03-19-1951 Special Meeting13
Con. minutes March 5, 1951,
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A special meeting of the Mayor and Council was held at the City
Hall, March 19, 1951, 7:00 P. M. Mayor J. M. Gibson, presiding
with the following Councilmen present; P. P. Shaw, H. L. McEntyre,
C. W. Jones, Howard Hames and Stanley McCalla.
Motion by Stanley McCalla seconded by P. P. Shaw to give Cobb
County Water System authority to encroach 9f on city property,
located on Spring St., for the purpose of building a rest room.
Voted unanimous.
Motion by P. P. Shaw seconded by Howard Hames to purchase build-
ing owned by Esther G. Kaplan, located on Spring st for $7500.009
lot 100+ x 196t app.,Ibrms, $1500 cash and loan for 1$6000.00 at
the bank for balance. Voted unanimous.
Mayor ask City Attorney to run title and draw up deed, City En-
gineer to make survey of property,of Esther G. Kaplan, located on
Spring Street to be bought by City of Smyrna.
Motion by Howard Hames seconded by Stanley McCalla to increase the
salary of H. P. McCollum to $150.00 per month. Voted unanimous.
Salary increase effective April 1, 1951.
Motion by P. P. Shaw seconded by Stanley McCalla authorizing City
Attorney to draw up ordinance concerning garbage cans which should
be standard, not over 20 gallons, covered and placed not over 501
from rear of dweling. Cards to.sent to all residents of City to
notify of same. Voted unanimous.
Motion by C:o W.. ZbheAd econded by Stanley McCalla to employ L. M.
Ethridge as policeman to replace H. L. Dison who resigned.
Voted unanimous.
Motion by Howard Hames seconded by H. L. McEntyre to appropriate
$500.00 for police department to be used curb speeding in the City.
Voted unanimous.
Motion by Stanley McCalla seconded by H. L. McEntyre that the des-
cribed property be -zoned for residence; beginning N. property line
Mrs. Mittie Williamson, Atlanta St. S., to Church and Atlanta Sts.,
to King m d Church Sts., to N. property line of -Robert Bacon, King
St., around cemetary to Concord Road to N. property line of Mrs.
Mittie Williamson (rear) Concord Road. Same to be advertised.
Voted unanimous.
Council agreed to dig ditch below'Marietta Laundry and property
owners to furnish pipe for same (Dr. D. Co Landers, J. D. Daniel,
and Mr. Brown).
` , Meeting adjourned.-
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AN ORDINANCE PROVIDING FOR IMPROVING, EXTENDING AND
EQUIPPING' THE EXISTING WATER AND SEWERAGE SYSTEM OF THE CITY OF
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SMYRNA,,AND ACQUIRING THE NECESSARY PROPERTY THEREFOR, AND
PROVIDING FOR THE ISSUANCE OF REVENUE ANTICIPATION CERTIFICATES
SERIES 1951, FOR FINANCING IN WHOLE OR IN PART THE COST OF SUCH
ACQUISITION, PAYABLE SOLELY FROM THE EARNINGS_ OF SAID EXISTING
SYSTEM AND AS HEREAFTER ENLARGED AND EXTENDED; PROVIDING FOR,
FEES AND CHARGES FOR THE SERVICES OF SAID SYSTEM, AND PROVIDING i
FOR THE. CREATION OF CERTAIN FUNDS, AND THE, REMEDIES OF THE
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HOLDERS OF SAID CERTIFICATES; TO AMEND ORDINANCE. OF MAY 19, 1956,
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RELATING. TO $350, 000 SERIES`_.,-1950.''.WATER'rA14,D` SEWERAGE REVENUE CERI
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TIFICATES, AND FOR OTHER PURPOSES:
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WHEREAS, under.and byf virtue of,the authority of the Revenue
Certificate Law (Georgia Laws 1937, p. 761, as amended, Georgia Laws 1939, JI
p, 362), the CITY OF SMYRNA, GEORGIA, a• Municipality as defined in said
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Revenue Law, (hereinafter sometimes, referred to as the "City" or the "Munici-
pality") pality") is authorizedto acquire additional water and sewerage facilities by the
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addition thereto of improvements' to its present system, and to construct such
additions, and-maintan said system, as added to and extended for its own use,
? and for the use of the public, and to 'prescribe, revise and collect. rates, fees;
tolls and charges for" the services and facilities furnished by said system, as
added to and extended, and in anticipation of the collection of revenues from such
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water and sewerage system, to issue Revenge Anticipation Certificates, to
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finance, in whole, or in part, the cost -of such additions, alterations and exten-
sions, improvements and betterments to the existing system; and
WHEREAS, the City of Smyrna has heretofore by ordinance adopted
1 the 19th day of May, 1950, issued $350, 000 City of Smyrna 316 Water and
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Sewerage Revenue Anticipation Certificates, Series 1950, maturing on the 1st
day .of January,
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$10, 000 in each of the years 1952 to
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1955, inclusive,,
$11,_000 in each_of the years 1956 to
195.8., inclusive,.
$12, 000 in the years 1959 and.1960
$13, 000 in each of the years.1961 to
1963, inclusive,
$14, 000 in the years 1964 and 1965,
$15, 000 in each of the years 1966 to
1968, inclusive,
$16,, 000 in the years 1969 and 1970,
$17, 000 in the years 1971 and 1.972,
$18, 000 in the years 1973 and 1974,
$19, 000 in the year 1975,
$20, 000 in the year 1976;
and
WHEREAS., the City has used the proceeds of said. above described,
certificates for the purpose for which issued, but it now develops that it is
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imperative to: make further additions, extensions and improvements to its sys-
tem.and the,,services of M. J. Hensley, Engineer, Smyrna4,'Georgia, have been
procured�to makerecommenddtions'and prepare'plans .and specifications for
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,such improvements ,afid extensions and to supervise the installation of same.,
copy of which recommend'ations',and plans• are-bn file in the office of the .Clerk
of the City of Smyrna; and ar
WHEREAS., after a thorough investigation it is deemed advisable to
1 make such improvements to the Municipal Water and Sewerage System by spend
ing, in the immediate future the sum of $175, 000-and to issue revenue certificate
for that. purpose, all substantially in accordance with said recommendations and
plans; and
WHEREAS., .as already proven, as extens'ion•s, and improvements are
completed", additional demands. develop for further extensions ,and improvements
and in order to meet this situaition, this Municipality should provide for the
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issuance of $500, 000 principal amount. of additional certificates for such purpos
said certificates if so' issued, all or any part, to stand on a parity with and be
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of equal dignity to'the certificates now actually about to be issued and delivered;
and
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WHEREAS, the municipality has not as yet had an opportunity
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-to-realize a substantial increase in itslrevenue s'from•_the water and sewerage
system'as extended and improved during the year 1950 from the proceeds of
the sale of its $350, 000 principal amount of certificates, so as to enable it to
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issue additionaltr,evend6 certificates t . the extent.of. $150, 000, as provided in
Section 1 'of Article I of the ?ordinance of May 19, 1950, which required; among
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other things, that 75% of the gross revenues of the system for a full 12 con-
secutive•months period immediately preceding the date 'of the passage of the
i proceedings authorizing such additional certificates total an amount equal to
i, not less than. one and one-half times the largest combined principal and interest
requirements for any succeeding full 12 months period on the certificates then
outstandingand on the additional certificates proposed to be issued, and further,
that if any additional certificates were so issued, maturing after July 1, 1976,
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necessary steps would' have tohave been taken to assure a sufficient source of
water supply dp-to July 1, 1980; and
WHEREAS, the City is now procuring its source of water supply
in conjunction With Cobb 'County from the City of Atlanta, but it has every rea-
son to believe that in due course it; can either obtain its supply, of water from
Sweetwater Creek or from the Cobb County -Marietta Water Authority, Viand for
that reason it is deemed not advisable to 'extend at this time any contract rela-
tive to, its source of water; and
WHEREAS, "arrangements have been made with- the purchasers
of the certificates hereinafter authorized that.if no additional certificates were
'issued under Section 1 of Article I of the ordinance of May 19, 1950, the City
might issue at this time $175, 000 principal amount of certificates, with the
right.to issue $5.00,.000 additional certificates of equal rank and dignity to the
certificates hereinafter authorized to be issued, and the -requirements for the !�
issuance of additional certificates would'be one and one-third times the largest
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combined prindipal.and interest requirements, rather than'the one and one-half
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times, the largest combined principal and interest requirements as hereina.bove
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set forth, and further, that certificates. could be issued maturing -up to January
1981;"and
WHEREAS, after due consideration,• it is deemed to the advant-
age of the City to issue at this time $175,,000 principaLambunt of certificates
in accordance, among others, with the ,above stated terms; and
WHEREAS, the' City is authorized to issue such certificates
under the provisions of them Constitution and laws of they State of Gedirgia, and
particularly the.R.evenue Certificate Law of 1937, as amended, and
WHEREAS, the City has 'been,.and'i,s now complying with the
terms and' conditions of the ordinance of the Mayor _and Council of the City of
Smyrna, -adopted May 19, 1950, in all respects.
