Page 1 # te Oe 4 OUDINANCE NO. 945 AML ORDINANOE TO PROVIDE FOR A GENERAL OBLIGATION SAVER WARRANT OF SHE CLEY DL THE PRINCIPAL AVOUUT OF $229,000. BE IT ORDAINED BYE the Gity Covunell of the Gity of Prichard, Alabama, as follows Sestion 14 Befinitiong. The Loliowing vords and phrases and spthers evidentiy intended as the equivalent thereof shall, in the absence of clear implication herein ’ otherwise, be given the following respective Intorpretations in this ordinances *elty" means the municipal corporation of Prichard, in the State of Alabama, and any corporation resulting fron any merger oF consolidation to whieh it or dts successors may ie & partyy Gouncii seans the governing body of the city ag at any tine constituted, Gross 5 1 9 1 1 2 608 1338 160 34 86.296623 receipts 5 1 9 1 1 3 786 1336 82 30 66.863930 tax” 5 1 9 1 1 4 886 1341 101 24 23.502167 means 5 1 9 1 1 5 1006 1335 64 30 95.924713 the 5 1 9 1 1 6 1086 1335 142 30 78.281509 license 5 1 9 1 1 7 1243 1334 66 33 81.703186 tax 5 1 9 1 1 8 1324 1333 161 29 96.031944 referred 4 1 9 1 2 0 232 1368 457 37 -1 5 1 9 1 2 1 232 1372 39 29 95.340172 to 5 1 9 1 2 2 288 1369 44 35 64.924026 an 5 1 9 1 2 3 347 1369 144 31 86.171387 Section 5 1 9 1 2 4 511 1368 20 31 32.002594 8 5 1 9 1 2 5 549 1371 140 34 0.000000 hergof. 2 1 10 0 0 0 229 1466 1235 106 -1 3 1 10 1 0 0 230 1466 1234 106 -1 4 1 10 1 1 0 472 1466 992 66 -1 5 1 10 1 1 1 472 1471 119 30 23.923004 Gress Receipts tex Fund" means the Gross Receipts Tas Fund created in Section Js of Ordinance Nos 90% and re ferred to in Section 9 hereof s. “Interest. payment date means any February 7 or August Ts Qrdinance 5 1 12 1 1 2 688 1774 60 29 49.312969 No» 5 1 12 1 1 3 768 1766 82 39 48.471130 904 means Ordinance Now 90% of the olty whieh was adopted | by the eounell and approved by the mayer on duly 17, 1961 Outstanding 5 1 13 1 1 2 728 1943 100 31 86.851456 note means the General, 1 CoLagation Tox Anticipation Note of the olby dated January 4, 1 which is referred to in Section 2 (a) hersol'y ‘Werrant™ meang the warrant euthoriged to be iasued by the etty tn Section 3 hereof. “Heroin, thereof", hereunder and other equivalent words refer to. this ordinance as @ whole and not solely to the particular portion thereof in which any sich word is needs Page 2 ‘ . Page 2. _ ‘the definitions herein set forth shall be deened applicable whether the words defined aré herein used In the singular or plurals . pronoun or profiouns, wherever used hereing shali, be deemed to include both singular and plural and to eover all genders, ‘ Section 2. Findings by the Council. The ecouneli has’ caused an investigation to be made of the natters hereinafter referred to and, as a result of such investigation, has determined and dees hereby declare that the following stataments are trues . (a) Acting pursuant. to the provisions of a resolution adepted by the council and approved by the mayor on December 22; 1961, the city did on January 4, 1962 borrow from The Merchants National Bank of Hobile the principal amount of $39,000 for the recited purpose of raising funds to pay costa of carrying on the necessary Zanetions of the city and in antielpation of the collection of taxes, but the proceeds of such borrowing were actually used to retire an obligation incurred in acquiringy providing and constructing sanitary seweys in the eitys In evidence of the money so borrowed, the eity aid on Jamary 4, 1962 deliver to the said pants a General Obligation Tax Anticipation Note of the olty payable to the order of the said bank on April 4, 1962 in the said principal amount. The outstanding note was exeeutbed and the corporate seal of the city was affixed thereto by the mayors and the clty clerk attested the same by affixing her pignature thereto, whereupon the outstanding note wags registered by the city treasurer 4n the rocords of the elty ag a clain against the eltys The pro« ceeds derived from the outstanding note vere actu= ally used by the city for discharging an obligation dneurrad in acquiring, providing and constructing sanitary severs in the citys The action of the gouneil in so authorizing the outstanding note ond the actions of the said officers im selling and delivering the outstanding note, and the