16 of 1931 - Authorizing $1,300,000.00 Water Revenue Bonds (SEE BILL #45) VOTIN, AYE NAY Salt Lake City,Utah,MAY 211931 192
Burton
Fehr I move that the ordinance he passed.
Finch
as=
Mr.Chairman - - -
Result
ORDItNAiNCE NO.
Aii ORDINANCE AUTHORIZING THE IkIPROVEMEN`i' AND EXTENSION 01' THE SALT L
LAKE CITY CATER SYSTEM, THE AC<JUISITION OF ADDITIONJAL
tiAT0R AND HATER RIGHTS EJ D THE ISSUANCE OF `crATCR
E'VENUE OBLIGATIONS IN PAYMENT THEREFOR:
WHEREAS, Salt Lake City owns andcontrols and for maxis years has
owned and controlled its municipal waterworks system; and
WHEREAS, because of the growth of the city and the increased
use of water, said system is insufficient and inadequate to meet the demands
of the city and its inhabitants, making it necessary and essential to
improve and expend such system and to acquire additional water and water
rights; and
WHEREAS, the city does not have in itstreasury an amount
sufficient to pay for such improvements, extensions, water and water rights;
and
WHEREAS, the city is able to make such improvements a 1
extensions and acquire such water and water rights by the issu ice of
special obligations payable solely from the net revenues of su s water
System, without incurring any general obligation of the city p fable from•
taxes, or its beneral fund; and.
WHEREAS, the Board of Commissioners considers it to be to the
benefit and advantage of the city and the in habitants thereof, to imporve and
extend the waterworks system and acquire additional water and water rights,
and issue water revenue bonds in payment therefor, as hereinafter
provided:
THEREFORE, BE IT ENACTED BY THE BOARD OF COls'S S0IONERS OF
SALT LAKE CITY, UTAH:
Section 1. That the Mayor and Recorder of thS city be and
#yhe are herby authorized, empowered and directed to enter into contracts
in the name of the city, for imporving and extending the municipal waterworks
system as follows:
°_ . 16
2.
By the construction of the Little Cottonwood conduit; by the enlarging
and construction of pumping plant.; for the construction of pipe lines and
distribution systems for artesian water; for the necsesary removal and
acquisition of sites of and for the Burrs/ City power plant; and all
auxiliary, supplementary and additional work neoessary for the complete
utilization by the waterworks system of Salt Lake City of the aforesaid
projects, in accordance with contracts, plans, speolfications, contracts
and agreements an file in the office of the City Recorder of said City,
Section 2. That the Mayor and Recorder of the City be aid
they are herby authorized, empowered and directed to enter in to contracts
in the name of the city, for acquiring additional water and water rights,
as follows :
Little Cottonwood water rights; artesian w ater
rights and necessary underground rights for the
protection thereof; springs and streams in connection
with and necessary to the aforesaid projects.
Section 3. That in payment for such improvemeete, extensions,
water and rater rights, the city shall issue itssbligations to be denominated
"Salt Lake City Water Revenue Bonds," in an amount not exceeding one million
three hundred thousand dollars (#1,300,000.00), which bonds shall be payable
solely out of the net revenue dreived by the city from the operation of said
system and not otherwise.
Section 4. That said water revenue bonds shall consist of one
thousand throe hundred bonds in the denomination of one ttaousand dollars
(01,000.00) each, numbered from one to one thousand three hundred, inclusive;
shall bear date May 1, 1931; shall be absoliiely due mid payable as follows:
Numbers Maturity Bmount
1 - 102/Inc. May 1, 193E 010E,000.00 5 1'23'3'
103 - 208,✓ " May 1, 1933 106,000.00 r A 4-,2b'd/'
209 - 318,✓ " May 1, 1934 110,000.00 A 3 Z1... 3/
319 - 434; " May 1, 1935 116,000.00 N • %
435 -556 "," ,�� /y May 1, 1936 121,000.00 ro _
556 - 681,✓" May 1, 1937 126,000.00 u a 6, A7 JI
682 - 813,✓" May 1, 1936 132,000.00 . • (,_f4-J
814 - 951,/" May 1, 1939 138,000.00 - •
952 - 1096," May 1, 1940 145,000.00
1097 - 1247, " May 1, 1941 151,000.00
1248 - 1300, " November 1, 1941 55,000.00
Said bends shall bear interest at the rate of four and one half
per centu4 per annum, payable:semi-annually, on the first days of May and
November in each year, to be evidenced by coupons attached to said bonds,
both principal and interest being payable at the Irving Trust Company, in the
City of New York, U. S. A., or at the office of the First Security Trust Compm ,
in the City of Sakt Lake City, Utah, at the option of the holder. Sold bonds
shall be signed by the Mayor and Treasurer of the city and shall bear the
corporate seal of the city, attested by the Becorder thereof; sad said bonds
shall be payable solely out of the net revenue derived from the waterworks
system owned, operated and controlled by the city, which revenue diall be plan
in the special fund, created by this ordinance, to be known as "Water Revenue
Sinking Fund."
