Page 1 =~4.as ORDINANCE NO. __ 587 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $900,000 PRINCIPAL AMOUNT OF PUBLIC IMPROVEMENT BONDS, SERIES 1953, OF THE CITY OF PRICHARD, fo BE DATED OCTOBER 1, Sea BE IT ORDAINED by the City Council (herein called the 5 1 5 1 2 2 183 809 172 32 82.062820 council) of the City of Prichard (herein called the 5 1 5 1 3 2 183 842 112 34 87.011635 city) in the State of Alabama as follows: Section 1. Findings Respecti Improvements. The city has heretofore arcoert ent the construction of certain improvements (herein called the 5 1 6 1 3 6 900 978 294 36 95.733574 improvements), consisting of sanitary sewer improvements, under the pro- visions of the city's Ordinance No. 584 adopted on July 6, 1953, as amended by the city's Ordinance No. 585 adopted on August 3, 1953 (said Ordinance No. 584, as so amended, being herein called the 5 1 6 1 8 5 580 1150 217 31 96.440346 improvement 5 1 6 1 8 6 820 1147 234 32 92.739311 ordinance). The city does hereby find and declare as follows: that the improvements provided for in the improvement ordinance have not been completed and that the estimated cost of completing the same aggregates } 3; that no bonds have heretofore been issued by the city to pay the costs of constructing the improvements or any part thereof; and that it will be necessary for the city to sell and issue the bonds hereinafter referred to for the purpose of pay- ing the costs of constructing the improvements. Section 2. Authorization of Bonds. Pursuant to the applicable provisions of the constitution and laws of the State of Alabama, including particularly Chapter 6 of Title 37 of the Code of Alabama of 1940, as amended, there are hereby authorized to be sold and issued by the city $900,000 aggregate principal amount of Public Im- provement Bonds, Series 1953 (herein called the 5 1 7 1 7 8 1058 1721 154 36 96.127869 bonds), of the city for the purpose of providing funds to pay the cost of making the improvements. The bonds shall be dated October 1, 1953, shall consist of nine hundred (900) cou- pon bonds in the denomination of $1,000 each, shall be numbered consecutively from 1 to 900, inclusive, and shall mature on October 1 as follows: Bond Numbers Aggregate Principal (both inclusive) Year of Maturity Amount Maturing 1 to 90 1954 $90,000 91 to 180 1955 90,000 181 to 270 1956 90,000 271 to 360 1957 90,000 361 to 450 1958 90,000 451 to 540 1959 90,000 5h1 to 630 1960 90,000 631 to 720 1961 90,000 721 to 810 1962 90,000 811 to 900 1963 90,000 Page 2 The bonds shall bear interest from their date until their respective maturities at the following rate per annum: “bh ; oa Such interest shall be payable semiannually on April 1 and October 1 until and at the respective maturities of the bonds. Such interest prior to and at maturity shall be evidenced by coupons (herein called the 5 1 4 2 4 7 907 679 171 36 86.445633 coupons) 5 1 4 2 4 8 1105 682 160 27 96.122604 attached 4 1 4 2 5 0 86 717 1117 32 -1 5 1 4 2 5 1 86 720 37 23 95.127571 to 5 1 4 2 5 2 145 718 59 25 94.941895 the 5 1 4 2 5 3 226 718 113 25 96.263474 bonds. 5 1 4 2 5 4 385 718 79 25 96.086647 Both 5 1 4 2 5 5 485 718 59 25 96.975349 the 5 1 4 2 5 6 565 718 99 25 96.474442 bonds 5 1 4 2 5 7 686 718 60 25 96.197632 and 5 1 4 2 5 8 764 717 59 25 96.197632 the 5 1 4 2 5 9 847 724 136 25 96.746902 coupons 5 1 4 2 5 10 1007 717 96 26 95.401421 shall 5 1 4 2 5 11 1125 717 78 26 95.540359 bear 4 1 4 2 6 0 86 747 1177 36 -1 5 1 4 2 6 1 86 752 157 24 96.757431 interest 5 1 4 2 6 2 266 753 37 25 96.159889 at 5 1 4 2 6 3 325 752 59 24 96.731941 the 5 1 4 2 6 4 406 753 77 25 96.495712 rate 5 1 4 2 6 5 506 751 39 25 96.712234 of 5 1 4 2 6 6 567 747 39 35 96.763199 6% 5 1 4 2 6 7 626 758 59 25 96.462990 per 5 1 4 2 6 8 706 757 100 20 96.154953 annum 5 1 4 2 6 9 826 750 99 27 95.751289 after 5 1 4 2 6 10 945 750 99 25 95.978951 their 5 1 4 2 6 11 1064 750 199 32 95.817444 respective 4 1 4 2 7 0 85 784 1160 32 -1 5 1 4 2 7 1 85 785 215 26 95.721428 maturities. 