HomeMy WebLinkAboutO-233i
ORDINANCE NO. 233
BE IT ORDAINED BY the City Council of the City of
Fairhope, Baldwin County, Alabama as follows:
Section 1: This City having heretofore caused to be
constructed a bridge and fill across Stack's Gulley forming
a part of public street in the City of Fairhope and the cost
thereof was more than $15,000.00 it is necessary and proper
that Fairhope borrow the sum of i15,000.00 for the purpose of paying
the cost of construction thereof and that it issue to evidence
such loan and to provide for the payment thereof its interest
bearing warrant in the sum of $15,000.00 payable July 1, 19647
together with interest thereon at the rate of 2.5 per cent per
annum from July 16, 1954, interest payable when and as the
principal of such warrant is payable.
Section 2: That the mayor and clerk, be and they are herer
by authorized to execute, sell and deliver the city's interest
bearing warrant evidencing the aforesaid loan, which said warrant
shall be in words and figures substantially as follows:
No. A
INTEREST BEARING WARRANT
OF THE
CITY OF FAIRHOPE
IN THE
STATE OF ALABAMA
$15 9 000.00
The City of Fairhope, her6in called "the city!') a
municipal corporation in Baldwin County, of the State of
Alabama, hereby directs the City Treasurer of the City to
pay to the owner and holder hereof, at the Bank of Fairhope, A
banking corporation, organized under the laws of the State of
Al bama, and doing busines in the City of Fairhope, out of the
proceeds of the collection of five mill ad valorem tax levied
under authority of special election held May 97 1950, or if the
same be insufficient therefor out of any moneey in the General Fund
of the City Treasury, the principal sum of
FIFTEEN THOUSAND DOLLARS
on the 1st day of July, 1964, with interest thereon from
July 16, 1954 at the rate of 2.5 per cent per annum upon
the presentation of this warrant when and as due. Both
the principal hereof i and the interest hereon shall be payable in
lawful money of the United States of America, at the office of
the Bank of Fairhope, in the City of Fairhope, Baldwin County,
Alabama.
This warrant is issued pursu?nt to an ordinance duly adopted
and approved by the City Council of the City of Fairhope at
its regular meeting of July 16th, 1954, to raise money to pay the
cost of constructing a bridge across Stack's Gulley on Mobile
Avenue.
It is hereby certified and recited that this warrant is
issued in pursuance to law and in full compliance therewith, and
it is in all things the valid, legal and binding general obligation
of the City of Fairhope.
w
This warrant is non-negotiable, but is transferrable by
assignment and each assignee, receiver, owner, purchaser or
holder thereof, by receiving or accepting this warrant, shall
be entitled to and shall have any and all the rights, privileges
and powers to force collection of the same as the first owner to
which the same is issued.
IN WITNESS
presnets to be
and the same to
corporate seal
1954.
Attest:
City Clerk
WHEREOF, the City of Fai rhope, has caused these
executed in its name by E. B. Overton, its mayor,
be attested by Marie Moore, its clerk, and its
to be hereto affixed, this the 16th day of July,
CITY 0 FA H
By �
Mayor