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HomeMy WebLinkAboutO-1381�e AN ORDIIIANCF NO 138 TO AUTHORIZE THD ISSUANCE OF G.&MA . RL,FM1DI!1G BOITDS TO TIB A1,.G-7ITT OF FORTY- JO THOO'3xIM DOL- LARS (;'k',�42, 000.00) BY THE TO MT OF FAIRHOPF, ALA- BAI,LA: BL IT ORDAIIJED by the TOM Council of the form of Fair - hope, Baldwin County, Alabama, as follows: SECTION OITu: That there shall be and there is hereby issued by the Toren of Fairhope its negotiable coupon bonds to the amount of Forty-two Thousand (142,000.00)Dollars for the purpose of refunding an outstanding bonded indebtedness of D-lelve Thousand (112,,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 (0309000.00) Dollars in outstanding municipal obligations arising from the acquisition of property for public use and. the construction of improvements in, and the funding of floating debts of said municipality. SDCTIOIT TJO: That said bcada shall bear the date I.:ay lst, 1936, and be in denominations of One ThouE�ancl (; 1, 000.00 ) Dollars each, and bear interest from the date of issuance at the rate of per cent, per annum, payable L:ay 1st, and ITovomber lot, of each year, and nature as follows: Two Thousand (�2,000.00) Dollars on the First day of May, of the years 1937, 1938, 1939, 1940, 1941, and 1942, re- spectively; Three Thousand (03, 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 I -ray, of the years 1949, 1950, and 1951, respectively; said bonds as to interest anc: principal to be payable in lawful money of the United States of Amarica, at the Bank of Fairhope, -2- in Fairhope, Baldwin County, Alabama. SZCTION THREE: That said bonds shall be signed by the Mayor and countersigned by the Treasurer of the To«n of Fairhope and the official seal of said town affixed to the same. The said bonds shall have interest coupons attached thereto, which shall, likewise, be signed by the Liayor and the Treasurer, by having the fac-simile signature of said Uayor and Treasurer lithographed thereon. SECTIaN POUR: That said bonds and: interest coupons shall be substantially in the following form: UNITED STATES OF AUERICA STATE OF ALABAMA BALDWIN COUNTY TOWN OF FAIRHOF2 NO. 019000.00 (a i7T MR a L REMiD I G BOYD. KTOW ALL MEN BY THESE PRESENTS: That the Toan of Fairhope, in Baldwin County, Alabama, is indebted to and for value received hereby promises. to pay the bearer hereof, one Thousand (A1,000.00) Dollars on the First day of Lray, 19 , with interest thereon at the rate of per cent, per annum, from May lat. 1936, payable semi-annually on the First day of Llay and the First aay of Noveuber of each year until the prinei- pal iz paid, to the bearer of the respective coupons therefor hereto attached, bearing fac-simile of the signature of the rayor and Treaaurer of said Town, upon surrender thereof as they several- ly mature. Both principal and interest being payable in lawful money of the United States of Auerica, at the Bank of Fairhope, in the Torn of Fairhope, State of Alabama, and for the prompt and faithful payment of this obligation as herein agreed the full faith, credit and revenue of the said municipality is hereby ir- revocably pledged. 3- This bond is issued pursuant to anc. by the authority of tha t*Mmicipal Bond Coded, and all other relevant statutes of the State of Alabai..a, and an Ordinance of the Town of Fair - hope, Alabama, passed, dated, and enacted on the Thirteenth day of April, 1936, and is one of a series of forty -trio bonds. of like date, tenor, effect, and amount, aggregating forty-two, thouaand (�422000.00) Dollars., issued by the Torn Council of said 11.1,znicipality 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 (0302000, 00) Dollars in outstanding municipal obligations arising frcm the acquisition of property for public uao and the construction of improvements in, and the funding of floating debts of saiCL numicipality; and maturing as follows: Two Thouaand (02,000. 00) Dollars on the First c.ay of May, of the year:. 1937, 1938, 1939, 1940, 1941, and 1942, respectively; Three Thousand ($3, 000.00) Dollars on the First day of I.,ay, of the years 1943, 1944, 1945, 19462 1947, and 1948, respectively; and Four Thous- and (44, 000 400) Dollars on the First day of I.+ay, of the year~ 1949, 1950, and 1951, respectively. It is hereby certified that every requirement of lair relating to the issue hereof has bean duly complied with and that this bond an3 this i suck of bonCa is, within every debt and other limit prescribed by the Conztitution or Latins of thck State of Alabara, and the Town of Fairhope, Alabaiaa. IN VIM, RFOF, Tha TO►ui OF FAIRHOPEF !U A3A2.U, a „Iunieipal Corporation, has cau;.ed its corporate seal to be hereto affixed and this bond to be sued by Howard Ruda, as its L,ayor and coun ters igiio d by Gladya L07all, as its Treasurer, and a f ac-simile copy of the L, ayort s and Treasurer t s signatures -A - to be lithographed upon each of the interest coupons hereto attached. All as of the First day of I.Iay, 1936, C OUid''ITERS I G MD : As it4 'treasurer. ITO. TOWIT OF FA IEE OPE, A Lrunicipal Corporation, By .&s Its Mayor. COUPON lOTd OF FAIRROM GIIIMAL R 'UITDLIG BOITD NO. On , 19 , the Town of Fairhope, Alabama, will pay the bearer Dollars lawful noney of the United States of :jnerica, at the Bank of Fairhope, in the Tour of Fairhope, State of Alaba) ,a, being aix (6) montbz interest then due on the general refunding bona dat- ed I..ay let.. 19 36 . Mayor. TrQ usurer . SECTIO.1d FIVE: That said bonds any; interest coupons ohall be eac3r.ipt from all State, County and Lunicipal taxes. SECTIO-14 SIX: That no omi: lion or irregalarily in the record or proeocdingo of t._i:. Council in the iosuance of - 5- eaid refunding bonds, nor any onission or neglect of any of- ficer charged with the execution of any dutieu imposed upon him by lasr in connection with the i ,suanee of zaid; bonds Lhall affect the validity of any bond issued under this authority. SECTIO•i SEM.T: That aaid bond4 and interest coupons stall have all of the properties and protection of c=::)rcial paper and at anc. after maturity thereof ;hall be received in paymnt of all taxer and dues to the To.,'n of rairhope, Aluba:.:a. SUCTION EIGIN: That this ordinance be published by publication in one issue of the Fairhope Courier, a newspaper published at Fairhope, in BalC in County, Alaba`sa, and by post- ing three copies hereof in three (3) public places within the corporate limits of said Town, one of which shall be at the I:ayorts office in said- ToVM- SECTIO-.: ITLIE : That all Ordinances or parts of or- dinancea or any action taken heretofore in conflict herowith be anC. the wam are hereby expressly repealed. Adopted this 13th day of April, 1936. Mayer . AT7EST : To:nl er .