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HomeMy Public PortalAboutORD-CC-1962-048 * The Times -independent Moab, Utah Thursday, February 22, 1962 LEGAL NOTICES ORDINANCE NO. 4-62 Series 1962 AN ORDINANCE: TO CONTRACT AN INDEBTEDNESS ON BE- HALF OF MOAB CITY, UTAH, AND UPON THE CREDIT THEREOF, BY ISSUING THE NEGOTIABLE, COUPON, GENERAL OBLIGATION WATER AND SEWER BONDS OF THE CITY IN THE AGGREGATE PRINCIPAL AMOUNT OF $550000.00; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF A TAX TO PAY TIIE I'RTN- ' CIPAL AND INTEREST THEREOF; PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH; AND PROVIDING THE EFFECTIVE DATE OF THIS ORDINANCI:. WHEREAS, Moab City, in the County of Grand and State of Utah (herein sometimes designated as the "City"), is an incor- porated City of the third class (having been so proclaimed on the 21th day•of September, 1936), duly organized and existing under the laws of the State of Utah; and WHEREAS, Moab City now awns and operates a municipal winter facility and munioipal sewer facility, both lieing operated mid maintained as a joint water and sewer system (sometimes designated herein as the "system") for the benefit of the City and its inhabitants; and WHEREAS, at the regular election for municipal officers duly called and held on the 7th day of November, 1961., there was sub- mitted to the electors of the City qualified 'to vote thereon the following question: "Shall the negotiable coupon general obligation bonds of Moab City, Grand County, Utah, in the aggregate principal amount of $550,000.00, or so much thereof as may be necessary, payable within a period not: to exceed forty years from date of issue, and bearing interest at a rate not exceeding six per centum, payable semiannually, be issued and sold for the pur- pose of constructing improvements, enlargements, extensions and betterments to the present water and sewer system of ;said City in order adequately to supply said City with water and sewers, the same to be owned and controlled by the municipality?" LEGAL NOTICES be made upon prior notice in the manner and upon the conditiot provided in the ordinance authorizing the issuance of this bond. This bond is issued by ,Moab City on behalf of said City at upon the credit thereof, for the purpose of providing funds f, constructing improvements, enlargements, extensions and bette ments to the present water and sewer system of said City in ord adequately to supply the City with water and sewers, under tl authority of and in full confortnit.y with the Constitution at statutes of the State of Utah and pursuant to an ordinance of sa City duly adopted, published and made a law of said City prior the issuance of this bond. It is hereby certified and warranted that the issuance of 11 bond has been authorized by a majority of electors of Moab CP qualified to vote on the question, and voting at an election h( in said City on the 71:h day of November, 1961. It is hereby certified and recited that all the requiremer of law have been Sully complied with by the proper officers of sr City in the issuance of this bond; that the total indebtedness said City, including that of this bond, does not exceed any lin of indebtedness prescribed by the Constitution or laws of the SIP of Utah, and that provision has been made for the levy and colt, Lion of annual taxes sufficient to pay the interest on and t principal of this bond when the same become due. The faith and credit of Moab City is hereby pledged for 1 punctual payment of the principal of and the interest on this bra IN WITNESS WHERF OF, Moab City has caused this bond be signed by its Mayor and City Treasurer, and its corporate s, to be affixed hereto, attested by its City Cleric and Recorder, a the annexed interest coupons to bear the facsimile signature the City Treasurer as of the first day of January, 1962. and WHEREAS, the election on the aforesaid question resulted in 618 votes for $550,000.00 water and sewer Bonds and 377 votes against said water and sewer Bonds; and WHEREAS, the City Council of Moab City has determined, and does hereby determine, that it is necessary and for the best interests of the City and the inhabitants thereof tit* said general obligation water and sewer bonds of the City in the aggregate principal amount Of $550,000.00 be issued and sold at this time to Peters, Writer & Christensen, Inc., Denver, Colorado, at a price of par and accrued interest from date of the bonds to the date of delivery, at the interest rate hereinafter designated. NOW, 'THEREFORE., BE IT ORDAINED BY T1TE CITY COUN- CIL OF MOAB CITY, GRAND COUNTY, U'TAH: Section 1. That said election resulted in the approval of the issuance of the general obligation water and' sewer bonds of Moab City in the aggregate amount of $550,000.00, as aforesaid, and the result of said election is hereby so declared. Section 2. That all action heretofore taken by the officers of Moab City directed toward constructing improvements, enlarge- ments, extensions and betterments to the present joint water and sewer system of Moab City in order adequately to supply said City with water