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NOW, THEREFORE, BE .IT ORDAINED.'by the Mayor and Coun-
cil of the City of Smyrna and it 'is hereby ordained by authority - of same, that
that certain ordinance, the caption of which is as` follows:
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"AN ORDINANCE PROVIDING FOR THE CALL AND.REDEMP-
TION OF' OUTSTANDING WATER AND 'SEWERAGE REVENUE CERTIFICATES
OF THE CITY OF SMYRNA, DATED JULY 1, 1946; TO FINANCE .IN WHOLE
OR IN PART THE ACQUISITION OF SAID OUTSTANDING CERTIFICATES AND i
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TO� AUTHORIZE THE ISSUANCE OF WATER AND SEWERAGE REVENUE AN-
TICIPATION CER:TIFICATESOF SAID CITY FOR THE ACQUISITION .OF SAID
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OUTSTANDING CERTIFICATES AND FOR THE CONSTRUCTION, IMPROVING, I
'AND;EXTENDING `THE WATER AND SEWERAGE'`FACILITIES OF SAID CITY;
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TO -PROVIDE .RATES FOR THE SERVICES AND FACILITIES TO BE FURNISHE
BY THE"SYSTEM AND THE CREATION OF CER.TAIIV FUNDS TO PAY 'THE
PRINCIPAL AND,•INTEREST OF•SAID CERTIFICATES; TO PROVIDE REME-
DIES OF THE HOLDERS OF' SUCHI-CERTIFICA,TES, AND FOR OTHER PUR-
POSES." , adopted May •19•, 1950,
be and is hereby amended by deleting therefrom any reference to the reserva-
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tion of the 'right to issue additional water and sewerage revenue certificates
to the extent of $150,,000, and such portions of said ordinance pertaining"to such
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reservation be and, are hereby•deleted'.
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a a BE IT ,FURTHER ORDAINED by the authority aforesaid that all
—other terms .and -conditions° and,°covenants to be, performed by theCity of Smyrna;
{ as set out in said ordinance of May 19, 1950, shall remain in full.force and
effect and nothing contained herein *shall be construed .as adversely affecting
the rights and interest of the holders of the said' $356, 000 "principal amount of
certificates issued.under said ordinance. of May 19, 1950.
BE IT FURTHER ORDAINED by the authority aforesaid, as '
I. follows:
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ARTICLE. I y
AUTHORIZATION, FORM.AND REGISTRATION OF CERTIFICATES
Section 1. Under authority of the Revenue Certificate Law, for the
purpose of, paying the,cost in ;whole or, in part of,improving, adding to, and extend
ing the water 4and sewerage system'of the City of Smyrna', there be and is hereby
authorized to be. issued.;Revenue. Anticipation Certificates 'of the City of Smyrna
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in the principa - amount,'of One Hued'red Seventy-five Thousand Dollars
($05., 000). The principal and -interest of all certificates, shall be, payable solely
from a special fund hereinafter created and designated "City'of Smyrna. Water
and Sewerage System Sinking Fund No. 211, and all of the covenants, agreements
and provisions ,of this: ordinance shall be for the equal and proportionate benefit
and security of all holders of the certificates and interest coupons; issued here-
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under.
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Section 2. Said certificates shall be designated "City of Smyrna
Water and Sewerage Revenue Anticipation, Certificates, Series- 195111, and. shall
be in the total amount of $1.75, 000; in the denomination of $1, 000 each, numbered '
1 to 175, inclusive, all to be dated April 1, 1951, to bear interest at the rate of
three per centum (316) per annum, payable semi-annually on the first days of
January and July 'in each year; beginning `January 1., 1952,: and the principal shau
matureinannual installments on the first day of January in each year; lowest,
ry
numbers first, as follows:
$4, 000 in each of the years
1953 to 195.7, inclusive,
$5, 000 in each of the years
1958 to 1964, inclusive,
$6, 000 in each of the years
1965. to 1970, inclusive.,
$7, 000 in each of the years
1971 'to 1975, inclusive,
' $8, 000 in each of the years`
.1976, to 1980, inclusive,
$9, 000 in the year 1981..
Section 3. The certificates shall be signed by the Mayor and attested
by the Clerk -of the City of Smyrna and the corporate' skal of the City shall be
affixed. The coupons to be attache& to the certificates -shall be executed with
the facsimile signatures of said officers. In case any officer whose signature
shall appear on the certificates or coupons shall cease to be such officer before
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�.delivery of such certificates, such signatures shall nevertheless be. valid aricf."
sufficient for all purposes, the same as if he had remained in office until such
delivery. The certificates and interest coupons to be attached thereto shall be
substantially in the following form, to -wit:
1-2
.UNITED STATES OF AMERICA
STATE, OF GEORGIA ,
CITY OF SMYRNA
WATER AND SEWERAGE REVENUE ANTICIPATION CERTIFICATE
SERIES 1951
No. ..$1,, 000
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FOR VALUE RECEIVED, the City, of .Smyrna, a municipal corpora-
tion of the County of Cobb, State of Georgia, hereby promises to pay, solely
from Ithe special fund,^provided therefor, as hereinafter set forth, to bearer, or
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if registered as,.herein provided, to the_ registered owner hereof, on the 1st day i
of January, 19 the principal sum of
ONE THOUSAND DOLLARS
and to pay solely from said special fund interest thereon at the rate of three per
centum .(43%) `per annurri, payable semi-annually on` the '1st days. of .January and
July in each year,, beginning Januaryl;, 1952, until payment�of the principal
amount hereof, upon the pre'sentation.and surrender of:the'annexed interest
coupons as they respectively bec.oxrie. due. Both the principal of and interest on
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this certificate are payable in lawful, money of the United States of America at '
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the office of 'The Fulton National Bank of Atlanta, Atlanta, Georgia.
This certificate is one of a series of like tenor, except as to numbers,
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redemption provisions and dates of maturity, aggregating the sum of $175, 000,
issued for the, purpose of improving, repairing, making additions, extensions,
alterations and improvements to its water and sewerage system, and is issued
1, under authority of the Revenue Certificate Law Ga. Laws 1937, 761, as amended,
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Ga. Laws 1939, 362) of the State of Georgia, and the Charter of ,the City of
Smyrna, and duly authorized by ordinance of the Mayor and Council of the City of
Smyrna, passed on the -day of March, 1951. In addition to the aggregate.
