Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
11-01-1954 Regular Meeting
June 20,1956 To Whom it May Concern: At a special meeting of Mayor and Council held June 18, 1956, an ordinance was passed that the speed limit on that portion of South Cobb Driv(,,-. within the city limits of Smyrna be set to comply with the strite speed law ( 60 miles per hour in day time and 50 miles per hour at night) with the school zonc., to be 2C m-Iles ner hour, except at the intersection of Concord. Road with South Cobb Drive extending 5GC- feet, e�:Ich Ar'.y, which will be 30 miles rer ho,zr. Signed, Helen Baldwin, C- Ity Cler", City of Smyrnc---; Smyrna, Georgi�, �. F W ORDINANCE ANNEXING TC THE CITY OF SMYRNA CERTAIN LANDS AND AREAS OWNED BY J. T. BROWN, JAMES W. MINES AND J. Y. WOOTTON WHICH HERETOFORE ADJOINED THE CORP OR A.TE LD9IT S OF SAID CITY, AND FOR OTHER PURPOSES. WHEREAS, a written. application and petition has been filed with the Mayor and Council of the City of Smyrna, Georgia, requesting that certain lands and areas heretofore adjoining the existing corporate limits of the City of Smyrna, be annexed to said City pursuant to the provisions and by the authority of Act No. 579 of the 1946 Session of tl e General Assembly of Georgia, Georgia Laws 1936, Page 130 (Section 69-901 of the Annotated Code of Georgia); and WHEREAS, said application and petition is signed by the sole owned of a1.l the land and areas proposed therein to be annexed to the City of Smyrna, Georgia; and WHEREAS', the aforesaid petition contains a complete legal description of the lands and areas proposed to be so annexed, and has attached a survey and ;plat of same clearly showing and delineating the -ids and areas proposed to be so annexed and their location with regard to the heretofore existing corporate limits of the City of Smyrna, and H73REAS, the said lands and areas proposed to be here annexed to the City of Smyrna adjoin and are continuous to the heretofore existing corporate limits of said City; and THEREAS, the City of Smyrna, Georgia, is a city of this State having a population of less than 50,000 at this time and at the time of the Federal Census of 1940 and. 1950; NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the City of Smyrna, and it is hereby ordained by authority of same, SECTION 1. That the lands and areas described in aforesaid petition be ar.01 the same are hereby annexed to the City of Smyrna, Georgia, and that from and after ter Massage of the within Ordinance, the corporate limits of the City of Srrmyrna, Georgia are so extended and do hen-eforth include the said lands and areas particularly ems.,_ srOln,. cribed f.ra _ . All that tract or parcel of land lying and being in Land Lot 412 of the 17th district and 2nd. 7action of Cobb County, Georgia, and 10111 0, IF • being Lot 3 and part of Lot 2 of the T.A. Merritt property as per plat recorded in Plat Book 6, Page 109, Cobb County Records, and being more particularly described as follows: BEGINNING at a point f orried by the intersection of the North line of Land Lot 412 with the Northeasterly side of South Cobb Drive; running thence Southeasterly along the Northeasterly side of South Cobb Drive for a distance of 579 Feet to a point; thence running Northeasterly for a distance of 335 Feet to the East line of Land Lot 412; thence North along the East lire of said Land Lot 412 for a distance of 326 Feet to the North !.ine of said Lanc! Lot 412; thence Nest along the North line of Land Lot 412 for a distance of 600.77 Feet to the Northeasterly side of South !'rbb Drive and the point of beginning; being improved property and having thereon a house '.mown as No. , South Cobb Drive, according to the present syster^ of numbering houses in the City of Atlanta and suburbs. SECTION 2. That this Ordinance is passed and the corporate limits of the City so extended under and by virtue of Act No. 579 of the 1946 Session of the General Assembly of Georgi_a, Georgia Laws 1936, Page 130 (Section 69-901 of the Annotated Code of Georgia) , such Act authorizing municipalities of this State, having a population of less than 50,000, to annex territory contiguous and adjoining existing corporate limits at the time of any such annexation upon the written and signed application of all the owners of all the lands proposed. to Ice so annexed. SECTION 3. That pursuant to the authority aforesaid, a complete survey, made by a competent surveyor, showing t.,e lands and areas as described in the petition as aforesaid., same being the lands and areas annexed to the City of Smyrna by this Ordinance, is hereto attached, and by this reference thereto made a part of this Ordinance, SECTION 4• That the said lands and areas described herein and particularly shown and delineated on the attached survey and plat as aforesaid, shall henceforth constitute a portion of �� err' nr� n trtrlthir the, corpe,rnte limits of Smyrna, Georgia. SECTIOr1 5. That the Clerk of the City of Smyrna be, and she is hereby authorized and directed to prepare and forward_ to the Secretary of State of the State of Georgia, a certified copy of the within Ordinance and of the plat and survey attached hereto as aforesaid.. SECTION 6. That all ordinances and parts of ordinances in conflict h rew! i.o and the same are hseby repealed. w STATE OF GEORGIA COUNTY OF COBB I, MRS. HELEN BATZWIN, do hereby certify that I am the duly elected, qualified and acting Clerk of the City of Smyrna, Georgia, and in such capacity, I have custody of all the books, records and documents of tl,.e City of Smyrna, Georgia, including the Vinute Book of the Mayor and Council of the City of Smyrna in which is recorded the minutes of all. meetings of the Mayor and Council of the City of Smyrna, including the ordinances of said.T-"ayor and Council and other actions taker_ at any and all meetings of same. I do further certify that the above and foregoing is a true and correct copy of an Ordinance duly adopted by the Mayor and Council of Smyrna at a rleeting regularly assembled and held rn the �23rci day of May , 1955, and that the foregoing survey and plat is a true and correct copy of the survey and plat attached to said Ordinance and made a part thereof by a reference thereto, all as same appears of record in the official Minutes of the Mayor and Council of said City. IN WITNESS '��FIEREOF , I have hereunto set my hand and affixed the seal of the City of Smyrna, Georgia, this 23rd day of may , 19 55 . j. r r 6 80. 77 Z o r 0 3 P�DP�"STY koF M Y,eT DAY/D KENi(% D Y, ✓e . FOG W,,G. CDT 3 i'r car Z o< l/✓� T,.O. /�/E /TT �.eo�ti.cM ry" GA,c'D Coi 4/2 /T Di;: .��_!" - Z� S c!lcl41 k�k EG Q C CC?G'/'.' *r S [lCi�c`i G dY Ii G.L. Al �G, No. 7/. CaPY Honorable Mayor and Council Citv of Smyrna Smyrna, Georgia Gentlemen: 1, or we, the undersigned owner, or owners, of the hereinafter described property, do hereby submit this written and signed application, requesting that, pursuant to Act No.579 of the 1946 Session of the General hssembly of Georgia,Ga. Laws 1946, Page 130 (Section 69-901 of the Annotated Code of Georgia), the City of Smyrna annex to the existing corporate limits of said City the hereinafter particularly described land and area. The legal description of the land requested to be nnnayar3 hPrPin in the minner : foresaid. is as follows: All that tract or parcel of land lying and being in Land Lot 1+12 of the 17th district and 2nd section of Cobb County, Georgia, and being Lot 3 and part of Lot 2 of the T.A. Merritt property as per plat recorded in Plat Book 6, Page 109, Cobb County Records, and being more particularly described as follows: PEGINNING at a- point formed by the intersection of the North line of Land Lot 412 with the Northeasterly side of South Cobb Drive; runnin- thence Southeasterly along the Northeasterly side of South Cobb Drive for a. distance of 579 Feet to a point; thence running Northeasterly for a distance of 335 Feet to the East line of Land Lot 1,12; thence North along the East lineof said Land Lot lr12 for a distance 326 Feet to the North line of said Land Lot 412; thence West along the North line of Land Lot 412 for a distance of 680.77 Feet to the Northeasterly side of South Cobb 'Drive and the point of beginning; being improved property and having thereon a house known as No. , South Cobb Drive, according to the present system of numbering houses in the City of Atlanta and suburbs. the legal owner, or owners, or all the property so incivaea and also the existing corporate limits of the City of Smyrna at the place or places where same adjoins or is contiguous to said property. It is certified that the aforesaid legal description and plat are true and correct, and that said plat does correctly show the owner, or owners, of the above described property, and it is further certified that same adjoins and is contiguous to the existing corporate limits of the City of Smyrna, Georgia. r' F Respect 1 submitted, -miss JANE :L. W007TON J. Y. WOOTTON \ WOOTTON REALTY COMPANY SMYRNA, GEORGIA March 17th 1955 City of Smyrna Smyrna Georgia Gentlemen: We are enclosing here -with the legal description of property owned by J.T.Brown, James W Mines and J.Y.Wootton, located on the South Cobb Drive, and which five acres more or less a tract of land lying between Smyrna Heights property developed by Bennett Realty Corp., and South Cobb Drive and is just across the Highway from Pfarner Counter Company and also Dickson's Supper Market. The owners of this property desire to have this taken in the city of Smyrna and also want it zoned for business. We will have it sub -divided into lots and will also give the land for a street running from the new school out to South Cobb Drive provided the street will be paved with -out any expense to us. For your information the Cobb County School Board have requested that a street be run through from Concord Road to the South Cobb Drive, so that the children would have an outlet or a through street from Concord Road to South Cobb Drive. Thanking you for your consideration in this matter, we are Yours Very Truly Wo n Realty Company By _ D O ._ J.y.W( ton I 1191 4. OATH OF REGISTRARS We, and each of us do solemnly swear that we will faithfully and impartially discharge to the best of our ability the duties imposed upon us by law as such registrars. , JAAQ t�- )-L P-ZZ Sworn to, before me, this the th day of November, 4. er : OATH OF MANAGERS We, and each of us do swear that we will faithfully and impartially conduct this dayls election according to law. That we will permit no one to vote who is not entitled to vote, and will prevent all illegal voters to the voters to the best of our skill and power, So Help Us God. a . z w Sworn to, bef ore me , , this the ( th day of November 1954. LA —�L' C e 192 k CERTIFIED ELECTION RETURNS OF REGULAR CITY ELECTION HELD THIS THE 6TH DAY OF NOVEMBER 1954 We, the duly appointed Election Managers to conduct this election, declare the following results FOR MAYOR--J., J.M. Gibson-[ J.E. Quarles L 7 FOR COUNCIL G.H. Beach P.J. Brown J.S. Collier H.L. McEntyre , Sr. A.M. Poston We, therefore certify to the Mayor and Council of the City of Smyrna, the election of J - j , G va,.e_r for Mayors and , . S _C t e r an for Council, they receiving the -h1ghest num er or votes. Election Managers rt ACTING POLICE CHIEF ' S OATH OF OEFICE .a I, o solomnly swear that I will . we an r y demea myse f as, acting Chief of Police of the City of Smyrna, and that I will faithfully enforce the Charter and Or of said City to the best of my ability, with out fear or favor and in all action as acting Chief of police, ast as I believe for the best interest- of. the City. So help my God. zr�e Subscribed and Sworn to before seal me this �th day. of November,1954 I, ✓1.