a ad Ihe levy or levies lia.ein provided for may thereupon o that e ient be diminished. And Ihe "iMs herein provided for to meet the .inheres. -aid bonds and disoha.'.2e the principal thereof w'hei, lue, are he,xl.y appropriated for that urpo-se and w.ii r...ioun-t for each ,-ea.f shall alio be inclujod in the .in .ual appropriation bills passed by he City Council of said City in a oh jear respectively. All pro-eeds pro-eeds derived from the sale of said onds must 'be applied exclusively to .lie purpose for which said bonds are ssued. Said boads and each of them shall ,e E ned by the Mayor and C Treasurer and attested by the Litv Recorder and seailed with the cordate cor-date seal of sarid City and the sa d .oupons shall 'bear the signature of 'the City Treasurer. The Mayor and City Trearer are eat -.ereby empowered and directed to ign the City Recorder to sign and 'ttest and aflW the seal of the sa M 'jity to each of so id bonds and th icts of said Mayor, City Treasure. ,d City- Recorder in so -doing a e ,nd -.hail be the act and deed ot said Oily AM the covenants, statements. ,.presentrtions and ss611'''!"-ahied ss611'''!"-ahied in said bonds and wupon, snd all recitals and representations ,f this ordinance ace hereby considered consider-ed and understood and it s hereb ordained and declared that said covenants cov-enants and promises therein are the covenants and promises of -sa d v." md that the representations and statements therein are the .rcr . ; n-tations n-tations and statements of said Cttj. And it is futher stated and represented represent-ed that said City is a municipal corporation cor-poration and a City of the Third Class, 'under the Constitution and Laws .of the State of Utah and was organized in the year 1368. JSJ. AND IT IS FURTHER ORDAINED, that all ordinances and resolutions or parts of ordinances and resolutions, in conflict with the provt .ions 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 as herein provided. Section 4. The sale of said $10-100.00 $10-100.00 Paving Bonds, consisting of -onds numbered from 1 to 10, both inclusive, denomination $1000.00 each to Ashton.-Jenk.ins Insurance -ornpany and the action of the City Council in accepting its bid and all acts and proceedings pertaining there to, are hereby considered and are hereby ratified and confirmed and the City Trea-surer i3 hereby authorized, author-ized, instructed and directed to deliver de-liver said bonds, when property executed, ex-ecuted, to said A-hto.i-Jenkin8 Insurance Insur-ance Company, u.pn-n receipt of the purchase price thereof, being par and iccrued interest from date of bonds 'o date of delivery thereof, i,i accordance accord-ance with the .forms of purchase. Section 5. That ,it is necessary for he immediate preservation of the .ae, hnl:h and .safety o? Is-aiid Mi.y that thr proceeds of these bond a avail-.iMe immediately for 'the .pur--sn herein set forth. NOW THEREFORE IT IS OR 1 TNFO. that an emergency is here-v here-v declared and that this ordinance '"i l be in force and take effect Jpon the day of its passage, approval rnd r-'u'blicatioii. P.SED by the City Council of :aid Mcunt Pleasant City, Utah, -and approved by the Mayor, this 26th. lay of June, A. D. 1926. JOSEPH SEELY, Mayor. TTEST:- CALVIN CHRISTENSEN, SEAL) city Recorder. |