and sewers, and the issuance of the City's bonds the amount of $550,000.00 for said purpose, be and the same hereby is, 'ratified, approved and confirmed, including without limiting the generality of the foregoing, the sale, for their face value, of the bonds 'herein authorized to Peters, Writer & Chris- tensen, Inc.., of Denver, Colorado. Section 3. That for the purpose of providing funds for con- structing improvements, enlargements, extensions and betterments to the present joint water and sewer system of Moab City, there shall be issued the negotiable, coupon bonds of said City, desig- nated "Moab City, General Obligation Water and Sewer Bonds, Series January 1, 1.962," in the aggregate principal amount of *550,000.00, consisting of 550 bonds in the denomination of $1,000.00 each, numbered consecutively from 1 to 550, both inclusive, bear- ing date as of the first day of January, 1962, payable to bearer, and bearing interest from their date until maturity at the rate of four per centum (4%e) per annum, payable semiannually on the first days of January and July in each year, commencing on the first day of July, 1962, evidenced from date until maturity by one set of coupons attached to all of said bonds, said bonds being numbered and maturing serially in regular numerical order on the first day of January in each of the designated amounts and years, as follows: Bond Numbers (All Inclusive) 1-20 21-40 41-50 51-60 fit-90 91-120 121-150 151-185 186-220 221-255 256-295 296-335 336-375 376-415 416-460 461-505 Amounts Years Maturing Maturing $20,000.00 1978 20,000.00 1979 10,000.00 1980 10,000.00 1981 30,000.00 1982 30,000.00, 1983 30,000.00 1984 35, 000.00 1985 35,000.00 1986 35,000.00 1987 40,000.00 1988 40,000.00 1.989 40,000.00 1990 40.000.00 1.991 45,000.00 1992 45,000.00 1.993 (SEAL) Attest: Mayor City Treasurer City Cleric and Recorder (Form of Coupon) Coupon No.. $20.0i On the first day of January, July, 19____, *(unless -the br to which this coupon is attached has been called for prior reder tion) Moab City, County of Grand and State of Utah, wild piny bearer the amount herein designated at the First Security IT; of Utah, N.A., Moab Branch, Moab City, Utah, in lawful mot of the United States of America, being six months' interest on General Obligation Water and Sewer Bond, Series January 1, 11 and bearing Bond No. 506-550 45,000.00 1994 If, upon presentation of any bond at maturity, payment is not made aS herein provided, interest thereon shall continue at the rate of four per centum (4%) per annum until the principal thereof is paid in fall. Both the principal of and the interest on City Treasurer *(Insert in all coupons maturing on and after July 1, 1977. (Form of Certificate) AUDITOR'S CERTIFICATE I certify that this bond is within the lawful debt limit of M. City, in the County of Grand and State of Utah, and is iss according to law. DATED this day of 1962. City Cleric and Recorder and Ex-Officio City Auditor Section 7. That the Mayor, City Treasurer and the City C and Recorder of said City are hereby authorized and director prepare and execute said bonds as herein provided. Upon execution of said bonds, they shall be delivered to said , Treasurer to be by him deliverer) 10 the, purchaser of the bond a price not less than the principal amount thereof and ace) interest to the date of delivery, i.e., a price of not less than 1 face value. Section 8. That the funds realized from the sale of the, br authorized by this ordinance shall be applied solely to defra; costs of the designated improvements and purpose, i.e., to struct improvements, enlargements, extensions and betterm to the present water and sewer system of Moab City. All ram received from the sale of said bonds as accrued interest at time or times of their delivery (and any premiums therefor) : be deposited in the Bond Fund hereinafter created by Seen, of this ordinance and applied on the payment of interest next on the bonds herein authorized The purchaser of said bonds,) ever, shall in no manner be responsible for the application or posal by said City, or by any of its officers, of any of the f, derived from the sale thereof. Section 9. That the interest: falling due on said bonds on first day of July, 1962,.shall be ,paid out of the general fund 01 City, or from any other funds available for that purpose, an(' the purpose of reimbursing said fund or funds and of provi the necessary funds to pay the interest and principal there: accruing on said bonds, as the same become due, there sha' levied on all taxable property in the City, at the time and it manner provided by law, commencing in the year 1962, and arm; thereafter while any of the bonds herein authorized are (mist ing and unpaid, in addition to all other taxes, direct annual 1 sufficient to provide for the payment of such principal and into and said taxes, when collected, shall be deposited into a,sp fund to be known as "Moab City. General Obligation Water Sewer Bonds, Series Tenuary 1, 1962, Interest and Bond Retire; Fund," (herein sometimes merely designated as the "Bond Fut and such fund shall be implied