- do solomnly swear that I will well. and trul demead as Special Police of the ,City of Smyrna, and that I-V-i 1 faithfully enforce the @harter and Ordinances of sald. City to the best of my ability, without fear or favor and in all action as S'p2bial Policeman, .act as I believe for the best interest of the City. So help me God. Subscribed and Sworn to -befbrdome this 14th day of December, 1954 N.P. Barrow Gqunty I, o solomnly swear that I will . we an r y demea myse f as, acting Chief of Police of the City of Smyrna, and that I will faithfully enforce the Charter and Or of said City to the best of my ability, with out fear or favor and in all action as acting Chief of police, ast as I believe for the best interest- of. the City. So help my God. zr�e Subscribed and Sworn to before seal me this �th day. of November,1954 I, ✓1.- do solomnly swear that I will well. and trul demead as Special Police of the ,City of Smyrna, and that I-V-i 1 faithfully enforce the @harter and Ordinances of sald. City to the best of my ability, without fear or favor and in all action as S'p2bial Policeman, .act as I believe for the best interest of the City. So help me God. Subscribed and Sworn to -befbrdome this 14th day of December, 1954 N.P. Barrow Gqunty 194 The regular meeting of Mayor and Council was held November 1, 1954 at 8:P..M. at the City Hall. Mayor G.N. Duncan presiding with thr following Councilmen present. N.E. Brenner, John Collier, H..L. McEntyre, V.R. Siddall and G.R. Yarbrough. City attorney Harold Willingham was present. Minutes of regular and special meetings read. Mr. E.W Chastain, Pat George, J.J. Edwa.#ds and J.E. Lovern representing citizens living in the east side inhoff neighborhood wanted to know what they could expect to, be done to render the bad situation over at the inhoff tank. Mr. B.C. Cast.ellow president of the Smyrna Citizens Club expressed their appreciation for the cooperation extended them in their project to get citizens to register to vote, to the candidates for, ,Mayorrani Council for perticipating in the forum at the School house and to the Fire Dept. for perticipating in the Civic Parage. Mr, Robert Day representing the Little Legue Ball Club requested a stationary fence to.be built at the ball field. Motion by N.E. Brenner, seconded by G.R. Yarbrough that this matter be referred to Park Committee to be reported back to Council at their neitt regular meeting. Voting unanimous. Fire Chief John Thomas report of November 1,1954 read by Mayor Duncan. On motion by Councilman G.R. Yarbrough seconded by Cbuncilman N.E. Brennert�hdri�3ng.l;tercance+aud�satef�s900010�©�OQ An Ordinance was introduced by Councilman V.R. Siddall; seconded by Councilman JOhn Collier, providing that Guthrie Street between Powder Springs and Hillside Drive be paved with Curb and gutter. Copy of said ordinance attached to these minutes- and made a part thereof. Move for' adoption of Section 5y6,and 7 of Ordinance for paving with curb and gutter of Guthrie Street between Powder Spr.ings- and Hillside Dr. by Councilmen V.R. Siddall and Seconded by John Collier.. Voted unanimous. ,• An ordinance was introduced by V.R. Siddall, seconded by Councilman John Collier providing that Ma,gbee Drive be improved by,the construction in each side with a concrete curb and gutter. Copy of said Ordinance attached to. these minutes and made a pa-rt thereof. Move for adoption of Section 5.6. and 7 of Ordinance for construction concrete curb and gutter of Magbee Dr. by Gouncilman V.R. Siddall and seconded by John Collier, Voted unanimous. An ordinance was introduced by Councilman V.R. Siddall, seconded by Councilman John Collier providing that Mann Street be paved with curb and gutter, Copy of said ordinance attached to these minutes and made a part thereof. Move for adoption of Section 5,6 and 7 of ordinance for paving with curb and gutter of Mann Street by Councilman V.R. Siddall, and seconded by John Collier. Voted unanimous. An ordinance was, introduced by Councilman V.R. Siddall,, seconded by Councilman Joan Collier providing that _Stgnhens atreet, between Davis Street and Old CYty Limits line be paved with Curb and gutter. Copy ofsaid ordinance attached to.•these minutes and made a part thereof, Move for adoption of Section 5.6. and 7 of ordinance for paving with curb and gutter of Stephens Street between Davis Street and Old City Limits line be Cbuncilman V.R. Siddall and seconded by Councilman John Gollier. Voted unanimous.. Motion by V.R. Siddall, seconded by John Collier that the replacing and relocating of stop sins at the intersection of Church and King and the intersection of Concord and Love to be referred to the Street Committee for action. Voting unanimous.. 4 t AN ORDINANCE PROVIDING FOR: THE CALL AND REDEMPTION OF ALL OUTSTANDING WATER AND SEWERAGE -REVENUE 1 y ANTICIPATION CERTIFICATES -HERETOFORE ISSUED BY,THE CITY OF E. SMYRNA; THE, ISSUANCE OF WATER AND SEWERAGE, REVENUE ANTICIPA- TION -CERTIFICATES OF SAID CITY TO FINANCE,, IN WHOLE OR IN PART, , ;i THE ACQUISITION OF SAID OUTSTANDING CERTIFICATES AND TO IMPROVE. AND EXTEND THE,WATER AND SEWERAGE SYSTEM; THE ADOPTION AND COLLECTION OF RATES, FEES AND ;CHARGES FOR THE SERVICES, FACI- LITIES AND COMMODITIES TO BE FURNISHED BY THE WATER AND p 'SEWERAGE SYSTEM; THE ISSUANCE, UNDER CERTAIN CIRCUMSTANCES, • OF ADDITIONAL PARI'•PASSU CERTIFICATES; THE CREATION OF CERTAIN FUNDS TO PAY THE PRINCIPAL OF AND' THE, INTEREST ON SAID CERTIFI- CATES; TO PROVIDE REMEDIES.OF THE HOLDERS OF SAID CERTIFICATES, F e AND FOR OTHER PURPOSES: WHEREAS, under and by virtue of•the authority of the Revenue c t a t a Certificate L`aw'(Georgia Laws-1937,'page-•7.6l-), as.amended,, the City of r �14 Smyrna (sometimes hereinafter referred to as the "City!: or the "Municipality") has heretofore authorized the issuance of water and sewerage -revenue anticipa- a t 3 tion. certificates in the aggregate principal amount of $725, 000 pursuant to , x f the provisions df ordinances adopted+by the Mayor and Council of said City on' May 19, 1950, March 5, 1951, October, 23, 1952, and Noyember.,23, 1953; and R WHEREAS, there are now outstanding, pursuant to the provi- sions of said ordinances, ,certificates in .the principal amount of $687, 000,: of r which $18, 000 principal amount mature January 1, 1955;"and WHEREAS, said ordinances provided that said certificates might be redeemed prior to their respective maturities at the option of the r , City on;.January 1, 1955, by payment of the principal amount thereof and F, r' interest accrued'thereon, together with a -premium of five per centum (5%) of such principal amount 'so redeemed; and j -t l , , ' A � f WHEREAS, it is now,.imperative'that the City„add to, extend, a improve and equip its existing'.water and sewerage system, and acquire the r F property necessary therefor; and , r_ WHEREAS, the City has procured, the services of Wiedeman & Singleton, Engineers, Atlanta, Georgia, to make recommendatiods',_as to • needed additions, extensions, improvements andfequipment for said system r and to prepare plans and specifications for such improvements, additions, r extensions and equipmerit and to supervise the 'installation ofthe same; and , 4 k t.f WHEREAS, they have made such recommendations and have prepared such plans and specifications and have filed a copy 'of such recom= mendatioris, plans and specifications in the office of the, Clerk of the City of :Smyrna; and t ' WHEREAS, after..a thorough investigation the Mayor and 1' Council of the City of Smyrna deem it advisable to add to, extend, improve s and equip its water and sewerage system, substantially in accordance with such recommendations, plans and specifications, by expending in the immediate - I j future the -sum of.,$231, 000, and to finance the same through the issuance and ,. sale of Water and Sewerage Revenue Anticipation Certificates; and.,, i WHEREAS, the sai'd�R:evenue Certificate Law, as'amended, ptlovides thatihe City=may issue revenue'anticipdtion certificates to refund k or refinance, in whole or-..iii.Part, "all of Fits outstanding revenue anticipation � r o �+ certificates, as,well a-s 't`o finance the -cost°of additions, extensions, improve- ments and equipment to its water and sewerage system; and � e a t r : { Y l , i ( bWHEREAS, it will be to the advantage of the City.acquire all of,its outstanding Water and Sewerage Revenue Anticipation Certificates in ' ' that it will result in a lower interest cost to the City and it will also put the City in.a,better position to: finance any extensions and imp.rovements-to its a `` system which may, become necessary in,the future by the issuance of certifi- a cates ranking pari passu with the certificates to be. presently issued if this ` becomes necessary; and ' WHEREAS, it :has been proved ihat-the existence of such a right to issue additional certificates ranking as to the lien on the revenges of said system pari passu with the certificates now :proposed to be is.sued,is I. necessary in order to meet the inevitable demands for new improvements and , extensions to said system and.provision should be made for the issuance of 1 , additional certificates. under the terms and, conditions hereinafter more fully, i set forth; and WHEREAS, the said Revenue Certificate Law, as amended, p'rovides that! the City 'may issue revenue anticipation certificates to refund or refinance, in whole or in part, all of its outstanding rev,eriue anticipation F certificates; and 'WHEREAS, the City has received an offer from The Robinson - Humphrey Company, Inc. and Associates to purchase, at par and accrued ~'interest to date of delivery, Water, and Sewerage Revenue Anticipation Certifi- cates,to be,dated,December_ 1; ,1954, in the.principal'amount of $900, 000, which; fI together with other monies to be furni°shed. from the'Water and Sewerage- System!' f Sinking .Fulids' created by said ordinances` of_May»,19, 1950; March 5, 1.951, October 23, '1952 and November 23, 1953; and other funds available, will iproduce funds sufficient to redeem all of said. outstanding certificates; and { f t: ^f r WHEREAS, there i.s now available in the Water and Sewerage , r System .Sinking Funds 'created by said ordinances, of May 19, 1950, March' 5, 1951: October 23, 1952 and November 23, 1953, sufficient funds to pay the i f 9 I t , r premium on- all -of said certificates to be called for redemption, to pay the • r interest 'on all of said outstanding certificates to January 1, 1955, to pay the F• { t certificates in the principal` amount of'$18, 000=maturing January 1, 1955, and - in -addition to pay all costs and .expenses incident to such refunding, and, togeth-' _er with the sum of $.669, 000 to be made available 'through the issuance and sale , of the hereinafter authorized certificates., to redeem said certificates`; and.. i WHEREAS from the sale of the certificates'hereinafter f authorized to be issued and other monies available the City will deposit, or cause to be made available; with The Fulton National Bank, Atlanta, Georgia, �{ sums sufficient to 'pay the principal of said certificates in the principal amount of'$18, 000 which mature .January 1, 1955, together with all interest due on that date and the premium on the certificates calied for redemption, and to redeem j the remaining,certificates in the principal amount of $669, 000, as well as to, pay -the fees and charges of the Paying Agent. NOW, THEREFORE, BE IT. ORDAINED by the Mayor and Council of theCity of Smyrna, and it is hereby ordained by authority of the sarrre, that- separate.notice's of redemption be used for the certificates issued pursuant", each of said'ordinances,and that said.. notices be in,substantiallythe 3 " following forms and that said..riotices; be filed -.with The Fulton National Bank, Atlanta, Georgia,' and a notice iof redemption in the form applicable be given , r . f to all registered owners of any of said certificates, as shown on the books of the Clerk of the City of Smyrna, and that said notice 'be published in' "The r, i 4 i Atlanta Constitution", a newspaper of general circulation'published. in the City of Atlanta: i . I + 4 -4- t ° T 4 ,. NOTICE OF REDEMPTION'' 3 -C IT Y � OF SMYRNA 3% WATER AND SEWERAGE REVENUE ANTICIPATION . 