Iprincipal amuunt of certificates of this series, the City of Smyrna may, under
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certain conditions as: provided in said ordinance, issue not exceeding $5100, 000
principal amount of Water and Sewerage Revenue Anticipation Certificates, and
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"if`issued'in whole oriin part, `will rank,on'a parity withsthe certificates of this
series. Reference to said ordinance `i;s hereby made for a description of the
fund charged with and pledged to the payment of the principal of and interest on
the certificates of this or any -other series, the nature and extent of the security
;and a statement of right's, dutie's and obligations of the City; and the rights of
the holders of the certificates, and the terms and conditions under which all or
A part of thetotal $•6.75, 000 authorized amount of certificates may be issued, to
all the provisions of which the holder -hereof, by the acceptance of this certifi-
cate, aseents.
The ordinance provides, among other provisions, for prescrib-
ing and revising -rates and for collecting fees -and charges for the services,
facilities and commodities furnished by the existent water and sewerage system,
and all further .additions and improvements thereto, sufficient to provide funds
to pay the cost of maintaining, repairing and operating said system', and to pay
the certificates and the interest thereon, and to provide for the payment into a
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special fund,. designated "Water and Sewerage System Sinking Fund No. 2",
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it from the revenues of the system of an amount sufficient to pay the principal of
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and interest on the certificates as the same become due and payable in the cur-
rent fiscal year, and to create and maintain a reserve to pay the principal of
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and interest on the certificates, as same mature in the next succeeding fiscal
year, subject, however, to a prior lien on said revenues created by an issue of
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$350, 000 City of Smyrna Water and Sewerage Revenue Certificates, Series
1950, authorized by ordinance of the Mayor and Council adopted May 19, 1950.
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tl This certificate shall not be deemed to constitute a debt of the
City of Smyrna, or a pledge of the faith and 'credit of said City, nor shall the
' City be subject to any pecuniary liability thereon. This certificate shall not be
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�I. payable from, orL charged upon, any funds other than the revenue pledged to the
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payment thereof, and is payable solely from the fund provided therefor from
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the earnings of the _said system,. including all future additions thereto. No
holder of this certificate shall ever have the right to compel the, exercise of the
taxing power of the City to pay the same, or the interest thereon, or"to enforce
payment thereof against any property of the City, nor" shall this certificate, or
any interest coupon, constitute a charge,. lien or, encumbrance, legal or equit-
able, upon any property of the °City.
The certificates of said issue may be redeemed prior to their
respective maturities at the option of the City either in part, on the 1st day of
January in any year, not earlier than January 1, 1955, from monies in the
Water and Sewerage System Sinking,Fund not required for paying the principal
and interest coming due upon such certificates in the then current fiscal year
.,and in the next succeeding fiscal year, .or in whole, on the 1st day of January,
not earlier than January 1, 1955, from any monies which may be made available
for such purpose. Such •redemption,:may be made upon at least thirty days prior
notice'by publication and otherwise as provided in the ordinance, at the princi-
pal amount thereof, and accrued interest, together with a premium of five per i
centum, (516) of such principal amount if redeemed on or prior to January 31, 19591
-four per centum.(416) if redeemed thereafter and on or prior to January 1, 1964,
k three per centum (3,°jo) if redeemed thereafter and on or, prior" to January 1, 1969,
,I two per centurii (2%) if-rede'emed"thereafter and on'or prior,to January 1, 1974,
and one per centum (M) if'redeemed thereafter before maturity. If the certifi-
cate s are called in part, then any certificate so called for redemption shall be
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in the inverse order of their numbering.
This certificate shall be fully negotiable for all.purposes as
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declared by the Revenue Certificate Law and is issued with the intent that the
laws of the State of Georgia shall govern its construction.
In case of default, the holder of this certificate shall be en-
titled to the remedies provided by the ordinance and the Revenue Certificate La
of 1937, and any amendments thereto.
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kk This certificate may be registered as tothe payment of principal
and interest on the' books of the Treasurer of "the City of Smyrna, and thereafter
the principal -and interest thereof shall be payable to the registered owner, and
no transfer'thereafter, shall be valid unless made on the ^books of the Treasurer,
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j and an endorsement of such registration upon. the back of_this certificate, unless
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the last registration shall have been made to bearer. This certificate shall
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I� continue subject to successive registration and transfer to bearer at the option
of the owner. `
It is hereby recited and certified that all acts, conditions and
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things required to be done precedent to and in the issuance of this Water and
Sewerage Revenue Anticipation Certificatehave been'done, have happened and
been ,performed in. due and legal form as required by law, and that provision
has -.been made for the allocation of the percentage of the anticipated charges
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and fees,from the 'water and sewerage service necessary and sufficient to pay
1 the principal and interest of .said certificates as theymature in the current year,l
and in the next succeeding year, and that said,.funds are irrevocably allocated
and pledged for the -payment of -said certificates and interest thereon.
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IN WITNESS WHEREOF the City of`Smyrna has caused this cer=
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tific`ate to be signed by its Mayor, and its corporate seal to ,be hereunto affixed,
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and attested by its Clerk, and has caused the annexed+ interest coupons to be
auihenticatedywith the` facsimile signatures of its said officers as of the 1st day
of April,' 1951,
v CITY OF. MYR
By-
!j • � - Mayor
Attest:-
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Clerk r
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COUPON
t No. $15. 00.
On the 1st day Sf 19 unless the hereinafter
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mentioned certificate shall have been called for previous redemption and provi-
sion made for the'.payment thereof, -the City of Smyrna, Cobb County, Georgia,
promises. to,pay to bearer at" The Fulton National Bank of Atlanta; -Atlanta,
i Georgia,
FIFTEEN AND N0/100 DOLLARS
in lawful money of the United States of America, solely from the special fund
I referred.to Herein, and"for the semi-annual interest then due upon its Water
{ and Sewerage Revenue Anticipation Certificate, Series 1951, dated April 1,
I 1,951, numbered
Clerk // Mayor
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VALIDATION CERTIFICATE,
STATE OF GEORGIA )
)
COUNTY OF COBB )
The undersigned Clerk of the Superior Court of Cobb County,
State of Georgia, `keeper of the records and seal thereof does hereby certify
�I that this eertificate, was validated and confirmed by judgment of the Superior
Court of Cobb County, Georgia; on the day of 1954 and'that no
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appeal ,has been prosecuted therefrom.
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s a, IN VITNESS WHEREOF, I have hereunto set my hand and affixed
"die seaf of the Superior Cour`t-of Cobb County, ° Georgia, on this the day
Clerk, Superior,Court, Cobb
County, Georgia
(S. E A ,L)
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r CERTIFICATE OF REGISTRATION
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At the request ,of the holder of the within certificate for its con-
version into a registered certificate, I have this day cut off all coupons .attached
to said certificate, and the within certificate is hereby converted into a regis-
tered certificate', with the principal thereof and interest thereon payable to the
registered holder. Hereafter no transfer thereof while registered shall be
effectual unless made on the books. of the Treasurer of the City of,Smyrna by
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the registered holder, or hisi attorney, and noted hereon. But this certificate'
may be discharged from registration by being so transferred to bearer, in
which case ,the Treasurer will reattach thereto all coupons then unmatured,
which were detached therefrom.