Section 5. That the form of said water revenue bonds and the oduponsl
evidencing the interest to accrue theron shall be substantially as follows:
•
Proof of Publication
•
STATE OF UTAH,
}• County of Salt Lake
- l7ROVEME E ASITH 111-=T NC
.SIO IMPROVEMENT AND EXTEN-
@ION OF THE SALT LAKE CITY
WATER SYSTEM,ONAL THE ACQUISITION /-
OF ER RIGHTS
WATER AND WA-
TER AIGHT9 AND THE ISSUANCE-,
(QyF WATER REVENUE OBLIGATIONS beingfirst dulysworn,deposes and says'that he is the advertis-
17`WHEREAS, THEREe Cit p y
olsnd ralt n Lake arty o and
Controls and for many years has n owned
•was controlled its municipal water- clerk of THE DESERET NEWS,a newspaper published in
rdS� system;and
ing !'-('
-V the loAS. because I of the urppwth
of "city.and the Increased sie of
ear.amid system 1s e dencasnt and Salt Lake City,Salt Lake County,in the State ofUtah.
1pideiy a to t the a.maki t y Y
It
lia, and Its sen ialtao improve mr d
exted s ane asaa and to cquir and
extend such system and to quire ad That the notice
dl WIIE water end water rights; and
WHeasury.the city dose not have In • '/
Its treasury n amount sufficient to ] +
r' such terrights;improvements, extensions,
,��
e
water and Water rights; and
WHEREAS,the clan fa able to make
acgU improvements hate and a water r and
'lrY•the each water wafer rights
•
by•the issuance : special n obligations
of
ouch
solely from the et r venue-
[ ' an water ystobli without e Incur-
ring'
it1y payable any -from lance,or obligationeral of it-general
fund; and
WHEREAS, the Hoard of Commis-
Planers eavan agrt in he toe the hens- of which a copy is hereto attached,was first published in said
fit y and the
Tahabitan•ts'thereof, to'improve and
tend the waterworks system and -
nasq,Jdl;lonal water and water newspaper,in its issue dated, the �j�
cent-the watt r ape nwonaa lap / day of
yayment-therefor, a.•hereinafter
provided:-
ttg,BoRE,HE IT IniIONE S BY A. D. 19..-/.-
.T' LfAKE CI COMMISSIONERS OF
' LAKE That
t Mayo Re-
Corder 1.f the vinyl behand they-aro Im e•
byr authorieed,c'empowered and directed and as published.
to enter Into contracts in the n of
name
4.the city. for improving and extending
"the municipal waterworkssystem as the last p lication thereof being in the issue dated the..
follows: ._._
By the mistructlon of the Little
Cottonwood conduit; by the enlarging
end mnetrnstru of pumping es atsr day of7 A.D. 19-7
Yoe-tha.constion of off-pipe lines and
--- --
dlatrlbutton systems for artesian water;
for the necessary removal and acquisi-
tion f sites of d for the
o Murray City
power plant: and all auxiliary,supple-
mentary and additional work necessary
for the co plate utilization by the wa-
•terworke system of Salt Lake City of Advertising Clerk,
the aforesaid projects, hi ordance
with contracts, plans,' specifications,
contracts and agreements on file In the
City
office of the.City Recorder of said
City.