1 'r CERTIFICATES, SERIES 1950 NOTICEris hereby given to'the holders of the following described r revenue anticipation certificates of the City of Smyrna Georgia, that said'. certificates have been called for redemption -on January 1, 1955, said certifi- -pates being in the aggregate principal amount of $31&, 000, known as City,of °# Smyrna :3% Water and Sewerage Revenue. Anticipation Certificates, Series 1950-, dated July I 1950, in the ,denomination of $1; 000 each, bearing interest at the ` rate of 3% per annum, payable semi-annually on the 1st days of January and F r July in each year, with the principal maturing on the 1st day of January, f. f w. $11, 000 in each of the years 1956 to 1958, inclusive, $12j 000 in each of the years 1959• and 1960, .$13, 000 in each of the years -1961 to 1963., inclusive, $14, 000 in each•„of, Le years 1964 and 1965, E: $15, 000 in each,of the years 1966 to. 1968, .inclusive, $16, 000 in each of the years 1969 and 1970 $17, 000 in each,of the years 1971 and 1972, j. $18, 000 in each of the years 1973 and 1974, r ' '$19, 000 'in -the year 1975; IV 0 $20, 00.0 in the year-1976, t' t e -FundsYfor the payment of said certificates and for all interest due thereon.to Janu.ary,l, 1955, and for the required premiums will be available I r at The Fulton National Bank of Atlanta, Atlanta, Georgia, a.nd said above described certificates and all unmatured coupons thereto appertaining should i a' be presented to said bank for payment. This notice is given under and pursuant to an ordinance of the Mayor and Council ofthe, City -of Smyrna, adopted the - day of November, r 1954.. i i - L Mayor a Clerk • City of Smyrna, Georgia l r r n r r • NOTICE OF REDEMPTION CITY OF SMYRNA 376 WATER AND -SEWERAGE REVENUE ANTICIPATION CERTIFICATES, -SERIES 1951.. NOTICE is hereby -given to, the holders of the following, described revenue. anticipation certificates of,t,heCity-of Smyrna, Georgii; that - said certificates liave, bee n called fo'r-'redernptiorr on January 1,'195,5, said certifi- cates being in the aggregate, p1rincipal,'am6unt of $163, 000,, known as City of Smyrna Water, and Sewerage Revenue Anticipation Certificates, S46ri6s 1951, dated April r, 1951, in the denomination of $1, 000 each, bearing interest at_ the rate -of 3% per annum,< payable semi-annually on the l.st days of January and July, in each year; with the principal..,maturiftg on the I st day of January, f. as, follows:, $4, 0'00 in, each of the years 1956 and 1957, $5; 000 in each. of'the year's 1'958 to 1964, inclusive", $6, 00biift 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 1990J, inclusive, $9, 000 in the year 1981. Funds for the payment of said certificates' and for all interest duethereonto January 1, 1955, and for the required premiums will be available at The Fultoft�National.Barik, Atlanta, Georgia, and said above described certi- ficaies And all unmdtu'red,,coupons thereto appertaining should be presented to e s id "bank f o'-r,.' paymen i This notice is given.under and pursuant t' an ordinance of the o Mayor and Council of the City of Smyrna, adopted,ihe day of November, 1954. Mayo r Clerk City -of Smy:Cnai, Georgia tl NOTICE OF REDEMPTION 'CITY OF SMYRNA., 4.1�4% 'AVWATER�NSEWERAGE REVENUE ANTICIPATION CER TIFICATES, 4TIFICATES, SERIES 1952 NOTICE is hereby diven,to'the holders of the following des:crib,ed,,revenue,anticipatibn.c6rtificates of the C,.ty of Smyrna, Georgia, that said certificates have been' called for redemption on January 1, 1955, said certi- ficates . being in the aggregate principal amount of.$96, 000, known as City of SmyrniA1/4% Water and Sewerage, Revenue Anticipation Certificate,s, Series 1952, dated November i, 1.952,_ in the denomi.nation,of $1, 000, each, bearing interest at tja6 rate of 4 1/416 per annum, payable semi-annuallyon the 1 st days '�anuary and July in each year, with the principal maturing on the I st day of 'of 4y :,January, as follows.: $4, 600 in each of the years 1956 to 1959, incldsive, f. d$53 000 in,each of the years 1960 to 1963, inclusive, $6, 000 in each of the years 1964 to 1967, .-inclusive, $7, 000 'in each of the,y6ars 1968 to 1971'. inclusive, $8, 000 in the- year 1972. U Funds for the payment of said certificates and for all interest due thereon'to January 1; 1955, and for -the required premiums will be available at,The, Fulton National Bank, Atlanta, Georgia, and said above described certi- ficates and all unmatUred coupons thereto appertaining should be presented to • said. bank for payment. 4 This notice is given under and pursuant to an ordinance of the Mayor and C o u`nlcif-of 'the - City of Smyrna, adopted.the day,pf November, .1954. 'Mayor- j Clerk, City of Smyrna, Georgia. - , ' . 4 NOTICE OF REDEMPTION; t CITY. OF SMYR:NA' s 4 3/410 WATER AND SEWERAGE. REVENUE ANTICIPATION r CERTIFICATES, SERIES 1954 < 11 NOTICE i`s hereby given to the holders of the following 1 described revenue anticipation certificates of the City of Smyrna, Georgia, that g j said certificates have been called for redemption 'on January 1, 1955, •said f ,. certificates being in the aggregate principal amount of $100, 000, known as. City " 1 • ' S • of Smyrna• Water'.and Sewerage Revenue Anticipation Certificates, Series 1954, } dated January 1,, .1954, in the denomination of $1, 000 each, bearing 'interest y d: at the, rate of 4 3/47o per annum 'payable, semi-annually on the- 1 st days of January and July in each year, `with the principal maturing on the l st day of ':January, as follows: $10, 000 in each of the years' 1973 to 1982, inclusive. - Funds for.the payment of said certificates and for all interest 1 e due thereon to January, i,, 1955, and, for the ,required premiums will be available at The Fulton National Bank, Atlanta, Georgia, and'sdid above described certi- ficates and all unmatured coupons thereto appertaining should be presented to said bank` for payment. - l 3 This notice is given under and pursuant to,an-ordinance of the Mayor and Council of the City of'Smyrna, adopted the 1 ddy of November, i ° .. r 4 ' 1954. ,r k Mayor Clerk, City of Smyrna, Georgia a 1 qq i • BE IT .-FURTHER ORDAINED, by the authority. aforesaid as follo'ws- ti,JrA ARTICLE I AUTHORIZATION, FORM AND REGISTRATION OF CERTIFICATES Section 1. Under authority of the Revenue Certificate Law', as 1 r tf, amend'ed; for the purpose of paying the cost, in whole or in part, of acquiring all ofAhe G'ity's outstanding; Water' and'Sewerage ,Rev"enue Anticipation Certifi- cates and for,,the purposeL'of ;financing, ,in. whole or in, part, the cost of, adding to, extending, improving and equippidg the City's water and seweragesystem, there be and there, is hereby authorized to be' issued 'revenue anticipation certi- ficates of the .City of Smyrna, dated December 1, 1954, in the principal amount of'Nine Hundred Thousand Dollars ($900, 000). The principal of and'Ahe interest * on all of said certificatesshall be payable solely from a special fund hereinafter created and designated "City of Smyrna Water and 'Sewerage System Sinking ' Fund" (.hereinafter; sometimes referred to as"'Water and'Sewerage .System Sinking Fund" or "Sinking Fund"), and all of the covenants, agreements and jprovisions of, this ordinance shall be for the equal and proportionate benefit and i security of tli'e holder of any certificate or interest coupowissued`hereunder, including anyparity -certificates hereafter issued pursuant.to the provisions of ' k � ,. Arficle IV, Section 7 hereof. r; l Section 2. Said certificates shall be designated "City of Smyrna Water and Sewerage Revenue Anticipation Certificates, Series 195411, and shall { t be in the total principal amount -of $900, 000, in the denomination of $1,,000 each, } r numbered upward from 1 to 900, inclusive, consecutively in order of maturity, E{L(. •, i [[[ with the principal maturing in installments on the 1st day of January, lowest , F - J numbers first, as +follows: $12, 000 in the year 1956, r $16, 000 in the year 1957, `". $21, 000 in the year 658, h $22, 000 in each of the years 1959 and 1960; ' $23, 000 in the year 1961, j $24, 000 in 'each of the years 1962 and 1963; �. $25, 000 in the year 1964, - t $26, 000 in the year 1965, t $27, 000 in the year 1966, $28, 000 in each of the years 19,67 and 1968. $29, 000 in the year 1969; , ' $30, 000 in the year 1970, r A „ ti: 7 r r $31, Q.00 in the 'year,197-1, $32, 000 in the year 1972, 1 . • $33, 006 in the year 1973, $34, 000 in the year 1974, t $35,, 000 in the year 1975, ' $37, 000 in the year 1,976, j $38, OOA in the. year .1977, . 3 ' $39, 000 in the year 1978,` , ' $40, 000 in the year ,1979, , ' $42, 000 in the year 1.980, $43,,000 in the year 1981, $45, 000 in the year 1982, G. r '$46, 0.00 in the year 1983, $48, 000in the year 1984. 1; 1 Certificates -numbered 1 to 93, inclusive, maturing in the years 1956 to 1960, ' 4 inclusive, bear interest at the rate of two and three -fourths. per centum (2 3/4%) ' per annum; certificates numbered 94 to 215, inclusive, maturing'in=the, years t• € 1961 .to 1965, inclusive, bear interest at the rate of three,per centum (3%) per i annum; certificates -numbered 216 to 522, inclusive, maturing in the years 1966 ';to 1975, inclusive, bear interest at the rate of three and.'one-fourth per centum f (3 1/40/6}'per. annum; and certificates numbered 523 to 900; inclusive, maturing in the years. 1976 to '1984, inclusive, bear interest at the,rate of three and t forty -hundredths per :centum ,(3. 40%) per..annurri. , All 'of said interest accrues ,. from date'and is payable July 1, 1955,and semi-annually.the,reafter on the 1st ' daays of January and July in each year, and is represented, ,by,appropriate coupons to be attached to said certificates. t Section 3. The certificates shall be signed by the Mayor and attested. by the.Glerk of the City of Smyrna, and the corporate seal shall be affixed. The coupons to be, attached 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 delivery of such certificates, such .signature shall .nevertheless be valid and 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 in substantially the following form, to -wit: i a 4 y S r IL. j 0 A UNITED"STATES OF AMERICA STATE OF GEOR GIA CITY OF SM kRNA WATER AND SEWERAGE REVENUE. ANTICIPATION CERTIFICATE: SERIES 1954 i $1,000 t. 