5 1 4 2 7 2 346 785 58 25 96.192184 The 5 1 4 2 7 3 426 785 97 25 96.378044 bonds 5 1 4 2 7 4 546 785 60 26 96.415588 and 5 1 4 2 7 5 624 784 60 26 96.717438 the 5 1 4 2 7 6 707 791 136 25 96.235733 coupons 5 1 4 2 7 7 867 784 97 26 96.420906 shall 5 1 4 2 7 8 985 784 39 25 96.775764 be 5 1 4 2 7 9 1045 784 138 32 96.694748 payable 5 1 4 2 7 10 1205 784 40 24 96.118546 in 4 1 4 2 8 0 86 817 1218 32 -1 5 1 4 2 8 1 86 818 119 27 93.291824 lawful 5 1 4 2 8 2 225 825 101 24 96.342270 money 5 1 4 2 8 3 346 818 40 26 96.204132 of 5 1 4 2 8 4 406 818 58 25 96.899712 the 5 1 4 2 8 5 484 819 122 25 96.467453 United 5 1 4 2 8 6 626 819 118 26 95.715622 States 5 1 4 2 8 7 766 818 39 25 95.845016 of 5 1 4 2 8 8 825 818 140 26 95.683090 America 5 1 4 2 8 9 986 819 37 25 95.994240 at 5 1 4 2 8 10 1044 817 59 25 96.693596 the 5 1 4 2 8 11 1125 817 179 32 96.534485 principal 4 1 4 2 9 0 86 852 1167 36 -1 5 1 4 2 9 1 86 852 118 25 94.945457 office 5 1 4 2 9 2 226 852 40 25 93.167107 of 5 1 4 2 9 3 336 856 101 27 69.184616 First 5 1 4 2 9 4 458 855 160 27 96.504440 National 5 1 4 2 9 5 638 854 81 26 96.607124 Bank 5 1 4 2 9 6 739 855 37 25 96.492912 of 5 1 4 2 9 7 796 854 217 34 96.284340 Montgomery, 5 1 4 2 9 8 1037 853 216 34 96.696716 Montgomery, 4 1 4 2 10 0 99 892 153 26 -1 5 1 4 2 10 1 99 892 153 26 91.352127 Alabama. 2 1 5 0 0 0 84 1021 1239 742 -1 3 1 5 1 0 0 84 1021 1239 742 -1 4 1 5 1 1 0 287 1021 992 29 -1 5 1 5 1 1 1 287 1022 139 25 95.730263 Section 5 1 5 1 1 2 445 1022 34 28 95.541183 3. 5 1 5 1 1 3 527 1021 158 26 96.203964 Optional 5 1 5 1 1 4 705 1021 200 25 96.456436 Redemption 5 1 5 1 1 5 926 1021 39 25 93.147797 of 5 1 5 1 1 6 986 1021 157 26 90.766998 Callable 5 1 5 1 1 7 1166 1021 113 25 96.278931 Bonds. 4 1 5 1 2 0 86 1049 1159 37 -1 5 1 5 1 2 1 86 1055 98 25 95.824661 Those 5 1 5 1 2 2 206 1055 39 25 96.382957 of 5 1 5 1 2 3 265 1055 60 25 95.760269 the 5 1 5 1 2 4 345 1055 99 25 95.760269 bonds 5 1 5 1 2 5 465 1056 161 30 96.623253 maturing 5 1 5 1 2 6 646 1056 40 23 95.821030 in 5 1 5 1 2 7 706 1055 76 29 95.964287 1959 5 1 5 1 2 8 806 1055 60 26 95.612274 and 5 1 5 1 2 9 884 1055 200 26 95.969849 thereafter 5 1 5 1 2 10 1110 1049 135 35 96.534782 (herein 4 1 5 1 3 0 88 1085 1196 34 -1 5 1 5 1 3 1 88 1089 176 25 95.716866 sometimes 5 1 5 1 3 2 288 1089 118 26 95.963524 called 5 1 5 1 3 3 427 1088 77 25 96.100830 the callable bonds") may be redeemed prior to their respective maturities at the option of the city, while the city is not in default in the payment of the prin- cipal of or interest on any of the bonds, at a redemption price equal to the face value of those redeemed plus accrued interest thereon to the redemption date and with re- spect to each bond redeemed a premium equal to twelve months* interest thereon, computed at the rate such bond would have borne on the redemption date if it had not been called for redemption, as follows: those maturing in 1961, 1962, afid3 1963 being subject to such redemption on October 1, 1954, and on any interest payment date thereafter; and those maturing in 1959 and 1960 bdng subject to such redemption on October 1, 1958, and on any interest payment date thereafter. If less than all of the callable bonds at the time outstanding and subject to redemption shall at any time be called for redemp- tion, such bonds shall be called in the inverse order of the numbers of those at the time outstanding and subject to re- demption. Any such redemption shall be effected in the fol~ lowing manner; (a) The city shall by resolution of its govern~ ing body call for redemption on a stated date when they are by their terms subject to redemption calla- ble bonds bearing stated numbers, and shall recite in said resolution that it is not in default in the payment of the principal of or the interest on any of the bonds. (b) The city shall cause to be published one ‘time