Treasurer, City of Smyrna
DATE OF REGISTRATION : IN WHOSE NAME REGISTERED TREASURER
of
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1' Section 4. Title to the certificates, .and to the interest: coupons
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t thereto appertaining, shall pass by delivery in the same manner as a negotiable
I instrument payable to bearer, ,unless such certificate is registered, in the manne'
hereinafter provided., The certificates may Be registered as to the payment of
principal and -interest on the books of the Treasurer of the City of .Smyrna kept
for that purpose, and thereafter the principal and interest thereof shall be pay-
able to the registered owner, and no transfer thereafter shall be valid unless
made on the books of the Treasurer of the City of Smyrna and an endorsement
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f'such regi.'s'tration shall'have been made to`bearer. Tile certificate shall con-
i�. tinue subject to'successive registration: and transfer to bearer at the option of
If the owner. At the request of the holder' of any certificate for its conversion
I. into ..a registered certificate the{Treas'ure'r'wili cut"off all coupons attached to
the certificates- sought io'be-i a&gistered, and will make proper notation of regis-
tration, and will pay all interest as it accrues on said registered certificates
to the registered holder thereof. The certificates may be discharged from,
registration by being transferred to bearer, in which case the Treasurer will
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reattach to the certificates, all coupons then unmatured which may have been
detached therefrom.
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ARTICLE II
REDEMPTION OF CERTIFICATES BEFORE MATURITY
�`Section' I. The certificates secured hereby may be redeemed
at the option of the municipality in part on,the 1 st day of January in any year,
not earlier than-January'l, 1955, from monies in the Sinking Fund not required
for paying the principal and interest -coming due'upon the certificates in the
then current' fiscal year a'rid in the next succeeding fiscal year, or in whole, on
the 1st day of 'January in any year not earlier than January 1, 1955, from any
'ironies in the Sinking Fund which may be made available for such purpose and.
deposited with the paying agent on or before the date fixed for redemption. At
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least thirty- (30) days notice before any date upon which any such redemption
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is -to be made, a notice of intention so to redeem signed by the. Mayor and
attested by the Clerk of the City of Smyrna designating'the redemption date and
the certificates to be redeemed shalltibe published in a newspaper -,of general
circulation in the City of Atlanta, Georgia; and shall be, filed at the place at
w'hich. the principal and'interest of the certificates shall be payable and shall
be mailed, postage prepaid, to all registered owners of certificates to be re-
edeemed whose addresses shall appear" dpon the books of registration herein -
above
above provided -for; but -failure so to mail any such notice shall not affect the
validity of the proceedings for'sucli redemption. The redemption of certificates
under this Article shall be made by the payment of the principal amount of the
certificates to be redeemed and accrued, interest to date of redemption, together
with a premium of five per centum �50/6) of such principal amount if redeemed
on or prior .to January 1, 1959; .four per centum (4%) if redeemed thereafter
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and onor prior to January 1, 1964, three per centum (30/6) if redeemed there-
after and on or prior to January 1, 190 two per centum (_2%) if redeemed
thereafter and on or prior to January 1, 1974, and one per centurnJ10/0) if
redeemed thereafter before maturity. If the certificates' are redeemed in part,
such redemption as to'said certificates shali be' in the inverse order of the
numbers of the certificates and maturities, Beginning with certificate no. 175
and working backwards.
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Section 2, f Nothing herein contained shallybe construed to limit
the right of the municipality to purchase with the ekcess monies, as hereinabove
defined, in the Sinking Fund No.. 2 and for Sinking Fund purposes, certificates
in the' open market at a price less than the callable price hereinabove set forth.
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( Any such certificate aso purchased cannot be reissued and shall be disposed of
as is provided•in..Seciion 4 of'this Article.
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x Section. 3. Notice having been given in the ;manner and under the
conditions her'einabove provided, the certificates!so designated for rede'mption
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shaft, on the redemption -date, designated in such notice, become' and be dueand
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[ payable at the redemption price he{reinaVove specified, and from and after the,
date of redemption so designated, unless °default shall be made in the payment
of certificates called' for redemption, 'interest on the certificates so designated
for redemption shall cease to accrue and interest coupons maturing after the
redemption shall become. void. a
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Section 4. Certificates redeemed and unmatured coupons appur-
tenant .thereto shall be cancelled or• otherwise mutilated and destroyed, and
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record of such mutilation shall be made and preserved in the records -of the
municipality.
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ARTICLE III
CUSTODY AND APPLICATION OF PROCEEDS OF CERTIFICATES
Section 1. A special fund is hereby created and designated "WATER
AND SEWERAGE SYSTEM CONSTRUCTION FUND", sometimes hereinafter
referred to as "Construction Fund", into which the proceeds from the certifi-
cates issued hereunder shall,be deposited, including accrued interest, or any
other funds acquired by gift, donation, grant or otherwise. The monies in the
Construction Fund shall be hewld by the Depository in trust and applied to the
payment of the cost of acquiring, constructing, reconstructing, improving,
bettering and extending the present system of the 'Municipality in accordance
with and subject to the provisions and restrictions set forth in this Article and
the Municipality covenants that it will not cause or permit to be paid from the
.Construction Fund any sums except in accordance with such provisions and
restrictions. All monies in the Construction Fund shall be subject to a lien
and charge in favor of the holders of the ;certificates issued hereunder, and
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outstanding at any time, andshall be held for the future security of such holders
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until paid out, • ass hereinafter provided.
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Section 2. For the, purpose, of this Article, the cost of reconstruct-
ing, constructing, improving, bettering, adding to or extending the system 'shall
include the purchase or condemnati`oii of lands, easements, rights of way,
storage tanks and reservoirs, installation of fire hydrants, taking up and laying
mains, laying of conduits for water and sewerage disposal, building and
equipping of sewerage disposal plant and any and all necessary equipment and
buildings usual and incident thereto; and any and all materials necessary for
the construction of a modern and efficient system without intending thereby to
limit or restrict, or to extend, any proper definition of such cost, as contained
in the Revenue Certificate Law, as amended, or usual and incident to the
modernization and operation of an efficient system, which, in addition, shall
include:
(a) Interest accruing upon the certificates prior to the
commencement of and during the construction and reconstruction
of the system, as added to and improved and for six months after
the date of the completion of the improvements to said system
and the reasonable fees of paying agents for the payment of such
interest;
(b) The cost of indemnity and fidelity bonds either to secure
deposits in the Construction Fund or to insure the faithful com-
pletion of any construction contract pertaining to said improve -
ments to'said system;
(c) Any taxes or ariy charges lawfully levied or assessed
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against the undertaking; t
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(d) Fees and expenses of Engineers for engineering studies,
surveys and estimates, and the preparation of plans and,super-
wising of construction;
(e) Legal' expenses and fees, costs of audits and of preparing
and issuing the certificates and all other items of expense not
elsewhere in this Section specified incident to the construction,
adding to and improvement of the system;
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(f) Payments made for labor, contractors, builders and
materialmen in connection with the construction and payment
j' for machinery and equipment and for the restoration of property
damaged or destroyed in connection with such construction.
Section 3. All payments from the Construction Fund shall be made
upon checks signed by the officers of the Municipality properly authorized to
sign in its behalf, but before they shall sign any such checks there shall be
filed with the Depository:
(a) A requisition for such payment (the above mentioned
checks may be deemed a requisition for the purpose of this
Section), stating each amount to be paid and the name of the
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person, firm or corporation to whom payment thereof is due;
and
(b) A certificate attached ,to the requisition and certifying:,
I. That.an obligation in'the stated amount has been incurred
by the Municipality, and that the same is- a proper charge
against the Construction Fund and has not been paid,
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specifying -the purpose and circumstances of such obliga-
tion in reasonable detail, and to whom such obligation is
owed, accompanied by the bill or statement of account
for such obligation, or a copy thereof; and
2. That they have no notice of any vendor's, mechanic Is or
other liens or rights to liens, chattel mortgages, `or
conditional sales contracts which should be satisfied or
discharged before such payment -is made; and
3. That such requisition contains no item representing pay -
meet on account or - any retained percentages which the
Muni cipality;is, at the, date of such certificates, entitled
to retain.
