Page 1 > ORDINANCE NO._ 966 AN, ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $ GENERAL OSLIGATION SECURED WARRAIITS SERIES 1 250,000 PRINCIPAL AMOUNT OF 6 _ BE IT ORDAINED by the City Council of the City of Prichard, Alabama, . a3 follows: Page 2 w * rein otherwise, ons where usei parit ance be authorize? terest on which 8& 30 te da cantai “Suthorized warcants" eries 1963. authorized in Sze ua Callatle 5 1 11 1 1 2 502 646 180 24 94.892494 warrants Stated maturities in 1669 includes its suecessors may be a oarty. S. The foilowinr words and a4 all be given th this oriinance: v securities" -seans any. securities to issue and for +4 gati the na: which the city ‘nent of be pleiged in Section 12 of the open end on secured Warrants. rd in the 3tate of and assigns and any municinal corporation om or surviving any zonsczlidation or merzer to whieh it or its Council means the governing sody of the city as from time to : : Couvons .neans those cougons issued pursuant hereto and evid “the semiannual instalinents of interest un the appli able authorized ye Financial 5 1 38 1 1 2 523 1125 154 26 26.360298 journal means a journal printed in the English -arguage and devoted primarily to news of financial matters. Fiscal 5 1 39 1 1 2 454 1229 98 23 34.256172 year means a fi Jetober 1 und endine on che Holder when used in coni warrants while the sane is assirned r b1 a possession and the apparent owner of the designated item. “interest payment date" means any February 1 or august 1. Month means a caleniar months Newspaper means a journal or newspaper “ri guage and customarily published not less than five 4 ndar week, Outstanting 5 1 54 1 1 2 549 1880 159 25 87.657631 warrant means the eity dated October 22, 196 referred to ~ 2 ? : ‘ 2 . vaustanding und which is herein authorize Open 5 1 55 1 1 2 407 2014 55 23 35.176010 end 2 1 56 0 0 0 80 2043 425 30 -1 3 1 56 1 0 0 80 2043 425 30 -1 4 1 56 1 1 0 80 2043 425 30 -1 5 1 56 1 1 1 80 2048 37 23 87.937302 oy 5 1 56 1 1 2 142 2043 56 24 92.699005 the 5 1 56 1 1 3 223 2046 137 25 23.940186 escuncii 5 1 56 1 1 4 385 2049 55 23 95.940475 and 5 1 56 1 1 5 467 2056 38 17 68.109268 apn 2 1 57 0 0 0 487 2076 28 4 -1 3 1 57 1 0 0 487 2076 28 4 -1 4 1 57 1 1 0 487 2076 28 4 -1 5 1 57 1 1 1 487 2076 28 4 95.000000 2 1 58 0 0 0 319 2202 414 10 -1 3 1 58 1 0 0 319 2202 414 10 -1 4 1 58 1 1 0 319 2202 414 10 -1 5 1 58 1 1 1 319 2202 414 10 95.000000 2 1 59 0 0 0 917 1953 15 23 -1 3 1 59 1 0 0 917 1953 15 23 -1 4 1 59 1 1 0 917 1953 15 23 -1 5 1 59 1 1 1 917 1953 15 23 71.710617 d 2 1 60 0 0 0 485 1746 1128 278 -1 3 1 60 1 0 0 485 1746 1128 278 -1 4 1 60 1 1 0 1182 1746 45 23 -1 5 1 60 1 1 1 1182 1746 45 23 95.000000 4 1 60 1 2 0 1194 1769 59 46 -1 5 1 60 1 2 1 1194 1769 59 46 95.000000 4 1 60 1 3 0 934 1880 679 35 -1 5 1 60 1 3 1 934 1880 679 35 95.000000 4 1 60 1 4 0 920 1915 693 27 -1 5 1 60 1 4 1 920 1915 693 27 95.000000 4 1 60 1 5 0 934 1942 679 19 -1 5 1 60 1 5 1 934 1942 679 19 95.000000 4 1 60 1 6 0 934 1961 679 35 -1 5 1 60 1 6 1 934 1961 679 35 95.000000 4 1 60 1 7 0 485 1996 1128 28 -1 5 1 60 1 7 1 485 1996 1128 28 95.000000 2 1 61 0 0 0 1293 1344 241 94 -1 3 1 61 1 0 0 1293 1344 241 94 -1 4 1 61 1 1 0 1293 1344 241 35 -1 5 1 61 1 1 1 1293 1350 36 17 96.057480 or 5 1 61 1 1 2 1355 1344 179 35 93.204430 license 5 1 61 1 1 3 1511 1340 26 43 78.592484 t 4 1 61 1 2 0 1313 1379 218 26 -1 5 1 61 1 2 1 1313 1385 58 17 93.397377 ame 5 1 61 1 2 2 1396 1379 34 24 93.397377 is 5 1 61 1 2 3 1457 1380 74 25 94.300575 levi 4 1 61 1 3 0 1312 1413 219 25 -1 5 1 61 1 3 1 1312 1413 77 24 86.774895 mits 5 1 61 1 3 2 1414 1414 37 23 94.580231 of 5 1 61 1 3 3 1477 1415 54 23 96.501289 the 2 1 62 0 0 0 1311 1397 2 4 -1 3 1 62 1 0 0 1311 1397 2 4 -1 4 1 62 1 1 0 1311 1397 2 4 -1 5 1 62 1 1 1 1311 1397 2 4 95.000000 2 1 63 0 0 0 1297 1411 15 7 -1 3 1 63 1 0 0 1297 1411 15 7 -1 4 1 63 1 1 0 1297 1411 15 7 -1 5 1 63 1 1 1 1297 1411 15 7 95.000000 2 1 64 0 0 0 1541 1040 115 30 -1 3 1 64 1 0 0 1541 1040 115 30 -1 4 1 64 1 1 0 1541 1040 115 30 -1 5 1 64 1 1 1 1541 1040 115 30 84.383530 encing 2 1 65 0 0 0 1498 1076 175 24 -1 3 1 65 1 0 0 1498 1076 175 24 -1 4 1 65 1 1 0 1498 1076 175 24 -1 5 1 65 1 1 1 1498 1076 175 24 85.036903 warrants. 