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 the specis.l fund provided therefor, as hereinafter set forth, to bearer, " or if ,xegisltered as herein provided, to the registered owner hereof, on the 1 st .day of January, 19 the principal, sum of ONE THOUSAND DOLLARS „ and. to pay solely from said special fund interest thereon from date at the rate r 3 4 �. i of per centum ( %} per annum, payable semi-annually, on the 1st days of January and July in each year, until payment of the principal i amount hereof, upon the presentation and surrender of the annexed interest on this certificate are. payable id lawful money of the United States of. America at The Fulton National Bank, Atlanta, Georgia. , " r . ! This certificate is one of a series 6f like tenor., except as to numbers, } redemption provisions, interestratesand dates of maturity, aggregating the sum of'$900, 000, issued for the purpose .of acquiring all of the outstanding Water and Sewerage Revenue Anticipation Certificate`sof the City and `adding to, extending, !' improving and 'equipping the water and sewerage system'of said City, and is issued under authority of the Revenue Certificate Law (Georgia Laws 1937, p. i 761) of the State of Georgia, as amended, and the Charter of the City of Smyrna,. and is duly authorized b'y,an ordinance of the: Mayor and Council of the City of iA Smyrna' adopted on the day of�November, 1954. z , In addition to the aggregate principal amount of certificates of this f series, the City may, under certain conditions, as provided in said ordinance, r issue additional water and sewerage reverie anticipation certificates, aryl if i 4 t issued, such certificates will rank on a parity with the certificates -of this seriesf,, as to the lien.on the revenues of, said system. Reference.to said ordinance is { hereby made for a description.of the fund charged with and pledged to the pay- ment of the principal of and'the'interest on the certificates of this or 'any other • i i 11 I` ' t + series, the" nature and extent of the security and a :statement of rights, duties and o.bligations'ofthe-City,1and,the rights-o.f the holder's•of the certificates, and the terms and `conditions under which additional certificates may be issued, to all the prov.isions,of which the liolder hereof, by the"acceptance of this certificate assents. + , - • y' _ , .,. 3 } The ordinance provides, among other provisions, for prescribing, } revising and collecting rates, fees "and -charges for the services, facilities and , f+ commodities furnished by the, water and sewerage .system as it now exists and +; as., it may hereafter be added to, extended or improved sufficient to provide funds to, pay the certificates of this or any other series axid the interest thereon, 3 ' and to provide for the -payment into a special fund, designated "Water and 1' y Sewerage System .Sinking Fund''', from the revenues of the system . of an amount, . f- { sufficient to pay the principal of and the interest on the certificates`of this issue i ' as the same become due and payable ,in the current,sinking fund year and to create ,and maintain a reserve thereim for that purpose. 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 r r subject to any pecuniary liability thereon. This, c.ertificatie shall not+be payable ' {. 'from or a charge upon any funds other than the revenues pledged.to the payment ` thereof, and, is payable solely from the special fund provided therefor from the earnings of the said system, including all future additions thereto. No holder Hof s ., this certificate shall ever have the right"to compel the exercise of the taxing s• { power .of the City to pay -the same, or ,the interest thereon, or to enforce payment" t . a thereof against -any property of the City other than the revenues pledged to the payment thereof, nor shall this certificate, or any interest coupon, constitute a charge, lien or encumbrance, legal'or equitable, upon any •other property of the f City. i The certificates of this issue -may be redeemed prior to their respec- 4 tiVe maturities at the option of the•City, either in part on any interest payment F 6 date', ,not earlier than January ;1', 1960, from monies in the .Sinking Fund available for such purpose, or in whole on any interest payment date, - not earlier than a ' }. January 1, .1960, .from any monies which maybe made available for such purpose $� as is provided• in the ordinance. Such redemption may be made upon at least ' thirty (30) days' prior notice by, publication and otherwise as`,proyided in the ordi- u nance, at the principal amount thereof and accrued interest thereon, together with { , i � I k a premium of five per centum (5%) of such principal amount if redeemed on or` ' prior to July P, 1964; four ,per centum (416) of'such principal amount if redeem- ed on or prior.to July 1, 1969; three per ,centum (316) of such.principal amount F if redeemed on or prior to July 1, 1979; and one per centum (11o) of such *princi `, pal amount if redeemed thereafter and before maturity. If,.the certificates are. 1 called in part; then,.any certificates so'called Jor redemption shall be=in the inverse order of their numbering. This certificate shall be fully negotiable for all purposes as de- clared 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 entitled to k the remedies provided by the ordinance and the Revenue Certificate Law, of 1937 i and any amendments thereto. E ` a This certificate may be: registered as to the payment of principal and interest on the books of the Clerk of the City of Smyrna and thereafter the principal hereof and interest hereon shall be payable to the, registered owner, 1 1: and no transfer thereafter- shall be, valid unless made .on the books of the Clerk, I and .an endorsement of such registration shall have been made upon the back of t r this certificate, •unless"the last registration shall have been made to bearer. i i This certificate shall continue subject to successive registration and transfer to bearer at the option -of the owner. di is hereby recited and, certified that. all acts,, conditions and things` required to beid�one precedent to,.; and in, the. issuance of this Water and l Sewerage Revenue'Anticipation Certificate -have been done, have happened and !' r. have been performed in due,and legaljorm as °required by law, and -that pro- 'vision has been made for the allocation of,,an amount of the anticipated revenues i to be received from the water and'sewerage system necessary and. sufficient = to pay the principal of and the interest on said certificate's as they mature in the current -sinking fund year and to create and maintain a reserve for that a C purpose, and that said funds are irrevocably allocated and pledged to the pay- s ! m'ent,-of said certificates and the interest thereon. IN WITNESS. WHEREOF, the City of Smyrna has caused this certifi- cate to be signed by its Mayor 'and its corporate. seal to be hereunto affixed, and attested by its Clerk and it has: caused the annexed interest coupons to be authen- ticated with the facsimile signatures of its said officers as of the 1st day of December,` 1954. I � CITY OF SMYRNA Attest: By- ayor r Clerk I-5 � r ' f. •fir n, �' _ � r _ s .� r COUPON _` t. R ,�On the 1st day.jof r19 unless the hereinafter A. mentioned certificate shall have been called for previous redemption and pro- . vision made for the payment thereof, the City of Smyrna, Georgia,, promises,= 1 f' ,1 to pay to bearer at The,Fulton National .Bank,, *Atlanta, Georgia, ' Dollars t i in lawful money of the United States' of America, solely from the special fund referred to in, and�for the semi-annual interest then due upon; its Water and = Sewerage Revenue Anticipation Certificate, 'Series'1954, dated December 1, 1954, numbered z , Clerk Mayor VALIDATION CERTIFICATE = STATE OF GEORGIA r f x COUNTY OF COBB ' The undersigned Clerk of 'the Superior Court' of Cobb County, State of Georgia, keeper of the record's and seal thereof; does 'hereby certify that this t certificate was validated and confirmed by judgment, of the Superior Court of 1 Cobb County, .Georgia, on the day of 195 4 -and that no i i appeal has been prosecuted therefrom. t d' ' IN WITNESS WHEREOF, I have hereunto set my hand and affixed r the seal of the Superior Court of Cobb County, Georgia,, on this the day of 195 Clerk, Superior Court, Cobb ounty, Georgia SEAL) a I-6 ' L k = ,� •i ,g i x x,, . 41 1 i a + CERTIFICATE OF REGISTRATION Atthe request of the holder o_f the within certificate for its con- : A' , version into a registered certificate, I have this day cut off all coupons `attachedi `to said certificate, and the within certificate is hereby converted into a + } registered certificate, with theprincipal 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 Clerk of the City of Smyrna at the• request,of the registered holder, or his attorney, and noted hereon. But this } certificate may be discharged from registration by being so transferred to { bearer, in which case the Clerk will reattach thereto all coupons then un- matured, t'which were detached the.refro'm,. ! -Dated this w , day ;of ,.'19 ss f ' , �; • c , er City of }Smyrna, DATE OF REGISTRATION: IN WBDSE NAME REGISTERED: CLERK 3 � S n t ,, �. Y { . 7 M x . 7 i c . e ~ I• C i 1 , } F + y s , i, 1 r X Section 4. Title to the certificates .and to the interest coupons thereto appertaining shall pass by delivery in the samemanner as a negotiable instrument payable to bearer, unless such certificate is -registered' in the ` '+ manner hereinafter provided. The certificates may be registered as to the, 1 ♦ payment of principal and interest on the .books of the Clerk`of the City of 7pp Smyrna kept for that purpose, and thereafter the principaPand interest shall be payable ,to the registered` owner, and no transfer thereafter shall be- valid r unless made on the books of the said Clerk and an endorsement of such registration shall have been made upon the back of the certificates, unless the t last registration shall have been made to bearer. The certificates,, shall con- } time- subject to successive registration and transfer to bearer at the option of c, the owner. At the request of the holder of any certificate for its conversion t, into a registered certificate the Clerk, will cut off all coupons 'attached to the J , certificates sought to be registered, and will make proper'notation of registra- tion, and will pay`ah ,interest as it accrues on said registered certificates. to the registered- holder thereof. The certificates may be discharged from regis- tration by being transferred. to `bearer, in which case the Clerk will reattach to -the- certificates all coupons then unmatured which,may have been detached therefrom: - w 1 } t z 1 � A ' t I-8 } ,, a t , ARTICLE II REDEMPTION OF CERTIFICATES BEFORE MATURITY Section 1. The certificates of, this issue may be redeemed' at the option of the City in.part on January 1 or July 1 in any year, not earlier than Jan'aary 1, 1960, from monies in the Water and Sewerage System Sinking Fund , not required for paying the principal of and the interest on the, certificates com- ! R' ,t _ j x ing due in the llidn', current sinkingfund, year, and the maintenance, of a re'serve of $52, 000"therein,, or in wholeon January 1 or July 1 in any year not earlier January' l,* I960, from any be made for than monies •which•may .available ' such purpose; and deposited with. the ,Paying Agentibn o"rbefore the date, fixed for redemption. In the event parity certificates are hereafter issued, the LCitycovenants and agrees that it will not redeem the certificates of this { issue, or any such issue or issues. of 'parity certificate's, in part unless and untiirit has on hand in the Sinking Fund sufficient funds to pay the principal of and the, interest on all, certificates of all' issues coming due' in the current sinking fund year, and the maintenance of a reserve in the Sinking'Fund in the amount required to' pay the highest combined'principal and interest' requirements! , p i on all outstanding certificates in any succeeding sinking fund year; provided,., however, the City is not restricted hereby from acquiring as a whole, by =� `redemption or 'othe'rwise, all.outstand ing'certificates of all such issues from any monies which„may be available for that purpose. At least thirty (30) days before any date upon which any such redemption is to be made, a'notice ' of intention so to r'ede'em, signed by the Mayor and Clerk of the City, of Smyrna, designating the redemption date and d the certificates to be redeemed, shall be published at least once in a newspaper ,of general circulation published in the City of Atlanta, Georgia, and shall be filed at the place at which the principal of and the interest on the certificates shall be payable and shall be mailed, postage prepaid, to all registered owners of the certificates to be redeemed whose addresses shall appear upon the books of registration ,. hereiiabove provided for; but failure so to mail any such notice shall not .affect the validity of the proceedings for such redemption or cause the interest to continue to .accrue on any certificates. ' s • i 1 The, redemption of certificates under this Section shall .be made by 0. r payment of the principal amount of the- certificates to be redeemed and accrued interest thereon to- date of redemption together with a premium of 4 five per centum (51o) of such aprincipal amount if redeemed on or prior to r a July 1, 1964; four per centum (41p) of such principal amount :if redeemed on-, t u, >or,;prior to July 1, 1969;three.per centum (37o) of such principal amount if µredeemed,on or prior to July 1, 1979; and one per centum.(116) of such principal s amount. if redeemed ther.eafter and before maturity. It is expressly understood And agreed, however, that should the City hereafter elect to issue any parity certificates, as it, is herein authorized to do, it shall have,'the right to redeem the certificates of any such'future issue or` issues before it redeems the . , certificates of this issue, or it may redeem the certificates of this issue before r 'T redeeming the certificates of any such future issue or issues, or it may, redeem some' of the .certificate's from this issue and some of the certificates from any such future issue or issues at the same time, provided that withineach.issue, r if the certificates are redeemed in part, such redemption as to said certificates Y shall be in the inverse order of their numbers and maturities. ' Section 2. Nothing herein contained shalt be construed to limit 7.the right of the City to.;purchase with the excess monies, as hereinabove defined,. in the Sinking Fund and,for sinking fund«purpo.ses, certificates ,in the open market at .a price less than the callable price hereinabove set forth. ,Any such'' certificates so purchased cannot be 'reissued and shall be disposed of as is provided in Section 4 of this Article. Section 3. Notice having,,been given'in the manner, and under the , conditions hereinabove `provided, the certificates so designated for redemption shall, on the redemption date designated in such, notice, become and be,, due and payable at,,the redemption price hereinabove specified, and: from and 'after f the date- of redemption so designated, unless default shall be made"in.theopay- 4, ment of certificate,s'so designate dxfor-redemption, interest on the -certificates, ;so+designated for redemption shall cease to accrue and* interest- coupons matur- ing after the -redemption shall become "void. Section 4. Certificates;°redeemed and unmatured coupons appurtenant thereto. shall be canceled or otherwise mutilated and destroyed, and 'record -of such mutilation shall- be made and preserved in the records of the City of Smyrna a ' t f V ARTICLE III',+, CUSTODY AND AND APPLICATION OF PROCEEDS OF' CERTIFICATES The Municipality covenants: ' ' Section 1. That from the proceeds received from the sale,of the certificates issued hereunder $669, 000 shall be deposited with The Fulton National Bank,., Atlanta, Georgia, and applied toward the acquisition of the out- ' t standing Water ,and Sewerage Revenue Anticipation Certificate's which have been „ s called for 'redemption. , Section'Z. A special fund is hereby created and designated' "Water �- and .Sewer"age System Construction Fund" (hereinafter sometimes called the "Construction Fund") for the credit of which there shall be deposited with the r Depository the ,proceeds derived from the sale of`said certificates issued here- f under' remaining after -deducting the sun --required by the provisions of Section 1 i above tobedeposited 'with The Fulton National Bank and used for the -purpose F of addirigito, extending or �impro.ving its water and sewerage system. The monies r r. in the Construction Fund, shall be held by the Depository and` withdrawn and i applied ih accordance with and subject to the provisions and restrictions set forth A in'this Article, and it will not cause or permit to be paid ,from the said fund any sums except in , accordance with such provisions and restrictions; provided, how - that ever; that any monies`in said fund not presently needed for the payment of current E .. r obligations during the course of construction may be invested in direct obligations of the United States Government, maturing no longer than dne (1). year from date j; of purchase, upon passage of a resolution of the governing body to that effect and t. upon proper evidence of the same being delivered to the Depository, and shall be • A held'by it for the account 6f the Construction Fund until maturity or until sold, ' and at maturity or upon such sale,'the proceeds received therefrom, including accrued interest and premium,' if any, shall be immediately deposited by the 1 ,Depository in said fund and shall be disposed of in the-manne'r and for the stir- } poses;'hereinafter provided fori •wAll monies in a"nd a114 securitie'sfheld for the } , i , said fund shail-bey subject to a lien and'charge in favor of the holders of the -4 1 certificates issued hereunder and shall be ,held for`the security of such holders until paid out as hereinafter p rovided. Section 3. Withdrawals from said fund may be made +or ,the purpose C' of paying the cost of the undertaking herein contemplated, including the , purchase of such property and equipment as may be useful in connection ' A i ' - j ' 4 , therewith, and, without intending thereby. to limit or to restrict or to extend i x c 11 any proper definition of such cost contained in the Revenue Certificate Law, {� as it has been amended and: as it may hereafter be amended, shall include: '(a) Interest accruing upon the certificates psrior'to the commencement of and completion of the undertaking herein contem-. plated and for six (6) months after the date of the completion of the ' r improvements and the reasonable fees -of, Paying Agents for the payq 1 ,Ynent of such interest; F 3 (b) The cost of indemnity and fidelity bonds' either to secure . deposits in the Construction Fund or to insurethe faithful completion " of any,contract pertaining to said improvements; , (c), Any taxes or any charges lawfully levied or assessed against.the undertaking; 4 (d) Fees and expenses of Engineers for engineering studies, surveys and estimates, and,the`preparation of plans and supervising the construction; } (e) Legal expenses and fees, .fiscal agent's 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 said improvements; { ! s. (f) Payments made for labor, contractors; builders and C materialmen in connection with the improvements, and payment for �. machinery and equipment and for the restoration'of property damaged I a ogr,`destroye:d in connection` therewith and the -repayment of advances or R tY loans,made it„for the purpose of paying any of the aforementioned costs; + t. (g) The cost of acquiring by"purchase; and the amount of any Y award or final judgment in"'any proceeding'to acquire by condemnation, lands and rights of'wa•y.necessary for the improvements and appurten- • • t r 1y 'r ti ,_ ances rin connection therewith, and options and payments thereon, and any easeme.nts,or rights or'any damages incident,,to or` resulting from the making of'such'improvementS. III - 2 a f , 4 F r , x• �Seetionj'. All payment"s from the Construction' Fund shall be } made upon 'checks signed,by the officers of the Municipality properly authorized } P to sign iii its behalf, but before they, shall sign any such checks there shall be Y filed with the Depository. (a) A requisition° for such payment (the above mentioned S m � checks may be deemed a requisition for the purpose -of this Section, siating each; amount to be paid and the name -of the person, firm or e 'corporation to whom payment thereof is' due;,and { "' �4 (b)„ A certificate attached to the requisition' and certifying; 1. That an obligation in the stated amount has been , Y incurred,'by` the Municipality, and that the same :is a proper, 4' charge against the Construction Fund and has"not been paid,• I specifying the purpose and circumstances of such obligation Ash _ y in reasonable detail and to whom such obligation is owed, r , accompanied by the.,,bill or statement of account for such, , ,. obligation, or a copy thereof; and fZ. That they have no notice'of,any vendor's, mechanic's r or other liens or rights to liens, chattel mortgages, or con-- yi ditional sales contracts which should be satisfied or discharged before such'payment is made; and r ` 3. That such requisition contains no item representing' , payment on account,or any retained percentages which the , Municipality is, at the date of such certificates, entitled to . retain. ,3 r (c)" No requisition for payment shall be made until the Muni- } q cipality has been furnished with proper, certificate of the Project �i Superinien8ent that in so, far as such obligation wa's 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 theJ construction or s delivered at the site of the work for that purpose. �' III-3 .. t • t Section 5. No payment shall be made. from the Construction Fund which will reduce the amount in the Construction Fund below an amount it 4 } sufficient to pay interest on the certificates then outstanding that mayObecome !! due and payable up to and including the°time the improvements will be-com- pleted as estimated by the Project Superintendent, and for six (6) months' " A thereafter; provided, however, should there be in the Sinking Fund, hereinafter. r provided for, .monies for