Page 1 oo in this ordinance: . tn te wok ORDINANCE NO. 1372 AN ORDINANCEK TO PROVIDE FOR THR ISSUANCE OF $1,750,000 PRINCIPAL AMOUNT OF STREET IMPROVEMENT STATE GASOLINE TAX ANTICIPA~ ~ TION WARRANTS, SERIES 1973A, OF THE c1rvry OF /PRICHARD, ALABAMA + 4 1 8 1 2 0 740 619 4 7 -1 5 1 8 1 2 1 740 619 4 7 79.516273 ‘ 2 1 9 0 0 0 341 674 848 20 -1 3 1 9 1 0 0 341 674 848 20 -1 4 1 9 1 1 0 341 674 848 20 -1 5 1 9 1 1 1 341 683 44 7 0.000000 “- 5 1 9 1 1 2 703 674 8 6 13.792709 , 5 1 9 1 1 3 1185 674 4 20 61.563690 | 2 1 10 0 0 0 272 714 1148 65 -1 3 1 10 1 0 0 272 714 1148 65 -1 4 1 10 1 1 0 477 714 943 34 -1 5 1 10 1 1 1 477 714 38 23 96.319923 BE 5 1 10 1 1 2 540 714 38 23 96.766541 IT 5 1 10 1 1 3 601 714 162 24 96.390266 ORDAINED 5 1 10 1 1 4 784 715 38 28 96.556175 by 5 1 10 1 1 5 847 716 57 24 96.924736 the 5 1 10 1 1 6 930 716 76 28 96.840569 City 5 1 10 1 1 7 1032 717 141 25 90.771683 Council 5 1 10 1 1 8 1196 718 41 24 96.965851 of 5 1 10 1 1 9 1260 718 56 24 96.606102 the 5 1 10 1 1 10 1341 719 79 29 96.347069 City 4 1 10 1 2 0 272 748 670 31 -1 5 1 10 1 2 1 272 748 39 22 95.463226 of 5 1 10 1 2 2 333 748 178 30 96.069298 Prichard, 5 1 10 1 2 3 538 749 159 30 96.270714 Alabama, 5 1 10 1 2 4 724 756 35 18 96.169739 as 5 1 10 1 2 5 787 750 155 24 95.507408 follows: 2 1 11 0 0 0 270 804 1248 186 -1 3 1 11 1 0 0 506 804 889 47 -1 4 1 11 1 1 0 506 804 889 47 -1 5 1 11 1 1 1 506 840 4 3 0.000000 . 5 1 11 1 1 2 540 804 61 33 32.786110 a 5 1 11 1 1 3 1385 845 10 6 77.887833 + 3 1 11 2 0 0 476 843 944 47 -1 4 1 11 2 1 0 476 843 906 37 -1 5 1 11 2 1 1 476 843 141 32 96.343361 Section 5 1 11 2 1 2 642 852 31 25 77.546234 1. 5 1 11 2 1 3 721 852 223 25 96.658142 Definitions 5 1 11 2 1 4 969 854 59 24 96.180786 and 5 1 11 2 1 5 1052 854 58 23 96.224548 Use 5 1 11 2 1 6 1134 855 39 23 96.370697 of 5 1 11 2 1 7 1194 855 158 25 63.464554 Phrases. 5 1 11 2 1 8 1374 867 8 10 22.426559 : 3 1 11 3 0 0 270 913 1248 77 -1 4 1 11 3 1 0 306 913 1212 45 -1 5 1 11 3 1 1 306 913 9 12 35.001343 ° 5 1 11 3 1 2 480 917 50 31 84.445190 (a) 5 1 11 3 1 3 557 921 260 32 84.445190 Definitions. 5 1 11 3 1 4 864 923 59 23 96.842857 The 5 1 11 3 1 5 949 923 182 31 96.652588 following 5 1 11 3 1 6 1151 925 101 24 96.436371 words 5 1 11 3 1 7 1277 926 60 23 96.061325 and 5 1 11 3 1 8 1358 927 160 31 96.061325 phrases, 4 1 11 3 2 0 270 953 1210 37 -1 5 1 11 3 2 1 270 953 37 24 95.761902 in 5 1 11 3 2 2 331 954 57 23 95.761902 the 5 1 11 3 2 3 414 955 140 23 96.135826 absence 5 1 11 3 2 4 579 956 40 23 72.883072 of 5 1 11 3 2 5 640 957 100 23 95.148132 clear 5 1 11 3 2 6 763 957 228 28 95.638596 implication. 5 1 11 3 2 7 1012 958 118 24 96.233810 herein 5 1 11 3 2 8 1153 958 199 32 96.132202 otherwise, 5 1 11 3 2 9 1380 961 100 24 96.143883 shall 2 1 12 0 0 0 268 988 1233 33 -1 3 1 12 1 0 0 268 988 1233 33 -1 4 1 12 1 1 0 268 988 1233 33 -1 5 1 12 1 1 1 268 988 38 24 95.522827 be 5 1 12 1 1 2 331 988 100 30 95.522827 given 5 1 12 1 1 3 456 989 57 24 96.134315 the 5 1 12 1 1 4 539 990 180 30 96.683960 following 5 1 12 1 1 5 741 991 203 29 96.834877 respective 5 1 12 1 1 6 968 992 303 29 96.349426 interpretations 5 1 12 1 1 7 1295 994 101 24 96.202858 where 5 1 12 1 1 8 1421 996 80 23 96.202858 used 2 1 13 0 0 0 377 1076 64 55 -1 3 1 13 1 0 0 377 1076 64 55 -1 4 1 13 1 1 0 377 1076 64 55 -1 5 1 13 1 1 1 377 1076 64 55 95.000000 2 1 14 0 0 0 267 1124 1247 106 -1 3 1 14 1 0 0 267 1124 1247 106 -1 4 1 14 1 1 0 404 1124 1110 36 -1 5 1 14 1 1 1 404 1128 16 5 57.869030 “ Act No. 224" means Act No. 224 adopted at the 7 1967 Special. Session of the Legislature of Alabama, as amended. . .. ... - - we 1 ee “ whe ; wea - _ “ “Act No. 476" means Act No. 476° adopted at the 1967 Regular Session of the Legislature of Alabama. 7° ..., a) . . tes ft : Additional 5 1 19 1 1 2 717 1437 119 30 95.905212 Parity 5 1 19 1 1 3 861 1436 223 27 95.183678 Securities means any securi-~ ties which the City may at the time of issuance be author- ized to issue and for the payment of the principal'of and interest: on whith the’ City's Share of the State Gasoline Tax may be pledged under the reserved right so to do con- tained in and in accordance with the provisions of Section 11 hereof. - . Annual 5 1 20 1 1 2 633 1749 77 23 95.959137 Debt 5 1 20 1 1 3 735 1749 140 24 96.304710 Service 5 1 20 1 1 4 899 1747 242 30 92.361320 Requirement means the amount of principal and interest having a stated maturity during a Fiscal Year. ° Called 5 1 21 1 1 2 629 1918 162 26 91.178673 Warrant means a Warrantsthat has been duly called for redemption pursuant to the provisions of Section h(a) hereof. . City means the municipal corporation of Prichard in the State of Alabama and includes its successors and as— . signs and any municipal corporation resulting from or surviv-— ing any consolidation or merger to which it or its successors “may be a party. Clty 5 1 24 1 1 2 589 2328 115 26 95.466690 Clerk means the city clerk of the City. ro Page 2 City's 5 1 2 1 1 2 651 257 98 21 95.578903 Share 5 1 2 1 1 3 774 253 40 22 95.578903 of 5 1 2 1 1 4 836 251 58 23 96.507790 the 5 1 2 1 1 5 919 250 98 23 96.364304 State 5 1 2 1 1 6 1042 246 160 25 94.901894 Gasoline 5 1 2 1 1 7 1225 242 78 27 95.625862 Tax means that portion of the state gasoline tax that may be appor- tioned ‘to and received by the City pursuant to the provi- sions of Act No. 224 and Act No. 476, or the provisions of any other statute. City 5 1 3 1 1 2 611 490 203 29 90.030197 Treasurer means the city treasurer of the City. a Construction 5 1 5 1 1 3 781 626 158 28 87.239418 Account means the 1973A Street Improvement Construction Account created in Section 17 hereof. tcouncil"” means the governing body of the City “e. as from time to time constituted. , County means Mobile County, Alabama. County 5 1 9 1 1 2 663 1042 225 26 96.177254 Distributed 5 1 9 1 1 3 909 1040 142 24 95.238358 Portion 5 1 9 1 1 4 1074 1038 40 24 95.066910 of 5 1 9 1 1 5 1136 1037 57 24 96.213264 the 5 1 9 1 1 6 1218 1034 118 35 94.485817 City's 5 1 9 1 1 7 1361 1034 99 24 96.457840 Share 2 1 10 0 0 0 293 1067 1211 185 -1 3 1 10 1 0 0 293 1067 1211 185 -1 4 1 10 1 1 0 293 1067 1208 42 -1 5 1 10 1 1 1 293 1084 40 25 95.375305 of 5 1 10 1 1 2 354 1085 58 24 96.641472 the 5 1 10 1 1 3 436 1083 102 25 96.050606 State 5 1 10 1 1 4 561 1081 161 24 96.639824 Gasoline 5 1 10 1 1 5 744 1079 62 23 89.254242 Tax means that portion of the City's Share of the State Gasoline Tax that is distributed ini- tially to the County under clause (b) of Section 5 of Act No. 224, and that is in turn distributed to the City by the County Treasurer pursuant to Act No. 476. . County 5 1 11 1 1 2 666 1315 202 30 85.593987 Treasurer means the treasurer of Mobile County, Alabama, and any successor officer, department or agency that may succeed to the functions of the said treas- urer. . an Coupons means the interest coupons provided for — - herein which evidence the interest on the Warrants. : 'Pinancial Journal" means a journal devoted pri~ ‘ marily to news of financial matters and having general cir- culation among those interested in financial matters. - “Fiscal Year" means a fiseal year of the City be- ginning on any October 1 and ending on the next ensuing September 30. . Holder, when used in conjunction with any of the Warrants or the Coupons, means the person who is in possession and the apparent owner of the designated item. Tnterest 5 1 18 1 1 2 723 2179 139 28 96.121422 Payment 5 1 18 1 1 3 886 2175 99 26 16.909378 Date means any May 15 or Interest Frayment “as ‘November 15 during the period beginning May 15, 1974, and continuing until and including November 15, 1998. Mayor means the mayor of the City. Page 3 Month means a calendar month. Newspaper means a journal or newspaper printed in the English langauage and customarily published not less than five days during each calendar week. Outstanding 5 1 7 1 1 2 747 572 204 23 94.627342 Short-Term 5 1 7 1 1 3 970 568 180 27 94.844696 Warrants means the Street Improvement State Gasoline Tax Anticipation Warrants of the City dated November 8, 1973, numbered 1 and 2, and aggregat- ing °$81,750,000 in principal amount, which were issued pursu- ant to authorization in Ordinance No. 1367 of the City ~ adopted November 1, 1973. Parity 5 1 8 1 1 2 645 844 220 27 61.534016 Securities means the Warrants and any Additional Parity Securities that may hereafter be issued pursuant to the, provisions of Section 11 hereof. Pledged 5 1 9 1 1 2 665 1020 60 24 96.723907 Tax 5 1 9 1 1 3 747 1016 180 27 96.145874 Proceeds means that portion of the City's Share of the State Gasoline Tax that is provided in Section 7 hereof to be paid into the Special Fund. . Projected 5 1 10 1 1 2 708 1193 119 23 96.841934 Street 5 1 10 1 1 3 852 1188 261 32 66.925858 Improvements means the work of improvement of public streets in the City that is referred to in paragraph (a) of Section 2 hereof and that is provided for in the plans and specifications by Polyengineering, Inc., - that are referred to in paragraph (c) of the said Section 2. Redemption 5 1 11 1 1 2 728 1431 99 27 93.963013 Date means the date fixed for re~ demption of any of the Warrants in a Resolution adopted pur- suant to the provisions of Section 4(a) hereof. . ° Redemption 5 1 13 1 1 2 730 1603 117 27 93.243568 Price means the price at which a Warrant called for redemption may be redeemed. ‘ Resolution means a resolution duly adopted by the Council. Special 5 1 15 1 1 2 668 1880 99 27 96.038582 Fund means the 1973A State