2 1 66 0 0 0 822 1474 711 69 -1 3 1 66 1 0 0 822 1474 711 69 -1 4 1 66 1 1 0 822 1474 688 34 -1 5 1 66 1 1 1 822 1474 140 24 88.599632 unetion 5 1 66 1 1 2 983 1476 79 24 96.393013 with 5 1 66 1 1 3 1086 1483 59 23 96.080940 any 5 1 66 1 1 4 1168 1479 37 23 96.758232 of 5 1 66 1 1 5 1231 1479 56 24 96.534676 the 5 1 66 1 1 6 1312 1481 198 27 56.034008 authorized 4 1 66 1 2 0 881 1508 652 35 -1 5 1 66 1 2 1 881 1508 5 4 69.321465 t 5 1 66 1 2 2 1003 1517 98 18 96.514389 means 5 1 66 1 2 3 1127 1512 56 24 96.407074 the 5 1 66 1 2 4 1209 1519 120 24 36.455963 person 5 1 66 1 2 5 1350 1516 60 24 96.132607 who 5 1 66 1 2 6 1435 1517 35 24 96.206779 is 5 1 66 1 2 7 1496 1518 37 24 95.825554 in 2 1 67 0 0 0 1537 1354 112 88 -1 3 1 67 1 0 0 1537 1354 112 88 -1 4 1 67 1 1 0 1537 1354 40 18 -1 5 1 67 1 1 1 1537 1354 40 18 94.050919 ax 4 1 67 1 2 0 1538 1382 34 24 -1 5 1 67 1 2 1 1538 1382 34 24 72.239273 ag 4 1 67 1 3 0 1558 1417 91 25 -1 5 1 67 1 3 1 1558 1417 91 25 91.096077 city. 2 1 68 0 0 0 942 2196 735 16 -1 3 1 68 1 0 0 942 2196 735 16 -1 4 1 68 1 1 0 942 2196 735 16 -1 5 1 68 1 1 1 942 2196 735 16 95.000000 Page 3 payable. the proceeds derived’ from the gross ri. ww Pl 5 1 6 1 1 2 372 230 91 43 67.676331 edged 5 1 6 1 1 3 489 244 59 24 95.112823 tax 5 1 6 1 1 4 570 215 178 54 31.065918 revenies means ax which are pledged for the’ “penefit of “the author ised warrants. ay a eceipts: t 2, “ Redemption 5 1 8 2 2 4 549 346 97 25 87.011887 date means the date fixed for redemption of callable warrants, in a eer notice of redemption made pursuant to the provisions _of Section 6 hereof, | ..% is ¥ - Re pe BP > at .. Redempt 5 1 15 1 1 3 469 464 62 43 78.683731 ton 5 1 15 1 1 4 549 458 131 50 47.913723 price” 5 1 15 1 1 5 692 491 96 18 86.641891 means 5 1 15 1 1 6 815 466 57 43 95.287628 the 5 1 15 1 1 7 896 486 98 29 96.095978 price 5 1 15 1 1 8 1017 486 38 24 96.095978 at 5 1 15 1 1 9 1076 486 104 25 96.523499 which 5 1 15 1 1 10 1201 465 159 47 92.112007 callable 5 1 15 1 1 11 1382 466 159 48 96.876228 warrants 4 1 15 1 2 0 84 503 1251 48 -1 5 1 15 1 2 1 84 514 133 26 70.976105 “called 5 1 15 1 2 2 244 516 56 24 96.579460 for 5 1 15 1 2 3 323 517 203 30 96.278023 redemption 5 1 15 1 2 4 548 524 60 23 96.811974 may 5 1 15 1 2 5 629 518 39 24 96.840027 be 5 1 15 1 2 6 687 519 162 24 96.585854 redeemed 5 1 15 1 2 7 875 503 39 40 96.319588 on 5 1 15 1 2 8 938 520 56 24 95.538361 the 5 1 15 1 2 9 1017 521 201 30 96.130096 redemption 5 1 15 1 2 10 1241 521 94 26 71.776237 date. 2 1 16 0 0 0 305 579 1213 41 -1 3 1 16 1 0 0 305 579 1213 41 -1 4 1 16 1 1 0 305 579 1213 41 -1 5 1 16 1 1 1 305 574 239 36 71.902863 Resolution" means a resclution duly adopted by the council. Secular 5 1 17 1 1 2 486 653 78 25 90.710236 day means any day on which business is normally -transacted and does not include any Sunday ‘or legal holiday. Special 5 1 18 1 1 2 487 756 96 26 95.460136 fund means the Gross Receipts Tax Fund referred to in Section 12 hereof and created in Section 14 of the oven end ordinance. (>) Use of Phrases, The following words and phrases where used ~- in this ordinance shall be given the following respective interpretations: Hsrein, “hereo®", hereunder, and other equivalent words refer to this ordinance and ngt solely to any particular portion hereo? in which any such word is used. : The definitions bet forth in Section 1 (a) hereof stall be deemed applicable whether the words defined are herein dsed in the si:gular or plural. Wherever used herein any pronoun or pronouns shall de deemed to include both singular and plural and to cover all genders. Section 2. Findings Resoecting the Outstanding The--- souncil has caused an investigation to be made of the oblivations ofthe a eity now outstanding and, as a result of such investigation, has ascertained and found and does hereby declare that there is now outstanding and unpaid: one General Obligation Warrant of the city in the pri incinal amount of $100,900, dated October 22, 1963, which was issued undev the authority contained in Resolution No: 963 adopted by the council and approved by the mayor on October 21, 1963. The outstanding warrant was issued by the city (a) -to raise funds to reimburse the general fund of the city for moneys theretofore expended by the city out of its general fund to make certain capital improvements consisting of inprevements at Hogan Avenue Park, Eightmile Park and Fagerstrom Park, the construction of improvements to the city garage building, and the paving of a portion of Perdido Street and the construction of sewer extensions for which saving and sewer extension assessments were not levied against the proverties specially benefited there- by, and (b) to raise funds with which to vay expenses of carrying on the nscessary governmental functions of the city The ovtstanding warrant was Signed in the name of and behalf of the city. and the _corporate seal of the city was affixed thereto and attested in the manner vrovided by the laws of Alabama and by the said resolution under which it was issued, and renrasents a valid general obligation indebtedness of the city againss which there are no offsets or counterclaims. The action of the council in adopting the said Resolution No. 963 at the said meeting nsid on October 21, 1963, and the Page 4 vis 4k Saba 4 Rdg he Ree on € + oo FG i % 5 oR gts te “action of the dayor in ‘approving the” § i he ; the mayor in‘executing and“Gabsing “He < ‘of the* city affixed to the outstanding warrant, and the action of the city elerk in ; attesting the same, and the action of the city treasurer in delivering the +; “outstanding warrant-in evidence of the~borrowing provided for in said® resolution, “are all hereby ratified and aoproved, . 