action of the officers of the city in using the proceads therefrom for retiring an obligation incurred in acquiring, providing and constructing sanitary sewers in the elty, are all hereby ratified and approved. It is hereby recognized and acknowledged that the outstanding note is a valid general obli# gation of the city in the principal amount thereof, and that for the payment of the principal thereof and interest. thereon the full faith and eredit of the eity have been validly and irrevodably pledgeds . FF eooa opinion of the council 16 would be advan= “y ~~ fsgeous Yor the city if the outstanding note should Be refunded by the city in the manner referred to -in Seation 3 hereof in order that the principal indebtedness evidenced by the outstanding note may bo made to mature in orderly instaliments over a poried of years within the ability of the city te pays é Page 3 to) In order to go forward with the cone struction of the sanitary sewer system in the elty it will be necessary to taise an additional amount of $190,000, The council is of the opinion that it would be desirable and in the best inter= est of the elty and of its citizens and taxpayers af the said amount} could be borrowed as a part of tha financing hereinafter authoriseds (@) Under the provisions of Section 72 of Ordinance Noe 90 of the elty adonted by the council and approved by the mayor on July 17,5 1961, the elty reserved the right te issue. ad« ditional seeurities which it might lewinliy issue, and to pledge for payment of the srineipal there~ of-and interest thereony pro rata and of & parity with the pledge of the gross receipts tax made in Seation 471 of said Ordinance Noe 90%, and on a parity vith any like pledge that might be made upon compliance with the conditions contained in Section 12 of Ordinance Nos, 90+ for the benefit of each series of additional securities, whigh might be lasued on a parity of lien therewith, so much of the gross receipts tax and the prox. eeeds therefrom as may be necessary to pay the principal of and interest on such additional se+ eurities at the respective maturities of such principal and interest. The council does heveby declare that all of the conditions for the issue ance of the warrant and the pledge herein made of the gross receipts tax for payment of the princi~ pal of and interest on the warrant, on. a parity with the pledge theracf contained in Section 11 of said Ordinance No. 90%, do exist and have been fone, and the counell does hereby specially de- clare that the warrant hereinafter authorized is issued, and the pledge of the gross receipts tax hereinafter made for the benefit of the warrant is made; under the reserved power go te do- con tained in Section 12 of said Ordinance Non 90+ Section 5. Authorization of the Verrent. For the purposd of refunding the outeatanding note, and acting pure suant to the authority so to do contained in the applicable provisions of the constitution and Laws of Alabama including particularly Section 253 of Title 37 of the Code of Alabama of 7940, there 1s hereby authorized to be borrowed the sum of “$39,000, For the purpose of raising funds with which to acquire, provide and construct sanitary sewers in the elty and acting pursuant to the authority so to do econteined in the applicable provisions .of the constitution end laws of flabama including particularly Section 466 of Title 37 of the Code of Alabama of 1940, there is hereby authorized to be borrowed the additional sum of $190,000, ‘The amounts so authorized to be borrowed, aggrerabing $225,000, shall he borrowed from The Merchants. National Bani: of Mobile, and in evidence of the borrowings so made there 3s hereby authorized Page 4 . Page le to be issued and delivered to the said bank one General Obligation Sanitary Sewer Warrant of the elty in the princi- pal amount of $225,000 which shall be dated August I, 1962 and shall mature ih annual installments in the following principal amounts: Date of Maturity of Anount of Principal. In- pies 7 ont | fugust 1, 1968 # 18,000 August 1, 1964 LYyCO0O August 1; 1965 20,000 Aagust 1) 1966 21,000 August 1, 1967 22,000 August 1, 1968 23,000 August ly 1969 2tr,000 Augast 1, 1970 25,006 August 2, 1971 26,000 August I, 1972 27,000 Each