the payment of such interest, then this Section shall, r become inapplicable. Section 6. All requisitions and certificates as required by this �{ - r ' Article shall be'retained either by the•Depository or'by the Municipality, a, r subject at all times to inspection by. any officer of the Municipality, the r Project. Superintendent and the duly' authorized agent or representative of the p origirial�purchasers -of the certificates issued hereunder:, f i f r I aJ ` r • � l r �.. d G4 j. Section 7. When the system, as`added to and improved, shall _ have been completed, said fact shall,be evidenced by. a certificate from the' r R Project Superintendent;' stating the date,of°completion, and "should there then L be any balance in the -Construction Fund, such balance shall be paid into the Sinking Fund hereinafter provided for. 7) It ' L" r r Ir i y , 1 ° R III-4 1 , • N — { r F i i' i 4, 1 ARTICLE IV REVENUES AND FUNDS, } u The Municipality covenantsand agrees: ,► , ' Section 1. Thatit is ,now operating and that it will hereafter ' operate its waer'and sewerage system on a,fiscal yearly basis corresponding t^ e e ' with'the calendar year, but the Municipality reserves the right to change its 3 ,fiscal year by a proper ordinance so authorizing. Section'•2'. Beginning with the month of' January, '1955, and , :continuing so long a's any certificates -(including future issues of parity certifi- cates)* issued pursuant to this ordinance are outstanding and- unpaid, all reve- i nues arising from the, operation ofsits�water and sewerage system, as it now • exists and as it may hereafter be improved, added to and extended, shall be collected by it," 6r. by. its 'agents or employee's,, and deposited promptly with the Depository to the credit of a special fund which is hereby, created ;and designated, "Water and'Sewerage System Revenue •Fund" (liereinafter sometimes•calied the t "Revenue Fund' and shall be dispo`se'd of as hereinafter provided. , Section 3'.. 'Revenue s -in "the Revenue Fund shall first be used to G- -� pay the reasonable and necessary costs of operating, maintaining and repairing , the system,. including salaries; wages, costs of materials and supplies," rentals ' = i of leased property, insurance and such other charges as may properly be made for the purpose of operating, maintaining and repairing said system, in 1 accordance with sound business practice. i ', Section 4. After the payment of the treasonable anal'necessary 1F costs of operating, maintaining and repairing the system as in the preceding Section provided, the net'reve`nues thereof so remaining in the Revenue Fund be, and they a"re,hereby, pledged for the purpose of paying the principal of and the interest on the said City of Smyrna Water and Sewerage Revenue Anticipa- I tion Certificates, Series 1954; and any future issue ,or issues of additional 1 'parity certificates issued by it pursuant to the provisions of Section 7 of this i Article. 4. ' IV-1 F The said revenues shall immediately be subject to the lien of 'y r ° „this. pledge without any physical delivery thereof or any further act and the lien of this pledge shall be valid and binding the Municipality and against r .against all othei parities having claims of lny'kind against the 'Muni cipality,, whether e arising from a tort, contract':or otherwise, irrespective of whether such 'F A 1 .. partie.s� have notice, thereof.' , There shall next,be paid from, said Revenue Fund into a special fund which is hereby created and designated as "Water and Sewerage System Sinking 'Fund" (hereinafter sometimes -called "Sinking Fund"), for the purpose of' paying the principal of and the interest on said Series'1954 Certificates_'as the same mature and ,to create and maintain a surplus in the. Sinking Fund of 4 $52, 000, the„sum of $4, 500 per month from January, '1955 to December, 1956,- I " Jr inclusive; the sum of $4,-750 per month from January, 1957 to December, 1960, , r inclusive; the sum of $4, 150 per month from January, 1961 until sufficient funds 1 are on hand to pay all ,outstanding .certificates at their respective maturities and the interest which will become die and payable thereon.: rAl. of said payments +c shall be made'on or before the'la.st day of the month. in which they are due and i + if,. in any month, for .any reason, the full amounts required hereunder .shall not + be paid into the Sinking Fund, any deficiency shall be added to the amount required to be paid into said Sinking Fund in the next succeeding month; provided, x ' however, in the event�it elects to issue parity. certificates;' pursuant to the 1 1 provisions of 'Section 7 'hereof, the above statedY payme nts'into the Sinking Fund c �r ] i will be increased to the extent necessary to pay.the combined principal and 1 interest requirements on the certificates then outstanding and on the certificates then proposed to ,be issued and to create and maintain a reserve for that purpose I Y as provided in'.Section.7 hereof. • Section 5. That, at all times, and from time to time, it will. f X 1 prescribe and place into effect a schedule of rates, fees and charges for the + i. services, facilities and commodities to be furnished by itswater and sewerage 1 system, and as often as it shall appear necessary, it will revise and adjust 4 p r - IV-2 E + i , 4 r: such schedule of rates, fees and charges to the extent necessary to produce f + funds sufficient at all times to maintain and operate said `systems on a sound t businesslike basis, and to provide sufficient revenues for the creation and. maintenance of the Sinking Fund herein provided for in amounts sufficient to discharge the payment of the principal of and the interest. o`n the certificates of 4 this ,issue, or any future parity issue as the same ,become due and payable and to create and maintain a reserve of $52, 000, or such larger amount as may be �a required in the" proceeding authorizing such parity certificates, for that , purpose`. t In the event it shall fail to adopt a schedule or- schedules of s a ' rates, fees.and charges, or, to revise its schedule or schedules of rates, fees >! and charges; im.accordance with the provisions of this Section, any ceiltificate i holder without regard to whether any default, as defined in,Article VII'of this, ordinance,. shall have occurred, may institute and prosecute in any court of t r competent jurisdiction an appropriate ,action to compel the City to adopt a r schedule'.o'r schedules of rates, -fees and charges, ',or to revise, its schedule or F a schedules of rates, fees`,and>charge`s, in"accordaiice with requirements;of this. Section. ,. Section 6. Such fuind's as shall from time to time remain in the Revenue Fund, after the payment of reasonable and necessary costs of operat- ing and maintaining the system and after making the payments hereinabdve f required to bb made into the. Sinking Fund, may be withdrawn from said fund and used by the City as it may so determine, provided said Revenue Fund shall s ! in no event ever be less than $7, 500 to meet any emergency or unforeseen ' contingency affecting the system. i - Section 7. That, it will not hereafter issue any other certificates ,+ +• i or obligations of any kind or nature payable from, or -enjoying a lien upon, the a revenues of. the system prior to the lien for the payment of the certificates herein �i authorized to be issued. Nothing. contained herein, however., shall restrict the �b f right, of the City to issue additional certificates or obligations from time to f k a IV-3 a time payable from the revenues of the said `system junior rand subordinate to r; the lien herein created. •It is further expressly provided that additional. revenue .certifi- cates or obligations maybe issued from time to time:ranking as to the lien on: I the revenues of .said ,sy:stem pari passe with the` certificates 'herein authorized to be issued, provided all of the following conditions are met: r 11 " u * (a) The payments covenanted to be made into the 'Sinking s r Fund provided ,in`Article IV, Section 4 of this ordinance, as the same may S have been enlarged and extended" n any proceedings authorizing, -the issu- t a ance of any additional parity certificates, `must have been made as required. 1 k d f ' w (b) The Cit.y's Corisulti`ng Engineers, Wiedeman & Singleton, 1 4 9 or such other engineer or engineering firm as may be acceptable to the original purchaser's of the certificates issued hereunder, shi.11 certify that. in their opinion the net earnings to be derived from the City's water • and. sewerage system during each..future sinking fund year will equal at , least'gne and one-half (1 1/2) times the principal and'.intere'st coming a. due in.that sinking fund year on ,the certificates of this issue then out-' standing, on any pari passu certificates issued pursuant to the provi- sions hereof, and on the obligations proposed to. be issued. Net earn- ings f.or the purpose of this provision shall be construed to be the estimated gross earnings remaining after the payment of the estimated reasonable and necessary expenses of operating and maintaining the s system as defined in Section 3 of Article IV of this ordinance, but r, before provision for depreciation. (c) An independent and recognized firm of Certified Public i Accountants shall certify in triplicate .to the governing body of -the Muni- cipality'that the requirements as set:forth in subparagraphs (a) and �b) above have been complied with and one copy of said certificate shall 1 have been furnished to the original purchasers of the certificates 'herein authorized. , (d) The governing body of this Municipality shall pas,s -proper + proceedings reciting that all of the above requirements have been met IV-4 i , S 4 o, F ` and authorize the issuance. -of said certificates, which proceedings y shall, among other things, provide for the date and' rate. or rates' of interest', maturity dates, and redemption provisions., The- interest s on the certificates of any such issue shall fall due on.January 1 and j July 1 of, each. year, and the certificates :shall mature in annual install- ments on January 1 or July, 1 of each, year, but not necessarily in eachr f' year or :in equal installments. Any such proceeding or proceedings i shall, require the Municipality; to increase the monthly payments then { being made into- the Sinking Fund'to the extent":necessary to pay,the ° 9 principal of and the, interest,on such parity certificates as are then 4 outstanding and the certificates proposed to be, issued, and io cr'eate- within not more than seven (7) years from'the date of.the certificates a to be issued a reserve in the,Sinking Fund approximately equal to the { � Y highest combined principal and. interest- requirements in any sinking fund year,ori the -then outstanding certificates and the certificates pro,- i fff F a posed to be issued, and to maintain,said reserve in an, amount suffi- d 'cient for thatpurpose'� Any such proceeding or,proceedings shall r restate, and "reaffirm .by reference all of the applicable terms, condi- q % ti•ons and `provisions of this ordinance. I (e) Such additional certificates ar obligations and all.pro- 1 J ceeding,s.