Gasoline Tax Anticipation Warrant Fund created in Section 7 hereof, State 5 1 16 1 1 2 627 2021 225 24 96.379059 Distributed 5 1 16 1 1 3 875 2020 140 23 96.782547 Portion 5 1 16 1 1 4 1038 2019 40 23 96.092499 of 5 1 16 1 1 5 1100 2019 57 22 96.272934 the 5 1 16 1 1 6 1183 2017 117 26 29.335587 City's 5 1 16 1 1 7 1326 2018 100 23 96.540314 Share 4 1 16 1 2 0 279 2049 1208 31 -1 5 1 16 1 2 1 279 2057 39 23 95.009552 of 5 1 16 1 2 2 341 2057 57 23 96.024323 the 5 1 16 1 2 3 423 2057 98 23 33.340523 State 5 1 16 1 2 4 547 2056 159 23 96.579651 Gasoline 5 1 16 1 2 5 731 2050 77 27 77.769447 Tax means that portion of the City's Share of the State Gasoline Tax that is distributed directly to the City by the State Treasurer under clause (a) of Sec- tion 5 of Act No. 224. State 5 1 18 1 1 2 630 2260 160 24 96.460503 Gasoline 5 1 18 1 1 3 813 2256 78 26 94.740555 Tax means (a) the excise tax levied under Section 647 of Title 51 of the Code of Ala- bama of 1940, as amended, exclusive of those portions of the said tax in respect of aviation fuel and marine gaso- line, as those terms are used in the said Section 647, and (b) the excise tax levied by Act No. 674 adopted at the - 1961 Regular Session of the Legislature, as amended, ex clusive of that portion of the said tax in respect of diesel fuel; and any substitute for said taxes and any taxes levied in lieu thereof. . - Page 4 state 5 1 2 1 1 2 616 249 202 28 80.388275 Treasurer means the State Treasurer of the State of Alabama and any successor officer, department or agency that may succeed to the functions of the said treasurer. Trustee means the trustee at the time desig- nated and acting as such pursuant to the provisions of - Section 9 hereof. z oo Underlying 5 1 4 1 1 3 720 629 141 24 96.268692 Warrant 5 1 4 1 1 4 886 611 200 40 76.085587 Ordinance means Ordinance No. 1342 of the City adopted February 28, 1973, and en- titled AN 5 1 4 1 3 3 496 698 183 24 95.684647 ORDINANCE 5 1 4 1 3 4 702 698 38 23 96.286247 TO 5 1 4 1 3 5 764 698 140 23 96.031746 PROVIDE 5 1 4 1 3 6 928 697 59 23 96.668236 FOR 5 1 4 1 3 7 1008 696 61 24 95.753922 THE 5 1 4 1 3 8 1092 678 162 42 44.915489 ISSUANCE 5 1 4 1 3 9 1276 696 42 22 96.734291 OF 5 1 4 1 3 10 1627 706 5 9 70.512573 ‘ 4 1 4 1 4 0 272 729 1378 34 -1 5 1 4 1 4 1 272 729 199 34 95.896095 $1,200,000 5 1 4 1 4 2 491 732 190 24 95.752083 PRINCIPAL 5 1 4 1 4 3 702 732 123 24 96.137100 AMOUNT 5 1 4 1 4 4 845 731 39 23 96.137100 OF 5 1 4 1 4 5 907 731 121 23 96.512444 STREET 5 1 4 1 4 6 1051 729 224 25 96.275436 IMPROVEMENT 5 1 4 1 4 7 1298 729 99 24 96.724113 STATE 5 1 4 1 4 8 1645 740 5 8 16.232880 : 4 1 4 1 5 0 271 750 1127 59 -1 5 1 4 1 5 1 271 750 166 41 85.810646 GASOLINE. 5 1 4 1 5 2 454 767 62 23 94.065063 TAX 5 1 4 1 5 3 538 766 243 24 95.602821 ANTICIPATION 5 1 4 1 5 4 803 765 180 29 95.569099 WARRANTS, 5 1 4 1 5 5 1009 764 122 45 40.248253 SERIES 5 1 4 1 5 6 1155 763 95 30 96.500481 1973, 5 1 4 1 5 7 1277 763 41 23 96.681580 OF 5 1 4 1 5 8 1339 763 59 23 95.528389 THE 4 1 4 1 6 0 272 797 545 52 -1 5 1 4 1 6 1 272 800 79 24 96.629166 CITY 5 1 4 1 6 2 372 801 41 23 95.983742 OF 5 1 4 1 6 3 434 800 179 49 96.264565 PRICHARD, 5 1 4 1 6 4 640 797 177 27 88.760139 ALABAMA, Underlying 5 1 5 1 1 2 721 900 182 27 87.993195 Warrants means the Street Improve-- ment State Gasoline Tax Anticipation Warrants, Series 1973, of the City numbered 1 to 240, inclusive, and aggregating $1,200,000 in principal amount , which were issued pursuant to authorization in the Underlying Warrant Ordinance. Loos . Warrants, without other qualifying language, means the Street Improvement State Gasoline Tax Anticipa-— tion Warrants, Series 1973A, herein authorized. - (b) Use of Phrases. The following words and “ome phrases, where used in this ordinance, shall be given the’ following respective interpretations: *s Herein, hereof, hereunder, and other equiv- ' alent words refer to this ordinance and not solely to any particular portion hereof in which any such word is used. The definitions set forth in subsection (a) of this section shall be deemed applicable whether the words defined are herein used in the singular or plural. - ae Wherever used herein any pronoun or pronouns shall be deemed to include both singular and plural and to cover all genders. Section 2. Findings. The Council has ascertained ; and found and does hereby declare that the following facts are true and correct: (a) Acting pursuant to authorization in Ordinance No. 1367 of the City adopted Novem- ber 1, 1973, the City did on November 8, 1973, issue its Street Improvement State Gasoline Tax Anticipation Warrants dated November 8, 1973, numbered 1 and 2, aggregating $1,750, 060 in principal amount, and due sixty days after their date, for the purpose of paying costs of certain - Page 5 — Ae work of improvement of public streets and other public ways in the City, including primarily “street improvements designed for drainage of the said public streets and other public WayS, ineluding construction of storm water sewers, culverts, bridges, concrete ditches and appur- tenant facilities, all designed to effectuate adequate and proper drainage of public streets and other public ways in the City; . (b) No part of the principal of or inter- =~ est on the Outstanding Short-Term Warrants has . been paid and each of the Short-Term Warrants is presently outstanding and unpaid; each of the ° Outstanding Short-Term Warrants was duly executed and the seal of the City was affixed thereto and attested.in the- manner provided by the said Ordi-~ nance No. 1342 and the laws of Alabama; the Out-— standing Short-Term Warrants constitute valid lim ited obligations of the City which are payable ot solely out of the City's Share of the State Gaso=- : - line Tax and against which there are no offsets . ~ vos or counterclaims; and it will be advantageous to - the City and to its citizens and taxpayers for er the Outstanding Short-Term Warrants to be refunded by the issuance of the Warrants hereinafter author— ized, which mature over a period of twenty-five . years 5 (c) The City has caused plans and specifica- tions for construction of the Projected Street In- provements to be prepared by Polyengineering,. Inc... of Mobile, Alabama, who are consulting engineers for the City in respect of the Projected Street Improve- ments; the cost of the Projected Street Improvements , as presently estimated by the Council, will be in ex- cess of $1,750,000; the useful life of the Projected Street Improvements, as estimated by the Council, will be in excess of twenty-five years; the City does not have available from its current funds moneys suffi- ecient to pay the cost of the Projected Street Improve- ments; the Council has ascertained that the most prac- ticable method of financing the construction of the Projected Street Improvements is by anticipation of the proceeds which will be received by the City in the future from the State Gasoline Tax; and that in order to refund the principal of the Outstanding Short-Term Warrants, thus providing for the defini- tive long-term financing of the Projected Street Im- provements, it will be necessary that the City antici- pate its receipt of the City's Share of the State Gas— oline Tax by the issuance of the Warrants of the City hereinafter authorized, payable in installments in the future in the manner hereinafter provided; + - “. es (d) During the Fiseal Year that ended Septem- ber 30, 1973, the City received from the State Treas— urer and the County Treasurer, as the City's Share of the State Gasoline Tax, the sum of $384,574.34 > aoe . 4 Page 6 an amount greater than the maximum Annual Debt Service Requirement with respect to the Underly- ing Warrants and the Warrants; the Council esti- ~ mates, therefore, that the aggregate amount which will be received by the City as the City’s Share of the State Gasoline Tax during each Fiscal Year + until and including the Fiscal Year ending Septem- ue ber 30, 1998 (after making provision for payment - at their respective maturities of the principal of and interest on the Underlying Warrants at the . koe respective maturities of the said principal and ; - -interest in the manner specified in the Underly- ing Warrant Ordinance), will be sufficient to pay at their respective maturities the principal of and interest on the Warrants; and (e) It is necessary, desirable and advanta- _Beous to the City and its inhabitants that the City sell and issue the Warrants hereinafter au- thorized in order to refund the Outstanding Short- Term Warrants. . - Section 3. Authorization of the Warrants. Pure suant to the applicable provisions of the constitution and laws of the State of Alabama, including particularly Section 466 of Title 37 of the Code of Alabama of 1940, and Act No. 531 adopted at the 1953 Regular Session of the Legislature 4 1 5 1 6 0 271 1360 1232 35 -1 5 1 5 1 6 1 271 1364 41 25 96.167534 of 5 1 5 1 6 2 333 1364 158 31 96.793243 Alabama, 5 1 5 1 6 3 518 1369 36 20 96.800156 as 5 1 5 1 6 4 578 1363 159 31 96.639534 amended, 5 1 5 1 6 5 764 1363 60 24 96.639534 and 5 1 5 1 6 6 848 1362 58 25 95.597427 for 5 1 5 1 6 7 928 1363 59 23 96.672607 the 5 1 5 1 6 8 1008 1367 143 24 96.887421 purpose 5 1 5 1 6 9 1175 1360 39 25 95.851387 of 5 1 5 1 6 10 1235 1361 186 30 96.272995 refunding 5 1 5 1 6 11 1441 1361 62 24 96.566116 the 4 1 5 1 7 0 270 1396 1235 34 -1 5 1 5 1 7 1 270 1399 227 31 95.608597 Outstanding 5 1 5 1 7 2 518 1399 205 25 96.400734 Short-Term 5 1 5 1 