OCR Text |
Show LEGAL DEPARTMENT ! AN ORDINANCE I AN" ORDINANCE P R O V I DI N O I FOR THE ISSUANCE AND SALii !CF FORTY THOUSAND DOLLARS I iMO.000.0Oi MT. PLEASANT CITY, ISANWlTE COUNTY, UTAH, EL-; EL-; LCTRiC LIGHT BONDS, FOR THE FU-KiOSE OF RAISING FUN Jo TO DEFRAY THE EXPENSE OF BUILDING, CONSTRUCT! N G .ND EQUIPPING AN ELECTRIC LIGHT PLANT IN AND FOR SAID CITY FOR THE PURPOSE O? j SUPPLYING SUCH CITY AND THE INHABITANTS THEREOF IViTH ARTIFICIAL LIGHT, TI'Jl' SAID ELECTRIC LIGHT PLANT, SYSTEM AND WORKS TO 3E OWNED AND CONTROLLED BY SAID CITY. WHEREAS, by the result of a sp:cia.I bend election duly and lawfully law-fully called and held in Mt. Pleasant Pleas-ant City, Sanpete County, State c-f Utah, on Tuesday, the 4th day cf November, A. D. 1930, said city was authorized and empowered to issue and sell $40,000.00 Elecric Light Bonds of said city, and WHEREAS, the result of sa;d election was duly declared by the C.ty Council of said city sitting as a Board of Canvassers, by resolution resolu-tion duly passed on the 10th day of November, A. D. 1930, and WHEREAS, Ashton Jenkins Infill In-fill ance Company of Salt Lake City, Utah, a Utah corporation, has of fered to purchace all of said bonds when, as and if they may be legally legal-ly issued and delivered, paying therefor par and accrued interest from date of bonds to date of dj-l.eiy, dj-l.eiy, which said bid is the highest, high-est, best and most advantageous to said city, which bid has been duly accepted by said city. NOW, THEREFORE, BE IT ORDAINED OR-DAINED BY THE CITY COUNCIL OF MT. PLEASANT CITY, SANPETE SAN-PETE COUNTY, STATE OF UTAH. Section 1. That for the purpose of detiaying the expense of building, build-ing, constructing and equipping an eiecuic light piant in and for Mt. Pleasant City, Utah, for the purpose pur-pose of supplying such city and the inhabitants thereof with artificial light, tiie said electric light plant, system and works to bo owned and controlled by said city, there shall be issued by said Mt. Pleasant City, ftU.uOU 'Ait. Pleasant City, Sanpete County, State of Utah, Electric Light Bonds, dated January 15, 1J31, in denominations of $1,000 uich, numbered from 1 to 40, both m.-lusive. interest payable semi-annually on January loth and July ltidr in each year, ponds Nos. 1 to 8, in. lusive, bearing interest at the rp.:e of 5 per cent, and bonds Nos. 9 l'o 40, inclusive wearing interest at the rate of 5 ( per cent. Principal and interest shall be payable at the office of Ashton-Jenkins Ashton-Jenkins Insurance Company in Salt Lake City, Utah. Said bonds shaT mature as follows: $2,000 5 per cent 1935 $2,000 5 per cent 1936 81,000 5 per cent 1937 $1,000 5 per cent 1938 $1,000 5 per cent 1939 $1,000 5 per cent 1940 $2,000 5Va per cent 1941 $2,000 5H per cent 1942 $2,000 5 per cent 1943 $2,000 5"-4 per cent 1944 $6,000 5 V, ner cent 1945 $6,000 5V2 per cent 1946 $6,000 5V2 per cent 1947 $6,000 5i per cent 1948 Section 2. Said bonds and each cf them, except as to number, rate of interest, maturity, shall be in substantially the following form, to-wit: to-wit: , UNITED STATES OF AMERICA STATE OF UTAH SANPETE COUNTY MT. PLEASANT CITY ELECTRIC LIGHT BOND, Series of January 15, 1931 No $1,000.00 KNOW ALL MEN BY THESE PRESENTS: That Mt. Pleasant City, Sanpee County, State of Utah, hereby acknowledges ac-knowledges itself to be indebted and for value received hereby promises to pay to the bearer hereof, the sura of ONE THOUSAND DOLLAKS ($1,000.00) in Gold Coin of the United States of America, of the present standard of weight and finesness on the fifteenth day cf January, A. D. 19 , at the office of Ashton Jenkins Insurance Company Com-pany in Salt Lake City, Utah, with interest thereon at the rate of percentum ( per centi per annum from date until paid, payable semi-annually In like money on the 15th day of January and the 15th day of July of each year, seid interest to maturity being represented represent-ed by interest coupons hereto a', tached. This bond is one of a series of forty (40) bonds of like date and amount and is isuued for the purpose pur-pose of defraying the expense of building, constructing and equipping an electric light plant in and for Mt. Pleasant City, Utah, for the purpose of supplying such city and the inhabitants thereof with artificial arti-ficial light, the said electric light plant, system and works to be owned and controlled by said city, and is issued under