Show wm NOTICE the town board of the town of monticello san juan county utah met imet in special session at its regular meeting place in the town hall gaall in said town at 8 pm of may 1949 with on the alth day 1 all me members abers of the town town I loard hoard I 1 present to wit william C walton town pres joe W cooper trustee max dalton trustee ralph G robson trustee gordon A wood giuste mrs vera foy town clerk after the meeting had been duly called red 11 to order and the minutes of t the 26 preceding meeting read and approved the following anit initiative 1 petition t tion was presented to the town to board ard by the town chelk initiative PETITION to the honorable vera foy town clerk cleric town of monticello monticello utah we the undersigned undersigner under signed citizens and legal voters of the state of utah and the town of monticello respectfully fully demand that the follow og iulg proposed ordinances to wit ORDINANCE NUMBER AN ORDINANCE providing for the construction of extensions and improvements to the muni ci ti pally owned utility of the town of monticello consisting of an electric system and water plant and system and sewer collection and disposal system authorizing and providing for the issuance of electric water and sewer revenue bonds of said town for the purpose of defraying the cost of the acquisition of such extensions and improvements prescribing the form and other details of said bonds confirming the sale thereof providing for the collection and disposition of the revenues of said utility making other provisions previsions with respect to the operation of said utility and the issuance of said bonds providing for the payment of said bonds and ratifying and approving the contract heretofore entered into for the construction of such extensions and improvements WHEREAS the town of monticello now owns and operates a complete water plant and system or for the purpose of supplying water tz to the town and its inhabitants and the inhabitants of the territory adjacent aen thereto bere iere 0 a and n now owns and operates brates an electric system for the ivar purpose pose of supplying electricity and allied service to said town and its inhabitants and the inhabitants of the territory adjacent thereto and WHEREAS said water plant and system and electric system and sewer system to be constructed are and will be in part interrelated inter related and constitute a single utility and it would be for the benefit of the town completely to consolidate said systems so as to operate said systems with a single force and to defect the operating economies economies which would result but to do so in such euch manner that no contract rights enjoyed by the holders of omy any of the hereinafter mentioned water revenue bonds will be impaired or unfavorably affected and WHEREAS it is imperative that tensions extensions ex and improvements be made anade to said water plant and avs tern tam and electric system and that a sewer system be constructed and it is estimated that the cost of said improvements movements rove ments and extensions and iff t alifi cost of the construction of said sad sewer system will be of which is to be financed through the issuance of general obligation bonds and through the making of sewer connection charges and it is desired to provide for or the payment of the remainder thereof through the issuance of revenue bonds to the amount of and WHEREAS except for water revenue bonds of the town dated september 1 1936 numbered ga 3 to 43 inclusive bearing interest at six per cent per annum authorized zed by ordinance number 1936 adopted july 27 1936 and payable solely from the revenues f the waterworks water works system of the own the revenues to be derived oy the town from the operation of its water plant and system and its electric system have not been pledged or hypothecated ted in any manner or for any purpose and the town desires to issue the electric water and sewer revenue 1 bonds of the town in the aino i of payable from such revenues I 1 in the manner for which provision J is ie hereinafter made and I 1 WHEREAS it is provided in ordinance di number 3 1936 aforesaid that any surplus moneys remaining remaining in any any month from the operation tio ll 11 of the waterworks water works system of the tonn ton after tile the payments re rc to be made in such month ifor for the benefit of the bonds authorized by that ordinance have been made may b be e used as the board of trustees Tru ti stets may provide and WHEREAS the board of trustees has heretofore entered into an agreement with lauren W gibbs of salt lake city utah for the sale to him of the bonds herein autho authorized authorised NOW THEREFORE be it and it Is hereby ordained by the board of trustees of the town of monticello san juan county utah as follows section 1 that for the purpose of defraying part of the cost of the acquisition of a sewer system and of extensions and improvements to the water plant and system and electric system of tile the town through construction or purchase or both and to defray proper engineering legal fiscal and other costs in incident ci dent to such acquisition and to the authorization and issuance of the bonds there are hereby authorized to be issued electric water and sewer revenue bends of the town