in 4 daily newspaper printed in the English language and published in the City of Birmingham, Alabama, and one time in such a newspaper published in the City of Mobile, Alabama, a notice stating the numbers of the callable bonds so called for redemption, stating that the callable bonds bearing such numbers will become due and payable on the date specified and at the applicable redemption price or prices, and stating that interest thereon Page 3 will cease after said date; provided, that in the event no such newspaper is being published in one of said municipalities at the time when the cityts governing body directs such publication to be made, then publication of such notice in a news- paper published in the other of said municipalities will suffice; and provided, further, that in the event such a newspaper is being published in neither of said municipalities at the time when the said governing body directs such publication to be made, then publication of such notice one time in a daily newspaper or a financial journal printed in the English language and published in the City of New York, New York shall be sufficient. Publication of such notice, as provided herein, shall be made not less than thirty (30) days prior to the redemption date. A newspaper published not less than six days during each calendar week in the locality specified shall be deemed to be a daily newspaper within the meaning of this para- graph (b). (c) On or prior to the redemption date the city shall notify the bank at which the callable bonds are payable of the city's compliance with the requirements of paragraphs (a) and (bd of this section, and shall make available at said bank the total redemption price of the callable bonds so called. Upon compliance with the foregoing requirements, and if ~- ~ the city is not on the redemption date in default in the payment of the principal of or interest on any of the bonds, the callable bonds so called for redemption shall become due and payable on the redemption date and interest thereon shall thereafter cease. The bank at which the callable bonds are payable shall not be required to pay any coupon maturing on the redemption date which is applicable to any callable bond so called for redemption unless the callable bond to which such coupon is applicable is also presented for payment; provided, that in the event such bank should pay any such coupon without payment of the applicable callable bond it shall not be liable to the holder of such applicable callable bond or to the city or to anyone whom- soevers; and provided further, that such bank shall pay such coupon out of the moneys supplied to it by the city for such purpose if the holder thereof shall present evidence satisfactory to such bank that such holder is the ower of the coupon so presented and is not the owner of the callable bond to which such coupon is applicable. Section 4. Execution of the Bonds. The bonds shall be signed in behalf of the city by its mayor and by the city clerk and treasurer, and the corporate seal of the city shall be affixed to each thereof by the city clerk, whose signature thereon shall constitute attestation of said seal. The coupons shall bear the facsimile signatures of the said mayor and city clerk and treasurer, which facsimile signatures shall be valid in all respects as if the said officers had signed the said coupons in person. Page 4 Section 5. Pledge. The bonds shall be general obligations of the city and for the payment of the principal thereof and interest thereon the full faith and credit of the city are hereby irrevocably pledged. As additional security for the payment of the principal of and interest on the bonds, there are further hereby irrevocably pledged all assessments that may hereafter be made against the properties specially benefited by the improvements, together with the proceeds from all such assessments, including the _ proceeds from the sale or