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.)