(c) &o requisition.for payment'shall bemade until the Mu.nici-
pality has been furnished'with proper. certificate of,the project
superintendent-thatAn so far as such obligation was incurred for
work, material,. supplies or equipment in connection with the under-
taking, such work was actually performed, or such material, supplies
or equipment was actually installed in or about the construction or
delivered at the site of the work for that purpose.
Section 4. No payment shall be made from the Construction Fund,
which will reduce the amount in the Construction Fund below an amount suffi-
cient to pay interest on the certificates then outstanding that may become due
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and payable up to and including the time the system, a.s added to and improved,
will be completed as estimated by the project superintendent, and for six
months thereafter; provided, however, should there be in the Sinking Fund,
hereinafter provided for, monies for the payment of such interest, then this
Section becomes inapplicable .
Section 5. All requisitions and certificates .as 'required by this
Article shall be retained either by the Depository or by the Municipality,
subject at all times to inspection,of any officer of the Municipality, the project
superintendent and•the duly authorized agent or representative of the firm
purchasing the certificates.
Section,6. When the system, as added to and improved, shall have
been completed, said fact shall be evidenced by a certificate from the project
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superintendent, stating the -.date of completion°, and should there then be any
Cbalance in the Construction Fund, such balance shall be.paid into the Sinking
Fund hereinafter provided for.
Section 7. The Cobb Exchange Bank of Marietta, Marietta[, Georgia,
Georgia, be and is hereby designated as the.Depo'sitory for,the Construction
Fund under the terms of this Article.
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ARTICLE IV
REVENUES. AND FUNDS
i The Municipality covenants:
Section 1. That it. is now operating, and shall hereafter operate, its
water and sewerage system on.a fiscal yearly basis,, to -wit: January Ist,through
December 31st; but should it. at some future date- be deemed ,de.sirable to change
its fiscal year, then same can be done by proper ordinance so authorizing -
Section.
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2; So long asi the certificates are outstanding and unpaid,
issued pursuant to this ordinance, all revenues arising from the operation of
the waterAnd sewerage system of the City of Smyrna, as then improved and
extended, and thereafter improved) added to and extended,+ shall be collected
by it, or by its a ents.,or employees., and deposited promptly with,the Depository
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to the credit of a special fund which has heretofore by ordinance adopted May 1.9,..
1950, been created and designated as "Water and Sewerage Revenue Fund" here
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inafter sometimes called the. "Revenue Fund") and shall be, disposed of in the
following manner and order:
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! 1. There shall first be paid from said Revenue Fund into a'
special' fund heretofore created by Article IV, Section 3, Paragraph
1 of ordinance`.of .May 19, 1950, designated "City of Smyrna Water
and Sewerage System Sinking Fund", from month to month the
respective amounts and/or percentage of the revenues of the
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system covenanted to be paid into said fund for the purpose as
stated therein.
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2. There .shall next be paid from the monies in the Revenue
Fund th'e reasonable and necessary expenses of operating and main-
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" twining said system as provided in Article IV, Section 3, Para-
~'`f �+graph 2-of 'said,ordinanee of May 19, 1.950
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�`'``3., 'There shall -next be paid from the- monies in the 'Revenue
Fund, beginning with the;month of September, 1951, into.a special
fund which is hereby created and designated.as ''Water and Sewerage
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} System Sinking Fund No. 2" (sometimes hereinafter called.
"Sinking Fund No. 2''), and from month to month thereafter,
the hereinafter, stated sums, for -.the. purpose of paying the princi-
pal and interest requirements on the certificates herein.
authorized to, be issued coming due in the then current fiscal
year and to create and maintain a -surplus in said Sinking' Fund
No. 2 equal to,the principal and interest requirements on the
certificates coming due in the.,next succeeding fiscal year, which
sums shall be .payable on or before the last day of each month,
the sum of One Thousand Dollars ($1, 000) per month, from
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, September: 1.951; thr`.ough December,,-196A,.•and the sum of
Seven Hundred"Fifty D'olla.rs'($750) per month, from January,
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1961,`>,and from month to month thereafter., uniil sufficient funds
are onharid'to,gertificates of this seriesat
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their respective maturitie's`, and the interest which will become
due and payable thereon:
If-, in any month, .for any reason, the amounts required herein. shall
not be paid into said Sinking Fund No,. 2, any such deficiency shall be added to
the amount required to be paid into said fund in the next succeeding month.
Section 3. That it at all times, and from time to time, will, pre-
scribe and place into effect a schedule of rates, fees and,charges for the services
facilities and commodities to be furnished by its water and sewerage system, .and
as often as it shall appear necessary;. will. revise and adjust such schedule of
rate's, feesand charges as may be necessary to produce funds sufficient at all
times to .maintain and operate said water and sewerage system on a. sound
businesslike basis, and to pr.ovide sufficient r'e.venues for'the creation and main-
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temance of the Sinking Fund required'under=ordinance of. May 19, 1950, and the
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Sinking -Fund No. 2 herein created by this ordinance, which shall be sufficient to
discharge. the payment of ,the principal and interest requirements in the current
fiscal year, and in the next succeeding fiscal -year.,
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In the event it shall fail to adopt a schedule or schedules of • rates,
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fees"and char'ges., or to revise its schedule o'r schedules,,of Lies, fees and
charges, in.,accordance."with the provisions'of, this Section-, any certificate, holder
without regard`to,whether 'ariy`default, as'.defined in -Article VII of this ordinance,
shall have occurred, may institute. and. prosecute in any court of competent
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jurisdiction, an, appropriate action to compel it to .adopt a schedule or schedules
of rates, fees and charges, or` -revised- schedule or schedules of rates, fees. and
charges, in accordance with requirements of this -Section.
4 Section 4. Such funds as .shall from time -to time remain in'the
Revenue Fund after the required payments into the Sinking Fund' created* by
ordinance of May'19, 1950, and the ,Sinking Fund No. 2 herein created, and. the
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payment of reasonable and necessary cost of operating and maintaining the
system, shall not be subject to any lien created by either of said ordinances and
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may be withdrawn from said fund and used as it may so determine, provided
said Revenue Fund shall in no event ever be less than One Thousand Dollars
( ($1, 000), to meet any emergency or unforeseen contingency affecting the water
and sewerage system:.
Section 5. That it will not hereafter issue. any other certificates or
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obligations of any,kind or.nature payable from or enjoininga lien on the re"venues
of the system prior to the lien for the payment of the certificates. herein author"-
ized to be issued .�,ndtwithstanding any reservatioris or rights provided relatively .
thereto in'the ordinance of May 19, 1950. Nothing contained herein, however,
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restricts the issuance. of additional certificates or obligations from time to time
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payab ;e from the revenues 'of the said system junior and' subordinate to the lien.
1 herein created.,
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f,• , It is expressly provided, however, that additional revenue certifi-
Cates or obligations may be issued in an aggregate .'amount not to exceed
$5-00, 000 ranking as to the .lien on the revenues of said system pari passe with`
the certificates herein authorized' to be issued provided all of the following con-
ditions are met: r
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(a) The payments covenanted to be made into the Sinking
Fund provided in Article IV, „Section 3, Paragraph 1 of, the
ordinance of ,May 19, 1950, and in Paragraph .3 of Section 2
of this�Article must have been made as. required.
(b) The net earnings of the system for the period,of twelve (12)
consecutive months immediately preceding the adoption of pro-
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ceedings for the issuance of such additional certificaiesemust have
been -equal to at least one and one-third (l 1/3) times the. highest
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conbined interest and principal, requirements for any succeeding
twelve '(12) months' period on all'obligations then outstanding and
on the obligations proposed to be. issued. Net earnings for the
purpose of this provision shall,be construed to be the gross earn-
ingsremaining after, the payment of the sums required under
,Paragraph 1, Section 3, Article'IV .of the7 ordinance of ,May 19, 1'950,
and after_ the payment of the reasonable; and necessary expenses of
operating and maintaining the system as provided under Paragraph
2, Section 3", Article IV of said ordinance of May 19,` 1950.