in the principal amount of which bonds shall be payable from the revenues hereinafter specified the complete waterworks water works plant and system of the town serving the town and its inhabitants and the inhabitants of the territory adjacent thereto including all improvements prove ments extensions and additions thereto which may be made while any of the bonds herein authorized zed remain outstanding and including all property real personal and mixed of every nature no nov or hereafter owned by the town and used or useful in tile the operation of its water properties are hereinafter in this ordinance sometimes referred to as the water system the complete electric plant and isy system stern and sewer system of the aown town serving the town and its inhabitants i and the inhabitants of the territory adjacent thereto including all improvements extensions and additions thereto which may be made while any of the bonds herein authorized remain outstanding and including all 1 I property real personal and mixed of every nature now or hereafter owned by the town and used or us useful e I 1 in the operation of its electric and so sewer properties are hereinafter I 1 in this ordinance sometimes referred to as th and sewer system I 1 nothing in this ordinance contained bained s shall h a I 1 I 1 bis be so construed as to I 1 impair in any way the contract rights vested in the holders from time to time of the water revenue bonds of tile the town referred to in the preamble hereto and the revenues to be derived from the operation of the water vater plant and system of the town despite anything in this ordinance contained shall never be applied or disposed of in such manner as to violate any ot of the provisions of the above mentioned ordinance number 3 1936 which constitute contract right vested in the holders of such bonds section 2 that from and after the adoption of this ordinance the water system and the electric and sewer system shall so far as practicable be operated as a single unit and with a single maintenance and clerical force provided however that the books and records of the systems shall be so kept and maintained as to comply with the provisions of ordinance number aforesaid and as to make it possible to ascertain separately the gross and net revenues derived from the operation of the water system the electric and sewer system in making such separate computation of revenues all expenses incurred as a joint expense in the operation of the systems shall be apportioned to the systems on such reasonable and equitable basis as may inay be prescribed by the managing officer of the systems and approved by the board of trustees section 3 that said bonds shall I 1 be dated june 1 1949 shall be in 1 the denomination of 1000 each shall be numbered I 1 to 85 inclusive and shall mature serially in nui numerical order on june 1 of each year as follows I 1 j bond no amour amouel year 1 1 1000 1951 2 1000 1952 3 1000 1953 4 1000 1954 5 1000 1955 6 to 8 1956 9 to 11 1957 12 to 14 1958 15 to 17 1959 Is 18 to 9 20 0 1960 21 to as 3 1961 24 2 t to 26 1962 27 to 30 1963 31 to 34 1964 35 to 38 1965 39 to 43 19 1966 44 to 48 49 1967 49 to 53 1968 64 to 58 1969 59 to 63 1970 ga to 68 1971 69 to 73 1972 1 1 74 4 to 1 79 49 1973 80 to 85 1974 all of the bonds shall bear interest from date until june 1 1955 or until maturity whichever is is i earlier at the rate of six per cen cent t per annum and thereafter until paid at the rate of four and one quarter per cent per annum such interest falling due duc on each bond on every inte reet reFt payment date during curing the period in which interest is is payable at the rate of six per cent per annum shall be ba represented by two interest coupons to be thereto attached one of which shall be in tho the amount of 2125 and the other in the amount of deither either of which may be presented land and will be paid apart from the lother other interest falling due on each bond thereafter on and prior to I 1 maturity shall be represented by I 1 single semiannual semi annual coupons to be thereto attached all such interest I 1 shall be payable on june 1 and december 1 of each year until principal ic cipal pal shall have been paid bonds numbered 6 to 85 in inclusive clu sive shall be subject to redemption at the option of the town on june 1 1955 and on any june 1 thereafter in inverse nu numerical mercal order loider at the principal amount thereof and accrued interest to the date fixed for redemption plus a I 1 premium of for each bond so redeemed prior to maturity notice of redemption shall be given not less than thirty days prior to I 1 the d dots ate fixed for redemption by I 1 registered mail to the holder of leach each bond which is registered as I 1 to principal on the books of the Town Clerk if any bond so called for redemption is not at the time registered as to principal at least mity thirty days notice of the intended redemption thereof shall be given aby by registered mail to the bank at I 1 which the bonds arc payable and by publication of an appropriate notice one time in a financial newspaper or journal published in the city of new york new york or I 1 chicago illinois section 4 that said bonds shall be payable as to principal and in interest 1 in lawful money of the united states of america