redemption of any of said properties which may be sold by the city in enforcement of the lien of such assessments, and all liens which the city may now or hereafter have on the properties specially benefited by the improvements arising from the levy of said assessments are hereby transferred and assigned for the benefit of the holders of the bonds and the coupons with power to enforce the same either at law or in equity. Section 6. Completion of the Improvements and Collection of Assessments. The city agrees that it will complete the construction of the improvements as promptly as may be feasible hereafter. The city further agrees that it will, to the extent that it has not already done so, take all such proceedings as may be necessary or appro-= priate to cause valid assessments to be made against the properties specially benefited by the improvements, all in the manner and to the extent provided by the improvement ordinance and under the laws of Alabama. The city agrees that it will undertake to collect all assessments that may be made pursuant to the provisions of the improvement_or- dinance and, in cases where the owner of any property sub- ject to any such assessment shall elect to pay such assess- ment in installments in the manner authorized by the laws of Alabama, the city agrees to collect any such installments promptly as and when such installments become due and pay- able. In the event that any such assessment or any install- ment thereof shall remain unpaid for as long as one year after the same shall become due and payable, the city there- upon will take all steps necessary to enforce the lien of such assessment by sale of the property against which such assessment was made. All proceeds hereafter collected from each assessment that may be made pursuant to the improvement ordinance, including the proceeds of the sale or redemption of any property that may be sold by the city in enforcement of the lien of said assessment, shall be deposited by the city from time to time as collected in a special fund separate and apart from all other funds of the city. Said special fund shall constitute a trust fund for the benefit of the holders of the bonds and the coupons and shall be used solely for the payment thereof. Section 7. Payment at Par. Each banking institu- tion at which any of the bonds shall at any time be payable, by acceptance of its duties as a paying agent therefor, shall be construed to have agreed thereby with the holders of the bonds and the coupons that, out of the moneys supplied to it for that purpose, it will make all payments of the bonds and the coupons in bankable funds at par and without deduction for exchange, fees or expenses. The city agrees with the holders of the bonds and the coupons and with each such bank~ ing institution that it will pay all charges for exchange, fees, or expenses which may be made by any such paying agent in the making of such payments at par in bankable funds. Page 5 Section 8. This Ordinance a Contract. The pro- visions of this ordinance shall constitute a contract between the city and each holder of the bonds and coupons. Section 9. Severability. The various provisions of this ordinance are hereby declared to be severable. In the event any provision hereof shall be held invalid by a court of competent jurisdiction such invalidity shall not affect any other portion of this ordinance. Section 10. Form of Bonds and Coupons. The bonds and the coupons applicable thereto shall be in substanthlly the following forms with appropriate changes therein to con- form with the provisions hereof: (Form of Bond) No. $1,000 UNITED STATES OF AMERICA STATE OF ALABAMA CITY OF PRICHARD PUBLIC IMPROVEMENT BOND, SERIES 1953 On the ist day of October, 19, for value received, the City of Prichard, a municipal corporation in the State of Alabama, promises to pay to the bearer hereof the sum of “ONE THOUSAND DOLLARS with interest thereon at