such principal installment of the warrant shall bear interest at the vate of ~1/2% per annum from February 1, 1962 until its maturity, which interest shall be payable on August ly 1962 and semiannually thereafter on each February i and August 1, As each such principal and interest installment is paid, notation of such payment shall be made in the space provided therefor at the end of the warrant. Bach principal and interest installment on the warran’ shall bear interest at the rate of 6% per annum after their respective maturities, and shall be psyabie in lawful money of the United States of America at the Prichard Branch of The Merchants National Banks of Mobie, in Prichard, Alabamay Section +. Execution of the Warrant, The warrant shall be executed and the corporate seal of the elty shail be affixed thereto by the mayor, and the clty clerk shail attest the same by affixing ter signature thereto. The ware rant shall ‘be registered by the clty treasurer ih the records maintained by her as a claim against the city and against the special tax herdinafter pledged therefor, Section 5. Place ond Medium of Payment of the Warrant. The principal of and interest on the warrant shall be payable in Inwful money of the United States of America at the Prichard Branch of The Merchants National Bank of Mobile, in the City of Prichard in the State of Alabamas Section 6. Brepavment Privilege, The city reserves the privilege of prepaying all or part of the = principal of the warrant ab any time prior to maturity; pro= f vided, that if a portion only of the principal then remaining \ unpaid of the warrant should be paid prior to maturity then the portion off the principal so prepaid must be an amount equal to $1,000 or a multiple thereof and the portion of the principal so prepaid shall be credited on thab part of the Page 5 a ~ Page 56 then outstanding principal having the then letest maturity; and proyided, further, that all umpaid interest acerued to the date of such prepayment on the principal so prepaid prior to maturity shall be paid simulteansously with the . payment of the principal so prapalds . . Pe Section 7s, Sonerd), Oblisotion Pledze. The indebtedness evidenced and ordered paid by the werrant ig and shall be a general obligation of the city for the payment of the principal of and interast on which the full faith and credit of the elty are hereby irrevocably pledged. aa kA Section 84 Specs ge of the Gross Keepin : Zax» As additional security for the paygient of the princi« r pal of and interest on the warrant, and as a part, of the sontract wheréunder the money evidenced by the warrant is borrowed, the city agrees ta continue to levy, collect and apply, and hereby specially and irrevocably pledges, to the extent necessary to pay the principal of and interest on | the warrant et the respective maturities of such principal and interest, that certain special, privilege and license tax of the elty (together with the proceeds thereof) which was levied by Ordinance No. 880 of the city with respect to qertain business activities, to the extent to which the said tax was levied within the corporate limits of the elty; provided, however, that so long as no defanit shall exist in the payment of the principal of or interest on the war= rant. the proceeds from the gross receipts tax shell be used to pay the said principal of and interest on the warrant at the vespective maturities of said principal and interest. and tho balance of the said proceeds remaining in each fiscal year of the city while no such default exists may be used by the city for any lawful purposG.e To whatever extent, if any, the proceeds of the gross veecipts tax avaliable for‘ seid pur~ pose may not be suffielent to pay the principal of and intere est on the warrant at the respective maturities of sald. peinelpal and interest, the elty agrees to use for said pure pose so much of the general revenues of the city derived from other scurees and available for said purpose es may be necessary to pay sald principal and interest ab their re« spective maturities, The city does hereby specially declare that. the pledge of the gross receints tax, including the proceeds thereof, contained in this section shall be on a parlty with