01 W(c) An independent and .recognized firm of -Certified Public
Accountants shall ;certify in triplicate. to the governing body that
the requirements as, set forth .in subparagraphs (a) and (b) above
have been complied with, one copy of which certificates shall be
furnished to the original purchasers of the certificates herein
authorized.
(d) The governing body of this Municipality shall. pass proper
1 proceedings reciting that all of the above requirements have been
met and authorize the issuance of all or a part of said certificates
which proceedings, shall, among others, provide for the date and
1' rate -or rates of interest, maturity dates and redemption provisions,
and,the interest shall fall due on January 1 and Jtly.� • 1 of each
IV-4 "
year acid .t�,e,,,certificates sh�ill'mature iri: annual installments
*on January I or July lAof -eaochyeari- (but -not necessarily in
eaLch, y.par or in le qualinstallments) within,,thirty (30) years
'- from January 1,,' 1951, and prbVide,d further that ariy such pro
ceeding or proceedings shall -restate and reaffirm by reference
on the terms, conditions and provisiofts of this ordinance.
(e) Such additional certificates or -obligations afidall pro-.
ce..edin4s: relative 'thereto, and the security therefor shall be
validated as prescribed by law.'
Secti6n 6. All transfers from the Revenue Fund, and all payments
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from said fund into other funds; or to other sources, shall be made by check
signed by the officers 'of the Mdriicipalit; properly authorized to sign on its
behalf.
Se'ctio.n 7. That .the Sirikini Fund No. 2 herelin, provided will be kept
as. a separate fund from the other.deposits and the -depository holding said Sinkin!
Fund shall be. designated as "Sinking Fund Custodian.No. 211 and said Sinking
Fund Custodian be, and, is hereby designated - as the Bank of Smyrna, Smyrna,
Georgia, and said Custodian to comply mpwith all necessary requirements as
hereinafter'more specifically, provided under Article. V of' this ordinance. The'.:
Fulton National Bank, Atlanta, Georgiaj% is hereby designated as. the cPaying
Agent for the,certificates', which said certificates and the coupons thereto
appertaining shall 'be paid at par' There may from time `to time be designated a
successor.'Sinkihg'Fund Custodian; -provided said Custodian complies with the,
provisions of Article V of this ordipance.
• Section 8. Subject to -the tetms'and conditiong set forth in this
ordinance, monies; in the. Sinking Fund shall be. disbursed -by `the Mayor°and,
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Council, for"
(a) the payment of interest upon certificates- secured
hereby as Such interest falls dute, arid,
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" (b:) the 'payment"bf the principal. of "the certificates secured
hereby at their respective maturities`, and
(c)' the `redemption of certificates secured hereby before
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maturity at the price and under the conditions provided therefor �.
in. Article II hereof" or
w(d) the. purchase of, certificates in. the open market, pro-
vided, however, the price paid ,shall .not exceed the authorized
call price, and
(e) the payment of the necessary charges of the ,paying
agent for paying certificates and interest.
Monies in the Sinking Fund not required to pay t'he interest coming
due" July 1, or the interest and principal coming due January 1 of any year, "may,
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in the discretion of -the Mayor and Council, and after proper resolution of gaid
body, be invested in short term notes -or certificates or bonds of, siatedredemp-
`tion.value..:of.the,,United .x tates.,Government,,any'.. such notes, bonds and certifi-
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cates to be herd by the Sinking Fund Custodian for" they benefit of said Sinking
Fund No..2.,: The moniesiii said'Sinking, Fund.and all securities held in and,for
said .fund-aridytlie income therefrom'_arTe`Ierebiy pledged to and, charged with the
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payments mentioned in this'Section.
Section 9. All certificates paid, purchased, or redeemed, either
at or before maturity,. shall be delivered to the Clerk of-tlie governing body when
such payment or,redemption is made, together with all unmatured coupons
appertaining. thereto, and such certificate" and coupons shallthereupon be can-
celled and; shall not be reissued. All interest coupons shall`be cancelled upon
their payment and delivered to said Clerk. All certificates and coupons so can
celled shall be' -cremated and record of same shall be filed'with the governing
body.
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ARTICLE V
DEPOSITORIES OF. MONIES AND SECURITIES- FOR DEPOSIT.
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Section L. Except as otherwise provided in this ordinance, all
monies received by the Municipalityunder the'terms,hereof' shall, subject to
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the giving, of security as hereinafter provided, be deposited with the Depository,
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or with the Sinking Fund Custodian in :the .name of the Municipality. All monies..
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deposited under the provisions hereof shall be -applied in accordance with the
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terms and for the purposes as set forih in this ordinance, and shall not be
subject to lien or attachment by any creditor of this Municipality, �.
No monies belonging to any of the funds created hereunder shall be
It deposited or remain on deposit with the Depository and/or Custodian, in an
J, amount in excess of the amount guaranteed -by the Federal Deposit Insurance
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f Corporation, or other Federal agency, .,unless such institution shall"have pledge&
for the benefit of the Municipality and -the holders of the certificates, as
�I collateral security for the monies deposited, direct obligations of, or obliga-
tions the principal and interest of which are unconditionally guaranteed by the
1 United States Government, or other marketable securities eligible as security
I for the deposit of trust funds under'.regulatio.ns of the Board of Governors of
the Federal ke serve System and having a market value (exclusive of accrued
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interest) at least equal to the amount of such deposits.
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ARTICLE VI
PARTICULAR COVENANTS
The Municipality covenants: '
Section 1. That it will promptly pay the principal of, and interest
on, every certificate issued hereunder and secured hereby at the place, on the
dates and in the manner herein, and in said certificates and in the coupons
thereto appertaining, specified,s. and any premium required for the redemption
of said certificates, according to the true intent and meaning thereof. The
principal, interest, charges of the paying agent and premiums, if any, are
payable solely out of the revenues of the system, which revenues are hereby
pledged to the payment thereof in the manner and to the extent hereinabove
particularly specified, and nothing herein or in the certificates or coupons
shall be construed as obligations of the Municipality to levy or to pledge any
form of taxation, whatever therefor or to make any appropriation for their pay-
ment, except from revenues of the system, and no certificate holder shall
have any recourse to the power of taxation.
Section 2. That it has and will continue to enforce reasonable
rules and regulations governing the system and the operation thereof, and that
all compensation, salaries, fees and wages paid by it in connection with the
maintenance, repair and operation of such system will be reasonable, and that
no more persons will be employed by it than are necessary, and that it will
operate same in an efficient and economical manner, and a will at all times
maintain the same in good repair and in sound operating condition, and will
make all necessary repairs, renewals and replacements, and that it will
complt with all valid acts, rules, regulations, orders and directions of any
legislative, executive, administrative or judicial body applicable to such
undertakings and enterprise.
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Section_3. That any contracts for labor or materials or constructions
shall also provide that payments thereunder shall not be made by it in excess of
ninety (90016) per cent of current estimates, except payment of the final balance
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under any such contract.
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Section 4. That it will not create or suffer to be created, in the
operation and maintenance -of the system, any lien or charge thereon, or any
part thereof, or upon the revenues derived therefrom, ranking equally with or
prior to the lien and charge herein authorized upon such revenues, and that it
will pay, or cause to be discharged, or will make adequate provisions to satisfy
and discharge, within sixty (60) days after the same shall accrue, all lawful
claims and demands for labor, materials, supplies or other objects, which,
if unpaid, might by law become a lien upon such system, or any part thereof,
or upon the revenues therefrom; provided, however, that nothing contained in
this Section shall require the Municipality to pay, or cause to be discharged,
or make provision for, any such lien or charge, so long as the validity thereof
shall,be contested in good faith and by appropriate legal proceedings.