Section 2, That the Mayor and-Re-
pordgr of the City be and they are here-
.0.ntotiaed, empowered and directed
the city,,for°acquiring.laddit;enai imam of to before me this 2 S day
ter and Water rights, s follow,: of
Llttle,Qottonwood water.risk let nte-
slan water rights and necessary under-
ground A. D.
; pning Land t•streamsoIn Han connection
with with and necessary to the raforesaid
projects.
Section 3. That In payment for such 1
wmapreYements, extensions, water and,
I• le winkle,. -otty shall issue Its
'Lake
to he denominated Bond 'Salt
Lake Col Water Revenue Bonds," In
amountan t exceeding one million Notary Pthree hundred thousand dollars 01,200.-
ole ), which bonne shall.be payable
s ly
o out of the net revenue derived
th
by the city from the operation of said
system d net otherwise..
gd., s ll That said,waterrevenue
three shall consist of o mr
three fhundred bondsthcue,nd In the denom.na-
:tion of one tedufrod'too to one t0.ae-
nodeac numbered herd from one to one fhbear
and three hundred,Inclusive:shall beo bear
,dun and
1.y 1e shall bel absolutely
due end payable as Yoliowe:
Numbers Maturity Amount,
1-103.Inc.May 1,1032 0102,000,00 --- —
-
10S.208.Inc.May 1,1933 106,000.00 and as an
n irrevocable charge thereon.
209.218,Inc.May 1,1934 110.000.00 will Day Chia bond and the Iaterwt c
19.434,Inc.May 1,1936 116,600.00 cruing thereon,In the manner previd-
;430-666,Inc.May.1.1930 121.000.00 ed by the ordinance under which this
-660.681,Inc.May 1.1937 126,000.00 bond Is Issued,
e&2-813,Inc.May 1,1938 132,000.00 It le further rifled, recited d
9814_,961,Inc.May 1,1939 138,000,00
9 -1096;Inc May 1,194D 145.000.00 warranted that the city has not Dledg-
189'atI-124e,Ian May 1,1941 151,000.00 ed, hypothecated or anticipated in any
13484300.Inc,Nov.1,1941 63,000.00 way,any of the revenues derived or to
be derived from the operation f Its I ID)There shell next he paid free
„Bald:butans-slrall bear Interest at the waterworks system, other than by the said fund the necessary ate and ek-
eala of our andone-half.per centum laenanee of the series L water revenue
penaee of the efficient and t. omle
Per , payable sa 1-annually, bonds, of which this bond is a Dart operatinn of aid water...M.on
the firstleer days at May and November In And It Is further certified,recited and (c) Any balance thereafter remain-
each year, to be evidenced by coupons warranted that all acts,c ndltipva and 'Ina in id fund may be disposed of
attached to said bonds, both principal things required to be done, to have as directed by the City Coemleslo '
and Interest being payable at the Irving happened or to t, precedent to and 'Section 8. if 1t hints v be legal.
Trust Company, In the Oily,of New In the Issuance of this bond,have been i ly deternt that any lagielativo or
York, U.S. A.,ex. bod at the filch of the legally and properly done,-have hap- any other body of ibe a salon Itaa power
Fleet Security Trust Cy, Utah.
, In the petted and been performed and do exist lawfully to prescribe a 1p [ hedule
City of Salt Lake City, Utah. at the In regular and due time,form'and a of rains than that contemplated by this
ptioa of tk holder.Said bonds shall be a required by law,end In full and ordinance, and' It such lower rates
Ikned by'the Mayor and Treasurer of strict compliance liar a with the constitution should be➢rescribed,than the yment
the-city and hail bear the corporate and laws
t pa f the State of Utah,and that of the Intermit upon and the
earl of the ity,r�attested by the Re the obligation hereby created exceeds principal
cdrder thereof;and said bonds.shall be p limitation Imposed of the water ronnt bonds leased
payable solely Of tonet revenue no
TESTIMONY IvIddEEOF. Salt mince to theoelitt provisions i thl a die
'derived from the aterworles vetem lake City has caused this bond to be upon
shot,r netliece a first charge
red, paroled and controlled b. the Signed by its Mayor and'Treasurer,and n n iha anus received from d
-city, which revenue, hall be placed In has caused the seal of the It '.°ref min'anything In this ordinance con.
