Page 1 ito be dated June 1, —-= THURSDAY, JUNE 16, 1960 ORDINANCE NO, 869 An Ordinance To Provide for the Issuance of $275,000 Principal Amount of General Obligation Warrants of the City of Prich- ard to be Dated June i, 1960. BE IT ORDAINED by the City Council (herein called “the coun- cil”) of the City of Prichard (herein called “the city”) in the State of Alabama as follows: Section 1. FYNDINGS RE- SPECTING THE NEED FOR IM- PROVEMENTS. The~council has made an investigation of the need for the construction of certain improvements in the city of a capital nature, the acquisition of | needed equipment, and the’ cost thereof, and as a result of such investigation the council hereby. and declares that the fol- lowing statements are true: it will ibe necessary to the proper use of certain public streets in the city that they be paved, the esti- | which will mated cost of bes $90,000. The center section of Willson Avenue in the business district of the city should be re- moved and paved in order to make possible the free flow of traffic in the city, and curbs, gutters and ssidewarlks need to be constructed in connection with said work, the estimated cost of which will be $60,000. In order to provide fa- cilities for the city to carry on its municipal functions in an effi- cient and economical manner it will be necessary that an addition ‘be constructed to the city hall and that certain equipment be pur- chased for use therein, the esti- mated cost of all of which is $75,000. In order to afford proper library facilities for the citizens of the city it will be necessary that an addition be constructed to the existing library and to con- struct a new labrary, all at an {otal goimsicd cost of ail of the 01 is cost 0! of the said proposed improvements, in- eluding the said proposed equip- ment, is $275,000. The city does not now have and will not have from its current funds moneys sufficient to pay the said estimat- ed costs, and it will be to the ad- vantage of tthe city and its citizens and taxpayers if the city would raise the funds necessary for said purposes by the issuance of the warrants hereinafter authorized | payable in convenient install ments over a period of ten years. The council does hereby estimate that the said proposed improve-— ment, including the said equip- ment to be purchased therefor will all have a life in excess of ten years. Section 2. AUTHORIZATION OF THE WARRANTS. Pursuant to the applicable provisions of the constitution and laws of Ala bama, including parti Sec- tion 466 of Title 37 of the Code of Alabama of 1940, and for the purpose of paying the costs of acquiring constructing the culo! ent ri red to in _are principal amount of $1,000 each, o t 1960, and to mature on June-1 as follows: Warrant Aggregate Numbers Year Principal (both) of Amouni inclusive) Maturity Maturing 1 to 25 1962 $25,000 26 ito 55 1963 30,000 56 to 90 1964 35,000 91 to 125 1965 35,000 126 to 160 1966 35,000 161 to 195 1967 35,000 196 tto 235 1968 40,000 236 to 275 1969 40,000 The warrants shail bear inter- est from their date until their respective maturities at the fol- loiwng per annum rates: 4-1/8% on those having stated maturities in 1962 and 1963; and 4-1/4% on those having stated maturities in 1964 to 1969, inclusive. The said interest shall be payable semi- annually on each June 1 and December 1 until and at the re- spective maturities of the war- rants, and shall’ evidenced by separate interest coupons (herein called “the coupons”) attached thereto, The warrants and the coupons shall bear interest after their maturities until paid at the rate of 6% per annum and shall be payable in lawful money of the United States of America at the principal office of The First Na- ‘tional Bank of Birmingham, in the City of Birmingham, in the EXECUTION OF THE WARRANTS. The warrants shall be executed and the corpo- rate seal of the city shall be af- fixed thereto by the mayor of the city, and the city clerk shall at- test the same by affixing her sig- nature thereto. The coupons shall ‘be executed with the fascimile signature of the mayor and shall ‘be attested with the facsimile signature of city clerk, whose fascimile signatures shall be valid in all respects as if they had signed the coupons in person. The warrants and the coupons shall ‘be registered by the city treasur- er in records maintained by her as a claim against the city. Said officers are hereby directed © so to execute, seal, attest and. register the warrants and cou- pons. Section 4. GENERAL OBLIGA- TION. The indebtedness evidenc- ed and ordered paid by the war- rants is and shall be a general obligation of the city for the pay- ment of the principal of and in- terest on which the full faith and credit of the city are hereby ir- revocably pledged. Section 5. FORM OF WAR- RANTS. The warrants and cou- pons and the provisions for as- signment thereof shall be in sub- stantially the following forms, with appropriate insertions and variations therein to conform to the provisions hereof: (Form of Warrant) $1,000 Ss UNITED STATES OF AMERICA - STATE OF ALABAMA WARRANT ‘The City 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 improvements and purchasing the | V. Hugo Marx, Jr,, or assigns, the principal sum of ONE THOUSAND DOLLARS on the Ist day of June, 19. r upon surrender of this warrant, with interest thereon from the date hereof until the maturity hereof at the rate of _____% per annum, payable semiennually on June 1 and December 1 upon surrender of the appropriate in- terest coupons hereto attached as the same respectively become due. Both this warrant and the said coupons shall be payable in law- ful money of the United States of America at the principal office of The First National Bank of Bir- mingham, in the city of Birming- ham in the State of Alabama. This warrant is one of an issue aggregating $275,000 in principal amount, consisting of two hundred | seventy-five (275) coupon war- rants numbered