solely for the purpose of the ment of the interest on and the principal of said bonds, re: 'Lively, and for no other purpose whatever, until the indebte, so contracted under this ordinance, both principal and intr shall have been fully paid, satisfied and discharged; but nor herein contained shall be so construed as to prevent said City applying any other funds that may be in the treasury and able for that purpose to the payment of said interest. or prir as the same respectively mature, and upon such payments levy or levies herein provided may, thereupon to that extol; diminished. The sums hereinbefore provided to meet the int on said bonds and to discharge the principal thereof when are hereby applied to that purpose, and said amount for each shall be included in the annual budget and the appropriation to be adopted and passed by the City crameil of said City in Bond Numbers (All Inclusive) 1-20 21-10 41-50 5I-60 61-90 91-120 121-150 151-1.85 186-220 22.1-255 256-295 296-335 336-375 376-415 416-460 461-505 506-550 Amounts Years Maturin $20,000.00 Maturi 1978n9 20,000.00 1979 10,000.00 1980 10,000.00 1981 30, 000.00 1982 30,000.00, 1983 30,000.00 1984 35, 000.00 1985 35,000.00 1986 35,000,00 1987 40,000.00 1988 40, 000.00 1989 40,000.00 1990 40,000.00 1991 45,000.00 •1992 45,000.00 1993 45,000.00 1994 If, upon presentation of any bond at maturity, payment is not made at herein provided, interest thereon shall continue at the rate of four per centum (4%) per annum until the principal thereof is paid in full. Both the principal of and the interest on the bonds shall be payable upon presentation and surrender of the annexed interest coupons and of said bonds as they severally become due, without deduction for exchange or collection charges, in lawful money of the United States of America at the First Security Bank of Utah, N.A., Moab Branch, Moab City, Utah, Section 4. All bonds are subject to prior redemption in inverse numerical order, at the option of Moab City, on the first day of January, 1977, or on any interest payment date thereafter, at a price equal to the principal amount thereof, with accrued interest to the redemption date and a premium of four per centum (4%) of the principal amount thereof. Notice of redemption shall be given by the Treasurer of Moab City, in the name of the City, by publication of such notice at least once, not more than sixty nor less than thirty days prior to the redemption date, in a newspaper of general circulation in Moab City, and a copy of such notice shall be sent by registered trail at least thirty days prior to the redemption date to the original purchaser or purchasers of the bonds, as representative of the holder or holders of the bonds, and to the First Security Bank of Utah, N.A., Moab City, Utah, the above -designated paying agent. Such notice shall specify the num- ber or numbers of the bonds to be so redeemed (if less than all are to be redeemed) and the date fixed for redemption, and shall further state that on such redemption date there will become and be due and payable upon each bond so to be redeemed at the First Security Bank of Utah, N.A., in Moab City, Utah, the principal amount thereof with accrued interest to the redemption date, to- gether with the stipulated premium, and that from and after such date interest will cease to accrue. Notice having been given in the fttanner hereinbefore provided, the bond or bonds so called for redemption shall become due and payable on the redemption date so designated, and upon presentation thereof at said bank, to- gether with all appurtenant coupons maturing subsequent to the redemption date, Moab City will pay the bond or bonds so called for redemption. Section 5. TreasurerThat sbonds shall sl , andatt t dby theC tyCerk anl d or and CityRecorder, and sealed with the corporate seal of said City. The coupons attached SO said bonds shall bear the facsimile signature of the City Treas- urer, which officer, by the execution of said bonds, shall, adopt as and for his signature the facsimile thereof appearing on said coupons. Said bonds and coupons bearing the signatures trtf the rfficers in office at the time of the signing thereof shall be the valid and binding obligations cf Moab City, notwithstanding that before the delivery thereof and payment therefor, any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices. Section 6. That said bonds, the certificates to be endorsed) thereon, and the coupons to be thereto attached shall be in sub-, stantially the following form: (Form of Bond) UNITED STATES OF AMERICA fiTATE OF UTAH COUNTY OF GRAND MOAB CITY GENERAL OBLIGATION WATER AND SEWER BOND No. __-. SERIES JANUARY 1, 1962 1,0Moab City, in the County of Grand and State of Utah acknowl- edges itself indebted and 'hereby promises to pay to the bearer hereof the sum of S for value received, 0 nEth elf stAd y of D)Ja us y, 19___-, with in- terest thereon from date until maturity at the rate of four per centum (4%) per annum, evidenced until maturity by only one set of coupons, being payable semiannually on the first days of January and July in each