7 3 741 1398 182 31 96.460907 Warrants, 5 1 5 1 7 4 949 1398 99 25 96.730598 there 5 1 5 1 7 5 1071 1402 59 20 96.307022 are 5 1 5 1 7 6 1152 1397 123 29 96.495216 hereby 5 1 5 1 7 7 1298 1396 207 26 95.948334 authorized 4 1 5 1 8 0 270 1427 1170 35 -1 5 1 5 1 8 1 270 1433 40 25 96.456062 to 5 1 5 1 8 2 331 1433 39 25 95.941673 be 5 1 5 1 8 3 394 1433 123 25 95.699654 issued 5 1 5 1 8 4 537 1433 38 29 96.932465 by 5 1 5 1 8 5 600 1433 58 24 96.671684 the 5 1 5 1 8 6 683 1432 78 29 96.746330 City 5 1 5 1 8 7 784 1432 100 24 96.893700 three 5 1 5 1 8 8 906 1431 143 25 96.185776 hundred 5 1 5 1 8 9 1073 1430 98 30 95.431229 fifty 5 1 5 1 8 10 1199 1427 92 32 96.729263 (350) 5 1 5 1 8 11 1319 1430 121 25 96.531334 Street 4 1 5 1 9 0 272 1464 1229 33 -1 5 1 5 1 9 1 272 1467 221 30 95.869377 Improvement 5 1 5 1 9 2 517 1467 100 24 96.510338 State 5 1 5 1 9 3 642 1466 160 25 95.998573 Gasoline 5 1 5 1 9 4 825 1466 61 24 95.998573 Tax 5 1 5 1 9 5 907 1464 244 31 95.115036 Anticipation 5 1 5 1 9 6 1172 1464 184 31 95.964249 Warrants, 5 1 5 1 9 7 1381 1464 120 25 93.937393 Series 4 1 5 1 10 0 273 1500 1128 34 -1 5 1 5 1 10 1 273 1503 116 31 92.055206 1973A, 5 1 5 1 10 2 415 1503 40 24 95.938850 of 5 1 5 1 10 3 478 1504 57 23 96.872917 the 5 1 5 1 10 4 560 1503 78 28 96.337646 City 5 1 5 1 10 5 662 1503 38 23 96.551353 in 5 1 5 1 10 6 724 1503 58 23 96.230286 the 5 1 5 1 10 7 805 1502 181 30 96.506187 aggregate 5 1 5 1 10 8 1008 1501 185 30 96.199196 principal 5 1 5 1 10 9 1216 1501 120 24 95.978203 amount 5 1 5 1 10 10 1362 1500 39 24 96.469658 of 4 1 5 1 11 0 274 1521 1145 47 -1 5 1 5 1 11 1 274 1533 54 35 89.982758 $1, 5 1 5 1 11 2 335 1521 75 47 95.800400 750, 5 1 5 1 11 3 416 1537 76 30 95.500465 000, 5 1 5 1 11 4 516 1537 101 24 96.430923 which 5 1 5 1 11 5 642 1536 99 24 96.417145 shall 5 1 5 1 11 6 763 1537 39 22 96.702721 be 5 1 5 1 11 7 827 1536 38 24 96.641174 in 5 1 5 1 11 8 887 1536 59 23 96.518837 the 5 1 5 1 11 9 970 1535 244 24 96.028694 denomination 5 1 5 1 11 10 1237 1535 40 24 95.360886 of 5 1 5 1 11 11 1301 1532 118 33 96.028152 $5,000 3 1 5 2 0 0 271 1552 1148 61 -1 4 1 5 2 1 0 271 1552 1148 61 -1 5 1 5 2 1 1 271 1553 97 48 96.659042 each, 5 1 5 2 1 2 395 1554 100 41 82.547935 shall 5 1 5 2 1 3 517 1571 38 23 96.508972 be 5 1 5 2 1 4 580 1570 101 24 95.315994 dated 5 1 5 2 1 5 702 1570 163 24 95.315994 November 5 1 5 2 1 6 889 1570 54 30 96.227379 15, 5 1 5 2 1 7 971 1569 95 30 96.394142 1973, 5 1 5 2 1 8 1093 1569 61 44 96.240997 and 5 1 5 2 1 9 1175 1569 100 24 94.490341 shall 5 1 5 2 1 10 1292 1552 127 40 76.328972 mature 2 1 6 0 0 0 258 1598 540 34 -1 3 1 6 1 0 0 258 1598 540 34 -1 4 1 6 1 1 0 258 1598 540 34 -1 5 1 6 1 1 1 258 1598 53 32 95.404381 ‘on 5 1 6 1 1 2 332 1605 165 24 95.853912 November 5 1 6 1 1 3 519 1605 36 27 8.949043 15 5 1 6 1 1 4 576 1604 40 25 8.344482 as 5 1 6 1 1 5 643 1605 155 24 8.240395 follows: 2 1 7 0 0 0 269 1705 1413 445 -1 3 1 7 1 0 0 269 1705 1413 445 -1 4 1 7 1 1 0 269 1705 1214 31 -1 5 1 7 1 1 1 269 1709 143 24 95.398865 Warrant 5 1 7 1 1 2 435 1709 140 24 95.398865 Numbers 5 1 7 1 1 3 658 1726 22 4 57.463829 = 5 1 7 1 1 4 769 1707 96 25 79.141861 ‘Year 5 1 7 1 1 5 888 1707 40 24 96.852806 of 5 1 7 1 1 6 1092 1705 183 31 96.377075 Aggregate 5 1 7 1 1 7 1298 1705 185 30 95.072845 Principal 4 1 7 1 2 0 276 1737 1168 37 -1 5 1 7 1 2 1 276 1741 96 30 96.210213 (both 5 1 7 1 2 2 396 1741 197 29 96.414680 inclusive) 5 1 7 1 2 3 785 1742 161 28 96.220337 Maturity 5 1 7 1 2 4 1133 1741 122 24 96.051041 Amount 5 1 7 1 2 5 1278 1737 166 37 96.051041 Maturing 4 1 7 1 3 0 375 1805 962 34 -1 5 1 7 1 3 1 375 1812 17 24 54.119896 1 5 1 7 1 3 2 416 1812 38 23 54.119896 to 5 1 7 1 3 3 499 1807 37 28 96.481102 26 5 1 7 1 3 4 634 1825 3 3 23.062347 : 5 1 7 1 3 5 828 1806 76 32 96.175446 1989 5 1 7 1 3 6 1177 1805 160 34 57.453880 $130,000 4 1 7 1 4 0 354 1839 983 34 -1 5 1 7 1 4 1 354 1845 39 28 93.194229 27 5 1 7 1 4 2 415 1846 39 23 90.198227 to 5 1 7 1 4 3 499 1841 37 32 90.198227 54 5 1 7 1 4 4 828 1844 77 27 96.245224 1990 5 1 7 1 4 5 1197 1839 140 33 93.302902 140,000 4 1 7 1 5 0 355 1874 982 35 -1 5 1 7 1 5 1 355 1881 37 28 95.541565 55 5 1 7 1 5 2 415 1882 39 23 95.541565 to 5 1 7 1 5 3 500 1877 37 31 94.092781 83 5 1 7 1 5 4 828 1880 78 27 96.481140 1991 5 1 7 1 5 5 1197 1874 140 34 88.258713 145,000 4 1 7 1 6 0 356 1911 981 31 -1 5 1 7 1 6 1 356 1911 35 28 95.062889 84 5 1 7 1 6 2 415 1915 39 24 95.062889 to 5 1 7 1 6 3 480 1911 55 28 96.181862 114 5 1 7 1 6 4 828 1914 77 27 96.087906 1992 5 1 7 1 6 5 1197 1912 140 30 91.369217 155,000 4 1 7 1 7 0 335 1942 1002 34 -1 5 1 7 1 7 1 335 1949 56 27 95.231384 115 5 1 7 1 7 2 415 1949 37 24 95.231384 to 5 1 7 1 7 3 479 1945 58 31 95.370079 147 5 1 7 1 7 4 828 1947 78 28 96.343430 1993 5 1 7 1 7 5 1198 1942 139 33 94.653152 165,000 4 1 7 1 8 0 335 1977 1002 40 -1 5 1 7 1 8 1 335 1980 57 29 96.398903 148 5 1 7 1 8 2 415 1985 39 23 96.716248 to 5 1 7 1 8 3 479 1980 58 37 94.670525 183 5 1 7 1 8 4 826 1978 78 32 94.322906 1994 5 1 7 1 8 5 1197 1977 140 33 69.240242 180,000 4 1 7 1 9 0 335 2015 1002 31 -1 5 1 7 1 9 1 335 2016 56 28 95.823097 184 5 1 7 1 9 2 415 2020 39 23 96.211433 to 5 1 7 1 9 3 479 2019 57 24 96.176170 221 5 1 7 1 9 4 828 2017 77 28 96.630791 1995 5 1 7 1 9 5 1197 2015 140 31 93.827911 190,000 4 1 7 1 10 0 334 2047 1003 32 -1 5 1 7 1 10 1 334 2054 57 23 96.795151 222 5 1 7 1 10 2 415 2054 39 23 96.795151 to 5 1 7 1 10 3 479 2048 57 28 96.746040 261 5 1 7 1 10 4 755 2065 4 3 70.299095 : 5 1 7 1 10 5 828 2047 76 31 96.701271 1996 5 1 7 1 10 6 1197 2049 140 30 96.626221 200,000 4 1 7 1 11 0 335 2082 1347 32 -1 5 1 7 1 11 1 335 2084 56 27 94.657158 262 5 1 7 1 11 2 414 2087 40 24 94.657158 to 5 1 7 1 11 3 481 2082 55 32 96.478088 304 5 1 7 1 11 4 828 2084 77 28 96.596375 1997 5 1 7 1 11 5 1197 2083 140 30 95.432968 215,000 5 1 7 1 11 6 1677 2091 5 8 67.169594 ‘ 4 1 7 1 12 0 337 2116 1000 34 -1 5 1 7 1 12 1 337 2122 54 28 96.074333 305 5 1 7 1 12 2 416 2123 39 22 96.074333 to 5 1 7 1 12 3 481 2122 54 27 96.915054 350 5 1 7 1 12 4 828 2116 77 31 96.690468 1998 5 1 7 1 12 5 1024 2131 66 17 18.469208 oo 5 1 7 1 12 6 1197 2118 140 31 96.320084 230,000 2 1 8 0 0 0 270 2227 1236 410 -1 3 1 8 1 0 0 270 2227 1236 410 -1 4 1 8 1 1 0 271 2227 1235 26 -1 5 1 8 1 1 1 271 2229 60 24 96.746933 The 5 1 8 1 1 2 352 2229 163 24 96.251900 Warrants 5 1 8 1 1 3 541 2228 98 24 94.954689 shall 5 1 8 1 1 4 662 2228 81 24 96.351433 bear 5 1 8 1 1 5 766 2227 160 25 96.478912 interest 5 1 8 1 1 6 952 2227 79 24 96.527336 from 5 1 8 1 1 7 1053 2227 101 24 94.040947 their 5 1 8 1 1 8 1177 2227 78 24 96.479866 date 5 1 8 1 1 9 1279 2227 101 24 95.623947 until 5 1 8 1 1 10 1403 2228 103 23 96.696556 their 4 1 8 1 2 0 272 2259 1210 35 -1 5 1 8 1 2 1 272 2265 203 29 96.372810 respective 5 1 8 1 2 2 499 2264 201 24 96.756744 maturities 5 1 8 1 2 3 725 2265 36 22 96.886635 at 5 1 8 1 2 4 787 2264 56 23 96.495224 the 5 1 8 1 2 5 869 2264 78 23 95.932747 rate 5 1 8 1 2 6 971 2263 39 23 93.233482 of 5 1 8 1 2 7 1032 2259 119 31 88.623466 6-3/4% 5 1 8 1 2 8 1175 2269 61 22 96.530235 per 5 1 8 1 2 9 1258 2268 118 19 95.489212 annum. 5 1 8 1 2 10 1419 2259 63 27 91.199028 The 4 1 8 1 3 0 272 2296 1170 30 -1 5 1 8 1 3 1 272 2298 80 32 95.515068 said 5 1 8 1 3 2 376 2298 158 24 96.078522 interest 5 1 8 1 3 3 561 2297 98 25 95.293221 shall 5 1 8 1 3 4 682 2297 40 24 95.293221 be 5 1 8 1 3 5 744 2297 141 29 96.258049 payable 5 1 8 1 3 6 910 2296 241 29 94.757446 semiannually 5 1 8 1 3 7 1176 2302 38 18 96.960243 on 5 1 8 1 3 8 1237 2296 59 29 96.788628 May 5 1 8 1 3 9 1322 2296 36 27 92.929344 15 5 1 8 1 3 10 1383 2296 59 24 96.290840 and 4 1 8 1 4 0 271 2329 1233 31 -1 5 1 8 1 4 1 271 2326 165 30 96.103760 November 5 1 8 1 4 2 460 2331 35 28 96.748161 15 5 1 8 1 4 3 520 2332 39 23 96.748161 of 5 1 8 1 4 4 581 2331 79 24 96.544258 each 5 1 8 1 4 5 683 2336 80 24 96.527740 year 5 1 8 1 4 6 787 2330 99 24 95.366089 until 5 1 8 1 4 7 910 2331 58 23 96.119949 and 5 1 8 1 4 8 991 2331 37 23 95.938629 at 5 1 8 1 4 9 1052 2330 59 24 96.803452 the 5 1 8 1 4 10 1135 2330 202 29 93.281738 respective 5 1 8 1 4 11 1361 2329 143 25 57.104645 maturi- 4 1 8 1 5 0 272 2366 1211 29 -1 5 1 8 1 5 1 272 2369 79 24 81.101524 ties 5 1 8 1 5 2 375 2368 39 24 95.771889 of 5 1 8 1 5 3 436 2369 59 23 96.515640 the 5 1 8 1 5 4 517 2368 161 24 96.107918 Warrants 5 1 8 1 5 5 704 2368 60 23 96.796768 and 5 1 8 1 5 6 786 2366 99 25 95.759178 shall 5 1 8 1 5 7 907 2368 39 22 96.054665 be 5 1 8 1 5 8 970 2367 182 23 96.108269 evidenced 5 1 8 1 5 9 1174 2367 39 28 96.489082 by 5 1 8 1 5 10 1238 2367 161 28 93.250351 separate 5 1 8 1 5 11 1423 2366 60 24 80.666595 in- 4 1 8 1 6 0 272 2401 1210 31 -1 5 1 8 1 6 1 272 2403 119 24 96.362572 terest 5 1 8 1 6 2 418 2408 138 24 96.559135 coupons 5 1 8 1 6 3 581 2402 162 25 96.289879 attached 5 1 8 1 6 4 766 2402 156 25 92.198784 thereto. 