7 ry ,% 8 ay F a aa oe , 8 ee Section 3. Findings Respecting the Need for ‘Additional Borrowing and Issuance of the Authorized Warrants. The council has caused an ‘ot ealg vo ~ investigation to be made of the financial affairs of the éity'‘and, as a result of such investigation and on the basis of the facts disclosed thereby, has ascertained and found and does nereby declare that the Tollowing * a” statements are true: The city is in need of additional funds with which to pay costs of carrying on the essential governmental functions of the city prior to the receipt of tax revenues. The outstanding warrant referred to in Section 2 hereof will mature under its terms ninety days after its date, and the city will not have at the maturity of the outstanding warrant funds surficient to retire the same, It will, therefore, be necessary for the ~~ eity to refund the outstanding warrant referred to in Section 2 hereof and also to raise additional funds with which to pay the costs of carrying on the essential governmental functions of the city. To those ends it will be necessary for the city to issue the authorised warrants provided for in Section 5 hereof. Section 4. Findings Respecting the Gross Receipts Tax and the . Special Fund, Under the provisions of the open end ordinance the city authorized the issuancetof, and did thereafter issue, certain securities 5 of the city that are now outstanding. By Ordinance No. 880 of the city adobted by the council andiapproved on October 3, 1666, the city levied a special privilege and license tax measured by the gross proceeds of sales or gross receipts of the businesses with resvect to which the levy was made, In the open end ordinance the city pledged the eross receipts tax, to the extent to which the same was levied within the corporate limits of the city, sor the benefit of certain securities that were issued under “he open end ordinance, In Section 12 of the open end ordinacee the city reserved the power of pledging the gross receipts tax ror the benefit of additional | securities of the city upon compliance with the Tequirenents set out in said , section 12. The proceeds of the zross receipts tax have been sufficient to enable the city to issue the authorized warrants and to make the parity . pledge hereinafter made for the benefit thereof under the said reserved power so to do contained in said Section 12 of the open end ordinance, Section 5. Authorization of the Authorized Warrants Pursuant to the applicable crovisions of the constitution and Laws of the State of Alabama, including particularly the authority contained in Section 253 of Title 37 of the Code of Alabama of 1940 in order to raise the sum of $100,000 for the pursose of refunding the outstanding warrant, and inecludin also particularly the authority contained in Section 466 of Title 37 of sai code in order to raise the additional sum of $150,000 for the purvoses ; specified in Section 3 (a) hereof, which two sums together aggregate $250,000, there are hereby authorized to be issned by the city two hundred fifs; : General Obligation Secured Warrants, Series 1963, of the city in the agcrepgate principal amount of $250,000, to be numbered from 1 to 50, inclusive, to be ia the principal amount of $5,000 each, to be dated August 1, 1963, and to mature on August 1 as follows: man Page 5 . attached. thereto. The warrants and the coupons Ag rezate Principal B __ Amount Ms turing 1 ee “S$ 20,000 ° «7 5 : , 20, 006 9 . 967 20,000 13 to 16 1968 - . 20,000 17 to 20 . 1969 29,000 21 to. 2k at _ 1970 29,000 25 to 28 mew 1971 & 20,000 y 29 to 32 . 1¢72 20,500 . 3 to 36 : 1¢7 20,000 37 to Lo 19? 20,000 4 to bh 1G?5 29,060 45 to 4S 1976 20,000 49 and 50 1977 19,000 The warrants shall bear interest fron their date until maturities at the following per annum rates: 1365 through 197%, inclusive, 3.10%; 1979 through Such interest shall be payable on Februar aarpaliy on August 1 and February 1 of rs e maturities and shall be evidenced = bear interest at the rate of 64 ner annum 2fter ntil paid, and shall be paxable in lawful money of the Un oa. States of anerica at tne prinedipal office of The Merchants “Nationa: Bank of Mobile, in the City of Mobile in the State 3f Alabama. eS Section 6, Opticnal He While the city is not in default iaterest on any of the authorized having stated maturities in 1969 ay Pecempiion and payment by the eit on or after Aurust 1, 188, after nei einafter provided, upon parment of the unpaid thereon to the redemption Sate and a une cailable warrants reteened equal to its to twelve months' interest thereon, ANY su at in part of the callable war sich redemption shail be accomplished in the time outstanding. Any such redemption following manner: tné