the pledge of the gross receipts tax made in Section 27 of ssid Ordinance No. 90% end is made under the reserved ‘rights so ta do contained in Section 12 of said Ordinanes Now 904, a tee Section 9» Adoution of Certain Provisions of Grdlnanes Nos Site fhe provisions contained in Sections 73, +, 25, 26, and 17 of Ordinance Nos 904, to the extent to ; which fhe Same may be applicable to the warrant, are hereby re ineorporated in this ordinance to the same extent as if those \ provisions were set out in full herein, ‘The clty specially agrees te make the monthly paynents inte the Gross Receipts fax Fund ercated in Section 1% of sald Ordingnee Nos 90, Section 10. Form of the Yerrant, The warrant and - the provisions for aseignment thereof shall be in substantially the following forms Page 6 Page be (Forni of Warrant) $225,000 $225,000 URTTED STATES OF AMERICA STATE OF ALABAMA -QITY OF PRICHARD GENERAL OBLIGATION SANITARY SEWER WARRANT SERIES 1962 The City freagurer of the Clty ef Prichard (herein called’ the 5 1 5 1 2 4 674 843 142 37 65.613144 city), inthe State of Alabama, is hereby ordered te pay to the. Merchants National Bank of Mobile; or its assigns, the principal sum of yo RUBDRED TWENTY-FLVE THOUSAND DOLLARS . an ten annusl principal installments ag follows: Maturity Date Suount of Pringi- of Principal pal Instaliment ee . Tostaliments the on Sala. Dat _ ‘Angust Ly 1969 . $18,000 August 1, 196% 19,000 dugust’1, 1965° BOg008 August 23, 1966 21,000. Angust 1, 1967 22,000 august 1, 1968 233000 August 2, 1969 3000 August 2, 1970 25,000 dugust Ly 1974 26,000 August 2, 1972 27,000 together with interest from February Ty 1962 at the rate of hel /2% per annum on the principal hereof reuaining unpaid on each such interest. payment date, which interest shall be payable on August 1, 1962 and semiannually thereafter on each February 1. and August 1. ds gach such principal anid interest drstallment is paid, notation of such payment shall be made in the space ‘provided therefor at the ond of this warrant. Both the principal of each such instalinent and the interest payable hereunder shall bear interest at the rate of 6% per amniun after their respective meturities, and shall be payable in lawful money of the United States of America at the — Prichard Branch of The Merchants National. Bank of Mobile, in the Clty of Prichard in the State of Alabamse the sity reserves the privilege of prépaying all or part of the principal of this warrant at any time prior to maturity; provided, that if a portion only of the princi- pal then renmsining unpaid shall be paid prior to. matorlty Page 7 , . Page 75 the ‘portion so prepaid must be an amount equal ta $1,000 or a multiple thereof, and the portion of the principal so prepaid shall be deemed to be that nart of the then outstanding principal having the latest maturity; and pro- vided, further, that ali unpaid interast accrued to the date of such prepayment on the principal so prepaid shall he paid _pimitancously with the payment of the principal So prep # _ Shis yarrant has been issued putsnant to the applicable provisions of the constliution and laws of the State of Alabama, including particularly Section 253 of Title 37 of the Code of Alabama of 1940 for the pur~ pose of refunding an obligation of the city incurred to Qischarge an obligation originally incurréd im acquiring, - providing, and constructing sanitary severs dn the city, and also particularly including Geetion 466 of Title 37 af the Code of Alabama of 1940 for the purpose of raising funds with which to. acquire, provide, and construct sani« tary severs in the city, and an ordinance duly adopted by _. the governing hody of the clty. The indebtedness evidenced’ and ordered yaid by this warrant is a general cbligation of the city for the payment of the principal of and inter= est on which the full faith and eredit of the clty have been irrevocably pledged. In addition thoreto, the elLty has irrevocahly pledged for paynent of .sald principal and interest at their respsetive maturities -so much as may be necessary for said purpose of the special privilege and license tax of the elty levied py Ordinance No, 850. of the city, together yith the procesds therefrom, to the extent that