5 1 8 1 6 5 969 2402 59 23 91.080345 The 5 1 8 1 6 6 1050 2401 162 24 96.478561 Warrants 5 1 8 1 6 7 1238 2401 60 23 95.883698 and 5 1 8 1 6 8 1320 2402 59 23 93.027641 the 5 1 8 1 6 9 1404 2401 78 24 87.186424 Cou- 4 1 8 1 7 0 270 2433 1193 33 -1 5 1 8 1 7 1 270 2442 81 23 96.306091 pons 5 1 8 1 7 2 375 2435 201 31 94.986610 applicable 5 1 8 1 7 3 600 2435 142 24 96.388855 thereto 5 1 8 1 7 4 766 2434 99 25 96.782799 shall 5 1 8 1 7 5 887 2435 81 24 96.991127 bear 5 1 8 1 7 6 992 2434 158 24 95.930153 interest 5 1 8 1 7 7 1177 2434 36 23 96.896599 at 5 1 8 1 7 8 1238 2433 58 24 96.810257 the 5 1 8 1 7 9 1320 2435 79 23 96.810257 rate 5 1 8 1 7 10 1423 2434 40 23 95.768951 of 4 1 8 1 8 0 274 2468 1183 34 -1 5 1 8 1 8 1 274 2468 37 31 95.840599 8% 5 1 8 1 8 2 333 2478 61 23 96.500504 per 5 1 8 1 8 3 416 2477 102 19 95.856728 annum 5 1 8 1 8 4 540 2471 100 24 95.856728 after 5 1 8 1 8 5 662 2471 101 24 96.327232 their 5 1 8 1 8 6 785 2470 202 32 96.433121 respective 5 1 8 1 8 7 1011 2469 201 25 84.893265 maturities 5 1 8 1 8 8 1238 2469 100 24 95.995857 until 5 1 8 1 8 9 1361 2468 96 30 87.563614 paid. 4 1 8 1 9 0 271 2505 1212 31 -1 5 1 8 1 9 1 271 2508 60 25 96.079903 The 5 1 8 1 9 2 353 2508 162 24 96.096237 Warrants 5 1 8 1 9 3 540 2507 99 25 96.669014 shall 5 1 8 1 9 4 661 2508 39 23 96.560822 be 5 1 8 1 9 5 723 2507 140 29 96.075172 payable 5 1 8 1 9 6 888 2507 38 23 95.706757 in 5 1 8 1 9 7 951 2506 119 24 95.952133 lawful 5 1 8 1 9 8 1093 2510 100 23 96.165924 money 5 1 8 1 9 9 1217 2505 41 23 96.691956 of 5 1 8 1 9 10 1279 2505 58 24 96.404137 the 5 1 8 1 9 11 1362 2505 121 24 95.891434 United 4 1 8 1 10 0 272 2539 1187 31 -1 5 1 8 1 10 1 272 2543 119 24 96.212379 States 5 1 8 1 10 2 416 2543 41 23 96.356918 of 5 1 8 1 10 3 479 2542 140 24 90.272110 America 5 1 8 1 10 4 641 2542 38 24 96.554161 at 5 1 8 1 10 5 704 2542 57 23 96.297310 the 5 1 8 1 10 6 784 2540 183 30 94.920776 principal 5 1 8 1 10 7 991 2539 119 24 96.565422 office 5 1 8 1 10 8 1135 2539 40 23 96.161171 of 5 1 8 1 10 9 1195 2539 58 23 96.161171 The 5 1 8 1 10 10 1277 2539 182 24 96.707008 Merchants 4 1 8 1 11 0 271 2572 1189 31 -1 5 1 8 1 11 1 271 2577 162 24 95.922745 National 5 1 8 1 11 2 456 2577 81 24 96.218857 Bank 5 1 8 1 11 3 560 2576 38 25 95.754761 of 5 1 8 1 11 4 620 2577 121 24 95.701241 Mobile 5 1 8 1 11 5 766 2576 37 23 96.036034 in 5 1 8 1 11 6 827 2576 57 23 96.128891 the 5 1 8 1 11 7 910 2575 77 28 96.095108 City 5 1 8 1 11 8 1011 2574 40 24 95.621490 of 5 1 8 1 11 9 1072 2573 120 24 96.866920 Mobile 5 1 8 1 11 10 1216 2572 39 25 96.938591 in 5 1 8 1 11 11 1278 2574 60 23 96.677216 the 5 1 8 1 11 12 1361 2573 99 24 96.944458 State 4 1 8 1 12 0 272 2612 219 25 -1 5 1 8 1 12 1 272 2612 41 24 95.613060 of 5 1 8 1 12 2 334 2613 157 24 96.073997 Alabama. 2 1 9 0 0 0 3 2638 1681 174 -1 3 1 9 1 0 0 3 2638 1681 174 -1 4 1 9 1 1 0 3 2638 1681 174 -1 5 1 9 1 1 1 3 2638 1681 174 95.000000 Page 7 Section 4. Optional Redemption Provisions. The Warrants are subject to redemption and payment by the City at its option, on November 15,1983, and on any Interest ri Payment Date thereafter, at a Redemption Price for each aa Warrant redeemed equal to its face value plus -a redemotion premium equal to twelve months’ interest thereon comouted at its coupon-rate. Any such redemption may be made as a whole or in part of the Warrants then outstanding and, if in part, such redemption shall be accomnlished in the in-. verse numerical order of those of the Warrants at the time outstanding. Any such redemption shall he effected in the folloWing manner: - (a) The City shall by Resolution adopted by the Council call for redemption on a stated Interest Payment Date when they are by their terms subject to redemption Warrants bearing stated numbers,- and shall recite in said Reso- lution (1)-that the City is not at the time in default in the payment of the principal of or ... ‘anterest on any of the Warrants, or (ii) that an all of the Warrants then outstanding are to be oN - retired on the Redemption Date. ° . (b) The City shall cause to pe published at least one time in both a Newspaper published in the City of Birmingham, Alabama, and a Fi- nancial Journal published in the City of New York, New York, a notice stating the numbers of the War- rants so called for redemption, and stating that the Warrants bearing such numbers will become due and payable on a specified date [which shall be the Redemption Date fixed by Resolution adopted pursuant to the provisions of paragraph (a) of this sectién] at’ the Redemption Price (which . shall be specified in said notice), and that all 4nterest on the Called Warrants wilk-cease after the Redemption -Date. Any such notice shall be published not less than thirty days prior to the Redemption Date. In the event that no Newspaper 4s: being published in the said City of Birmingham at the time that the City directs that the said ~ notice be published, then publication thereof in a Financial Journal published in the said City of New York will suffice to meet the requirements of this paragraph (b); and if no Financial Journal is being published in the said City of New York at the time the City directs that the said notice be vublished, then publication thereof in a News- paper published in the said City.of Birmingham will suffice to meet the requirements of this paragraph (b). (ec) On or prior to the Redemption Date the City shall notify the bank at which the Warrants are payable of the City's compliance with the re- quirements of paragraphs (a) and (b) of this sec- tion, and shall make available at the said bank the total Redemption Price of the Called Warrants. Upon compliance with the foregoing requirements on its part contained in this section, and if the City is not on the Redemption Date in default in the payment of the principal Page 8 of or interest on any of the Warrdnts, the Called Warrants shall become due and payable on the Redemption Date, and interest thereon shall thereafter cease. The bank at which the Called Warrants are payable shall not be required to pay any Coupon maturing on the Redemption Date which is ap- oa plicable to any Called Warrant unless the Called Warrant to ‘ which such Coupon is applicable is also presented for pay- ment; orovided, that in the event the said bank should pay any such Coupon without payment of the anplicable Called . Warrant, it shall not be liable to the Holder of such ap~ = < plicable Called Warrant or to the’ City or to anyone whom- . soever; and provided, further, that the said bank shall pay such Coupon out of the moneys supplied to it by the . : City for such purpose if the Holder thereof shall present , a evidence satisfactory to the said bank that such Holder is . the owner of the Coupon so presented and is not the owner of the Called Warrant to which such Coupon is applicable. . Section 5. Execution of the Warrants. Each of the Warrants shall be executed in the name and behalf of the City by the signature of its Mayor manually subscribed on each of the Warrants; the corporate seal of the City ’ shall be impressed on each of the Warrants; and the City .- . Clerk shall attest each of the Warrants by manually sub- scribing her signature thereon. The Coupons shall be ex- ecuted with the facsimile signature of the Mayor and shall be attested with the facsimile signature of the City Clerk, wee whose facsimile signatures on the Coupons shall be valid- . * in all respects as if their signatures had been manually ° of, subscribed thereon. The Warrants and the Coupons shall wt be registered by the City Treasurer, in the records main- ~ “ tained by the City Treasurer, as claims against the Special Fund hereinafter created and the City's Share of the State Gasoline Tax, which registration shall be made simultane- ously with respect to all of the Warrants and the Coupons. The said officers are*hereby directed so to execute, seal, attest and register the Warrants and the Coupons. Section 6. Limited Obligation; General Faith and Credit Not Pledged. The obligation evidenced and ordered paid by the Warrants 1s a special limited obligation of the City payable solely from the Special Fund and the City's . Share of the State Gasoline Tax herein ordered to be paid into the Special Fund. The general faith and credit of the City are not pledged for payment of the Warrants or the Cou- pons; and the Warrants and the Coupons are not, and shall not be,. general obligations of the City. Neither this ordinance nor any of the Warrants or the Counons issued hereunder shall be deemed to impose upon the City any obligation to pay the ’ principal of or the interest on the Warrants, or any other sum, except with the moneys herein directed to be paid into the Special Fund. None of the agreements, representations or warranties made or implied in this ordinance, or in the issuance of the Warrants and the Coupons, shall ever impose any pecuniary liability unon the City, except with resnect to the moneys herein directed to be paid into the Special Fund (the said moneys consisting of so much of the City's Share of the State Gasoline Tax as shall be sufficient to make the payments provided in Section 7 hereof to be made into 7 the Special Fund). Nothing herein contained, however, - shall be construed to relieve the City from the performance “7 of any of its agreements herein contained or to’relieve any of the officials of the City of any of their official duties. Page 9 ave ey . me Section 7. Special Fund for Payment of the War- aan Se rants., There is hereby established a special fund to be 1 mown as the 1973A 5 1 3 1 3 5 662 387 99 24 96.554634 State 5 1 3 1 3 6 786 384 160 26 95.998489 Gasoline 5 1 3 1 3 7 969 383 59 24 95.983131 Tax 5 1 3 1 3 8 1052 381 245 29 96.151001 Anticipation 5 1 3 1 3 9 1318 378 140 25 95.682175 Warrant 4 1 3 1 4 0 251 415 1231 45 -1 5 1 3 1 4 1 251 428 118 32 95.482811 Fund, for the purpose of providing for payment of the prin- cipal of and the interest on the Warrants and the annual fee of the Trustee with respect to the Special Fund. The Special Fund shall be maintained until both the principal of and the interest on the