princinal of ar she the ausports Warrants aeerued Sut remaining Lon price for each wf value slus a equal emution wnole nts at the vane outscandir in vert those az ta (a) The council shall oy re redemption on a stated date x i they their terms sudject to redemption callable warrants beariig stat-d numbers and shall further find ana declare in such resclution that the city is not at the time in default in the payment of the rrincinal of or interest on any of the authorized war (b) The city shall enause published in the city of Bir: shed in a nes Page 6 “ ah on lable warrants beari shall be the numbers specified in the resolution required in Section 6 (a) hereo?) have been.calied for become due and bdyable on a snecified redun snail be the redemption date provided for s the resolution required in Section 6 (a) he redeuption price (which shall be ‘specified and that all interest thereon will cease af Gate. Such notice shall be published at le less than thirty days prior to the redemoti paper published in Birmingham, Alabama, but specified for the publicstion of such notice then being published in Birminsham, Alabama may be sufficiently given by publication in ina financial journal published in * Yor (ce) On or prior to the redemption date maxe available at the bank at whien the aut are payable the total redemption price of t warrants so called for redemption, and shal said bank that the city has complied with + contained in Sections 6 (a) an® 6 (b) hereo Upon compliance with the foregoing requirements, date the city is not then in default in payment oa interest on any of the authorized warrants, the ¢ stated numbers (which redemption and willis ption date (which * uch redemption in” reof) and’at the : in the said notice), ter the redemption — ast one time, not on date, in a news- if on the date @ no newspaper is |. » then such notice the sam@ manner k, New York, the city will norized warrants he callable 1 further inform he requirements “ de and if on the redemption f£ the principal of or allable warrants so calied for redemption shall become due and yayable on the redemption date at the place at which the same shall be pavvable and at t specified in such notice, anything in the callabl notwithstanding; and interest shall thereafter ce callable warrants so called. Neither the bank at warrants shall be payable nor the city shall be r maturing on the redemption date which is anplicab so called for redemption unless the callable warr applicable is also presented for payments; provide oank should pay any such coupon without payment o warrant the bank shall not be liable to the holde callable warrant or to the city or to anyone whom further, that such bank shall pay such coupon out it for that purpose by the city if the holder the satisfactory to such bank that such holder is the presented and is not the owner of the callable wa is applicable, Section 7. Execution of the Authorized warrants shall be executed in behalf of the city Signature shall be manually subscribed thereon. he redemstio® price @ warrants to the contrary ase to accrue on the which the callable equired to pay any coupon -e¢ to any callable warrant ant to which such coupon is d, that in the event such f the ap slicsble callable roof such applicable soever; and provided of the moneys supplied to reof shall present evidence owner of the couron so rrant to which such coupon Warrants. The authorized by the mayor, whose A facsimile of the official seal of the city shall be printed or otherwise reproduced on the authorized warrants and the said seal and the said execution by the mayor shall be ttested by a facsimile of the signature of the ¢ otherwise reproduced on the authorized warrants. ity clerk printed or The ecourons applicable to the authorized warrants shall be executed with a facsimile of the signature of the mayor printed or otherwise repro attested. with a facsimile of the signature of the or otherwise reprn“uced thereon. The authorized duced thereon, and shall be eity clerk likewise printed warrants an] the coupons applicable therete shall be registered by the city treasurer, in the records Page 7 maintained by her,. as a claim against the city and -the gross receipts: tax # * hereinafter referred to, which registration shall be made simultaneously with respect to all the authorized warrants and the coupons apolicable thereto. Said officers are hereby directed so to execute, attest and ~ register the authorized warrants and the coupons applicable thereto. + ~- Section 8, Pledge of the Faith and Credit of the City. The indebtedness evidenced and ordered paid by the authorized warrants is and shall be a general obligation of the city for the payment of the princinal of and interest on which the full faith and credit of the city are hereby irrevocably pledged. . Section 9. Pledge of the Gross Receipts Tax. As additional i, security for payment of