04-03-1950 Regular Meeting218
The regular meeting of the Mayor and Council was held at the City Hall
April 3, 1950 at 7;30 P. M. P.2ayor Pro -tern P. P. Shaw presided at the
meeting. The following councilmen were present P. P. Shaw, H. L. 1:2c;
Ent,Tre, R. S. Brinson, C. W. Jones and Stanley McCalla.
Minutes of previous regular meeting read, motion made by R. S. Brinson
and seconded by H. L. IUIcEntvre to approve minutes as read. Voted un-
anim ous .
A list of persons delinquent in notes
p q payments of paving due to the First
National Bank, Marietta, Georgia were given to Mr. Willingham to be
contacted as to paying notes due up to date.
Mr:,.Efnest Jones, chariman Tax Assessors ask that the Council consider
having the toxin surveyed so as to establish an accurate City limit
line.
Mr. Shaw stated the time for making tax returns would be extended un-
til April 15th, after which time the 10%,would be imposed for failure
to make a return as per ordinance.
Mr. Ottis Kimbrell property owner on Spring Street, ask the Council
to refund him amount above cost of sewer tap which he paid ';75.00.
This to be given consideration and brought up at the next meeting of
the Council.
Motion made by C. W. Jones and seconded by R. S. T'rinson to send
letters to persons who have not paid their business license, stating
a 10 o penality would be assessed if license not paid by May 1st, and
the necessary legal procedure taken to collect if not paid by that
date. Voted unanimous.
Motion made by R. S. Brinson and seconded by Stanley McCalla for City
to increase their portion -of the librarian's salary from $)10 a month
to $20 a month. This amount in addition to the �.;5 received from the
Woman's Club and 4>5 received from. the Menfts Club each month to be -paid
Smyrna Library Board for librarian's salary. Voted unanimous.
Bills read b,T Mr. Shaw, motion made by R. S.
Stanley McCalla to pay bills as read. Voted
The Council recommended that taxi companies
in duplicate and all bills to be turned in
Motion made by H. L. McEntyre*and seconded
A3.00 per month for personal expense to not
roved men by the City Council, and to raise
surance .from �2,000 to 4;,3,000, effective as
unanimous.
Brinson and
unanimous.
seconded by
give bills signed by police
the 1st of each month.
by Stanley McCalla to give
over 10 selected and app-
each of the firemen's in -
of. May 1, 1950. Voted
Mr. McCalla stated the Fire and Police -committee would meet with the
Firemen and Police once a month to work out any problems and to insure
a spirit of cooperation with the City -and Fire Dept., so as to build a
Fire Dept that would be the greatest service to this community.
Motion made by Stanley McCalla and seconded by R. S. Brinson to give
a purchase order to R. N. Neese for two uniform shirts. Voted unanimous.
Meeting adjourned.
Mayor Pro-tem
k
MAYOR AND COUNCIL
CITY of SMYRNA.
SMYRNA, GEORGIA
Gentlemen:
Atlanta, Georgia
April 17, 1950
For $35Oo00O.Od CITY OF SMYRNA, GEORGIA 3% WATER AND'SEWERAGE REVENUE ANTICI=
PATION CERTIFICA.THS, proposed to be issued, dated July I, 1930, denomination
$1,000.00, both principal and semi-annual (January and July 1st) interest pay-
able at the Fulton National Sank} Atlanta, Georgia to mature"on`January let
as follows: $8,000. 1952/551, $92,000, 1956/59, $10,000. 1960/62, .$ll,00o.
1963/650 $129000. 1966/68, 4130000. 196 /70, $14,000. 1971/73,41%000. 1974/75,
$16,000. 1976/77, $170000. 1978/790 $180000, 1980, (not including the period.
ending January 1, 1951 this will give average annual payments of principal and
interest totaling $18#222.1 the highest annual payment $18,710. in 1971, the
lowest is $17,730. in 1959), callable as a whole, or in part, In inverse
numerical order on January 1, 1955 or on any January let thereafter upon thirty
(30) days notice at the following prices plus accrued interest:
At 105 if redeemed on January 1, 1955/59, both inclusive
104 n; a p n n 1960/64, n. tt
103 n n n n n 1965/6% a it
102 n tt 1970/74, n n;
101 a n it n n 1975/79, m tt
the certificates are to be delivered to us against payment in the City of Atlanta,
Georgia.. we will pay the par value thereof plus accrued interest from date
of the Certificates to the date payment is made by us, plus a premi.um.of
$6, 50O•o0.
We also will pay for the printing of the Certificates and our attorney's fee,
but your attorney is to cooperate with our attorney'vithaut expense to us, and
you are to furnish our attorneyo without cost to us, lam"Rally certified copies
of all legal proceedings which he may require relative to issuance of said
Certificates*
It is understood and agreed that should the delivery of the Certificates be
delayed beyond a period of 120 days from the date of this contract the pur—
chasers shall be under no obligation to accept and pay for Such Certificates
but shall have an option to purchase said Certificates at the price set out
in this contract for an additional 120 days.