Warrants shall have been paid in full (or un- til full provision is made therefor) and shall be held by the Trustee for the purposes hereinafter set forth, The City shall from time to time pay or cause to be paid into the Spe- cial Fund, solely from the City's Share of the State Gaso- line Tax, such amounts as shall be sufficient to provide for payment of the principal of and the interest on the Warrants at the respective maturities of the said principal and inter- est and the annual fee of the Trustee that will become pay- able on November 14 of each year, commencing with the year ~ 1974, which amounts-shall in no event be less than the fol-~. ~ : lowing and shall be so paid into the Special Fund on or be-~ fore the following dates: oo stant (a) On or before the 15th day of December, - “ 1973, and on or before the 15th day of each suc- . cessive Month thereafter until and including April, 1974, an amount equal to the total of (1) one-fifth (1/5) of the semiannual installment of interest that will mature with respect to the ‘ Mh Warrants on May 15, 1974, and (11) one-tenth a (1/10) of the annual fee of the Trustee that will be payable on November 14, 1974; provided, how~ . ever, that there shall be credited one time on’, : oa the amount provided to be paid into the Special on Fund pursuant to the provisions of this subsec- Pe tion (a) an amount equal to the interest accrued on the Warrants from November 15, 1973, to the date of their delivery to the purchaser thereof; (b) On or before the 15th day of May, 1974, and on or before the 15th day of each successive Month thereafter’ until and including October 15, - 1988, an amount equal to the total of (1) one- sixth (1/6) of the semiannual installment of in- terest that will mature with respect to the then outstanding Warrants on the then next ensuing In- terest Payment Date, and (i1) one-twelfth (1/12) ‘ of the annual fee of the Trustee that will be pay- able on the then next ensuing November 143 and (c) On or before the 15th day of November, 1988, and on or before the 15th day of each suc- ceeding Month thereafter until the principal of ; and the interest on the Warrants shall have been . paid in full, an amount equal to the total of (i) one-sixth (1/6) of the semiannual installment of interest maturing with respect to the then out- standing Warrants on the then next ensuing Inter- est Payment Date, (ii) one-twelfth (1/12) of the principal of the Warrants that will mature on the then next ensuing November 15, and (iii) one- twelfth (1/12) of the annual fee of the Trustee that will be payable on the then next ensuing November 14. a Page 10 ‘ Section 8. Assignment and Pledge of Special Fund - .- % and Tax Proceeds Ordered Paid Therein. The Spectal Fund and te go0 coe In addition thereto, there shall also be paid into the Spe- . cial Fund on or before the 15th day of each successive “oat Month, commencing with January ,‘1974, and continuing until the principal of and the interest on all the Warrants and each annual fee of the Trustee shall have been paid in full, the following amounts, solely from the City's Share of the State Gasoline Tax: (i) the amount by which all payments made into the Special Fund during any preceding Month shall have been less than the amount herein required to be paid.” . - into the Special Fund during such preceding Month, (2) the * amount of all sums theretofore paid into the Special Fund pursuant to this ordinance which shall have been lost or which are for any reason not immediately available for pay= ment of said principal, interest and Trustee's fee, and (3) any additional sums which may be necessary to pay at their respective maturities the principal of and the interest on the Warrants and on each due date thereof the Trustee's fee payable on that date. ‘ > oe * @ll moneys at any time in or pertaining thereto, and the City's Share of the State Gasoline Tax, to the extent ordered paid ars into the Special Fund, are hereby assigned to and pledged with the Trustee therefor as security for payment of the principal of and the interest on the Warrants. Failure to pay, or cause , ’ to be paid, into the Special Fund, as received by, or avail- . able to, the City, that portion of the City's Share of the ~ State Gasoline Tax that is herein required to be paid into the Special Fund shall constitute a diversion of the Pledged Tax Proceeds. Said assignment and pledge are made for the pro rata benefit of all the Warrants, without preference or priority of one Warrant over another by reason of prior issu- - ance or otherwise, and shall be and remain prior to any as- signment or plddge of all or part of the City's Share of the * State Gasoline Tax that may hereafter be made for the bene- fit of any warrants or other securities of. the City hereaf- ter issued or any contract of the City hereafter made (ex— cept any parity pledge of the City's Share of the State Gas- oline Tax that may be made for the benefit of Additional Par- ity Securities pursuant to the provisions of Section 11 hereof). The Special Fund shall constitute a trust fund, and the Trus- tee therefor is hereby authorized and directed to use so much of the moneys on deposit therein as may be necessary to pay the principal of and the interest on the Warrants as said principal and interest respectively become due. The City represents (a) that at the present time there are no . outstanding agreements or pledges by the city with respect to the use by the City of the City's Share of the State Gasoline Tax except the agree~ ments and pledges for the benefit of the Underly— ing Warrants that were made in the Underlying War- rant Ordinance; and specifically (without limit- ing the generality of the foregoing) that the City has at the present time no outstanding contracts or securities, other than the Underlying Warrants, that are payable out of, or secured by a pledge of, the City's Share of the State Gasoline Tax; and Page 11 The City hereby- agrees that it will not issue any addi- : ; * tional securities pursuant to the provisions of Section T1" , _ ing Warrant Ordinance. (b) that at the time-of the delivery of the Warrants there will be no outstanding agree- ment or pledge by the City with respect to the use by the City of the City's Share of the State Gasoline Tax except (1) the aforesaid agreements and pledges made in the Underlying Warrant Ordi- nance, and (2) the agreements and pledges con— tained herein; and specifically (without limit- ing the generality of the foregoing) that at the -“~time of the issuance of the Warrants, the only then outstanding contracts or securities of the _ City that are payable out of, or secured by a ms, pledge of, the City's Share of the State Gaso- sos line Tax, will be (i) the Underlying Warrants and (11) the Warrants. of the Underlying Warrant Ordinance; and the City hereby 4rrevocably releases the privilege to issue any further securities of any kind under the provisions of the Underly- aot ie Section 9. ‘Trustee for Special Fund.. (a) Designation of Trustee; Its Fees Hereunder. . The Merchants National Bank of Mobile, a national banking association having its principal place of business in the City of Mobile, Alabama, is hereby designated as trustee for the Special Fund as a trust fund for the purposes here- 4nabove provided. The Trustee is authorized and directed to cancel and transmit to the City the Warrants and the Coupons as and when they are paid. If any moneys remain in the Special Fund following payment of all-of the War-. pants and the Coupons, such moneys shall thereupon be re~ mitted by the Trustee to the City. The City will pay to: the Trustee, promptly upon issuance of the Warrants, a Trustee's acceptance fee in the amount customarily charged by trustees in the State of Alabama for acting as trustees for funds similar to the Special Fund herein created; and thereafter the City will pay to the Trustee on November 14 of each successive year (commencing with November 14, 1974) while the Warrants remain unpaid, an annual Trustee's fee, each such fee to be in the amount that at the present time 4s customarily charged by trustees in the State of Alabama for acting as trustees’ for similar special funds; the amount of the said annual fee being as follows: 75é per $1,000 on the first $100,000 of principal of the Warrants outstanding on the then preceding November 153 : 50¢ per $1,000 for each $100,000 of principal so out- standing in excess of $100,000; and A minimum annual fee of $25.00. Page 12 -at the time of such Each such annual fee shall be paid out of the Special Pund. BY acceptance of its duties hereunder, the Trustee shall be deemed’ to have agreed to the provisions of this ordinance in respect of the Special Fund and the Trustee and, without limiting the generality of the foregoing, shall be deemed to have agreed that its annual fee for its services as such trustee shall be in the amounts hereinabove provided a (b) Trust Nature of ahd Security for the Special Fund. The Special Fund shall be and at all times remain pub- i lic funds impressed with a trust for the purpose for which the Special Fund is herein created. The Trustee shall at all times keep the moneys on deposit in the Special Fund continuously secured for the benefit of the City and the Holders of the. Warrants, either (1) by holding on deposit, as collateral security, direct obligations of the United States of America or obligations the principal . of and interest on which are unconditionally . guaranteed by the said United States, or other marketable securities eligible as Security for the deposit of trust funds under regulations of the Comptroller of the Currency, having a market value (exclusive of accrued interest) not less than the amount of moneys on deposit in the Spe~ celal Fund, or (2) if the furnishing of security in the manner provided in the foregoing clause (1) of this subsection is not permitted by the then ap- plicable law and regulations, then in such other manner as may be ‘required or permitted by the then applicable state and federal laws and regu- lations respecting the security for, or granting a preference if the case of, the deposit of pub- lic funds; . provided, however, that it shall not be’ necessary for the Trustee so to secure any portion of the moneys on deposit in the Special Fund that may be insured by the Federal De~ posit Insurance Corporation or by any agency of the United States of America that may succeed to its functions, (c) Resignation of Trustee; Appointment of Suc- cessor Trustee. The Trustee at any time serving hereunder may resign as such by written notice of such resignation given to the City, to the original purchaser of the Warrants from the City, and to the County Treasurer. . If the Trustee should at any time resign or cease, refuse or become unable to act as Trustee hereunder for the Special Fund, the City shall thereupon appoint a Successor trustee hereunder which Shall be a banking institution in the State of Alabama that appointment is a member of the Federal Deposit Insurance Corporation or any similar instrumentality of the United States of America, if there is any such. Upon the appointment of such Successor Trustee the City shall, within five days thereafter, give notice in writing of such Page 13 a aed * at appointment to the County Treasurer and to the original pur- chaser of the Warrants from the City. All provisions of this ordinance applicable to the TruStee shall likewise be appli- cable to any successor to it so appointed. - : Section 10. Authorization to Remit Directly to Trustee. (a) County Distributed Portion of City's Share ~ of the State Gasoline Tax. he County Treasurer is hereby authorized and directed to transmit directly to the Trustee, out of the County Distributed Portion of the City's Share of the State Gasoline Tax, such amounts as shall be necessary and sufficient to make the payments into the Special Fund in accordance with the provisions of Section 7 hereof, begin- ning with the payment required herein to be made during the Month of December, -1973. The City Treasurer is hereby or-- dered and directed to take all steps that may be necessary to cause such payments to be made into the Special Fund, in- cluding the grant to the Trustee of authority to collect the payments so provided to be made direct to the Trustee by the County Treasurer and the authority to endorse ail warrants , vouchers and checks therefor and to apply the proceeds there- of toward payment of the principal of and the interest on the Warrants. The City agrees with each holder of the Warrants and the Coupons that, so long as any of the Warrants and the Coupons shall remain unpaid, it will not revoke’ the author~ ity and direction for remittance directly to the Trustee as contained in this section. To carry out the provisions of this section and the provisions of Section 7 hereof, the Mayor and the City Treasurer are hereby authorized and di- rected to issue to the County Treasurer an order authorizing and directing the County Treasurer to transmit directly to . the Trustee each Month, out of the County Distributed Por- tion of the City's Share of the State Gasoline Tax, the amount of the payment required by Section 7 hereof to be _ “made by the City into the Special Fund during such Month, all to the extent, at the times, and as otherwise provided in the said Section 7, and to specify in said order the dol- lar amount of each such payment that the County Treasurer is so to transmit to the Trustee each Month. The Mayor and City Treasurer may, by supplemental order to the County ‘Treas— urer, alter and change the dollar amounts of such payments to be so transmitted by the County Treasurer to the Trustee but only under the following conditions: (1) If the dollar amounts specified in such original order or in any supplemental order are not sufficient to provide for pay-= ment of the principal of and the interest on the Warrants as such principal and interest respectively mature and the fees of the Trus- tee as such fees become due and payable, as- contemplated and provided by Section 7 hereof, a supplemental order shall be so issued pro- viding for the transmission directly to the Trustee of revised dollar amounts that will be sufficient to provide for payment of said items at the respective due dates thereof, all as required by Section 7 hereof; and Page 14 (2) If any Warrants aré paid or redeemed prior to the respective maturities thereof, a supplemental order may be issued providing for the transmission to the Trustee of revised dol- lar amounts, provided that the revised dollar amounts specified in such supplemental order to be so transmitted to the Trustee shall be suf- ficient to provide for payment at their respec- tive maturities of the principal of and the in- terest on the Warrants that will be outstanding after such payment and redemption, and for pay- ment of the fees of the Trustee, as such fees become due and payable, an@ shall in no event be less than the amounts prescribed in Section 7 hereof to be paid into the Special Fund. n ee in (b) -State Distributed Portion of City's Share of State Gasoline Tax. Tn the event that the County Dis— of Stave O86 ee a Eributed Portion of the City's Share of the State Gasoline Tax should at any time be insufficlent to make the full payment provided in Section 7 hereof to be made into the Special Fund during any Month [and if, accordingly, the amount remitted during any Month to the Trustee by the- County Treastirer, pursuant to the order, or any supple~- mental. order, made under subsection (a) of this section, should be less than the amount specified in the said or- der, or supplemental order, to be made in the said Month], the Mayor and the City Treasurer are hereby authorized and directed to issue forthwith to the State Treasurer an order or orders authorizing and directing the State Treasurer to remit directly to the Trustee, out of the State Dis- _ tributed Portion of the City's Share of the State Gasoline Tax, during the then current Month (and all then ensuing Months ) .such amounts as shall be sufficient [when added to the sums remitted (or anticipated to be remitted) by the County Treasurer, out of the County Distributed Por-. tion of the City's Share of the State Gasoline Tax] to provide for payment each Month into the Special Fund of - the full amount provided in Section 7 hereof to be paid therein during the said Month. . _ 5 Section 1l. Reservation of Right to Tssue Addi- tional Parity Securities. The city reserves the right and privilege to issue at any time and from time to time addi- tional securities of the City (whether in,the form of bonds, warrants, certificates or. notes) which the City may at the time of such issuance be lawfully 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 City's Share of the State Gasoline Tax made in Section 8 of this ordinance and pro rata and on a parity with the like pledge that may be made’ for the benefit of each series of the Additional Parity Securities), so much of the City's Share of the State Gasoline Tax as may be necessary to pay the principal of and interest on the Additional Parity Se- curities at the respective maturities of said principal and interest; provided, that in order to make any such par- ity pledge the following conditions must exist and be com- plied with: : . Page 15 “ -in the office of the City Clerk. aN * a (a) The average annual amount of the’ City's Share of the State Gasoline Tax received . by the City during the two Fiscal Years next . preceding the Fiseal Year during which any such . Additional Parity Securities are delivered to the purchaser thereof must be not less than one and one-half times (150% of) the maximum Annual Debt Service Requirement durinn the then current or any then succeeding Fiscal Year with - respect to the Underlying Warrants and all Par- ity Securities that will be outstanding immedi- ately following the issuance of the Additional Parity Securities then proposed to be issued. - The amount of the City's Share of the State Gas- Oline Tax received by the City during each of the said two Fiscal Years next preceding the is- suance af any such Additional Parity Securities . 