from 1 to 275, inclusive, issued pursuant to the constitution and laws of Alaba- ma, including particularly Section 466 of Title 37 of the Code of Alabama of 1940, and an ordi- nance of the city duly and legally adopted for the purpose of con- structing improvements and pur=}, chasing equipment of a. nature, consisting of paving lic ways, and construction curbs, gutters and sidewalks i connection therewith, the struction of an addition to the city hall and the purchase o! equipment therefor, and the con- struction of an addition to a pub- lic library and the construction of an additional public library, The indebtedness evidenced and or- dered paid by the said warrants is a general obligation of the city for the payment of the pri of and interest on which the full faith and credit of the city have been irrevocably pledged. By the execution of this war- rant, the city acknowledges that it is indebted to the payee hereof in the principal amount hereof. It is hereby certified and re- cited that the indebtedness evi- denced 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 man- ner provided by law; that all conditions, actions and things re- quired by the constitution and laws of Alabama to exist, be per- formed or happen precedent to and in the issuance of this war- rant exist, have been performed and have happened; and that the indebtedness evidenced and or- dered paid by this warrant, to- gether with all other indebted- ness of the city, was at time the same was created and Is now within every debt and other limit prescribed by the constitution and laws of the State of Alabama. This. warrant is nonnegotiable but is transferable by assign- _ ment. Each taker, owner, purchas- | er or holder hereot eceiving | | or accepting all of his equities or rights in the coupons so delivered; (2) that any person in possession of any | } such coupon, regardless of the | manner in which he shall have | t | acquired possession, is authorized | to represent himself as the abso- j lute owner thereof, and has the power and authority to transfer | absolute title thereto by delivery | thereof to a bona fide purchaser for value (present or antecedent) without notice of prior defenses or equities or claims of owner- ship enforceable against his transferor or any person in the | chain of title and before the ma- turity thereof; and (3) that when- ever and so long as this warrant may be assigned in blank by writ- ten assignment by the original payee hereof or by any subse- quent assignee hereof in the chain of title to whom written assign- ment is made, the city may treat any person in possession of this warrant, regardless of how such possession may have been ac- quired and regardless of the gen- uineness or effectiveness of any assignment, as the absolute owner hereof for all purposes, and pay- ment to any such person shall dis- charge all obligations hereunder. IN WITNESS WHEREOF, the city has caused this warrant to be executed and its official seat to be hereunto affixed by its mayor and to be attested by its city clerk, who have hereunto subscribed their signatures, has caused the annexed interest cou- pons to be executed and attached with the fascimile signatures of said of‘icers, and has caused this warrant to be dated June 1, 1960. CITY OF PRICHARD Its Mayor By. Attest: City Clerk (Form of Coupon) =) ————— On the 1st day of —_____. 19___, the City Treasurer of ft City of Prichard, a municipal cor- poration in the State of Alabama, is hereby ordered to pay to the bearer hereof —————______ Dollars upon surrender hereof at the principal office of The First National Bank of Birmingham in the City of Birmingham, Alaba- ma. This coupon represents six months’ interest which will be- come due on said date on, and is a part of and subject to the pro- visions contained in the General Obligation Warrant of the said City of Prichard, Alabama, dated June 1, 1960, numbered____. aes OF PRICHARD 39 —$—_____________ Its Mayor Attest: City Clerk (Form of Assignment) For value received, this war- rant and the indebtedness evi- denced and ordered paid thereby are hereby transferred and as- signed, without recourse or war- ranties, to = Section 6, PROVISIONS CON- STITUTE CONTRACT. The pro- visions of this ordinance shall constitute a contract between the city and the holders of the war- rants and ihe coupons. ; Section 7. WARRANTS PAYA- BLE AT PAR. Each bank at which the warrants and the cou- pons shall at any be payable, by acceptance of duties as paying agent the: , Shall be and the coupons that tances made by it 01 rants and the made in ibankable funds at par and without deduction for ex- change, 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 expenses which may be made by any such bank in the making of remittances in bank- able funds of the warrants and the coupons. Section 8. PROVISIONS OF ORDINANCE SEVERABLE. The various provisions of this ordi- nance are hereby declared to be severable. In the event pro- vision hereof shail be held invalid | ‘by a court of competent jurisdic- tion such invalidity shall not af- interest on the wa: s fo the date of their delivery ig hereby ascertained and declared to be the ‘bid made for the warrants that reflects the lowest net inter~ est cost to the city computed to the respective maturities of the warrants and to be the best bid received therefor. The said bid is hereby accepted by the city and the warrants are hereby sold and awarded to the said bidder at the said purchase price. The warrants shall be issued in the fame of V. Hugo Marx, Jr., the nominee of said purchaser, in accordance with directions given by the said pur- chaser, The city treasurer is here- by authorized and directed to de- iver the warrants to the said purchaser upon payment to the city of the said purchase price. Adopted this 6th day of June, 1960, L. L, DREW, President of the City Council Authenticated: BERNIECE H. CENTANNE, City Clerk. The Citizen: June 16, 1960,