Loading...
HomeMy WebLinkAbout04-13-1936 Regular Meeting` rtr Y K 1 STD TF OF ALABAM& BALDWIN COUNTY The Town Council of the Town of hairhope, County of Baldwin, Alabama, met in regulak,session at the Town Hall at 7:30 o'clock r.bl. on the 13th day of April, 1936, when and where the following members were present, to -wit: Howard Ruge, Mayor, Messrs. M. 0. Berglin, C. A. Gaston, 71. 0. Keeble, T. J. Klumpp and J..0. Stimpson, �;uuncil- men; the same constituting the full membership of the mown Counc i 1. The following Uddinance i4o 13V and entitleed An Oddinance to authorize the issuance of general RefundinI bonas to the Amount of I'arty-two Thousand Dollars 42',000.00) Bythe Town of 1'airhope, Alabama. was introduced by C. A. Gaston, read in full by the Clerk and cJn- s€dered by the Council, said Ordinance being as follows. AN ORDINANCE - TO AUTHORIZE THE ISSUAfiICE OF GEI,ERAL REFUNDIYG BONDS TO THL AMOUNT OF FORTY-TWO THOUSA10 DOL- LARS (;)422000.00) BY THE TOrVIT OF FAIRHOPEf ALA- BAI.IA : BE IT ORDAINED by the Town Council of the: Town of Fair - hope, Baldwin County, Alabama, as follows: SECTIOIT OIdE: That there shall be and there is hereby issued by the Town of Fairhope its negotiable coupon bonds to the amount of Forty-two Thousand ($42,000.00) Dollars for the purpose of refunding an outstanding bonded indebtedness of Twelve Thousand ($12,000.00) Dollars, issued October 15th, 1927, for the: purpose of building a fill across Bayou Charbon on Section Street in Fairhope, Alabama, and maturing October 15th, 1937, and Thirty Thousand (030,000.00) Dollars in outstanding municipal obligations arising from the acquisition of property for public use and the conatruc:tion of improvements in, and the. funding of floating debts of said. municipality. / SECTION T dO: That said bonds shall bear the date May is t, 1936, and be in denominations of One Thousand (?1, 000.00 Dollars each, and bear interest from the date of is suanae at the rate of per cent, per annum, payable Lay lst, and TTovember lst, of each year, and mature as follows: TUO Thousand ($2.,000.00) Dollars, on the First day of May, of the years 1937, 1938, 1939, 1940s 1941, and 1942, re- spectively; Three Thousand ($3,000.00) Dollars, on the First day of May, of the years 1943, 1944, 1945, 1946, 1947, and 1948, re- spectively; and Four Thousand ($4,000.00) Dollars on the First day of Pray, of the years 1949, 1950, and 1951, respectively; said bonds as to interest and principal to be payable in lawful money of the United States of America, at the Bank of Fairhope, in Fairhope, Baldwin County, Alabama. SECTION THREE: That said bonds shall be. signed by the P,Iayar and countersigned by the Treasurer of the Town of '!qD S "2- Fairhope and the official seal of said torn affixed to the aamet. The said bonds shall have interest coupons attached thereto, which shall, likewise, be signed by the Mayor and the: Treasurer, by having the fac-simile signature of said. Mayor and Treasurer lithographed thereon. SECTIOTJ FOUR: That said bonds. and interest coupons shall be substantially in the following form: UNITED STATES OF AM.iERICA STATE OF ALLBAT,iA. BAIaJIN COUNTY TOMNT OF FAIRHOPE NO. $12000.00 GRIERAL REFUNDING BOND. ENOjI ALL T.]EN BY THESE PRESEMTTS: That the Town of Fairhope, in Baldwin County, Alabama, is indebted to and f'or value received hereby promises to pay the bearer hereof, One: Thousand ($ 1, 000.00) Dollars; on the First day of iiay, , 19 , with interest thereon at the rate of per, cent, per annum, from May lst, 1936, payable semi-annually on thes First day of May and the First day of November of each year until the princi- pal is paid., to the bearer of the respective coupons therefor hereto attached, bearing fac-simile of the signature of the M:iayor and Treasurer of said Town, upon surrender thereof asthey several- ly Mature. Both principal and interest being payable in lawful money of the United States of America, at the Bank of Fairhope, in the Town of Fairhope., State of Alabama, and for the prompt and f aithful payment of. this obligation as herein agreed the full faith and credit of the said municipality are hereby irrevocably. pledged. This bond is issued pursuant to and by the authority of the ftYunicipal Bond CocTett, and all other relevant statutes of the State of Alabama, and an Ordinance of the Toyn of Fair - hope, Alabama, duly passed for the purpose of refunding valid outstanding indebtedness of the Town. 3_ It is hereby certified that every requirement of law relating to the issue hereof has been duly complied vrith and that this bond and this issue of bonds. is vidthin every debt and other limit prescribed by the Constitution or Lana of the State of Alabama, and the Torun of Fairhope, Alabama. IIT WITNESS WHEREOF, THE TOWN OF FAtRHOPE, ALAMLL, a IS n.icipal Corporation, has caused its corporate seal to be hereto affixed and this bond to be signed by Howard Ruge, as its mayor and countersigned