year, commencing the first day of July, 1962, upon presentation and surrender of the annexed coupons as they severally become due, both principal and interest being pay- able in lawful money of the United States of America, at the First Security Bank of Utah, N.A., Moab Branch, Moab City, Utali. If, upon presentation of this bond at maturity, payment is not made as herein provided, interest hereon shall continug at the rate of four per centum (4%,) per annum mail the principal hereof is paid in full. This bond is subject to prior redemption at the option of Moab City on January 1, 1977, or on any interest payment date there- after, at a price equal to the principal amount hereof with accrued interest to the redemption date and a premium of four per centum (4%) of the principal amount hereof, such prior redemption to levied on all taxable property in the City, at the time and in manner provided by law, commencing in the year 1962, and annu thereafter while any of the bonds herein authorized are outsb ing and unpaid, in addition to all other taxes, direct annual tt sufficient to provide for the payment of such principal and inter and said taxes, when collected. shall be deposited into a.spe fund to be known as "Moab City, General Obligation Water Sewer Bonds, Series January 1, 1962, Interest and Bond Retircnr Fund," (herein sometimes merely designated as the "Bond Fun and such fund shall be applied solely for the purpose of the I ment of the interest on and the principal of said bonds, rest tively, and for no other purgpose whatever, until the indebted) so contracted under this ordinance, both principal and inter shall have been fully paid, satisfied and discharged; but nott herein contained shall be so construed as to prevent said City f applying any other funds that may be in the treasury and tt able for that purpose to the payment of said interest or prim' as the same respectively mature, and upon such payments levy or levies herein provided may, thereupon to that extent. diminished. The stuns hereinbefore provided to meet the into on said bonds and to discharge the principal thereof when are hereby applied to that purpose, and said amount for each ) shall be included in the annual budget and the appropriation 1 to be adopted and passed by the City Council of said City in e year respectively. Secton it aliall said City tan annually, atttl e time a and in the manner providede the duty f the Cy ubyi for levying other taxes, if such action shall be necessary to effe> ate the provisions of this ordinance, to ratify and carry out provisions taxes; and that saidf rCity Council shall th reference to trequirhe e the officersof for said City to levy, extend and collect such taxes in the mar provided by law for the purpose of creating a fund for the I meat of the principal of said bonds and the interest accts. thereon. Such taxes, when collected, shall he kept for and app only to the payment of the interest and principal of said bo as hereinbefore specified. Section 11. That the officers of Moab City be, and they her • re, authorized and directed to take all action necessary or app priate to effectuate the provisions of this ordinance, includ without limiting the generality of the foregoing, the printing said bonds and the execution of such certificates as may reas .ably be required by the purchaser thereof relating to the sign of the bonds, the tenure and identity of the municipal afflict the assessed valuation and indebtedness of the City, the rec( of the bond purchase price and, if in accordance with the fa the absence of litigation, pending or threatened, affecting validity thereof. Section 12. That all ordinances, resolutions, by-laws motions, or parts thereof in conflict with this ordinance, are h( by repealed. This repealer shall not be construed to revive : ordinance, resolution, by -taw or motion, or part thereof, her( fore repealed. After the bonds hereby authorized have been isst this ordinance shall constitute a contract between Moab City the holder or holders of said bonds, and shall be and rein irrepealable until said bonds and the interest accruing then shall have been fully paid, satisfied and dischargd. Section 13, That if any section, paragraph, clause or provis of this ordinance Shall for any reason, be held to be invalid unenforceable, the invalidity or unenforceability of such sect) paragraph, clause or provision shall not affect any of the reins ing provisions of this ordinance. Section 14, That in the opinion of the City Council of M( City it is necessary to the peace, health and safety of said C that this ordinance shall take effect immediately upon its ad tion, its signing by the Mayor and City Clerk and Recorder, recording in a book kept for that purpose, and upon its being p dished in one issue of The Times -Independent, a newspaper is dished and having general circulation in Moab City. ADOPTED by the City Council of Moab City and APPROV by the Mayor, this 20th day of February, 1962. (SEAL)NORMAN G. BOYD Attest: Mayor DARRELL REARDON City Clerk and Recorder (Published in The Times -Independent, Moab, Utah, Feb. 1962.)