These Certificates are to be issued under the Georgia Revenue Certificate laws
and are to be a first lien on _1,0 of gross revenues of the water and
sewerage system... The revenues pledged will be deposited in a Sinking Fund
account until such account contains a surplus sufficient to meet principal
and interest requirements for the current year and for the next succeeding
year. When the Sinking Fund contains such surplus the City is obligated to
deposit into this Sinking Fund account only the amount Which is necessary to
meet annual principal and interest requirements and to maintain such surplus
but this provision shall not operate to reduce the lien on the total revenues
of the water and sewerage system. Deposits to the Sinking Fund account are
to be made monthly. The City will at all times promulgate and maintain in
effect rates, schedules and fees sufficient to insure the payment of the
principal and interest due on this issue of Certificates, to provide for the
payment of the expenses of operating said system and for maintaining said
system in good repair and working order, such rates shall be in effect at
time new issue is paid for by us*
The resolution to be adopted authorising this issue of Certificates-,qhall
contain a provision that additional obligations 41,twal rank and dignity
may be.issued provided that the of gross revenues of the water and,
sewerage system for a full eighteen consecutive months period preceding the
date of the resolution authorizing such issuance of Certificates total an
amount equal to not less than 150% of the largest combined principal and
interest requirements for arty succeeding full: eighteen months period on the
Certificates then outstanding and on the additional Certificates proposed to
be issued,
The resolution to be adopted gilt prove that money in the Construction Fund
may be invested in short-term United States Treasury Certificates pending
tli.6 construction of the system. This resolution will also provide that
El
surplus money in the Sinking Fund may be invested in short-term United States'
Treasury Certificates.
The City of Smyrna has heretofore issued and sold 4215,000.00 City of Smyrnai
Georgia 3% Water and Sewerage Revenue Anticipation Certificates datend•July 1, 1946s
maturing in varying amounts on January`l, 1948 to 1976, inolusive,. which.
certificates iere made redeemable on -January 1, 1950 or on ary January 3ot there—
after upon at least,rthii.rty (30) days }notice at varying premAtams, 'they call price
as at January' 1, 1951 being .a premium ,cif 5% plus acorued.' nterest to that date;
$15,000«. principal amount of said issue "of certificates has" matured (%5s000.:
January Is,1945, $5,,QOO. January 1, 1949•and,$50000. January is 1950) 'and has been
paid and there vri.11 be sufficient monies in the Sinking Fund t6 pay the $5,000•
principal maturing ors -January li 1951, the remaining'$195,000: of said issue or
certificates are to. be called for reedemption and payment as of January li 1.9511
this call for redemption is to be made prior to July, 1, 1950 and the, funds necessary
to redeem the $195s000* df said certificates and the S5,000. maturing January Is
1951 and all accrued interest to January li 1951,and charges of paying agent are
to be deposited with the paying agent, Fulton National. Banks Atlanta, Georgia*
from the proceeds of the new issue of certificates and from Sinid.ng-Fund whieh has
been accumulated for the present issue of certificates such deposit to be made;
simaltaneously with the delivery and the receipt of the proceeds of the Water and
Sewerage,Revenue Certificates to be dated July 1, 1950o x
It is understood and agreed that all ordinances adopted and the legality of the,
issuance of the Certificates shall be approved by our attorney whose opinion shall
be final as to any and all reasonable terms and conditions deemed necessary for
the protection of the Certificate holders and the legality of the issue•
This offer is for immediateaccteptancse.
,. q Respectful.ly=siubin3.ttedt . ,
JOHNSON, TANE, SPAM & GO., 11C .
& A£�OCTAi'ES.
II�
lax J0 , , e, Vice Presideent
The above and foregoing offer is hereby' adaepted and agreed to,this �, day -
of April, 1950.
ATTEST r
City Clerk
Mayor
Councilmai
st
n
n
ATLANTA AUGUSTA SAVANNAH
H A G O O D C LARK E
VICE.PRES. & MANAGER
LEX JOLLEY
VICE-PRESIDENT
ATLANTA OFFICE
CITIZENS & SOUTHERN NAT. BK. BLDG.
PHONE: WALNUT 4276
.J OSH I-SjO
I N C O R PO R ATE D
[N E%M0 T SECURITIES
_' -
Mrs, Martha Theodocion
City Clerk
Smyrna, Georgia
Dear Mrs. Theodocion:
ATLANTA,GEORGIA
April 18, 1950
As I mentioned to you last night, the maturities
which we had listed on the contract for the $350,000.00 Water &
Sewer Revenue Certificates for the City of Smyrna added up to
$349,000.00 rather than $350,000,00. The change should be in
the 1959 maturity, it should be $10,000,00 instead of $9,000,00.
follows:
The exact maturities all to be January lst as
$8,000.00
9,000.00
10.9000,00
111000,00
12,000.00
13,000.00
145000.00
15,000.00
16,000.00
17,000.00
181000,00
1952/1955
1956/1958
1959/1962
1963/1965
1966/1968
1969/1970
1971/1973
1974/1975
1976/1977
1978/1979
1980
The statement immediately following the maturities in the con-
tract should read as follows: (not including the period ending
January 1, 1951, this will give average annual payments of prin-
cipal and interest totaling $18,241.00; the highest annual pay-
ment is $18,730.00 in 1959 the lowest is $17,780.00 in 1955).
CRAIG BARROW. JR.
HAGOOD CLARKE
ALLEN CRAWFORD
FREEMAN N. JELKS
THOMAS M. JOHNSON
LEX JOLLEY
WILEY J. SMITH
JULIAN A. SPACE. JR.
Please clip this letter to the contract as it is to
become a part thereof.
With all good wishes, I an
LJ/�M