by Gladys Lowell, as its Treasurer, and a fac-simile copy of the Mayor's and Treasurerts signatures to be lithographed upon each of the interest coupons hereto attached. All as of the First day of May, 1936. C OU11TERSIMLIED : As its Treasurer. T U;IIT OF FAIRHOPE, A Iunicipal Corporation, By''''iwy'Y'��� �s i s i;�ayor. C OUPOI%T TOW OF FAIRHOPR NO. Q GEITERAL REFUNDING BOND NO. On , 19 the Town of Fairhope, Alabama, will pay the bearer Dollars: lawful money of the United States of America, at the Bank of Fairhope, in the Town of Fairhope, State of Alabama, being six (6) months interest then due on the general refunding bond dat- ed May 1st, 1936. mayor. Treasurer. �0� -4- SECTION FIVH: That said bioncLs and interest coupons shall be exempt from all State, County and Municipal taxes. SECTION SIX: That no omisaion or irregularity in the record or proceedings of this Council in the issuance of said refunding bonds:, nor any omission or neglect of any of- ficer charged with the execution of any duties imposed upon him by law in connection with the issuance of said bonds shall affect the validity of any bond issued under this authority. SECTION SEVEN: That said bonds. and interest coupons shall have all of the properties and protection of coi:lmercial paper and at and after maturity thereof shall be received in payment of all taxes and dues to the ToWn of Fairhope, Alabama. SECTION EIGHT: That this ordinance be published by posting three copies hereof in three public, places, within the corporate limits of said. Town, one of which shall be at the ?Mayor t s. office in said Town. SECTION NINE: That all Ordinances or parts, of Or- dinances or any action taken heretofore in conflict herewith be and the same: are hereby expressly repealed. Adopted this 13th day of April, 1936. Qy Mayor: ATTEST: Toren ee- rk. ti I't was moved by C. A. Gaston and seconded by if. 0. Berglin, that all rules of the `town Council of the Town of Fairho�e, Alabama, which might prevent, unless suspended, the final passage and adoption of said ordinance at this meeting, be and the same are hereby suspend ed. for the purpose of permitting the final passage and adoption of said ordinance at this meeting. The question being Peon the adoption of said motion and the sus- pension of such rules, the roll was called with the following re- sults: AYES': Howard Ruge, Mayor; M. 0. Berglin, C. A. Gaston, 'V^i. 0. Keeble, T. J. Klumpp and J. 0. Stimpson, Uounci linen. NAYat None The mayor declared said motion carried and such rules suspendea. Councilman J. 0. Stimpson then moved that said ordinance be now placed upon it final passage. Councilman T. J. Klumpp seconded the motion. The question being put upon the placing of said ordinance upon its final passage, the roll was called with the following results; AYES: Howard Ruge, Mayor; M. 0. Berglin, C. A. Gaston, VJ. 0. ]feeble T. J. Klumpp and J. U. Stimpson, Councilmen, UYS: None The mayor dectred the motion carried. Councilman C. A.. Gaston thereupon moved that the said ordinance be finally passed and adopted as introduced and read. Councilman W. U. Keeble seconded the motion The question being put upon the final passage and adoption of said ordinance, the roll was called with the fallowing results: AYZS: Howard Ruge, Mayor; fit. 0. Berglin, C. A. Gasto#, W. 0. Keeble, T. J. 'Kl.umpp. and J. 0. Stimpson, Councilmen. NAYS: None The mayor thereupon declared said motion carried and the ordin- ance finally passed and adopted. The Mayor thereupon signed said ordinance in approval thereof. lotion was made by Councilman J. U. Stimpson, seconded by Uouna Gilman M. 0. Berglin,thnd unanimously adopted that the following nutie-1- 46"Sale Municipal Bonds' be published in the Fairhope Courier. 0 a SAFE MUNICIP_4.L BONDS. Notice is. hereby given that the Town of Fairhope, a J�unicipal Corporation, hill, on the 3�� _day of , 1936, at 10:30 o'clock A. M., at the City Hall in the Town of Fairhope, Baldwin County, Alabama, to the highest bidder, at auction, sell its.; negotiable coupon bonds to the amount of Forty -tiro Thousand (;642, 000.00) Dollars ( Refunding Bonds) in denominations of One Thousand (;'j1,000.00) Dollars_ each, and dated Hay lst, 1936, and maturing as. follows: Two Thousand (4'2, 000.00) Dollars on the First day of Hay, of the years. 1937, 1938, 1939, 1940, 1941 and 1942, respec- tively; Three Thousand ($3,000.00) Dollars on the First day of Tay, of the years. 1943, 1944, 1945, 1946, 1947 and 1948, respec- tively; and Four Thousand (�4, 000.00) Dollars on the First day of may, of the years 1949, 1950, and 1951, respectively; said bonds as to interest and principal to be payable: in lawful money of the United States of Weriaa, at the Bank of Fairhope, in Fairhope, Baldwin County, Alabama. The bidders are invited to nam the rate of interest that the said bonds shall bear. The Town Council of the Tom of Fairhope reserves the right to reject any and all bids. C mayor.