the principal of and interest on the authorized . warrants, and as a part of the contract whereunder the obligation evidenced by the authorized warrants is created, there is hereby specially and irrevocably pledged, to the extent necessary to pay the principal of and interest on the authorized warrants at the Tespective maturities of said principal and interest, that certain special privilege and license tax of the city (together with the proceeds thereof) which was levied by Ordinance No. 880 of the city with respect to certain business activities, to the extent to which the said activities are conducted within the corporate limits: of the city; provided however, that so long as no default shall exist in the payment of the principal of or interest on the authorized warrants and any other securities of the city which at the time may be secured by a pledge of the gross receipts tax on a parity with the pledge thereof made for the . benefit of the authorizéd warrants, the balance of the said proceeds remaining in each fiscal year not needed for said purpose may be used by the city for any lawful purpose. To whatever extent, if any, the~proceeds of the gross receipts tax available for said purpose may not be sufficient to pay at their respective maturities the principal of and interest on the authorize. warrants at the respective maturities of said principal and interest, the City agrees to use for said purpose so much of the general revenues of the city derived from other sources and available for said purpose as may be necessary to pay said principal and interest at their respective maturities, The city represents and agrees that the agreements and pledge respectingthe gross receipts tax and its proceeds made in the open end ordinance and” herein - shall be and remain prior and superior to any and all pledges and agreements respective the gross receipts tax that may hereafter be made by the city other than any parity pledge thereof which may be made for the benefit of additional parity securities that may be issued under the authority of Section 12 of the open end ordinance, The city hereby specifically declares that the authorized warrants constitute additional securities of the city - for the benefit of which the city reserved in Section 12 of the open end . ordinance. the right to pledge the gross receipts tax on a parity with the pledge made in the open end ordinance for the benefit of the securities issued thereunder, and that the pledge of the gross receipts tax made in this section is so made in the exercise of the reserved power so to do contained in said Section 12 of the open end ordinance, . Section 10. Reservation of Right to Issue Additional Parity Securities, The city reserves the right to issue at any time and from time to time additional parity securities (whether in the form of bonds, warrants, certificates, or notes) which the city may at the time of such issuance be lavfully authorized to issue, and to pledge for payment of the principal thereof and interest thereon pro rata and on a parity with the pledge of the gross receipts tax made in Section 11 of the open end ordinance and in Page 8 Section 9 of this ordinance; and pro.rata and on a parit¥iwith the like's pledge that may be made for the benefit of each series of the additiona parity securities, so much of the gross receipts tax and the proceeds there- from as may be necessary to pay the principal of and interest on the wee, «yo aiditional parity securities at the respective uaturities of said principal * and interest; provided, that no such parity pledge may be*’made unless the conditions set out in subsections (a), (b), and (c) of Section 12 of the open end ordinance are complied with. * Section 11. Maintenance of the Gross Receipts Tax, The city - agrees that so long as anv of the principal of or interest on the authorized warrants remains unpaid, or until provision shall have been made for full payment of said principal and interest, the city will continue the levy of and will collect the gross receipts tax at the rated thereof not less than the rates presently in effect and without reduction in the aggregate annual amount of the proceeds thereof, In addition thereto, as such action should become necessary to pay at their respective maturities the principal of and interest on the authorized warrants and all other securities of the city thas might at any time be entitled to share in the proceeds of the gross receipts tax on a parity with the authorized warrants, the city agrees that it will levy and collect: the gross receipts tax at such rate or rates as shall make available proceeds which, when added to the revenues of the city from other sources available for such purposes, will be sufficient to vay the reasonable expenses of carrying on the necessary governmental functions of the city and to pay at their respective maturities