7 shall be conclusively established by a certifi- ; . > cate signed by_the Mayor and the City Treasurer setting forth the said amounts, certifying the noon correctness of the said amounts, and stating .. : that the said amounts were established by and . : - taken from the official records of the City. ve A copy of each such certificate shall be filed ~ (b) Each issue of the Additional Parity . Securities shall be given a different series . . a designation, shall have stated maturities of , ‘principal on November 15 in the years in ‘which _ the Additional Parity Securities of that series - shall mature, and shall bear interest payable _ semiannually on May 15 and November 15. Any series may have provisions for redemption prior . to maturity and such other provisions not in . . - conflict with this ordinance as the Council shall determine advisable, and provide for, in : the proceedings in which the Additional Parity - . Securities of that series are authorized to.be _ issued. : (c) The proceedings authorizing each se- ries of Additional Parity Securities (1) shall: “ create and provide for a special trust fund in which the City will agree to make, or cause to be made, out of the City's Share of the State Gasoline Tax, monthly payments sufficient to pay the principal of and interest on that series of the Additional Parity Securities at the respec~ tive maturities of the said principal and inter- est, and to pay any trustee's feé with respect to the said special fund so created; and (2) shall provide that the obligation of the City to cause payments to be made into the said spe- cial trust fund in respect to the said series of Additional Parity Securities shall be on a parity with (1) the City's obligation hereunder to cause such payments to be made into the Spe- cial Fund and its obligation to make payments into any other special trust funds created pur- suant to the provisions of this subsection (c). Page 16 7 D Pa : ‘ The provisions for each such special trust fund - “hereafter created for the benefit of ® v series of Additional Périty Securities, in accorcance with this culvcction (c), shall paraliel sn all respects the prcvisions herein set forth with respect to wic Special Fund [ineludine, but without lirivavion to, provisions for cirect remittances to 2 trustee which paralsel vie provisions -* Seztion 10 Hereof]. XN Each series of Additional Parity Securiti2s shall [upon com- _pliance in respect of that series with the conditions set | ’ forth in the fo’egoirg subsections (a), (9) and (c) of this section] be securea on a parity with the Warrants by a pledge -. . of the City's Siare of the State Gasoline Tax; the agreements and provisions .°- -ayments into the special trust fund cre- ated, pursuant ‘2 *: provisions of the foregoing subsection (ec) for the bene“Lt of the said series of Additional Parity Securities, shaii pe on a parity with the agreements herein _ made and the pr-vistons hereof with respec: tu the Special Fund; and all othex 7>¢reements and provisions nereof in re- spect of the City". Chare of the State Gaerline Tax shall be on a parity wit parallel and similar asreements and pro- . visions in the proceedings authorizing each se-les of Addi- : tional Parity S::curit les. . N = Sectlon 12. Form of Warrants. The warrants the Coupons; and tae provisions for the assigiment theréof shall be in substantlally the following forms; wach appropriate insertions and variations therein to conform tc the provi- sions hereof: — : . oo Page 17 (Form of Warrant) z No. . $5,000 + » UNITED STATES OF AMERICA STATE OF ALABAMA “= CITY OF PRICHARD - STREET IMPROVEMENT STATE GASOLINE TAX ANTICIPATION WARRAN' SERIES 1973A The Gity Treasurer of the City of Prichard (herein called."the-.city"), a municipal corporation in the State of Alabama, is hereby ordered and directed to pay to Hugh Morrow, Jr., or assigns, solely from the spe- cial fund hereinafter referred to, the principal sum of FIVE THOUSAND DOLL ARS yn on the 15th day of November, 19 (unless this warrant shall have been duly called for prior payment), upon sure render hereof on or after said date, with interest there- on from the date hereof until the maturity hereof at the “ pate of 6-3/4% per annum, payable semiannually on May 15 and November 15 in each year upon surrender of the appro- priate interest coupons hereto attached as the same respec- tively become due. This warrant and the interest coupons applicable hereto shall bear interest at the rate of 8% per annum after their respective maturities and shail be payable in lawful money of the United States of America | at the principal office of The Merchants National Bank of Mobile in the City of Mobile in the State of “Alabama. This warrant is one of an 4ssue of warrants (here— in called the 5 1 15 1 2 4 535 1729 200 30 95.296455 warrants) in the authorized principal amount of $1,750,000, consisting of warrants numbered from 1 to 350, inelusive, and has been issued pursuant to the applicable provisions of the constitution and laws of Alabama, ineclud- ing particularly Section 253 of Title 37 of the Code of Ala- bama of 1940, and Act No. 531 adopted at the 1953 Regular Session of the Legislature of Alabama, as amended, for the purpose of refunding the principal of outstanding warrants of the city issued to pay costs of improvement of public streets in the city, including construction of facilities for drainage of said streets. . This warrant and the interest thereon shall be payable solely from the special fund known as the 19734 4 1 18 1 3 0 238 2230 1165 52 -1 5 1 18 1 3 1 238 2258 101 24 96.601601 State 5 1 18 1 3 2 363 2253 160 26 95.656967 Gasoline 5 1 18 1 3 3 546 2251 60 23 96.307251 Tax 5 1 18 1 3 4 629 2244 244 30 95.963646 Anticipation 5 1 18 1 3 5 893 2239 140 26 95.976616 Warrant 5 1 18 1 3 6 1058 2233 97 27 95.205032 Fund of the city ereated by the ordinance of the city under which this war- rant is issued. Said special fund consists solely of cer- tain sums which are directed by said ordinance to be paid into said special fund out of the moneys distributed to the city, pursuant to the provisions of Act No. 224 adopted at the 1967 Special Session of the Legislature of Alabama, and Act No. 476 adopted at the 1967 Regular Session of the said Legislature, or any other statute, as the city's share of . “ Page 18 the following excise taxes (herein together called “the * state gasoline tax"): (i) the excise tax levied by the State : of Alabama under the provisions of Section 647 of Title 51 , : of the Code of Alabama of 1940, as amended, on the sale, distribution, storage and withdrawal from storage of gaso- line, as that term is defined in the said Section 647, re- maining after deduction of the costs of collection, refunds, and the amounts collected with respect to aviation fuel and |. marine gasoline, as those terms are used in the said Section 647, and (11) the excise tax levied by Act No. 674 adopted at the 1961 Regular Session of the said Legislature, as amended, exclusive of that portion of the said tax in re~ spect of diesel fuel (the portion of the state gasoline tax that is distributed to the city pursuant to the provisions. of the said Acts Nos. 224 and 476, or any other statute, being herein called the 5 1 4 1 16 5 762 846 116 29 87.054192 city's 5 1 4 1 16 6 905 846 98 23 96.455429 share 5 1 4 1 16 7 1026 844 40 23 96.740303 of 5 1 4 1 16 8 1088 843 59 23 96.740303 the 5 1 4 1 16 9 1172 842 98 23 96.742676 state 5 1 4 1 16 10 1297 840 159 30 80.312660 gasoline 4 1 4 1 17 0 248 875 1248 39 -1 5 1 4 1 17 1 248 883 116 31 87.730965 tax). This warrant is not a general obligation of the eity, and neither its fult faith and credit nor any of its taxing powers are pledged for payment of this warrant or the inter- est thereon. The city is not obligated to pay the principal of or interest on this warrant except from moneys ordered paid into said special fund, and none of the agreements, representations or warranties made or implied in the issu- ance of this warrant shall be deemed to impose any liabil- ity whatsoever upon the city, except to pay the principal hereof and interest hereon out of the moneys ordered paid into said special fund. . : The warrants are subject to redemption and pay- ment prior to maturity, at the option of the city, on Novem- ber 15, 1983, and on any interest payment date thereafter, as a whole or in part and if in part then in inverse numer— 4ceal order of those at the time outstanding, at the face value of each warrant redeemed plus accrued interest there— on to the date fixed for redemption and a premium equal to twelve months! interest thereon; provided, that prior no- tice of such redemption must be given by publication at least one time not less than thirty (30) days before the date fixed for redemption in both a newspaper published in the City of Birmingham, Alabama, and a financial jour~ nal published in the City and State of New York; provided, however, that publication either in such a newspaper or in such a financial journal shall suffice if either such fi- naneial journal or such newspaper is not being published at the time the city directs such publication to be made. In the proceedings authorizing the issuance of the warrants, the city has specially and irrevocably pledged for payment of the principal of and interest on the warrants, at the respective maturities of such principal and interest, so much as may be necessary for such purpose of the city's share of the state gasoline tax. In the said proceedings, the city reserved the privilege, upon compliance with cer- tain requirements set forth in the said proceedings, of is- suing additional securities and securing them by a pledge of the city's share of the state gasoline tax, on a parity with the aforesaid pledge thereof for the benefit of the warrants. » Page 19 It is hereby certified and recited that the in- debtedness evidenced and ordered paid by this warrant is lawfully due without condition, abatement or offset of any ( description; that this warrant has been registered in the 7 manner provided by law; and that all conditions, actions a and things required by the constitution and laws of the State of Alabama to exist, be performed or happen preced— * ent to and