and pursuant to the provisions of the Constitution and Laws of the State of Utah, and as authorized by the electors of said city at a special election held for that purpose. The City Council of said City shall annually levy a tax sufficient to pay the interest on this bond as it falls due and also to constitute a sinking sink-ing fund sufficient to pay the principal when due. It is hereby cemned, recited and declared that all conditions, acts and things essential to the validity of this bond exist, have happened and have been done and that every requirement re-quirement of law affecting the issue is-sue thereof has been duly complied with and that this bond is within every debt and other limit prescribed pre-scribed by the Constitution and cf tlv State of Utah. The full faith, credit and ail taxable tax-able property within the limits of said Mt. Pieasant City, as constituted constitut-ed at the time of the issuance hereof here-of are and shall continue to be picked to tiie punctual payment O! the principal and interest of t. lit' benu. IN WITNESS WHEREOF, Mc. l-ieahanl City has caused this bond to be signed by its Mayor and City Treasurer and its corporate seal to be affixed heieto, attested by its City Recorder and the annexed coupons to bear the facsimile signature sig-nature of the City Treasurer, as of . t'l? fifteenth dav o; Januarv, A. D. 1931. j Mayor, Mt. Pleasant City, Utah. ! City Treasurer, Mt. Pleasant City, Utaa. j ATTEST: ! City Recorder, Mt. Pleasant City, Utah. i (SEAL) ! lo each of said bonds shall be j attached a coupon for each inscal-i inscal-i ment of interest contemplated by said bond, which said coupons shall be numbered consecutively beginning begin-ning with No. 1, with the several dates of payment and number of bond and shall bear the facsimile signature of the City Treasurer. Coupons on Bonds Nos. 1 to 8, inclusive, bearing interest at the rate of 5 per cent per annum, shall be in substantially the following form, to-wil: (Coupon on 5 per cent Bonds) No $25.00 January On July 15, A. D. 19 , Mt. Pleasant City, Sanpete County, State of Utah, will pay to the bearer hereof at the office of the Ashton Jenkins Insurance Company in Salt Lake City, Utah, the sum of Twenty-five Twenty-five and no one-hundreths Dollars ($25.00) in Gold Coin of the United Stales of America of the present standard of weight and fineness, being six months interest then due on its Electric Light Bond, Dated January 15, A. D. 1931. (Facsimile signature) City Treasurer Bond No Coupons on Bonds Nos. 9 to 40. inclusive, bearing interest at the rate of 5 Ms per cent per annum, shall be in substantially the following follow-ing form, to-wit: (Coupon on 5Vi per cent Bonds i No $27.50 Januarj- On July 15, A. D. 19 , Mt. Pleasant City, Sanpete County, State of Utah, will pay to the bearer hereof at the office cf the Ashton Jenkins Insurance Company in Salt Lake City, Utah, the sum of Twenty Seven and 50 one-hundreths Dollars Dol-lars ($27.50) in Gold Coin of the United States of America of the present standerd of weint arid fineness fine-ness being six months interest then oue on its Electric Light Bond, Dated January 15, A. D. 1931. ( Facsimile signature) City Treasurer Bond No There shall be endorsed on each of said' bonds the following : (City Recorder's Certificate) "I hereby certify that this bond is within the lawful debt limit of Mt. Pleasant . City, Utah, and is issued according to law. City Recorder." Section 3. The interest falling due on said bonds on the 15th day of July, A. D. 1931 and the 15th day of January, 1932 shall be paid out cf the general funds of said city, and for the purpose of reimbursing re-imbursing said general fund for the payment of said interest and to meet the interest falling due on said bonds on July 15, 1932, there shall be " levied in the year 1931 on all taxable property within said city, in addition to all other taxes, a direct annual tax sufficient 1o produce the sum of $3,240.00 for interest. Thereafter in order to raise the necessary funds wl;h wmch to pay the interest promptly prompt-ly as the same becomes due and also for the purpose of paying the principal as it becomes due, there shall be levied on all taxable property prop-erty in said city in addition to all other taxes, a direct annual tax, sufficient to produce sums as follows fol-lows : Year Interest Principal Total 1932 $2,160.00 $2,160.00 1.033 2,160.00 2,160.00 1934 