Section 5. That it will carry adequate public liability insurance
and will insure and at all times keep the following properties belonging to the
system insured to the full insurable value thereof in a responsible insurance
company, or companies, authorized and qualified under the laws of the State of
Georgia to assume the risks thereof against loss or damage -thereto from the
following causes:
' All bur dFings and all machinery and'equipme'nt,therdin,
against loss or damage by fire, lightning, tornado or winds;
`
All other property against loss or damage by fire or •
lightning if the same is not fireproof, and against loss or
damage from other causes -customarily insured against by
companies engaged in similar business. All such policies
shall be for the benefit of and made payable to the Municipality
and shall be on deposit therewith.
The proceeds of all such insurance policies, except the public
liability policies, are pledged as security for the certificates, but shall be
available for and shall, to the extent necessary and desirable, be applied to
the repair and replacement of the damaged or destroyed property.
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All insurance policies shall be open to the inspection of the certifi-
cate holders and their representatives at all reasonable times.
Section 6. That it will keep the funds and accounts of the system
separate4rom all other funds and accounts of the Municipality, or any of its
departments, and that it will keep accurate records and accounts of all items
of cost and all expenditures relating ,to the system, and of the revenues collected
and the application thereof, and of the number of consumers, and' that it will
keep said records and accounts with respect to its physical properties in such
manner that it will -be possible at all times to identify both the amounts and the
items of all additions and retirements. Such records and accounts shall be open
to the inspection•of all interested persons.
Section 7. That at least semi-annually it will cause to be filed' with
the original purchasers of the certificates issued hereunder copies of any
material revisions of charges and fees or change in management during the
preceding six months and a report, signed by the proper officers of the'
Municipality, setting forth in respect of the preceding six months and of the
twelve months period ending withsuch last month:
(a) A separate income,,.and expense account of such
system;
(b) All payments to and withdrawals from the various
funds created herein;
(c) The aggregate amount of certificates issued, paid,
purchased or redeemed;
(d) A balance sheet as of the end of said `six months;
(e) The amount on deposit at the end .of such six months
period to the credit,of each of the fundsid
Sec6ti6n 8. That in the month of January of each year, or as soon
thereafter as practicable, it will cause an audit to be made of its books and
a y 4p
accounts pertaining to the system by an independent and, recognized firm of
jCertified Public Accountants of suitable experience and responsibility, to be
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chosen by the governing body of the Municipality. Such semi-annual reports
VI-3
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and audit reports shall be open to the inspection of all interested persons and
a copy of same seiWto"the' original purchasers of the certificates. It will also
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cause any additional reports or audits relating to such system to be made, as
`required by law, and that from time to timep as often. as may. be reque sted, it
will -furnish to the original purchasers of.certificate.s, issued hereunder such
other information concerning such system, or the operation thereof, as any of
them may reasonably request. The cost of audits shall be treated as a part of
the cost of operation.
Section 9. That so long as any of the certificates shall be outstand-.
ing, it will not sell or otherwise dispose of, or encumber, the system, or any
part thereof, and will not create or permit to be created, any charge or lien
on the revenues of such system, as now existent and as hereafter extended and
improved, ranking equally with, or prior to, the charges or lien of the certifi-
cates issued under and secured by -this ordinance, except it may sell such
system as awhole, or substantially as a whole, if the proceeds of such sale
shall be at least sufficient to provide for the redemption of all certificates and
any interest accrued, or to accrue, authorized under and secured by this ordi-
nance, and that the.proceeds of any such sale shall be deposited with the Sinking
Fund Custodian in trust, and by it applied to the extent necessary to .the purchase
or redemption of such certificates.
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ARTICLE VII
REMEDIES
Section 1. Each of the following events is hereby declared an
"event of default", that is to say, if:
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(a) Payment of the principal of any of the certificates
shall not be made when the same shall become due and'payable,
either at its maturity or by proceedings for redemption;
(b) Payment of any installment of`interest shall not be made
when .the same becomes due and payable, or within thirty (30)
days thereafter; or
(c) The Municipality shall, for any reason, be rendered
incapable of fulfilling its obligations hereunder; or
(d) An order or decree shall be entered, with the consent
or.acq4iescenc5e ^of,the Municipatlity, appointing a,Receiver,, or
C # A !. i S
Receivers, of the system,? or of the revenues thereof, or any
• s.�,
proceedings4 shall be instituted, with the consent or acquiescence
of the Municipality,, for the purpose of effecting a composition
between the Municipality and its creditors, or for the purpose
-of adjusting claims of such creditors, pursuant to any Federal
or State statute now or hereafter enacted, if the claims of such
creditors are under any circumstances payable out of the revenues
of the system, or if such order or decree, having been entered with-
out the consent and acquiescence of the Municipality, shall not be
vacated or discharged or stayed on appeal within sixty (60) days
after entry thereof, or if such=proceeding, having been instituted
5
without the consent or acquiescence of the Municipality, shall not
be. withdrawn, or any orders entered shall not be vacated, dis-
charged or stayed on appeal,, within sixty (60) days after the in-
stitution of such proceedings, or the entry of such orders; or
VII-1
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(e) The Municipality shall make a default in the due and
punctual performance of any other of the covenants, conditions,
agreements or provisions contained in the certificates or in
this ordinance, on the part of the Municipality to be performed,
and such default shall continue for thirty (30) days after written
notice, specifying such default and requiring same to be remedied,
shall have been given to the Municipality by any certificate holder.
Section 2. Upon the happening and continuance of any event of
default specified in Section 1 of this Article, then and in every such case the
holders of'not less than fifty-five (5576) per cent in the principal amount of the
certificates then outstanding may,'by a notice in writirig.tollthe Municipality,
declare the principal of all of the certificates then, outstanding (if not then due
and payable) to be due and payable immediately, and upon such declaration the ;
same shall become and be immediately due and payable, anything in the certifi-
i
cates'or herein contained to the contrary not withstanding; provided, however,
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that if at any time after the principal of the certificates shall have been so
declared to be due and payable, all arrears of interest, if any, upon all the
certificates then outstanding, and all other indebtedness secured hereby, except
the principal of any certificate's not then due by their terms, and the interest
accrued on such certificates since the last interest payment date, shall have been
aid or shall have been provided- for b deposit with the paying agent of such
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certificates of a sum sufficient to pay the same, and every other default in the
observance or performance of any covenant, condition or agreement in the
certificates, or herein contained, shall be made good, or provisions therefor
satisfactory to such certificate holders shall have been made, then and in every
such case the holders of not less than fifty-five (5576) per cent in principal
amount of the certificates then outstanding may, by written notice to the Munici-
pality, rescind and annul such declaration and its consequences, but no.such
rescission or annulment shall extend to, or affect, any subsequent default or
impair any right consequent thereto.
VII-2
Section 3. Upon the happening and continuance of any event of
default as provided in Section 1 of this Article, then and in every such case any
certificate holder may proceed, subject to the provisions of Section 5 of this
Article, to protect and enforce the rights of,the certificate holders hereunder
by a suit, actio.n� or special proceedings in equity, or at law, either for the
appointment of a Receiver of the system as authorized by the Revenue Certifi-
cate Law, or for the special performance of any covenant or agreement con-
tained he"rein or'in aid or execution of any power'herein granted, or for the
enforcement of any proper legal or equitable remedy as such certificate holder
shall deem most effectual to protect and enforce the rights"afore said, in so
far as such may be authorized by law.
Section 4. In case any proceeding taken by any certificate holder
on account of any default shall have. been discontinued or abandoned for any
reason, or shall have been determined adversely to such certificate holder,
then and in every such case the Municipality and the certificate holders shall
be restored to their former positions and. rights hereunder, respectively, and
all rights, remedies, powers and duties of the certificate holders shall continue
as though no such proceedings had been taken.