the principal of and interest on the authorized warrants and ,all other securities of the city that might at any tine be entitled tc share in the proceeds of the gross receipts tax ona parity with the authorized warrants, Section 12, Maintenance of Gross Receipts Tax Fund, The special fund called the gross receipts tax fund created in Section 14 of the open end ordinance shall be continued and maintained until both the principal of and interest on the authorized warrants shail have been paid in full, and the eity will make payments into the special fund, during each successive calendar month, of all payments required to be made therein under the provisions cf said Section 14% of the open end ordinance, All provisions , Tespecting the special fund, the depositories therefor, the trust nature é thereof, and security therefor, which are contained respectively in Sections 14, 15 and 17 of the open end ordinance, are hereby adopted by reference as a part of this ordinance to the extent to which they are herein applicable. Section 13, Priority of the Pledged Tax Revenues. The pledge herein made of the gross receints tax is for the benefit of all of the ‘authorized warrants, pro rata and without preference of one over another or any other securities of the city at any time entitled to share in the proceeds of the gross receipts tax on a parity of lien with the authorized warrants, While no default exists in the payment of the principal of or interest on the authorized warrants or on any other securities of the city at any time entitled to share in the proceeds ‘thereof on a parity with the authorized warrants, any part of the gross receipts tax which nay not be . needed to pay at their respective maturities the principal of and interest on the authorized warrants and all other securities at any time outstanding entitled to share in the gross receipts tax on a parity with the authorized warrants may be used by the city for any lawful purpose, Section 14, Form of the Authorised Warrants. The authorized. warrants and the coupons applicable thereto and the provisions for the . - assignment thereof shall be in substantially the following forms, with, ; aaprooriate insertions and variations therein to conform to the provisions 3 hereof: : ; Page 9 oar “ STATE OF ALABAMA CITY OF PRICHARD 4 ’ (Form of Authorized Warrants): * ° , . $5,900 UNITED STATES OF AMERICA ; , . GENERAL OBLIGATION SECURED WARRANT SERIES 1963 The City Treasurer of the City of Pric aunicipal corporation in the State of Alabama, i directed to pay to Walter Jacobs, or assizns, th FIVE,.THOUSAR D on the Ist day of August, 19 , upon surrender h with interest thereon from the date hereof until rate of % per annum, Dayable seniannually o each year upon surrender of the appropriate inte as the same Tespectively becone due. This warra * applicable hereto shall bear interest at the rat respective maturities and shall be payable in la States of America at the principal office ‘of The Mobile, in the City of Mobile in the State of Al This warrant is one of an issue of war the authorized principal amount of $250,060 cons from 1 to 50, inclusive, and has been issued pur provisions to the constitution and laws of Alaba Sections 466 and 253 of Title 37 of the Code of purpose of raising funds for purposes for which moneys from its general fund, Those of the warrants having stated ma after are subject to Tedemption prior to their r option of the city, on any interest payment date as a whole or in part and if in part then in inv at. the time cutstanding, after crior notice of r hard ("the city"), a s hereby ordered and @ principal sum of OLLARS ereof on or after said date, the maturity hereof at the n February 1 and August 1 of rest coupons hereto attached nt and the interest coupons e of 6% ver annum after their wful money of the United Merchants Nafional Bank of abama, rants ("the varrants") in isting of warrants numbered Suant to the applicable ma, including particularly Alabama of 1945, for the tae city may dawfully exzsend turities in 1969 and there- espective maturities, at ‘he on or after August 1, 1968, erse numerical order of ‘those edumption given by publication in a newspaper published in Birmingham, Alabama that is printed in the English language and is customarily publi during each calendar week (and if no such newspa published in Birninghan, Alabama, then by public journal published in New York, New York). Any 5 shed not less than five days per is at the time being ation in a financial uch publication shail be made one time at least thirty days before the date fixed for redemption, and in order to effect such redemption the city each warrant redeemed the interest accrued and r shall pay with respvest to emaining unpaid thereon to the date fixed for Tedemption and a redemption price equal to its face value alus a premium equal to twelve months! interest 3By