`relative thereto, and the security therefor, shall be validated W ' as' prescribed by law. r Section & That the Sinking Fund., herein provided will be kept a ' y as a separate,fund from the other deposits of the City and the depository- holding ' r said Sinking Fund shall', be designated as "Sinking Fund Custodian" and 'is herein- after named in Article V. 'Section,9. Subject to the'terms and -conditions set forth•in this f ordinance, monies in',ihe Sinking Fund shall be disbursed for: (a) the payment of interest upon 'certificates secured, j t' 'he rebyJas such interest falls due, ►' (b) the payment of the principal of the certificates secured' hereby at their respective maturities, IV=5 i a y (c) the redemption of the certificates secured `hereby , before maturity at the 'price and under the conditions provided (r therefor in Article II hereof, or (d) the purchase of certificates in'the`open market,' ' ' w provided, however, the price paid shall not exceed the authorized.? call price, and' ' 4 (e) the payment of the�neces'sary chargers of the Paying ' Agent for paying certificates and interest. Monies in the Sinking.Fund not required to pay the principal 7 I j and interest coming, due; January 1, or,the interest coming due July 1, of any { c , year, may, in the discretion of the governing body and after proper resolution of said body, be invested in short term notes or certificates or bonds of stated , redemption value of the United States Government, any ,such notes; bonds and ;certificates to be held by the Sinking Fund Custodian, in trust for the benefit of x y } said SinkingFund ° The monies in said Sinking Fund an:8'ail securities held in r a and for said fund a'nd-'the income therefrom are hereby pledged to and charged with the ,payments mentioned in this Section. E 1' "Section 10.E°'All tran'sfe'r.s,from the Revenue Fund into other ff funds and from the Sinkng'Fugd shall be made by check signed by the duly 1 authorized officials of jhe City. Section 11. All certificates paid, purchased, 'or redeemed, ' 4, either at or before maturity, shall be delivered to the Clerk of the .City, when such payment or redemption is made, together with all .unmatur.ed coupons { appertaining -thereto; and such certificates and coupons shall thereupon be 'canceled and shall riot be reissued. Ali interest coupons shall be canceled upon 1 their payment and deliyered,to said Clerk. All certificates and coupons, so canceled shall be cremated and record of same shall be filed with -the governing " " :'body of the City. ; { Q, 4 . s { IV-6 ' �. a 'S '� •. .. °, . ` . " ARTICLE V DEPOSITORIES OF MONIES AND SECURITIES FOR DEPOSIT Section 1. Except as otherwise provided in this ordinance, all Y . monies received by the Municipality under the °terms hereof shall, subject to the giving of -security as hereinafter provided, be deposited with the ,Depository f or with,the Sinking Fund Custodian in the name of the Municipality. All monies <deposited under the provisions hereof shall be applied in accordance with the l � terms;:and fo'r-the purposes as set for'th.,in this ordinance and shall not be ff subject to lien or attachment by any'creditbr of this Municipality. _ 4 0 R' No, monies belonging to any of the funds created''hereunder shall i; be deposited or remain on deposit with the Depository and/or Custodian in an amount' in excess of the amount guaranteed by the Federal Deposit Insurance Corporation,, or, other Federal agency, unless such,institution shall. have .pledged for -the benefit of the Municipality and the holders of the certificates e« k as collateral' security for the monies deposited direct obligations of,or obliga- tions the principal ,and interest<of which are°unconditionally guaranteed by the j ' f United State"s Government, o'r other marketable securities eligible assecurity k for the deposit of trust funds ,under regulations of'the Board 'of Governors of the Federal Reserve System and.having`a market value (exclusive of accrued interest) -at least equal to the amount'of'such deposits. fl' Section 2. Cobb Exchange Bank, Marietta, Georgia, l f is,hereby designated as Depository for the Construction Fund; and Cobb ,.Exchange Banks Marietta, Georgia, is hereby designated Sinking Fund Custodian and The Fulton_ National Bank, Atlanta, Georgia, is hereby designated�as Paying Agent for the, certificates, r The "Municipality may, from time to time,- designate ,a"successor { f Sinking Fund 'Custodian;,provided'saia ustodian complies with all of the provisions o'f;this Arfi�cle. a Y 1... x " ° In the event the Sinking'Fund Custodian and the Paying Agent- is }. the same bank acting in both capacities then the Sinking Fund Custodian shall, } s } r i without' any further 'direction on the part of or any further authorization from. the Municipality, use and 'disburse the monies in said Sinking Fund as provided ` a � , in this ordinance; except that, if, as provided under Article II of this ordinance, it redeems or'buys any certificates.issued hereunder with monies in the u - Sinking Fund, then proper authorization and direction from the Municipality Y shall be furnished for such -use and distribution of said funds. • e1 t r n r, e t t n e4 I4 ti 11 1 r r • v-Z ;. 1 t � 4• ' ARTICLE VI. r PARTICULAR COVENANTS t 11 The Municipality covenants: Section l: That it will promptly pay the principal of; and interest on, every certificate issued hereunder and secured hereby at tfie, place, on the dates and in the manner herein, and, in said certificates and in the coupons r they"eto appertaining, -specified, and any premium, required for the redemption ' of said certificates, -according to the true intent and meaning thereof. Thei q 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 4: I pledged to the payment thereof in the manner and,to the extent hereinabove ,l. 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 t� l - • 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. c Section Z. That it has and will continue to enforce reasonable l r rules and regulations, governing the system and the operation thereof, and that x all compensation, .salaries, fees and wages paidr,by it in connection with the maintenance,, repairs and operation of such system will be reasonable, and that ld no more persons will be erriployed. by it than are,necessary, and that it will ? a operate same in an efficient -and economical=manner, and will at all times �. r l maintain the same in°.go'od repair and in sound operating condition, and will make all necessary repairs, renewals- and replacements, and that it will { ' comply with all valid acts, rules, regulations, orders and directions of any legislative, executive, administrative or judicial body applicable to such 'undertakings and enterprise. ��'111111 Section S. That any contracts for labor or materials or construction shall also -provide that payments thereunder shall not be made by it'in excess of ninety (9016). per cent of current estimates,. ekcept payment of the 'final balance under any such ,contract. a � F ' VI-1* r r y ! c _ e 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 {{ i 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'vaiidity thereof shall be contested in good faith and -by appropriate legal proceedings. i F m Section 5. That ,it- will carry adequate public liability insurance, 1 p r and will,insure and at all times keep `the following properties belonging to the. ;y system insured to the full insurable value thereof in a responsible insurance F 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 followin causes:' All buildings and all machinery and equipment` -.therein+ against loss or,dainage jby, fire, lightning, 'tornado or winds; All other property against loss or damage by fire or lightning if the same is not fireproof, and against,lo'ss or damage from other' causes customarily insured against by companies engaged in similar business. All such policies _ `R .shall be for the benefit of and made payable to the Municipality and shall be on deposit therewith. , f • The proceeds of all such insurance policies, except the public liability policies, are pledged *as security for the certificates, but shall be a available for and shall, to the extent necessary grid desirable, 'be applied to the repair and replacement of the°damaged or destroyed property., r 1 VT-2 E A 11 A j A ! 'i. Y A t ' � k' Aw •'3- t ,� All insurance policies ,shall beYopen to,,the inspection` of the certifi- cate holders and their representatives at all reasonable times. L Section 6. That it will keep the funds and accounts of the system, 4 ,► separate from all other fund" and accounts of the Municipality, ,or any of its . departments, and that it will keep accurate records, and accounts of all items, r ?� of cost 'and -all expenditures relating to .the system, and of the revenues collected d and the application thereof, -and of the number of consumers, and that. it will i keep said records and accounts with respect to its physical properties in such t 1 ; ` 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 ` Y the original purchasers.offthe certificates issued hereunder copies of any 6 t b p t :r 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 3 3 I. Municipality, setting forth.in respect of the preceding six months and of the _ twelve months period ending with such last month: (a) A separate income and expense account oP such system-, I (b) All payments to and withdrawals from the various f, funds created herein; , (c) The aggregate amount of certificates issued, paid, i G � purchased'or redeemed; (d) A balance sheet as of the -end of° said six months; ; 1r (e) The amount on deposit at -'the end of such six' months t period to the credit of each of the funds. Section 18. That in the month of January of each year, orwas soon p thereafter as practicable, it will cause an audit to be made of its books and if accoudts pertaining to the system by an independent and recognized firm of t ,. Certified Public"Accountants of:,suitable experience and responsibility, to be a chosen,by thegoverning body of`'the Municipality. Such semi-annual reports { , VI_-3 e.�� A ' I „r 4 and audit report's shall be open to the inspection 'of all interested persons and t, f a copy of the same sent to the original purchasers of the certificates. It will also cause any additional reports or audits relating to such' -system to be made,, I' as required.,by law, and that from time to time,, as often as maybe requested, i i it will furnish to the original purchasers of certificates issued hereunder such other information concerning such.system, or the operation thereof, as any of i them may reasonably request. The cost of audits`shall�be treated as a part ' F V of the cost of operation. Section 9. That so long as any of the certificates shall be outstanding it .will not encumber the system or any part thereof, and it will not '+sell or otherwise .dispos'e of the system or any ,integral part thereof, except it J may sell such system as a whole, or substantially as a whole,, if the proceeds tt' of 'such'sale be at least sufficient,to provide for the redemption of.all certifi- cates authorized under and,, secured by this ordinance'and any interest accrued .or to accrue thereon, and that the proceeds of any such sale shall be deposited r r with -the Sinking Fund Custodian in- trust and applied by. it to the extent necessary a S i 3 ' -to purchase or,redeem such certificates. -Nothing contained+ herein, however, !'jF Tk f shall preclude• sale of`a'part, of the system where,the sale would :not, in any' way, J 1 adversely affect the revenues„of the system, and provided further°that the �. ' proceeds from such sale are used for extensions and improvements to the 1 , e. system, or deposited with the,Sinking Fund Custodian in trust and applied , c toward the purchase or redemption of certificates. i a It will not create, or permit to be created, any charge or lien on the revenues'.of such system,,,as it now exists and as it will hereafter be j •, it . , extended and improved, ranking prior to the lien -on said revenues created to secure payment7'of the certificates of this issue -,or ranking, equally with said I charge or- lien of the certificates` of this *issue, except that it may issue addi- tional certificates standing on a parity.' k5rewith in accordance with the pro- 1[` k i visions of this ordinance. . 