Section 5. No one,- or more, holders of the certificates secured
hereby shall have any right in any manner whatever by his or their action to
affect, disturb, or prejudice the security granted and provided for herein, or
to enforce any right hereunder, except in the manner herein provided, and all
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proceedings at law or inequity shall be instituted; had and maintained for the
equal benefit: of all holders of "such outstanding certificates and coupons.
Section.6. ,No remedy,herein conferred upon the certificate holders
is intended to'be exclusive of any other remedy, or remedies, and each and
every ,such remedy shall be cumulative, and shall be in addition to every other
remedy.'given hereunder or now or hereafter existing at law or in equity, or
by statute,.
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VII-3
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Section 7. No delay or omission of any certificate holder to exercise
any right or power accruing upon any default occurring and continuing as afore -
said, shall impair any such default or be construed as an acquiescence therein;
and every power and remedy given by this Article to the holders of the certifi-
cates, respectively, may be exercised from time to time and as often as may
be deemed expedient.
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VII-4
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ARTICLE VIII
MISCELLANEOW PROVISIONS AND DEFINITIONS
Section 1. Any bank or trust company with, or into 'which, the
paying agent mentioned in Section 7 of Article IV 'of this ordinance may be
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merged or consolidated, 'or, to which the assets and the business of such paying
agents may be sold, shall be deemed the successor of such paying agents for
the�.purposes of this ordinance. ,
Whenever used in this ordinance, the singular shall include the
plural and the plural shall include the, singular, unless the context otherwise
•
indicates.
The term "fiscal year" shall be deemed .to be `the period com-
mencing on the first day of January and ending onl*the' last day of December.
Section 2. In, case any one or more of the provisions of this
F ordinance, or the certificatesor coupons issued hereunder, shall for any
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reason be held to be illegal or invalid, such illegality or invalidity shall„not
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affect any -other provision of this ordinance, or said certificates or coupons,
but this ordinance and .said certificates. and' coupons shall be construed and en-
forced as if such illegal or invalid provisions had not been contained therein.
Section 3. ° The provisions of this ordinance shall constitute a
contract by,and between,the City of Smyrna and the, holders of the certificates
authorized to be issued hereunder, and after the issuance, of said certificates,
` this ordinance shall not be repealed or amended in any respect which will ad-
yer" ely affect the rights and, interests of -the holders of said certificates, nor
shall the Mayor and Council of the City of Smyrna pass any, ordinance in any
.way.adversely„affeding the rights, of such hbfders,°,so, long as .any of the certifi-
cates authorized by this ordinance, or the'interest thereon, shall remain unpaid
a11 P tkC i
Any subsequent ordinance, or' ordinances, authorizing the issu-
.- ante of all or'any part, of the certificates providedfo'r under Section 5, Article
IV of this ordinance shall'in nowise conflict with the terms and conditions of
11' this ordinance, but shall for all legal purposes, contain all;the-c6venants,
a'gr'eements and provisions'of this ordinance for the equal protection and benefit
of all certificate holders.
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I Section 4. The term "Mayor and Council" =shall be construed
to mean the present governing body of the City of Smyrna, and any successor
or successors in office to said,preseni body, and any person, body or authority
to whom, or which, may hereafter be delegated by law the duties, powers
authority, obligations or liabilities of the present body, either in whole, or in
4 I ,
relation to the water and sewerage system.
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The terms "water and sewerage system" and,'," system" shall
be construed as •one .and` the same and shall mean the usual facilities now or
hereafter owned by'the City of,Smyrna and used ;by it in, furnishing water and
G `sewerage services and facilities. x
The term "engineer" and "project superintendent"' shall be con-
k-';.
strued'to mean the,erigineer` for the, City, � M. J. Hensley, or his successor or
such other engineer orengineering firm,that might hereafter be employed in
lieu of the said M. `J. Hensley'in relation to the supervision of the construction
of the additions and improvements to the system and in relation to the services
to -be rendered as in. -this ordinance -provided.
Section 5.. The contract between'tlie Mayor and Council and
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I Johnson, Lane, Space & Company and Associates, of Atlanta, Georgia, to
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purchase at par and accrued interest'to date of delivery the certificates. herein
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authorized to be issued, plus the payment of the cost of preparing the certifi-
-cates and bond counsel, be and is hereby ratified, confirmed and approved.
Section 6. The certificates herein authorized shall be validated
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in the manner provided by law, and.to that end notice of the adoption of this
ordinance and a copy thereof be served on the Solicitor General of the Blue
y
Ridge ,Judicial Circuit, in order that proceedings for the above purpose be
instituted inRthe Superior Court of CobbCountyand said notice shall be executed
by the Mayor and attested by the Clerk of the'City-of Smyrna.
Section 7. Any `and all ordinances, or parts of ordinances, �in
conflict wAhAhis ordinance this day passed be .and, are hereby repealed, and
this ordinance shall be in full force and effect from and after its adoption.
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CITY OF SMYRNA
SMYRNA, GEORGIA
J. M. "HOOT" GIBSOH MARTHA THEODOCION
MAYOR CITY CLERK
, ?if
CLERKS. CERTIFICATE.
a6 hereby certify that I am Clerk of the May?r
and Council of the City of Smyrna; Georgia, and, that the attached ordinance was
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adopted by the Mayor and. Council of the City of, Smyrna in meeting -duly
assembled by unanimous, vote,on th6 5_� day of March, 1951,.and that said
ordinance- is in full force and effect and has not in anywise been amended or
repealed. tw
This the 5_4 day of March, 195 1.
I % Clerk
E,'A L).
N,
r AN ORDINANCE REGU TING F
GARBAGE CANS WITH N-T THE SIZE A;
THE-USE_MD"LOCAT J1V OFCITOF g ING-
•,� THE COVERING OF' 1ET-pR�Vr'�, REQII LTY
;; 'FOR VIOLATIONS; ANL)OR OT I NG PEN
WHEREAS, it is necessary, in o ,rtdote the health,
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safety, morals and general welfare of th.��tpZ proof the City of
Smyrna, that a sanitary garbage disposal ,syt.. _�Fn-1,e maintained by
the Mayor and Council of the City of Smyrna; and
WHEREAS, to properly dispose of the garbage, refuse, debris
and other such accumulations, it is necessary that certain rules and
regulations be prescribed for the storage of garbage to facilitate
its expedient disposal by the cognizant officals of the City of Smyrna;
and
WHEREAS, there are no rules and regulations in effect relating
,to the storage and use of garbage cans in said City, or any other re-
quirements concerning same; and
WHEREAS, such unregulated conditions as regards garbage cans
and containers, places an undue burden on cognizant officials of the
City of Smyrna in expeditiously and sanitarily disposing of garbage
and other debris, all of which is detrimental to the.saf6ty, morals and
general welfare of the people of the City of Smyrna;
N017, THEREFORE, be it ordained by the Mayor and Council of the
City of Smyrna, and it is hereby ordained by the authority of same:
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That all garbage cans or containers hereinafter maintained in
the 'City of Smyrna shall have a capacity .of not over twenty (20) gallons
each for each single unit, and shall be kept securely covered it all
time
2.
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That all such garbage cans or containers hereinafter maintained
in the City of Smyrna shall hereinafter be located, placed and permanently
kept and maintained not over f.fty (50) feet distant from the rear of the
dwelling or structure for which they are maintained.
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3.
That there is hereby imposed a fine not to exceed $25.00 for
the violation of this ordinance for -the first offense, and fine of not
to exceed $50,00 for each subsequent violation of this ordinance.
That the Clerk of the City of Smyrna is hereby authorized and„
directed to furnish by mail,or otherwise, each citizen and resident of
the City of Smyrna, a copy of the within ordinance.
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