HomeMy WebLinkAboutO-229ORDINANCE # 229
WHEREAS, the City of Fairhope finds it necessary and proper
to make improvements, betterments, and extensions of and to its
municipal electric distribution system, and it has determined and
does hereby declare that it is necessary and proper to borrow
$60,000,00 for such purpose.
NOW THEREFORE, be it ordained by the City Council of Fairhope,
Alabama, as follows:
SECTION 1. That under the provisions of the Statutes of
Alabama, made and provided relating thereto and specifically under
Section 466 of Title 37, Code of Alabama, 1�401 :a the City of
Fairhope issue and sell interest bearing warrants in the aggregate
sum of $601000.00 to be divided into 60 warrantsq each in the sum
of $1,000.00, the same to bear interest at the rate of 4� per annuN
interest payable semi-annually, as follows:
Numbers
Principal
both
Amount
inclusive
Maturity Date
Maturing
1- 6
June 11 1955
$6000 .00
7-12
December 1t 1955
62000.00
13-18
19-24
June 1, 1956
December 19, 1956
69000.00
69000.00
25-30
June 1,1957
69000.00
31-36
December 11 1957
62000.00
37-42
June!lq 1958
69000.00
43-48
December 19 1958
6,000.00
49-54
June 11 1959
6,000.00
55-60
December 11 1959
6,000.00
SECTION 2. That said warrants shall be
substantially in
words and
figures as follows:
(FORM OF WARRANTS)
No.
$19000.00
UNITED STATES OF AMERICA
STATE OF
CITY OF
ALABAMA
FAIRHOPE
GENERAL OBLIGATION WARRANT
On the day of 9 195 for value received
the City of Fairhope, a municipal corporation of the State of
Alabama, acknowledges it's indebted, and promises to pay, to
the bearer hereof the sum of
ONE THOUSAND DOLLARS
'and interest thereon from date at the rate of 4%_ per annum,
interst payable semi-annually, on the day of
and on the day of of each calendar
year hereafter, until this warrant is paid in full, principal
and interest.
This warrant principal and inteAt, is payable in lawful
money of the United States of America at the Bank of Fairhope
in the City of Fairhope, State of Ala�ama.
Ordinance # 229 Continued
evidencedhereby and the income the�rom,
-is and shall be free and exempt from any
the United Stated of America, the State
of Baldwin, the City of Fairhope, and any -
divisions and taxing authorities set up,
by any and all governmental units and powers.
.The indebtedness
principal and interest,
and all taxes levied by
of Alabama, the County
and all other political
created, or established
The indebtedness evidence by'this warrant is a general obli-
gation of said city for the payment of the principal of and interest
on which the full faith, credit, taxing powers and resources of the
City have been and are irrevocably pledged. This warrant has been
issued pursuant to the statutes made and provided, and specifically
under Title 37, Section 466, and under the ordinances of said city
duly and legally adopted, for the purpose of-prbviding funds for the
payment of certain warrants of said city issued in the inprove-
ments, betterments, and extensions of units of the municipal light
plant of said city.
tt is hereby certified and recited that all conditions,
actions'and things required by the constitution and laws of
Alabama, to exist, be performed or happen precedent to or in
the issuance of this warrant and the creation of the indebtedness
evidenced hereby, exist, have been performed and have happened, and
that the indebtedness of the city, was when incurred and now is
J within every debt and other limits)preecribed by the constitution
and laws of Alabama.
IN WITNESS WHEREOF, said city has caused this warrant to be
executed in its name by its mayor and city treasurers and its
corporate seal to be hereunto affixed, an@ the annexea interest
coupons to be executed with the facsimilie signatures of its said
mayor and city treasurer, and this warrant to be dated June lstg
1954
Mayor
(FORM OF COUPON)
City Treasurer
Coupon
No.
On the day of , 195 , ' the City of
Fairhope in the State of Alabama promises to pay to the bearer
hereof, at the principal office of the Bank of Fairhope, Fairhope,
Alabama, Twenty and no/100 ----Dollars in lawful money of
the Unitdd Stated of America, being six months' interest then due
on the General Obligation Warrant of said city dated June ist,
1954, and numbered
Mayor City Treasurer
SECTION S. Said warrants shall be signed in behalf of the
City by, the mayor of the city and by the treasurer of the city,
and the corporate seal of the city shall be affixed to each thereof.
The said interest coupons shall bear the facsimile signatures of
the said mayor and the said treasurer, which said facsimile
signatures shall be valid In all respects as if the said officers
had signed the said coupons in person. Said officers are hereby
directed so to execute warrants and affix the seal of the
city thereto.
Ordinance # 229- page 3
Section 4; Said warrants shall be general obligations of
the city and for the payment of the principal thereof and
interest thereon the full faith credit, taxing powers and resources
of the city are hereby irrevocably pledged, and there is hereby
appropriated and ordered to be set adide annually out of the
general revenues of the city so long as any of the said warrants
are outstanding, a sufficient sum to pay the principal and interest
on said warrants. as and when said principal and interest shall
respectively mature. Such appropriation shall not be used for any
other purpose.
,SBCTION S. The provisions of this ordinance shall consti-
tute a contract between the city and every holder of said war -
rants issued hereunder or of any coupons appertaining thereto,
Whenever all of said warrants and the interest theron shall
have been paid in full, and all of the agreements on the part of the
city herein contained have been performed, then upon the happening
of such events the obligations of the city hereunder shall there
upon cease.
SECTION 6. So long as any one of the warrants issued hereof
shall be outstanding unpaid , principal and interest the City of
Fairhope hereby specifically pledges the net receipts from its
electric light system and does hereby authorize and direct the
treasurer each month hereafter to set aside and appropriate to
the payment of the aforesaid warrants a sum appropriate to make
the payments thereon principal and interest when and as the same
shall come due.
SECTION 7, The Mayor and Treasurer of the City of Fairhope
be and they are hereby authorized and directed to execute the
warrants, authorized hereby to be sold and to sell the same to
such person, firm, corporation, or association as shall offer
therefor the best price. Such sale or sales to be made at private
sale, vithout advertising or making public notice.
SECTION 8. The various provisions of this ordinance are
hereby declAred to be severable. In the event any provision of
this ordinance shall be held invalid by a court of competent
jurisdiction suah validity shall not affect any other portion
of this ordinance.
Approved:
Adopted the 24 day of May,
1954.
City clerk'