the sald tax is levied with respect to businesses conduated within the corporate limits of the eity, which pledge is on a parity with a pledge made for the benefit of certain outstanding seaurities of the clty and may be on a parity with a pledge of sald tax which may under certain conditions be made for the benefit of additional securities of the sity hereafter issued. It is hereby certified and recited that the indebtedness evidenced and ordered paid by this warrant is lawfully due without condltions abatement.or offsat ef any deseription; that this warrant hac been registered din the manner provided by law; that all conditions, actions and things required by the constitution and laws of the State of Alabama to exist, be performed or happen pre- eadent to and In the issuande of this warrant exist, have been performed and have happened; and that the indebtedness evidenced and ordered paid by thig warrant, togethor vith all. other indebtedness of the eity, was ab the time the gane’was ereated and is now within every debt and other limit preseribed by the constitution and laws of the State of Alabamty _ Ghis warrant is nonnegotiabie but is transferable by assignment. Each taker, owner, purchaser or holder here~ of, by receiving or accepting this warrant, shall consent Page 8 a. nc 4 Page Se and agree and shall be estopped to deny that whonever and so.long as this warrant may be assigned in blank by written assignment by the original payee, or by ary subsequent owner in the chain of title te whom written assignaent is nade, the elty may treat any person in possession of this warrant, regardless of how such possession may have been — acquired and regardless of the genuineness of effectiveness of any agsignment, as the absolute owner hereof for all purposés and payment to any such person shall discharge all obligations horounders. IN WITNESS WHEREOH, the city has caused this _ warrant to be execubed and iis official seal ta he hereto affixed by its mayor, has @aused the same to be attested py its city clerk, both of whom have hereunto. subscribed thoir signatures, and has caused this warrant to be dated August Ly 1961. CITY OF PRICHARD By. __. . ts Mayor Attest: ~“Sity clerk ASSIGNMENT) | For value received, this Warrant and the in- debtedness thereby evidenced and ordered paid area hereby bransferred and assigned, without recourse or warranty, (Form of __ CEREIETCATE. OF RUECISTRATION) i, the widersigned City Clerk of the City of Prichard, Alabaua, hereby certify that the foregoing warrant has been duly registered by me in ‘the records of said elty as a, claim against sald city and the gioss receipts Titense tax pledged therefor. —_ “ity Clerk — i Page 9 .t ‘ Page 96 (Form of NOTATION OF PAYMENTS) Amount of Amount of Signature of Holder Date of Principal interest of This Warrant to Eemment’ paaee 1 I: Oe <7: Page 10 =~ er Te t £ Page 70. * Section 11. Grestion of Contract. The prom visions of this ordinance shall constitute a contract bee tween the city and each successive holder of the warrant. Section 12. es Oxe¢ the various. provisions of this ordinance are hereby dee glared to be severable. In the event any provision here~ of should be held invalid by a court of competent jurise diction such invalidity shali not affeet any other portion of this ordinance, Section 13+ Delivery.of the Warrant, The ware rant. shall be delivered to The Merchants National Benk of Mobile upon payment by said bank to the elty of the sum _ of $225,000 plus acerued interest thereon fron February 1s 1962 tothe date of such payment, The elty treasurer is authorized and directed to effect such delivery, $35,000 of the principal proceeds derived fron the issuance of the warrant shall thereupon be used to pay the principal of the. outstanding note, and the city treasurer is hereby directed to use from’the cltyts funds available for that purpose so much as may be necessary to pay the interest on the outgtending note te the date of payment thereof. Tron receipt of the outstanding note the same shall thereupon be canceled and retired, ‘ Adopted this 12th day of Fébruary, 1962s Bods Howie . President of the City Council Authenticated: orpiese FH, Centann: mn Approved this 12th day of February, 19625 Hayor