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Home My Public Portal AboutORD-CC-1962-03ORDINANCE NO. 3-62 Series ORDINANCE CONCERNING THE6JOINT WATER AND SEWER SYSTEM OF MOAB CITY; PROVIDING FOR THE SALE OF TH FINAL PORTION OF THE CITY'SJOINT WATER AND SEWER PROVEMENT REVENUE BONDS IN THE D AUTHORIZED ING AND MAGGREGATE PRINCIPAL AMOUNT OF $510,000.00 AND DATED JANUARY 1, 1962. WHEREAS, an initiated ordinance (No. 13-61, Series 1961) itled: "An Ordinance concerning the joint' water and sewer 'cm of Moab City, Utah; providing for the redemption of the is Water and Sewer Revenue Bonds, Series July 1, 1951, in outstanding principal amount of 866,000.00; the City's Water Sewer Improvement Revenue Bonds, Series July 1,1954, in the standing principal amount of $58,000.00; and the City's Water Sewer Improvement Revenue Bonds, Series July 1, 1956, in outstanding principal amount of $40,000.00; providing for the aiding of all of said 1951, 1954, and 1956 bonds and for the rovernent of said system, all from the proceeds of joint water sewer refunding and improvement revenue bonds in the regate principal amount of $510,000.00 hereby authorized to issued and sold; providing for the disposition of the revenues aid system; prescribing other details concerning said bonds and m. u wu emu. w ow, pour rucluSive, uereru ucsgnated as inure iavur- able to the City than that rate designated in the aforesaid Ordi- nance No. 13-16, Series 1961, so that it is in conformity with the intent of those voting for -said ordinance that the bid with the lesser interest rates be. accepted by the City; and WHEREAS, by letter dated the 4Th day of Decemlber, 1961,. the Utah Commission of Finance, Salt Lake City, Utah, has waived its statutory,right to purchase any or all of the City's Joint Water and Sewer System Refunding and Improvement Revenue Bonds, Series January 1, 1962. NOW, 'THEREFORE,' BE IT ORDAINED BY THE CITY COUNCIL, OF°1VIOAB CITY, GRAND COUNTY, UTAH: Section 1: That all action not inconsistent with this ordi- nance heretofore taken by the City Council and officers of Moab City directed toward the improvement of the municipal joint water and sewer system, toward refunding bonds numbered 27 to 92, both inclusive, in the aggregate principal amount of $66,000.000, of the City's outstanding Water and Sewer Revenue Bonds, Series July 1, 1951, bonds numbered 20, 21, and 23 to 90, both inclusive, in the aggregate principal amount of $58,000.00, of the City's out- standing Water and Sewer Improvement Revenue Bonds, Series July 1, 1954, and bonds numbered 10 to 49, both inclusive, in the aggregate principal amount of $40,000.00 of the City's outstanding Water and Sewer Improvement, Revenue Bonds, Series July 1, 1956, and toward issuing and selling all of its Moab City Joint Water and Sewer Refunding and Improvement Revenue Bonds, Series January •1,' 1962, to Peters, Writer &Christensen, Inc., Denver, Colorado, to effect said purposes, he, and the same hereby is, ratified, approved and confirmed. Section 2. That bonds numbered 204 through 510, both inclu- • sive (in the aggregate ,principal amount of $307,000.00) of the Moab City Joint Water and Setiver Refunding and Improvement Revenue Bonds, Series January 1, 1962, in the authorized principal amount of $510,000.00, dated as of the first day of January, 1962, shall bear interest at the rate of four and one-fourth per centum (41/4%) per annum as evidenced by one set of coupons, payable on the first day of July, 1962, and semiannually thereafter on the thirst days of January and July in each year, and shall be numbered and mature serially on the first day of January in each of the years hereinafter designated, as follows: Bond Numbers Amounts Years (All Inclusive) Maturing 204-221 $18,000.00 M 1982nB 19,000.00 1983 241-259 19,000.00 1984 260-279 20,000.00 1985 280-300 21,000.00 1986 301-322 22,000.00 1987 323-345 23,000.00 1988 346-369 24,000.00 1989 370-395 26,000.00 1990 396-422 27,000.00 1991 423-450 28,000.00 199 451-479 29,000• 1993 480-510 31,000.00 1994 Section 3. That the officers of the City be, and they hereby are, authorized and directed to take all action necessary or appro- priate to effectuate the provisions of Ordinance No. 13-61, Series 1961, and this ordinance, includnig, without limiting the generality of the foregoing, the -printing of said bonds and the execution of such certificates as may be reasonably required by the purchasers thereof relating, inter alia, to the signing of the bonds, the tenure and identity of the municlpal officials, delivery of the bonds and the receipt of the bond purchase price and the absence of litiga- tion, pending or threatened, affecting the validity thereof. Section 4. That after any of the bonds herein authorized are issued, this ordinance shall be and remain irrepealable until the bonds and interest thereon shall be fully paid, cancelled, and discharged as herein provided. This ordinance may be amended or supplemented in the manner and to the extent provided in Sec- tion 2.5 of Ordinance No. 13-61, Series 1961, Section 5. That all by-laws, orders, resolutions and ordinances or parts thereof in conflict with this ordinance are hereby repealed. Section 6. That if any section, paragraph, clause or provision of this ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall in no manner affect any re- maining provisions of this ordinance. Section 7. That in the opinion of the City Council it is neces- sary to the peace, health and safety of said City that this ordi- nance shall take effect immediately after its adoption; this or- dinance shall be signed by the Mayor and City Clerk and Recorder and shall be recorded in a book kept for that purpose and shall be published once in The Times -Independent, a newspaper pub- lished and of general circulation in Moab City. Passed by the City Council of Moab City, and approved by the Mayor of said City this 20th day of February, 1962. (SEAL) NORMAN G. BOYD Mayor Attest: DARiRELL REARDON City Clerk and Recorder (Published in The 'Times -Independent, Moab, Utah, Feb. 22, 1962.