in the issuance of this warrant do exist, have been performed and have happened. . This warrant is nonnegotiable but is transfer- able by assignment. Each taker, owner, purchaser or holder hereof, by receiving or accepting this warrant or any in- terest coupon applicable hereto shall consent and agree and shall be estoppéd to deny: (1) that title to the coupons hereunto appertaining may be transferred by delivery with out the necessity of a written assignment, and any person making such delivery shall be deemed to have transferred to the person to whom such delivery is made all of his equities or rights in the coupons so delivered; (2) that any person in possession of such coupon, regardless of the manner in which he shall have acquired possession is ™ authorized to represent himself as the absolute owner — thereof and has the power ana authority to transfer ab- solute title thereto by delivery thereof to a bona fide purchaser for value (present or antecedent) without no- tice of prior defenses or equities or claims of ownership enforceable against his transferor or any person in the chain of title and before the maturity thereof; and (3). that whenever and so long as this warrant is assigned in biank by written assignment by the original payee hereof or by any subsequent assignee hereof in the chain of ti- : tle to whom written assignment is made, the city may treat oy any person in possession of this warrant, regardless of how such possession may have been acquired and regardless “s of the genuineness or effectiveness of any assignment, as ~ the absolute owner hereof for all purposes, and payment to any such person shall discharge ail obligations here- under. IN WITNESS WHEREOF, the city has caused this war- rant to be executed in 4ts behalf by the signature of its mayor manually subseribed hereon, has caused a facsimile of its official seal to be hereon imprinted, has caused the execution of this warrant and the said seal to be at- tested by the manually written signature of its eity clerk, has caused the annexed coupons to be executed and attested with facsimiles of the signatures of said officials, and ‘ has eaused this warrant to be dated November 15, 1973. CITY OF PRICHARD By Tts Mayor Attest: Page 20 (Form of Coupon) ; Coupon - No. - $168.75 On the 15th day of > 19 » the City Treasurer of the City of Prichard in the State or Ala- bama is ordered and directed to pay to the bearer hereof the sum of One Hundred Sixty-eight and 75/100 Dollars, solely out of the special fund of the city known as its 1973A 5 1 8 1 5 13 1361 650 101 26 96.740608 State 4 1 8 1 6 0 213 688 1231 54 -1 5 1 8 1 6 1 213 716 160 26 96.549553 Gasoline 5 1 8 1 6 2 396 713 62 24 96.850929 Tax 5 1 8 1 6 3 481 706 244 30 96.281303 Anticipation 5 1 8 1 6 4 747 699 117 32 96.166473 Fund, upon surrender of this cou- pon at the principal office of The Merchants National Bank of Mobile in the City of Mobile, Alabama. This coupon rep= resents six months' interest which will become due on said date on, and is part of and subject to the provisions con- tained in, the Street Improvement State Gasoline Tax Antici- pation Warrant, Series 19734, of the City of Prichard, Ala- bama, dated November 15, 1973, numbered oe CITY OF PRICHARD : , ° By Ilts Mayor Attest: rn Tts city Clerk (Form of Assignment ) For value received, this warrant and the indebted- tt ness evidenced and ordered paid thereby are hereby assigned, . without recourse or warranties, ‘ * to . Eel Immediately after the maturity date of each Cou- pon due on or after. May 15, 1984, applicable to the War- rants, there shall be inserted the following: (unless 5 1 18 1 1 2 656 2016 58 24 95.569176 the 5 1 18 1 1 3 736 2010 141 27 96.122498 warrant 5 1 18 1 1 4 903 2009 37 23 96.122498 to 5 1 18 1 1 5 962 2005 102 25 95.914680 which 5 1 18 1 1 6 1087 2001 76 24 90.618355 this 5 1 18 1 1 7 1191 2005 76 18 90.618355 cou- 4 1 18 1 2 0 512 2031 776 52 -1 5 1 18 1 2 1 512 2059 60 24 96.104965 pon 5 1 18 1 2 2 597 2051 35 24 96.728889 is 5 1 18 1 2 3 658 2045 200 33 96.576736 applicable 5 1 18 1 2 4 884 2040 98 25 96.711037 shall 5 1 18 1 2 5 1003 2039 81 22 95.874771 have 5 1 18 1 2 6 1107 2035 80 23 96.708061 been 5 1 18 1 2 7 1211 2031 77 28 96.401375 duly 4 1 18 1 3 0 516 2067 546 44 -1 5 1 18 1 3 1 516 2084 120 27 87.291451 called 5 1 18 1 3 2 660 2083 57 23 96.000809 for 5 1 18 1 3 3 738 2079 102 30 96.576065 prior 5 1 18 1 3 4 862 2069 157 36 64.518158 payment) 5 1 18 1 3 5 1032 2067 30 34 64.518158 , Page 21 Section 13. Provision for Payment at Par. The bank at which the Warrants and the Coupons shall at any time be payable, by acceptance of its duties as paying agent therefor, shall be construed to have agreed thereby with the holders of the Warrants and the Coupons that it will make, out of the funds supplied to it for that pur- pose, ail remittances of principal of and interest on the Warrants and the Coupons in bankable funds at par and with— out deduction for exchange, fees or expenses. The City agrees with the holders of the’ Warrants and the Coupons that-it will pay all charges for exchange, fees, or ex- penses which may be made by the said bank in the making of remittances in bankable funds of the principal of and interest on any of the Warrants and the Coupons. . Section 14. Creation of Contract. The provi~ sions of this ordinance shall constitute a contract be- tween the City and each holder of the Warrants and the Coupons. Section 15. Provisions of Ordinance Severable. The various provisions of this ordinance are hereby de- clared 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 16. Sale of the Warrants. ‘The Warrants are hereby sold to Watkins , Morrow & Co., Imc., at a pur- chase price equal to 95% of the face value of the Warrants, viz., the sum of $1,662,500.00, plus accrued interest on the Warrants from November 15, 1973, to the date of the delivery thereof. The Warrants shall be made payable to Hugh Morrow, Jr., the nominee of the purchaser of the Warrants, in accord- ance with directions given by the said purchaser. The City Treasurer is hereby authorized and directed to deliver the Warrants, having attached thereto all of the Coupons, to the said purchaser upon payment to the City of the said purchase price. Section 17. Use of Proceeds from the Warrants. The proceeds from the salé of thé Warrants shall be applied for the purpose for which they are herein authorized to be issued and to that end shall be applied for payment of prin-" cipal of the Outstanding Short-Term Warrants. ' (a) Establishment of Construction Account. There is hereby created a special trust account for construction of the Projected Street Improvements. The said special trust account shall be designated the 1973A 5 1 8 1 4 8 1211 2188 120 22 93.233742 Street 5 1 8 1 4 9 1358 2188 161 27 78.282623 Improve- 4 1 8 1 5 0 288 2219 1209 31 -1 5 1 8 1 5 1 288 2222 77 23 96.035294 ment 5 1 8 1 5 2 392 2222 242 23 95.746162 Construction 5 1 8 1 5 3 659 2219 178 31 93.733421 Account; and The Merchants National Bank ‘of Mobile, a bank having its principal office in Mobile, Alabama, shall be and remain the depository therefor, Si- multaneously with the issuance of the Warrants, the City will cause to be paid into the Construction Account the en— tire residue of cash and securities then remaining on deposit Page 22 i in the 1973 Street Improvement Construction Account No. 2 created in Section 13(a) of the aforesaid Ordinance No. 1367 of the City, whereunder the Outstanding Short-Term Warrants were authorized to be issued. (b) Use of Construction Account. The moneys on deposit in the Construction Account Shall be initially ap- plied for payment of the costs of the Projected Street Im — provements , all in accordance with plans and specifications therefor prepared by Polyengineering, Ince, Consulting Engi- neers for the City. To that end, the moneys on deposit in the Construction Account shall be paid out by the depository therefor on checks, Grafts or orders (a) signed in the name of the City by ‘the Mayor or City Treasurer and countersigned py the other of the said two officers, and (b) accompanied py certificate py Polyengineering, Inc., approving the dis- pursement represented by the said check, draft, or order as a disbursement for payment of costs of the Projected Street Improvements (or, in the event the said firm should become unable or unavailable to act as Consulting Engineers for the City in respect of the Projected Street Improvements, by. an= other registered engineer or firm. of registered engineers appointed for such purpose by the Council). The costs of acquiring, providing and constructing the Projected Street Improvements shall be deemed to inelude engineer's fees, attorney's fees, and other expenses incidental to the con— struction of the Projected Street Improvements and to the issuance of the Short-Term Warrants. (c) Investment of Construction Account. ‘The de- pository for the Construction fRecount is hereby authorized and directed to invest and reinvest in investments in which municipal funds are permitted py law to be invested and to convert into cash any such investment, all pursuant to and in accordance with written orders filed with the said de- pository from time to time by the Mayor and City Treasurer. Any such investment , together with the income from such in- vestments, shall become a part of the Construction Account and shall be held py the said depository as a part of the Construction Account.