the special b fund created by this venue city by be
tamed to nthe contrary notwithstanding.
to be known ea"Water Revenue City lte0 affixed and caused
Its Section 9. In the event the py meals
Hood on 1.That Furth, City heretoea,andc has c e si the.with required
It defaultt'U e any of the payments
itc
Section 6, ond the form of said - Dons hereto a signature
re•be signed with ault s all
this Inns f r and such dof
ter revenue bones and the coupons eon the. user. ale I thisu fI of Its City fathult shah p ct for a period of
shall b the tantia1 to accrue thereon Tre A 19 n of this first day of May. managtyer
dr of thef a city eita a appoint a
shall be sit((tonronlanf Bondi town: A D, 1931.a shall be a tletactory',tor First at1ecurl who
ty
United States of America (Beal) r Mayor. Company.of Salt Lake CRY.Visit,and
-State t Utah. County of Salt Lake, whose ealery and expenses Incurred in
SALT LAKE CITY WATER Treasurer. such mans g ent, shall be a first and
REVENUE BOND ' Attest: Prior lien n and againet the revenees
`No $1,000.00 of the byetem. Bald. manager Shall
Salt Lake City,.In the County of Salt Clty Renncda[. have full control over said ysteln,cub-
-Lake, in the State of Utah, for value (Form of Coupop) })'„``?. let onto to the control of the Clty Com-
received,hereby promises to pay to the Mn.......... tsyyyr.;_ mfaeinners, and he shall enforre such
'•301te0"hereof, out of the special fund Alay, rates and charges fixed hr the City '
llreratn daglgnggtea, the sum of One On Ilse first day November, A. bS. - Commleslonere. a will be ufficient t
Thousand Doltafx, (91,u0c.00).to lawful 19...., Sint lake City, In the count/ , make the paymente required by Sala or.
icy ,the fleet,day of A. B:19...' q will,pay the bearer TWENTY-TWO defaults ere remedied and the rev-
.With interest thereon from date m o
milli AND 60-100 DOLLARS, in lawful n me to required r
herein promptly
DDayment at the rate of food and one- en of the United States of America, at made for a period of tin menthe, the
ryti41 Der'c0ntunr.per inn I, payable the Irving Trust Company, In the City city shall have the privilege of elrang-
Yernl�tittUally,dn,the firatuday f No• of New York, U.6.A„or at the'office , In ouch management with or without
.veinper
and the first day of Sear In of the Fret Security Trust Company, the consent of the Fleet Security Com-
'nob year, both principal and Interest' In Salt Lake City. Utah, at the option van,but If there shall be any suing-
being payable at the Irving Trust corn- of the holder, out of "Water Revenue quent default the condition set forth
many,1n the City of Now York U.S.A.,: Bond Sinking Fund,"but not otherwise, In this Reel ion shall again preen II.
at the"office of the First Security being dx menthe' Interest on Its water Section 10, The city shall not sell or
TrUet company,In Salt Lake City.Utah, revenue bond dated May 1, 1931, a nree to bell said waterworks system
at the option of the holder upon pre- (Facsimile signature) unless and until angemenls re made
entatlen ands ender of this bond oreatiefactory to caldr.lrlrst Security Com.
the ree seethe a annexed coupons as No Treasures. PannY;tirr the payment f the p nrloal
they a rally become doe Section 6. That'sold bonds shall be and ter h o any of n I.1 revenue
This a band le fecund On payment for delivered to Payment for said improve. V may he outeter d'ug at that
'Improvements and extenelons to. and inents, extensions, water and water time. •
additional water epd water rights for rights at ter claims therefor bade been Section 11. All or'tinanc or. or pane
the tnuntntpal aterwork.system own- duly presented. audited and allowed. thereof, in conflict with this 0r1man00,
.ed;operated and controlled by the It,, and not
t otherwise, The Issue of said tro hereby r pealed•
hat,•based upon clalme against rainst the city dilly bonds by the city ',ball constitute a Section 12.After cold bonds he, been
presented,audited d al0owed,the city warranty by and on behalf of the city leaned this ordlnehce shall o5 lrrepeal-
I'iereby acknowledging receipt of prop- for the benefit of each and every holder able until a ld bonds and the Interest
arty, labor or material In en
m bonds, that of told bond that sold bonds have thereon hall Do Cully boil, 0ntle(fed
equal to or to exceed of the.prinelpal been Issued for a valuable consider.. and discharged In-the manner herein
'et this'bond. Lion In full conformity with law. prodded.