the execution of this warrant the e thereon, ity acknowledges that it is indebted to the payee hereof in the principal amcurt hereof and that at the f ahh Page 10 4 Loe wo . \ ; r respective maturities of the interest, counons attached nereto it wil oacome indebted tec the holders cshereof in accordance with the. terns . The indebtedness evidenced and ordered paid by ‘this warrant is 4@ 22! eral obligation of the eity for the payment of the principal of and interest on which the full faith and credit of. the city have been irrevocabi: pledged. In addition thereto, in the “broceadings under which the warrants ware issued there was- irrevocably pledged for ‘paysient of said prineinal an interest at their respective maturities so much as may be necessary for said parpose of the special privilege and 7icense tax of the city levied by JYrcinance No. 880 of the city, together with the proceeds therefrom, to the extent that the said tax is levied with-resnect to businesses conducted within the cornorate limits of the city, which pledge is on a parity with odledges of said tax and the proceeds thereof. for the benefit of certain other donds and warrants of the eity. In ssid PToceedinses the city reserved the privilege of issuing additional securities and, upon the existence of certain events, of nledging for the benefit of said additional securities the said special tax, to the extent aforesaid, on a parity with the aforesaid pledze thereof for the warrants and the said other bonds and warrants, It is hereby certified and recited that the indebtedness evidenced and orderad paid by this warrant is lawfully due without condition, abatement’ or offset of any description; that this warrant has been registered in the manner provided by laws; that all conditions, actions ang things required by the constitution and laws of the 3tate of Alabama to exist, be performed or happen precedent to and in the issuance of this warrant do exist, nave been performed, and have hapBened; and that the indebtedness evidenced and ordered paid by this warrant, together with all other indebtedness of the city, was at the time the same was created and is now within every Gebtwand other limit erescrised py the constitution and laws of the State of Alabama, This warrant is nonnegotiahle but is trans Sach taker, owner, purchaser or holder hereod, by r- this warrant or any interest coupon applicable he agree and shall be estopped to deny: (1) that t unto apnertaining may be transferred by celivery y the necessity « written asSignment, and any person maxing such delivery shall be deaméed to have cransferred to the person to whom such delivery is made ali of his equities or rights in the coupons so jelivered; 2) that any person in possession of any suen coupon, regardless of the manner in which he shail have acquired possession, is authorized ‘to represent himself as the absolute owner thereof and has the power and authority to transfer absolute title thereto by delivery thereof to a bona fide purchaser for value (present or antecedent) without notice of prior iefenses or equities or claims of ovner- ship enforceable against his transferor or any person in the ehain of title and: before the maturity thereof; and (3) that whenever and so ione as this warrant may be assigned in blant by written assignment by the original payee hereof or by any suosequent assignee hereof in the chain of title to whom written assignment is made, the city may treat any verson in possession -of this warrant, regardless of how such possession may have been acquired and regardless of the genuineness or effectiveness of any assignment, as the adsolute owner hereof for all purposes, and payment to ary such person shall discharge all ooligations hereunder, iving or otepting © shall consent and e to the coupons here- woe IN WITNESS WHENESF, tha city has eaused this “execuced by its mayor who has hereunto manually subseriba has caused a facsimile of its official seal to be printe Page 11 reproduced hereon, has\caused the said execution and seal to be attested '’. by a facsimile of the signature of its city clerk prirted or otherwise reproduced hereunder, has caused the annexed coupons tc be executed and attested: with facsimiles of the signatures of said officiais printed or otherwise reproduced thereon, and has caused this warrant to be dated August 1, 1963. “ 2 CITY OF PRICHARD Attest: City Clerk (Form of Coupon) Coupon No. On the Ist day of 19 Its Mayor $ ne the City Treasurer of the City of Prichard, in the State of Aiasama, is ordered and directed to pay to the bearer hereofi the sum of upon surrender of this coupon at the principal of National Bank of Mobile, in the City of Mobile in being six months! interest then due on the Genera Series 1963, of the City of Prichard, Alabama, da CITY oF PR “__ Dollars, fice of The Merchants the State of Alabana, 1 Obligation Secured