2,110.00 $2,000.00 4,110.00 1935 2,010.00 2,000.00 4,010.00 1936 1,935.00 1,000.00 2,935 00 1937 1,885.00 1,000.00 2,885.00 1938 1,835.00 1,000.00 2,835.00 1939 1,785.00 1,000.00 2,785.00 1940 1,705.00 2,000.00 3,705.00 1941 1,595.00 2,000.00 3,595.1)0 1942 1,485.00 2,000.00 3,485.00 1943 1,375.00 2,000.00 3,375.00 1944 1,155.00 6,000.00 7,155.00 1945 825.00 6,000.00 6,825.00 1946 495.00 6,000.00 6,49500 1947 165.00 6,000.00 6,165.00 Said taxes when collected shall be applied solely for the purpose of the payment of said interest and principal of said bonds respectively re-spectively and for no other purpose, pur-pose, until the indebtedness so contracted under this ordinance, principal and interest shall have been fully paid, satisfied and discharged, dis-charged, but nothing herein contained con-tained 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 and principal as the same respectively mature and the levy or levies herein provided for may thereupon to that extent be diminished. And the sums herein provided for to meet the interest on said bonds and to discharge dis-charge the principal thereof when due, are hereby appropriated for that purpose and said amount for each year shall also be included in tha annual appropriation bills parsed by tiie City Counci of said City in each year respectively. All prct-eeds deiived from the sale o; sr.id bonds must be applied exclusively ex-clusively to the purpose for which said bends are issued. Said bonds and each of them shall be signed by the Mayor and City Tieasurer and attested by the City Recorder and sealed with the corporate seal of said city. l'n; coupons attached to said bonds shall bear the facsimile signature of the City Treasurer. The Mayor May-or and City Treasurer are eacn hereby empowered and directed to sign, the City Recorder to sign and attest and affix the seal of said city to each cf said bonds, and the acts of said Mayor, City Treasurer and City Recorder in so doing are and shall be the act and deed of said city. All the movements, statements, lepresentations and agreements contained in said bonds and coupons cou-pons and all recitals and repre-senta;ious repre-senta;ious of tins ordinance aiej hereby considered and understood and it is hereby ordained and de-clai de-clai vi that said covenants and protirses therein are the covenants and premises of said city and that the lepresentations and statements therein are the representations and statements of said city. And it is further stated and represented represent-ed that said city is a municipal co pcratian and a City of the third class, under the Constitution and Laws of the State of Utah and as organized in the year 1368. Section 3. AND IT IS FURTHER FUR-THER ORDAINED that all ordinances or-dinances and resolutions or parts of ordinances and resolutions m conflict with the provisions hereof, here-of, be and the same are hereby repealed and alter said bonds arj issued, tnis ordinance shall he and lemain irrepeaiable until said bonus and the interest thereon shall nave oeen tuny paid, satisfied satis-fied and discharged as herein provided. pro-vided. Section 4. The sate of said $10.-000.00 $10.-000.00 Electric Light Bonds to the Ashton Jenkins Insurance Company, Com-pany, and the action of the City Council in accepting its bid and all acts and proceedings pertaining pertain-ing thereto, are hereby considered and are hereby ratified and confirmed, con-firmed, and the City Treasurer is hereby authorized, instructed and airected to deliver said bonds, when properly executed to said Ashton Jenkins Insurance Company Com-pany upon receipt of the purchase price thereior, being par and accrued ac-crued interest from date of bonds to date of delivery thereof, in accordance ac-cordance with the terms of purchase. purch-ase. Section 5. That it is necessary for the immediate preservation of ine pdace, health and safety ol said city that the proceeds of these bonds be available immediately immed-iately for the purpose herein set forth. NOW, THEREFORE, BE IT ORDAINED OR-DAINED that an emergency is hereby declared and that this ord-. inance shall be in force and take-effect take-effect upon the day of its passage, pas-sage, approval and publication. PASSED BY THE CITY COUNCIL COUN-CIL OF MT. PLEASANT CITY, UTAH and approved by the May-this May-this 26 day of December, A. D. 1930. BENT R. HANSEN, ! Mayor. ATTEST: CALVIN CHRISTENSEN Citv Recorder. (SEAL) |