at zions I 1 savings bank fi trust co in in salt lake city utah and shall be signed by the president of the board of trustees ti kotees and shall be countersigned counter signed by the town cl clerk rk and shall have the corporate beai seal of said town impressed thel thereon interest coupons to be attached to said bonds shall be executed with wit the facsimile signature of said president and clerk which officials by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures appe appearing aring on said coupons section 5 that upon presentation at the office of the town clerk of monticello the holder of any such bond may have such bond registered ered as to principal in his name on oil the books of the clerk to be kept for that purpose in his office which registration shall be noted ithe on oil the reverse side of the bond by the clerk and thereafter the principal I 1 of any bond so registered shall be payable only to the registered holder his legal representatives or assigns any bond so registered may be transferred to other registered holders or transferred to bearer upon presentation to the town clerk with a legal assignment duly acknowledged or proved registration of any bond as to prin principal pal shall not affect the negotiability got goti iab ability clity of the coupons thereto i attached and said coupon shall continue to be transferable by delivery I 1 section 6 that said bonds and I 1 coupons and the blanks to appear on the back thereof shall be in i n I 1 substantially the following form FORM OF BOND UNITED STATES OF AMERICA STATE OF UTAH COUNTY OF SAN JUAN TOWN OF monticello ELECTRIC WATER AND SEWER REVENUE BOND number 1000 town of monticello in the county of san juan and state of utah for value received hereby promises to pay to the bearer or if this bond be registered to the registered holder hereof out of the special fund designated designates and not otherwise the sum of one thousand dollars 1000 on the first day of june 19 with interest thereon from the date hereof at the rate of six per cent per annum to june 1 1955 or until the maturity of this bond whichever is earlier and at the rate of four and one quarter per cent per annum thereafter until principal shall have been paid which inter est shall be payable semiannually semi annually on june 1 and december I 1 of each year interest callix falling ig due hereon on and prior to maturity on each interest payment date on which interest in is computed at the rated rate of six per cent per annum is represented sen t ed by two coupons hereto attached either of which may be presented and will be paid apart from the other interest falling due hereon subsequently thereto on and prior to maturity if any is represented by single semiannual semi annual int interest er payment coupons both pr prin in i cipal of and interest on this bond are payable in lawful money of the ithe united states of america at zions savings bank trust co in salt lake city utah 1 this bond is issued by the town of monticello pursuant to ordinance duly enacted and pursuant to i authorization duly granted by a majority of the qualified ing ang electors of said town voting at an election duly called and held in said town on the day of june for th purpose of defraying athe i the cost of constructing a sewer system and extensions and improvements I 1 prove ments to the municipally owned water system and electric system in full conformity with I 1 the constitution and laws of the state of utah both principle of and interest on this bond and the issue as uc of which it is a part are payable solely from a special fund dei signaled town of monticello elec itric water lind and sewer revenue allond bond sinkin sinking fund into which fund are to be placed the net met revenues lenues derived and to be derived from the operation of said electric and sewer system and water system except that until such time as certain outstanding water revenue i bonds have been retired only the surplus revenues of the water system item are pledged to the payment of this bond and the issue of which it is a part all as more fully de scribed ascribed an and provided in the ordinance voted by the electors of said town on the day of june 1949 for the purpose of authorizing this bond and the issue of which it is a part bonds numbered 6 to 85 inclusive of the issue of which this is one are subject to redemption at the option of the town on june 1 1955 and on june 1 of any year thereafter in inverse numerical order I 1 at the principal amount thereof I 1 and accrued interest to the date fixed for redemption plus plug a premium of for each bond so redeemed prior to maturity notice of redemption is to be riven given not less than thirty days prior to the I 1 date fixed for redemption by registered mail to the holder of each bond which is registered as to drin crin cipal on the books of the town clerk if any bond so called for redemption is not at the time registered as to principal at least thirty days notice of the intended redemption thereof is to be given by registered mail to the bank at which the bonds are payable and the publication of an appropriate not notice ce one time in a financial newspaper or journal published in the city of new york new york or chicago illinois the town has covenanted and agreed and does hereby |