the rate of % per annun, payable semiannually on April 1 and October 1 in each year until and at the maturity hereof upon surrender of the appropriate annexed coupons as the same respectively mature. Both the principal hereof and interest hereon shall be pay- able in lawful money of the United States of America at the principal office of . - - This bond is one of an authorized issue aggre-— gating $900,000 in principal amount and has been issued pur- suant to the provisions of Chapter 6 of Title 37 of the Code of Alabama of 1940, as amended, and Ordinance No. of the city for the purpose of. providing funds to pay the cost of constructing certain public improvements authorized under the provisions of the city's Ordinance No. 584, as amended. The indebtedness evidenced by this bond is a general obligation of the city for the payment of the prin- cipal of and interest on which the full faith and credit of the city have been érrevocably pledged. In and by the Page 6 ordinance under which said bonds are authorized to be issued, the city has further pledged for the benefit of the holders of the said bonds all of the assessments that may be hereafter made against the properties improved un- der the said Ordinance No. 584, as amended, together with the proveeds of said assessments, including the proceeds resulting from enforcement of the liens securing such assessments, and has assigned for the penefit of the hold- ers of said bonds and the interest coupons applicable thereto all liens securing such assessments. Those of the bonds maturing in 1959 and there- after are, subject to redemption prior to maturity, at the option of the city, after not less than thirty dayst prior published notice, at a redemption price equal to the face value of those redeemed plus accrued interest thereon to the redemption date and with respect to each bond redeemed - a premium equal to twelve monthst interest thereon com- puted at the rate such bond would have borne on the re- demption date if it had not been called for redemptions as follows: those maturing in 1961, 1962, and 1963 being subject to such redemption on October 1, 1954, and on any interest payment date thereafter; and those maturing in 1959 and 1960 being subject to such redemption on October 1, 1958, and on any interest payment date thereafter. if less than all of the bonds at the time outstanding and sub- ject to redemption shall at any time be called for redemp+~ tion, such bonds shall be called in the inverse order of the numbers of those at the time outstanding and subject to redemption. It is hereby certified and recited that all conditions, actions and things required by the constitu- tion or laws of Alabama to exist, be performed or happen precedent to or in the issuance of this bond and the creation of the indebtedness evidenced hereby exist, have been performed and have happened and that the indebtedness evidenced by this bond, together with all other indebted- ness of the city, was when incurred and now is within every debt and other limit prescribed by the constitution and laws of Alabama. IN WITNESS WHEREOF, the city has caused this pond to be executed in its behalf by its mayor and by its city clerk and treasurer, has caused the seal of the city to be hereunto affixed by its city clerk, whose signature hereon shall constitute attestation of said seal, has caused the annexed interest coupons to be executed with the facsimile signatures of the said mayor and city clerk and treasurer, and has caused this bond to be dated Octo- ber 1, 1953. CITY OF PRICHARD ) By its Mayor By Its City Clerk and Treasurer Page 7 10 - (Form of Coupon) No. $ On the Ist day of » 19 » the City of Prichard in the State of Alabama will pay ‘to the bearer hereof at the principal office of _+ a Y Dollars in lawful money of the United States of America, peing interest then due on its Public Improvement Bond, Series 1953, dated October 1, 1953, and numbered ° CITY OF PRICHARD By its Mayor its City Clerk and Treasurer There shall be inserted in each of the callable bonds, immediately following the maturity date thereof, the following: (unless 5 1 13 1 1 2 470 1428 80 26 96.539047 this 5 1 13 1 1 3 570 1428 82 26 95.512085 bond 5 1 13 1 1 4 673 1427 98 28 94.976585 shall 5 1 13 1 1 5 791 1427 79 36 96.655640 have 5 1 13 1 1 6 891 1427 80 26 96.715996 been 5 1 13 1 1 7 993 1427 78 32 96.754959 duly 4 1 13 1 2 0 332 1458 537 37 -1 5 1 13 1 2 1 332 1462 122 27 94.890366 Called 5 1 13 1 2 2 472 1462 51 26 95.827721 for 5 1 13 1 2 3 545 1463 102 32 93.293541 ‘prior 5 1 13 1 2 4 666 1454 157 45 76.089325 -paynient) 5 1 13 1 2 5 838 1462 31 33 75.223961 ,* 2 1 14 0 0 0 91 1528 1161 205 -1 3 1 14 1 0 0 91 1528 1161 205 -1 4 1 14 1 1 0 292 1528 899 33 -1 5 1 14 1 1 1 292 1529 98 27 96.469208 There 5 1 14 1 1 2 414 1529 97 28 95.656113 shall 5 1 14 1 1 3 532 1530 38 25 96.878616 be 5 1 14 1 1 4 592 1529 160 31 96.378311 inserted 5 1 14 1 1 5 772 1529 41 25 96.304840 in 5 1 14 1 1 6 833 1528 78 28 96.528427 each 5 1 14 1 1 7 933 1535 119 26 96.204826 coupon 5 1 14 1 1 8 1073 1528 57 26 96.340660 due 5 1 14 1 1 9 1152 1534 39 19 96.930870 on 4 1 14 1 2 0 92 1562 1079 35 -1 5 1 14 1 2 1 92 1572 38 18 96.419441 or 5 1 14 1 2 2 152 1565 98 26 96.154617 after 5 1 14 1 2 3 271 1565 100 32 96.339363 April 5 1 14 1 2 4 392 1565 34 32 96.559052 1, 5 1 14 1 2 5 453 1565 93 32 96.546738 1955, 5 1 14 1 2 6 572 1564 60 27 96.349762 and 5 1 14 1 2 7 651 1563 199 33 96.350372 applicable 5 1 14 1 2 8 870 1565 39 24 96.638168 to 5 1 14 1 2 9 931 1563 99 25 96.570549 those 5 1 14 1 2 10 1052 1562 39 26 96.931290 of 5 1 14 1 2 11 1111 1563 60 25 96.907158 the 4 1 14 1 3 0 91 1594 1161 37 -1 5 1 14 1 3 1 91 1599 99 26 96.475822 bonds 5 1 14 1 3 2 211 1599 161 32 96.479301 maturing 5 1 14 1 3 3 392 1599 40 25 96.434799 in 5 1 14 1 3 4 453 1595 93 36 96.623573 1961, 5 1 14 1 3 5 572 1594 94 37 96.694145 1962, 5 1 14 1 3 6 692 1598 60 26 96.848495 and 5 1 14 1 3 7 772 1594 93 36 96.319542 1963, 5 1 14 1 3 8 892 1598 61 26 96.383095 and 5 1 14 1 3 9 972 1598 40 24 96.563873 in 5 1 14 1 3 10 1034 1596 78 27 96.684799 each 5 1 14 1 3 11 1133 1603 119 26 96.362633 coupon 4 1 14 1 4 0 93 1630 1153 35 -1 5 1 14 1 4 1 93 1634 57 25 95.523323 due 5 1 14 1 4 2 173 1640 39 18 95.523323 on 5 1 14 1 4 3 233 1640 38 18 96.173790 or 5 1 14 1 4 4 292 1633 99 27 95.932106 after 5 1 14 1 4 5 411 1632 100 33 96.122314 April 5 1 14 1 4 6 533 1633 33 32 96.122314 1, 5 1 14 1 4 7 592 1632 94 32 96.329254 1959, 5 1 14 1 4 8 713 1632 60 26 96.457016 and 5 1 14 1 4 9 792 1631 198 33 96.253700 applicable 5 1 14 1 4 10 1011 1633 39 23 95.895386 to 5 1 14 1 4 11 1071 1631 100 25 96.368591 those 5 1 14 1 4 12 1192 1630 54 32 28.617088 of 4 1 14 1 5 0 91 1662 1161 36 -1 5 1 14 1 5 1 91 1667 60 26 96.756622 the 5 1 14 1 5 2 172 1667 98 26 96.333817 bonds 5 1 14 1 5 3 291 1667 222 31 96.390984 maturing 5 1 14 1 5 4 473 1658 42 45 96.390984 in 5 1 14 1 5 5 532 1666 77 30 96.724487 1959 5 1 14 1 5 6 632 1666 60 27 96.575546 and 5 1 14 1 5 7 713 1662 93 36 96.440491 1960, 5 1 14 1 5 8 832 1665 220 31 96.300865 immediately 5 1 14 1 5 9 1071 1664 181 32 96.574059 following 4 1 14 1 6 0 91 1699 1055 34 -1 5 1 14 1 6 1 91 1701 60 26 96.575333 the 5 1 14 1 6 2 172 1701 159 32 96.217560 maturity 5 1 14 1 6 3 353 1701 78 26 96.865578 date 5 1 14 1 6 4 454 1701 38 24 96.125229 of 5 1 14 1 6 5 514 1701 77 26 96.125229 each 5 1 14 1 6 6 613 1700 80 26 96.407906 such 5 1 14 1 6 7 714 1706 132 26 96.198242 coupon, 5 1 14 1 6 8 870 1699 60 25 95.981735 the 5 1 14 1 6 9 951 1699 195 31 88.618423 following: 2 1 15 0 0 0 293 1766 879 103 -1 3 1 15 1 0 0 293 1766 879 103 -1 4 1 15 1 1 0 293 1766 818 34 -1 5 1 15 1 1 1 293 1766 158 34 77.507324 (unless the bond to which this coupon is applicable shall have been duly called for prior payment) ," 1953 Passed and approved this 9th day of September, nticated: