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Show ORDINANCE AN ORDINANCE PROVIDING OR THE ISSUANCE AND SALE OF FIVE THOUSAND DOLLARS .'$5,000.00) WATERWORKS BOND!. OF MOUNT PLEASANT CITY UTAH : WHEREAS, hy the resr.l of a pecial fcr;n-.1 elecf.io.i duly called and held in Mo.uut Pleasant City, Utah i SaturJiy, June 19th, 1926, said 'ity was E,uthorized and empowered fo issue a.irl so'.l rive Thousand 'olirs ($5,000.00) waterworks Bonds, and, WHEREAS, the result of said ;lecfcio:i was daily declared by the City '"'O'lincil nf said City sitting as a 3r vd of eanvc-jieri, by resolution lulv psed os the 21?t day of June A. D. 1926, and, WHEREAS, the City Council of aid Mount Pleasant City has duly kissed a resolu.tion authorizing and lirecting the sale of said Five Thousand Thou-sand Dollars ($5,000.00) Waterworks Water-works Bonds, and, WHEREAS, Ashton-Jeakiiis In surance Company, a Utah Corporation-, has offered to purchase said ive Thousand Dollars ($5,000.00) '.Vaterv,'c--l:s Bond- when, as and if hey may be legally issued, and delivered, de-livered, paying therefor par ana cr.rued i,i'---r, r. from date of bonds 'o date of deil'very, which bid is the iighe t, best an 1 most advantageous 5 the rrtv. and which bid was, by resolution duly accepted by said Oity 'ounc.il, NOW THEREFORE. BE IT OR-l-UNEn BY THE CITY COUNCIL IF MOUNT PLEASANT CITY, JTAH:- Scction 3. That for the purpose of defraying the expense of increas-a, increas-a, improving, er.lla-.-ig.ing, perfecting -id addi 1.: to the present water-'-e.rks system and securing an ad htional water supply for said City, for the purpose cf mo.e adequately supplying a.id distributing water to he inhabitants thereof, in manner provided far by a resolution passed iy the City Council on the 15th. day -f May, A. D. 1926, providing for and .rdpring a speeia.l election for the purpose" of submitting to the qualified qual-ified electors of said Mount Pleasant City the question of incurring a iiond'ed indebtedness in the sum of -ive Thousand Doillars ($5,000.00), Mt Plei ant Citv, does issue Five Thousand Doilirs ($5,000.00) Water works Ponds r,f the denomination of $1 000 00 each, numbered consecu-iv'ely consecu-iv'ely from 1 tn 5 inclusive, to be pno'iniuated "Mount Pleasant City Watc-i works Bonds, Series of July 1st A D 1926", to be dated July 1st' A D 1926, and to become due r'ld payable serially as follows:-One follows:-One Thousand Dollars ($1,000.00 on the first day of July in each cf -he years 1930 'to 1934 .inclusive ,oth principal and interest payabl at the Chatham and Phenix National Bank and Trust Company m New fork City, N. Y., or at the office of htoii-Jenkins Insurance Company n Salt Lake City, Utah, at 'the option -f the holder, bearing Interest at .'he rate of five per cent (5) per innum, payable semi-annually. Said bonds and each of them shall be except as to consecutive numbers ,nd date of payment) in substantially lie following form to-wrt: UNITED STATES OF AMERICA STATE OF UTAH MOUNT PLEASANT CITY WATERWORKS BONDS. SERIES OF JULY 1ST. 19: 6. $1.00'!.ec ' KXONV ALL MEN BY THESE PRESENT S:- That Mount Pleasant City. Sanpete County Utah, hereby acknowledge .self V,be ineTebied and for value Reived hereby p. pa, o r'houS' DoTla-'s (11.000.00) in GoldToi'n of the United States o America of the Tresent standard of weii-ht and fineness on the first day of July, A. D. 19 at Chatham and Phenix National Bank and Trus; Company in New New York City, N. Y., or at the office of Ashton-Jenkins Insurance Company in Salt Lake City, Utah, at the option of the holder, with interest thereon at the rate of five per cent (5) per annum from date until paid, payable semi-annully semi-annully in like money on the first lays of July and January in each ear, said Interest to maturity being represented by interest coupons hereto here-to attached. This bond U issued for the purpose pur-pose cf acquiring funds to be used Or the purpose of defraying the expense ex-pense of incrc-a3ing, improving, enlarging, en-larging, extending, perfecting and adding to the present waterworks system and securing an additional water supply fc- said City, for the purpose of more adequately supplying supply-ing and distributing water to the inhabitants thereof, in manner provided pro-vided for in a resolution passed by the City Council of said City, issued under and pursuant to the prO'Vision" -f the Constitution and Laws of the State of Utah, by the City Council "f said City, and as authorized by the electors of said City, at a special election held for that purpose. "The City Co.uncil of said City shall mnually levy a tax sufficient to pav he interest on this br.nd as it fall-.ue fall-.ue aad also to constitute a sinking 'ind sufficient to pay the principal hen due. It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of his. bond exist, have happened and hav-ie been done and that every re luirement of law affecting the issue hereof has been duly complied with and that this bond is within every lebt and or.her limit prescribed bv he Constitution and laws of said Hate cf Utah. The full faith, or edit and all taxable tax-able property within the limits of laid Mount Pleasant City, as consti-uted consti-uted at the time of the issuance ereof, are and shall continue to be lr'i.ed to the punctual payment of he principal and interest of this oond. IN WITNESS . WHEREOF, Mount le-asant City has caused thlv 'hnnl o be signed by its Mayor and City Treasurer and its corporate ea! t ie c fitted hereto, attested by its City 'enr, dr ar .l ihe.., annexed coupon-to coupon-to bear Ihe f ic-3imile signature of the 'Mty Treasurer as of the first day c Tuly, A. D 1 9"26. Mayor City Treasurer VTTEST:- City Recorder - To each of suid bonds shall be attached at-tached a coupon for each installmeni if interest contemplated by said bond, which said coupons ssh n.l i be lumbered consecutively, beginning villi number, 1, with the several dater-of dater-of payment and number of bond shal iiear the fac-simile signature of thc Tlity Treasurer; said coupons and ach of them (excer.t as to date o' payment and numher) shall be in substantially the following form to-wit:- (Form of Coupon) Coupon No $25.00 On January-July A. D. 19 Mount Pieacant City, Urali, will pay to the bearer hereof at Chatham and Phenix National Bank and Trus' Company in New York City, N. Y., or at 'he office of Ahton-Jenkiins In su.:ance Company in Salt Lake Citv Utah, at iihe op'.ioa of the holder, the sum of Twe-r.ty-five Dollars f $25.00. in G-cld Coin of the United States or America of the present standard e, wei'g'ht and fineness, being s months interest then due on itr Waterworks Bond, dated July 1st 1 926. Bond No Fac-simile Syjnaturr Oity Treasurer There shall be endorsed on each of the said bonds the following :- "I hereby certify that this bO'i.l is within tihe lawful debt limi of Mount Pleasant Oity, Utah and is issued according to law. City Recorder.' Section 2 The interest falling du on said bonds on the first day o: January A. U. 1927 and o.i the firs day of July A. D. 1927, shall be pa-out pa-out cf the gcr.eral fund of said Cit, and for .the purpose of reimbmrsin iaid City for the payment of sair i nterest, there Shall be.levied by th. r-ty Cofrn-'J cf .ssiVl jCit.y Jin the Year 1926, on all taxable propertj .v.thin said City, in addition to al other taxes, a direct itax sufficient t produce the sum of $250.00; and ihereafter to raise the necessary fun.! with which to pay the interest ar.. principal of said bonds promptly a' the same accrue, there shall be levier'. on all taxable property within sai-Cky, sai-Cky, in addition to all other taxe-a taxe-a direct annual tax as follows: In each of the years 1 927 an 1928, sufticient to produce .the sun of $250.00 in each of said years. In the year 1929 (sufficient to pro duce the sum of $125i 00, beino interest $250.00 and principal f 1,000.00. In the year 1930 sufficient to produce pro-duce the fum of $1200.00, being interest in-terest $200.00 and privcipa $1,000.00. In the vear 1931 sufficient to p.o duce the sum of $1150.00. beir. :n'crest " $150.00 and pTincipa' J'l. 000.00. j la the year 1932 sufficient to p. : Jjce the sura of $1100.00. being inures: in-ures: $100.00 and j principal $1,000.00. In the year 1933 suffic!ent to prv Juce the sum ot $1050.00. bainor in ;erest $50.00 and principal $1.000.0f' Said taxes when collected shall be applied solely for the purpose of the payment of aid interest and principal princi-pal of said bonds respectively, .vi for no other purpose, until the indebtedness in-debtedness is contracted, under this ordinance, principal and interest shall have been fully paid, satisfied and discharged, but nothing herein contained shall be so construed as to prevent said City from applying any other funds that may be in the City Treasury and available for that purpose to the payment of said interest in-terest and principal as the same -espectively matures and the levy or levies herein provided for may thereupon there-upon to that extent be demi ii?iicd And the sums herein provided i;. t. meet the intere-t on said bois5 m i t discharge the principal thereof when ..e - hi. vjy app. . .lriarei for that j.irrosi and : a i . 1 amour, foe e:;ch -ear rhall r,i:o be included in the .nnual appro-.r'-vion bill? passpd b-:ne b-:ne City Council of said City in eacl e?r , : r. i .-i v. 11 :i-?ei- ivc-n. frcin he j'.e oi '-.vid ton.lt :;ust be apfi "J eciu .ively to th j,- -c lor whi.li c.i.'l toajj 'ar ssued. Said honds and each of '"horn shal be signed by the Mayor and City Treasurer and attested by the City Recorder and scale 1 with 'he corpo , ate seal nl said City and the said coupons shall bear the f:c--jmil. .-Tiiaeu.. e of the Citv Trca:urer. The Mayor and City Treasurer are eaci hereby empowered and dirrced te sign, the C:tv Recorder to si;n and -it.'est and affix the seal of said City tc each of said ho.id3 and the acts o' said Mayor, Citv Trea- urer and Cif 'pca-'der in so doing are and shall be ."he act and deed cf said City. All tin ovena its, statement s, .represents 'on 3 and agreements contained !r. said 'bonds and coupoi3 and all recit-ls recit-ls and representation-, of this ordinance ordi-nance s re h""rriv eons'lerel and understood un-derstood an1 it is herehy ordaine." md declared that said covenants an-, firorni' es therein are ihe covenant ind promise nf si;d City and thai !he representations and statement herein are the repre 'enfatiois an . aremei.'tr r- said City. And it 'i uther stalel au.l leresented ilia' aid City is t - ;r: ic a 1 - srp sra.tin' r. i a r"ity rf '- T'n' 1 lnss. undo he Constitution and Li"'s oi th ie of Ut ii and ,.-3 o auiicd i he year 1 8 C 3 . Section 3. ND IT n FT1R.THRT 1RDATNED, that all ordinances anc . "-I'lifir.is cr part-, &.' o..diuance fid re--lnrir is. in conflict v'th th. roTisicns herecf, be and the same ire hereby rc.iealp.l and after si' snri.s are i ri'ed, th's ordinance hal! e and remain ii'repealable until said icmdis and -ihe interest thc-rer.n -JhiY have been f.i'lly ii"id saiNisfied an. !.ischa'"r?ed as herein provided. Section 4- The ssie cf si' '5,000.00 Walerv,.-, ,- pen's en ' is'ii-' cf Ecn l; number?.! from 1 ti 'i both inclusive. clenorninatioi fl 000.00 each to Ashton-Jenkin: nurance Crvnpariv and the actios -i the Oity Ccun.il in aeccptin. it.. '-id and all ,i ' s and pr. eedir,-.-iaininfr th ' lO. are hereby con-'.idc con-'.idc ed and arc hereby r'-fifled an.-" confirmed, and the City T. eiiurer i hereby authorized, i.ssti vi'ted an. l'.reoted to deliver said bonds, when proper ly evecu'c..l, to said . Ashtor,-lenkins Ashtor,-lenkins Insurance . Company, upr. e-.eipt cf thc purchase pr.ee thereo; 'leing par ami ac- ue 1 i-ilorc.it fron date of bonds to date of deliver;, hereof, in accordance wiili (he term if purchase.. Sr. 'ion 5. That it is nece-.sa..' or the immedia'e prcsr.rvatlo i n he pence, heallh and safety of sai'1 iity tli:.t the pi o-ceeJs 'of these l.ond e available :nriicri;,ilely for th .iirpose herein set f oa th. now TiiF iii.:. o.; i r is oi: . MNKI), tha' an en,-:- "ency i.-, here y declared and ,.hat rhi-. ordinan. . h. I be in force, and :al:e effect upon he day of its pa3iage, approval and .ublicarion. PASSED by the City Council o. Mount Pleasant City, Utah, and approved ap-proved 'by the Mayor, this 26th. day f June, A. D. 1 926. JOSEPH SEELY, Mayor. ATTEST :- CALVIN CHRISTENSEN, ; SEAL) City Recorder |