Page 1 prepaic Pern ARD'S $100,000 GENERAL Fees int of| Shall be and the cor- OBLIGATION. STREET TRE ee ie be dated] Porate seal of the city shall be BE TT ORDAINED te the city Mey 1, 068, which shail mature) fh city clerk shall etal Roe | ity of Priehard, in five annual installments of by affixing her signature tharte | Council of the City 0} ie of The i Alabama, as follows: | ara shall be City of Prichard (herein called “the city”) has ascertained and t to found and does hereby declare as e nutinet follows: The city did heretofore }Of Pr so to execute ver, bg Son, and Ae aod register the warrant. | by its Improvement Ordinance No, |thereafter quarterly on the Ars) —, nechon +) Ganenal PLEDGE | 630 adopted by the council and |day of ea The indebtedness evidenced and approved by the mayor of the Coe, eT 1961, The} ordered paid by the warrant is es on. October 10, oo) proce principal of and the interest on are ce be a general obligation | ie cone eee ‘/fhe warrant shall be payable in| 0! fst ity for the payment of the on Dean ke ee the counell lawful money of the United States the ful Pa grepes yh on rT 5, eae of America at the Prichard Branch a faith and credit of the proved Ordinance ‘No. 682 of the [of The Merchants National Bank) city are hereby | irrevocably city, which amended said. Im-|of Mobile in the Se reb y Bledged provement Ordinance No. 630 and cate oat oR eMENT PRI-| for payment of the principal of amended (the street improvements |VILEGE. The city reserves the and the Interest on the warrant al provided for in said ep siyeriott privilege of prep a oak made pursuant to + iho visions Ordinance No. 630, as amended: by ||0f the principal of the warr' ord f x to maturity; pro-| of said Improvement Ordinance the adulgnat wiih et four (0) wiged, tnatita portion ony of the) No, 680, as, ‘amended ae afore feet ‘a sified to be added to the| Principal of the warrant then aid) (ly benefit Se th ag hen co paving oH a portion of Diaz Street eajiener es ae bid one atl by the provisions of Section 3 of Prior to tia cust be Bi said Ordinance No. 632, being, Principal so prep’ ult- herein called “the improvements”); | amount equal to $1,000 eae of the improvements are now under | iple et om Reel a phat be construction and have not yet| the principal 50 peer of the, |hereb; been completed; the cost of the heii 0 _ |for improvements is now estimated to| Mie! E be $300,000; the city has heretofore issued no securities for the pur- pose of paying the cost of con- struction of the improvements; the city does not now have and will not have available prior to com- pletion of the improvements moneys sufficient to pay the cost thereof; it will be necessary for the city to borrow the sum of $100,000 on the faitn and credit of the city for the purpose of paying the cost of the improv3- ments and in evidence thereof to issue the warrant of the city here- inafter authorized; and no part of ithe proceeds from said warrant will be used to pay the cost of constructing the aforesaid addit- ional width of paving on Diaz Street provided for in Section 3 of said Ordinance No. 632, Section 2, AUTHORIZATION OF WARRANT, Pursuant to the provisions of the constitution and laws of the State of Alabama, in- eluding particularly Section 466 of Title 37 of the Code of Alabama of 1940, and for the purpose of raising funds to pay costs in- curred and to be incurred in con- Page 2 improvements, and upon com- pletion thereof the city will take all steps necessary to cause valid assessments to be made against the properties benefitted thereby in the manner and to the extent provided for in the said Improve- ment Ordinance No. 630, as amended as aforesaid, and under | The city | agrees that it will undertake to | the laws of Alabama. collect all assessments made with respect to the improvements, pur- suant to said improvement ordi- nance, promptly as and when such assessments become due and pay- able, and further agrees that in the event any of the owners of any of the properties against which such assessments shall be made has elected or should elect a oo y thereupon will take all steps necessary to enforce the lien of any assessments of which an in- stallment is so w by sale of the properties which such assessment was made, All pro- ceeds collected from said assess- ments and from the enforcement of any such liens shall be deposit- by the city from time to time as collected in a special fund separate and apart from all other funds of the city. Such special fund shall constitute a trust fund for the benefit of the holder of the warrant and shall be used solely for the payment thereof. . FORM OF WAR- RANT. The warrant and the pro- visions for assignment thereof shall be in substantially the fol- lowing form: (Form of Warrant) $100,000 $100,000 UNITED STATES OF AMERICA | TE O / of Prichard (herein called “the city”), a municipal corporation in the State of Alabama, is hereby ordered to pay to The Merchants National Bank of Mobile, or its assigns, the principal sum of ONE HUNDRED THOUSAND DOLLARS in five annual installments of $20,000 each, payable on the Ist day of May im each of the years 1957 to 1961, inclusive, with in- terest at the rate of 4% per an- num, with respect to the: then unpaid balance of principal, pay- able on May 1, 1957, and there- after quarterly on the first day of each succeeding August, Oct- y ti : bai pis ote Approved, be payable in States Branch lawful money of the U1 of America at the Prichard of The Merchants National Bank of Mobile in the City of Prichard in the State of Alabama. The city reserves the privilege of prepay- ing all or part of the principal of this warrant at any time prior to maturity; provided, that if a port- ion only of the principal then re- maining unpaid shall be paid prior to maturity, the portion of amount equal to $1,000 or.a mult- iple thereof, and the mn of the principal so prepaid shall be deem- | ed to be that pant of the then out- standing principal hav: that all cerued and unpaid inter all a = est_with rep e fea pant or all pursuant to the applicable pro- visions of the constitution and laws of the State of Alabaria, in- cluding particularly Section 466 of Title 37 of the Code of Ala- bama of 1940, and an ordinance of the city duly adopted by the governing body of the city, for the purpose of paying costs incurred and to be curred in making im- provements to certain public streets in the city. The indebted- ness ev. and ordered paid by this warrant is a general oblig- ation of the city, for the payment of the principal of and interest on which the full faith and credit of pledged. It is hereby certified and recited that the indebtedness evidenced and ordered paid by this warrant is lawfully due without condition, abatement or offset of any description; that this warrant principal so prepaid must be an the latest the city have been irrevocably | be hereto affixed by has caused the same to by ifs city clerk, both subserib y without recourse or warranty, ~ Section 8. DELIVERY OF THE RN Wigs igh gies 'HEREFROM. The treasurer is hereby authorized and directed to deliver et Se city, of the principal amount of the warrant plus interest accrued ‘thereon to the date of such de- livery. The pers from the | werent shall used solely for ‘the purpose for which it is author- ized to be issued. Adopted and approved this 7th day of May, 1956. G. V. DISMUKES, Mayor Authenticated: BERNIECE H. CENTANNE, City Clerk Pub ed in The Citizen issue of —e————————