> each and every copy of said newspap period and time of publication, and al; lished in the newspaper proper and n( ment thereof. Publishr Subscribed and sworn to before me thi � day of 7Jr'R n , My commission exires Notary Public Residing said system; and providing, the effective date of this ordinance. "was submitted to a vote of qualified electors of Moab,City, Grand County. Utah, on the 7th day of November.- 1961;'-and WHEREAS, a majority of the qualified electors of the City voting on the question of the; ploptigm of 5ai�y��t ce No. 13-61., Series 1961, voted in favor {hereof;, Ond ' WHEREAS, a majority of the qualifiec>rL`li>rS of the City as thelrelead ction oaid a ting onythe,questionhin tlof the issuance ofrthe bonds designated the Joint Water and Sewer System Refunding and Improvement Revenue Bonds, dated January 1, 1962, voted in favor thereof; and WHEREAS, said Ordinance No. 13-61, Series 1961, authorizes the Cit:,y'to sell all or a portion of the bonds authorized at either public or private sale; and WHEREAS, pursuant to said Ordinance No. 13-61, Series 1964 and Ordinance No. 17-61-. `series 1961, adopted on' the 27th day of December, 1961, the City, on the 2nd day of January, 1962, did sell and deliver to Peters, Writer & Christensen, Inc., of Denver, Colorado, at par, bonds numbered 1. to 203, both inclusive, of said January 1, 1962, issue; and WHEREAS from a portion of the proceeds of said sale, bonds numbded 10 through 49 of its issue designated Water and Sewer Improvement Revenue Bonds, Series July 1, 1956, (representing all the boil& of said issue outstanding on January 1, 1962) were re- deemedeand refunded (i.e., by bonds numbered 1. through 40 of the above,44lignated 1962 issue); that the bonds numbered 27 through 92 at 'bonds designated Water and Sewer Revenue Bonds, dated Julyrn49$1, (representing all bonds of that issue remaining out- standi on 'January 1, 1962) were redeemed and refunded (i.e., by bon 4-cumbered 41 through 106 of the 1962 issue); and on the 2nd day'' „of January, 1962, from the sale of said bonds, the City did deposit into the Moab City Joint Water and Sewer Refunding and Improvement Revenue Bonds, Series January 1, 1962, Escrow Account . (pursuant to an escrow agreement entered into by the l City and'the First Security Bank of Utah, N.A., Salt Lake City, Utah) a sum sufficient to pay the principal of bonds nwnbered 20 21., and 23 through 90, both inclusive, of its issue designated Water and'Sewer Improvement Revenue Bonds dated July 1, 1954 (representing all bonds remaining outstanding of said issue on January 1; 1962) (refunded by bonds numbered 107 through 164 of its 1962 .issue), together with an amount derived from the oper- ation of the Joint water and sewer system, sufficient to pay all interest and prior redemption premiums due on or before July 1, 1963; and WIIEREAS, said Peters, Writer & Christensen, Inc., of Denver, Colorado, has now offered to pfrchase bonds numbered 204 through 510 (aggregating $307,000.00) of said January 1, 1962, issue at a price of par and accrued interest to the date of delivery at the rate WIIII2EAS,and it hasobeen deteer rmined entum by1/4thee)City Cun I, and it is hereby determined, that the interest rate for said bonds num- bered 204 to 510, both inclusive, herein designated is more favor- able to the City than that rate designated in the aforesaid Ordi- nance No. 1.3-16, Series 1961,.so that it is in conformity with the intent of those voting for said ordinance that the bid with the ]esseWHIterest REAS, byrates lettercdated byted thhe 4111Cday and f December, 1961, the Utah Commission of Finance, Salt Lake City, Utah, has waived its statutory right to purchase any or all of the City's Joint Water and Sewer System Refunding and Improvement Revenue Bond;, Series Tanuary 1, 1962. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF MOAB CITY, GRAND COUNTY, UTAH: Section nancehe eto orert 1 en ]byath�e Citycton notCouncil inconsrandstento fwith cersthis of Mo b City directed toward the improvement of the municipal joint water and sewer system, toward refunding bonds numher�ed 27 In 92 both in�)ncioo in il+r ,o ,.., 1,. ,• Proof of Yublication STATE OF UTAII, County of Grand, sa. Samuel J. Taylor, being first duly sworn according to law, deposes and says: That he is the publisher of The Times -independent, a weekly newspaper of gen- eral circulation, published every Thursday at Moab, Grand County, State of Utah; that the notice Ord Lllance; Pao . -32 hereto attached, and which is made a part of this Affidavit of Publication, was published in said news- paper for a period of one consecutive issues, the first publication having been made ; and the last on ; that the said notice was published in each and every copy of said newspaper during the period and time of publication, and that it was pub- lished in the newspaper proper and not in a supple- ment thereof.