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Newspaper
Parowan Times
Location
Parowan, Utah, United States of America
Date
Apr 01, 1949
Page
5
City of Parowan Utah adopts a ordinance to issue 110000 in City of Parowan Electric Light and Power Revenue Bonds Series April 1 1949 to fund part of a municipal power system. Net revenues pledge for bond payments with maturities 1950 through 1976 and optional call provisions with specified premiums and redemption notices.
The document outlines a $110,000 issue of Parowan Utah municipal electric light and power revenue bonds. They are payable from net revenues of the power system, bear 1949 issue date, mature in annual installments with interest, and are redeemable at the city’s option after April 1, 1954. The bonds require payment in U.S. dollars at First Security Bank of Utah and are transferable bearer securities.
Coupon dated October 1 19 indicating payment from the net revenues of Parowan’s municipal electric system. Payable at First Security Bank of Utah branch Salt Lake City. Coupon notes pledge of revenues, interest on Series April 1 1949, with explicit legal citations and facsimile signature.
The ordinance creates a Parowan Electric Light and Power System Fund and a Revenue Bond Fund. It outlines monthly deposits, a reserve, and uses for maintenance, insurance, and depreciation. It requires rates set by the city to be just and sufficient to cover operation, maintenance, depreciation, and debt service on the bonds, with funds secured by U.S. government obligations.
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