Warrant, ted August 1, 1°63, numbered ICHARD _ By. a Attest: City Clerk (Form of Assisnment) For value received, this warrant and th and ordered paid thereby are assigned, without re ee e indebtedness evidenced course or warranties, to Page 12 fe AY “ ay we + ‘ » woe foe wo t ” ™ e se Immediately after the maturity date of those of the authdrizeg th warrants having stated maturities in 196¢ and thereafter, where the said maturity date appears in the first paragraph thereof, there shall ve inserted the following: (unless 5 1 7 3 1 2 719 312 75 26 95.812492 this 5 1 7 3 1 3 819 317 141 24 96.363953 warrant 5 1 7 3 1 4 985 317 96 26 94.344162 shall 5 1 7 3 1 5 1106 320 77 26 96.653023 have 5 1 7 3 1 6 1206 323 82 26 92.929047 been 5 1 7 3 1 7 1313 355 7 5 36.575298 © 4 1 7 3 2 0 574 344 648 45 -1 5 1 7 3 2 1 574 344 80 30 96.477837 duly 5 1 7 3 2 2 677 346 117 26 96.493065 called 5 1 7 3 2 3 819 349 59 24 95.471756 for 5 1 7 3 2 4 901 351 99 30 96.762703 prior 5 1 7 3 2 5 1022 352 200 37 91.035568 payment), Immediately after the maturity date of each coupon due on or after February 1, 1969, there shall be inserted the following: * (unless 5 1 8 1 1 2 716 517 56 24 96.284317 the 5 1 8 1 1 3 794 522 141 23 95.641808 warrant 5 1 8 1 1 4 962 523 35 24 96.685661 to 5 1 8 1 1 5 1018 523 102 26 96.335472 which 5 1 8 1 1 6 1146 526 72 25 96.850510 this 4 1 8 1 2 0 571 551 734 37 -1 5 1 8 1 2 1 571 554 119 24 86.567009 counon 5 1 8 1 2 2 715 551 34 24 95.397598 is 5 1 8 1 2 3 775 553 200 30 91.967079 applicable 5 1 8 1 2 4 1000 557 97 26 95.308502 shall 5 1 8 1 2 5 1122 560 77 25 96.429222 have 5 1 8 1 2 6 1222 561 83 27 96.429222 bean 4 1 8 1 3 0 569 582 648 46 -1 5 1 8 1 3 1 569 582 80 30 38.937904 duly 5 1 8 1 3 2 672 585 117 25 96.714508 called 5 1 8 1 3 3 815 587 58 25 96.718109 for 5 1 8 1 3 4 897 590 98 29 96.589188 prior 5 1 8 1 3 5 1019 591 198 37 82.673447 payment), Section 15. Payments at Par, Each bank at which the anthorized warrants and the coupons shall at any time be payable, by acceptance of its duties as paying agen’ therefor, shail be sonstrued to have acreed thereby with the holders of the auchorized warzants and the coupons that all payments made oy it of the authorized warrants and the coupons shall pe made in bankable funds at par without deduction for exchange, fees or expenses. The nity agrees with the holders of the authorized warrants and the coupons that st will vay all charges for exchange, fees or expenses which may be made by any such bank in paying in bankable funds any of the author‘ zed warrants and she coupons, . Section 16. Provisions hereof Constitute Contract, The provisions of this ordinance shall constitute a contract detween the city and each holder of the authorized warrants and the coupons issued heretifider. Whenever ali of the authorized warrants and the coupons and the interest thereon shall have been paid in full then the obligations of the city hereunder shall tnere- upon cease, Section 17. Provisions hereof Severable. The various provisions of this ordinance are hereby declared to be severable, In the evant anv provision hereof shall be held invalid by a court of competent jurisdiction, such invalidity shali not. affect any other tortion of this ordinance,” ° Section 18, Sale of the Authorized Warrants and Use of Proceeds - Pherefrom. The bid of The First National Bank of Memphis for the purchase of che authorized warrants from the city at a purchase price equal to $250,037,00 plus acerued interest on the authorized warrants to the date of delivery thereof, is hereby ascertained to be the bid received for the vurchase of the authorized warrants which reflects the lowes< total et inverest cost to the city for the authorized warrants compuved from their date to their respective maturities and to be the best bia received’ therefor, The said bid is heroby accepted and the authorized warrants are hereby sold . +o the said bidders, The authorized warrants shall ce issued in the name of » the noninee of the purchaczers designated oy them for that purpose. The city treasurer is hereby authorized and directed to deliver the authorized warrants to the said purchasers uaon navment to the elty sf the saié purchase prise. The proceeds from the sxle o- the authorized warrants shall be applied as follows: That part of the sroceeds wi represents accrued interest on the authorized Warrants iron their e tothe Page 13 date of Gayment therefor, tosether wita ac anmeunt thereof included in the said pur i tne special fund in aceorcance with the fa) 4 ogen end ordinance, and shall be aprlie r ge will accrue on the authorized warrants : t en AOS. Tae principal proceeds shall be use] for the purroses for woicn the auntnorizes warrants are respectively authorized t2 pe issued. adopted this 3rd 2uy of December, 1963. 3/_ Berniece H. Centann’ . . City Tlerk : Approved this 3rd day cf December, 1963,