Thls bond is payable solely out of a Section t. That there Is hereby ese Section 13.'This or,innnce alter its
luealil:fund designated "Water Rove- tabllahed and created a fund to be Passage, enll be recorded In the city
a Bond Sinking Fund," created' by known and maintained as"Water Reve. book t ordinances koyt for that per-
:the city and consisting of lneomn de- nue Bond Sinking Fund;' into Wh Ice pose,authenticated by the Menai..e f
rfvedetrom the v the Mayor and Records^, and shall be
h operation of Ile water- fund the city shall place all water published 1n The Deseret News.
rkae and It In hereby warranted that Clines front all sou a Salt Lake City es taper of general clrculatien In said city.
far.Ilse payment in Shls alienfo Salt hwith
Irrevocably an covenants and agrees Section 14.By reason of iha fact that
Lake,t'bore will receipts
n call fund, de. with each and n of water shortage le mtntlnent and ea,'
gaoeeit therein ail ree ipts derived from revenue bonds, issued under the pro. city and its Inhabltantn a of Vrep-
_p/tein ands.out pi su9h-rwNpta vfete. of this ordinances re
A. 1angt....win. . .., Y.utn- er1Y declared
supplied a with water,
innate tioft'if'Its City aCommlesfone It is hereby declared that a emergency
ors, cstabIlslt and enforce a echedule exists and 1n the opinion of the Board
` • 'of water charges,sufficient at all times of Commiselooere It Is necessary to the
pnetually to Day the Interest accruing
Immediate preservation ot the Deice.
on eats bonds,to discharge the prinei- SMehl.alt
and safety of the inhabitants of
pal therm[at'matvrlty, and eu[[lclent Salt Lake'City that this ordinance shall
• to pay all operating M tntenance and lake [feet imtne stately.
depreciation'charges d exoaneea ell Section ]+. This ordinance shall take
In accordance with such approved math- effect,at once upon Rs first Duallrn•
ode of operation end accounting as are lion.
vally applied In the operation of elm,. Pnxsed by the Board of h, thi sx
liar utilities by Dublin and private coreOre of Salt Leka (:Ity Utah, this "Oct"Le
Poratfpna day f May, A. D.. 1031.
B. That during'the time any of said SOHN F.BOts')May
e.);ends ayeoutstanding the city ' .IIM,
en
willnpay into id fund,-for ill water ETHEL MACy Recertified
furnished'the-city for public or Mu- B11City Recorded
nfcipal purposes,-e, not lee than 3°ts sls 19 _
that charged private consumers
for Tubllsbed.MAY'g2, J,931a,.
equal or similar ueplY or service.
C. That the a Water Revenue Bond
Sinking Fund hereby established end
sated is hereby irrevocably pledged
for the purpose and paymente heraia
set forth,to-wilt -
(a). During the month of nth Mthereafler
and
long as sane eta calf Water Revenue
Bonds or the interest thereon shell
main unpaid, there shall be set eels•
and there is Irrevocably Pledged from
the drat oolleCinione for cold fond, an
amount Ntficient to pay
o.0txtb of the semi-annual interest
and not lean than one-twelfth princ0Pat
Installments next thereafter'maturing
thatsaid Water Revenue October,g lnclusNa
th4t from moue
pled, the r amount to a set side end
pledged for of'
payment of tab final
Installment ne Princl➢n 'shell f said
Mnot
enthe.
than ono' am u to each of
obe 1n-
ontht. tuck
eluIed fn the anmlaltr budget d a t!
roDrfatlon ordinances f the city and
shall be accruing
d to the payment of
interest atoninh upon
¢h bonds
end
the Principal thereof when the same
become due.
InT,D4VI1 SE,PUBLICATION a ORKPAPU,
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