1 VI-4 i t k d r r' F� • 1 i ARTICLE VII " ' REMEDIES 4� • Section 1. Each.of the following events is hereby declared an z 'event of default' "that; is, to - say, if: I (a) Payment of the principal of 'any of the certificates. n shall not be made"when.the same shall become due acid -payable, either. at its maturity or by proceedings for redemption; " (b) Payment of any ins�tallinent•,of interest shall not be made s when the same becomes due and .payable,, or within thirty (30) days thereafter• or y r (c) The Municipality shall;' for any reason, be rendered incapable of fulfilling its obligations hereunder; or a x , (d) An,order or decree shall be entered, with the consent or acquiescence of the Municipality, appointing a Receiver, or • r Receivers, of the system, or of the revenues thereof, or any ' proceedings shall be instituted, with the consent or acquiescence of ttie,Municipality, for the purpose of effecting a composition between the Municipality and its creditors, or for the purpose of ad` ustin claims of such creditors pursuant to an Federal i g , P y or State statute now or hereafter enacted; if the claims of such r • , 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 i ' vacated or discharged."orPstayed on appeal within sixty (60) days after entry thereof, or if such proceeding, having been instituted without the -:consent or acquiescence `of the Municipality,_ shall not - G � be withdrawn, or anyorders entered shall not be vacated, dis- charged, or stayed on appeal, within sixty (60) days after the in- E d 1 , y -stitutio.n of -such proceedings, or the entry of.,such orders; or r 'll r VII-1 r� je) The Municipality shall make a default in the due and punctual per f ormance 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 bedperformed, I r F, and such default shall continue for thirty (30) days after written 1 1 ,P 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 (5516) per cent in the principal amount of the 1 , f 6 certificates. then' outstanding may, ,by a notice in. writing. to the Municipality, declare the principal of allaof the certificate s"then.outstanding (if not then due sand 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- cates or. herein contained to, the contrary not withstanding; provided, however, that if at any time after the principal` of the certificates shall have been so declared to be due and payable, all arrears of ,i.nterest, if any, upon all the certificates then outstanding, and all other indebtedness secured hereby, except fe j the .principal of any certificates not then Idue„by their terms,' and the interest accrued on such certificates since the last -interest payment, date, shall have -been.' 5 paid, or shall have been provided for by deposit with the paying agent of such l . certificates of a sum sufficient to pay the ,same, and every other default in the observance,4or 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 (5516) per cent in principal J 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' • Y P 7 ^ rescission or annulment shall extend to, or affect, any subsequent default or impair any right consequent thereto. r f t y y VII-2 j r �s f Section 3.-Upon ;the, happening arid coriti.nuance, 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, action or special proceedings in equity, or at law, ,"either for, the t ,i appointment of a Receiver of the system as authorized`by the,Revenue 'Certifi- c e f cate Law, 'or fo'r'the special performance of any covenant or--agreement-con- tained herein or in aid or execution of any power herein granted, or for'the E� enforcement of any prbper legal or equitable remedy as such certificate holder r, shall deem most effectual to protect acid enforce the right's.afore said, in so Z far as such may be authorized by law. r +� Secti"on 4r In case, proceeding taken by any certificate holder 1 e iF on account of any default shall have been discontinued or abandoned for any reason, or shall have- been determined adversely to such certificate holder, t then and in every such case the Municipality,and the Certificate, holders shall be restored toatheir former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the certificate holders shall continue Y .. G as though .no Such proceedings had been taken:. C Section•5. No one; or more, holders of 'the certificates secured Fhereby shall have.any right in any manner whatever ,by his or their action to i 4 affect, disturb, or prejadi;ce the security -granted. and provided for herein, or, - to enforce any right hereunder, except in the manner herein provided,and and all proceedings at,law or,in equity shall be instituted, had and maintained for the equal, benefit of all holders- of such, outstanding certificates and coupons. F Secti6. No rerrfedy herein conferred upon,the certificate holders 1on W l 4 is intended to be exclusive of .any other remedy, or remedies, and each and t: every such remedy shall be cumulative, and, shall be in addition to every other iremedy given hereunder or .now or.` hereafter existing at law or. in equity, or j. by statute. E n 1 , - VII-3 M M I] t It -�. � s 7e k 5, r"i• .? T' Section 7. No delay or omission 'of,any certificate holder to=.exercise 1 any right or power accruing upon any default gccurring and continuing as afore 4- said, shall impair any such"default or be construed' as an acquiescence therein; and every power and remed7 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. ti l P. 3 C ! 6 ; s 1A F .F R r ., x .� • . y 1 .. vw ,i t VII-4, ARTICLE VIII 1 MISCELLANEOUS PROVISIONS AND DEF.,INITIONS Section 1. Whenever used in this ordinance, the singular shall include the plural and the plural shall include the singular, unless the context , -ALL otherwise indicates.• a s Section 2. In case'any one or more of the provisions of this r r ; ordinance, or'the certificates•or.coupons issued hereunder,°,shall for any,11 ' ' reason be held to' -be illegalso'rinvalid, such illegality,,or invalidity shall not 1 affect any other provisions-of„this ordinance,, o;r said certificates -or' coupons,, � but this ordinance and said certificates and coupons shall'be construed and enforced.as if such. illegal or invalid provisions had not been conta"fined therein. '`✓ Section 3. The provisions of this ordinance shall, constitute a contract by and between the Municipality and the holders of the certificates �t authorized to be issued hereunder and .the' holders' of any pari passu, certificate's subsequently issued, and after the issuance of said certificates this ordinance E 1, shall not be repealed or amended in any respect which will adversely affect the r rights and interests of the holders�of said certificates,, nor shall the I Municipality, pass any ordinance in any way adversely affecting the rights of . - t r` such holders, so long as any of the certificates authorized by this ordinance, or the interest thereon, `shall {remain unpaid. The provisions of this ordinance a°nd every sentence'thereof shall be construed as including and as ,being applicable to any future issue or r issues of,parity certificates, as well as to the certificates• of this, issue and , any such parity certificates shall be treated for all intents and purposes, unless t ►4: otherwise specifically stated, jus`t.as'if'they had been issued together with the i certificates of this issue and pursuant to the.term's•of this ordinance., t ' Any subsequent proceedings authorizing the issuance of additional ttt A certificates as in -Article IV this i provided of ordinance• shall in nowise conflict 4 e C with the terms and conditions of this ordinance, but shall,_ for.all legal purposes, f r frr - reaffirm all of the applicable: covenants, agreements and provisions of this_ ordinance for the equal protection and benefit of all certificate holders, t ' VIII-1 r • i ' Any subsequent proceedings authorizing the issuance of additional certificates=provided, for under Section 7,,"Article. IV of this ordinance 4t shall in nowise' conflict with the terms and conditions of this ordinance, but' shall for -all legal'purposes -reaffirm all the applicable covenants, agreements ' and provisions of this ordinance for the equal protection and benefit of all certificate holders. Section 4. The term "fiscal year" shall be deemed to be. the a.= period commencing on the first day of January and extending through the last ' day of December of each year or such other accounting period as may hereafter be adopted by the City for the purpose of operating its water and sewerage i system. The term "sinking fund year" shall be deemed to be the period com- " mencing on the 2nd day of January�in each year and extending through the l st day of January of the next succeeding year. 41 , Section 5. The term ''Mayor and. Council," shall be construed to mean the present governing body of`the .City of Smyrna and any successor or ' M F successors in office to said present 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 j relation to the water and sewerage system. y Section 6. The terms "engineer" 'and "project superintendent" � shall.be construed to'mean the engineering firm of Wiedeman & Singleton,, s Atlanta, Georgia, or their successor or such other engineer or engineering a n firm that might be hereafter employed by the City to plan and supervise the 9a • construction of.the.additions and improvements to the system and in relation to the supervision of the acquisition and improvement of the water and sewerage f system. The terms"water and sewerage system" and "system" shall be construed'as one and the same and shallmeanthe facilities now, or hereafter a owned by the City of Smyrna and used by it in furnishing water and sewerage r • _ 4 , services and facilities. { VIII- 2 - ai t r t i. r w { Section 7. The certificates herein authorized shall be validated in the manner provided by law, and to that end notice. of the adoption {}i d •< ti r r ., �1 of this ordinance and a copy thereof be served on the Solicitor General of, the i Cobb Judicial Circuit, in. order that proceedings for the above purpose be instituted in the Superior Court of Cobb County. Section 8. ,,Any and all ordinances, or parts' of ordinances, in, conflict with this ordinance this day passed, be`andaare hereby repealed, and. 1 k + this ordinance�Aall.,be in'4ull force and effect from,and after its adoption. ' t r C , 1- a t 1 a. f' v. • { e a + R ! t • a t a ! 1' n 1� • :x 1 . i- i •• t a t i! + VIII-3 • r �: r TM.T CLERK'S CERTIFICATE GEORGIA, COBB COUNTY. , I, MRS. HELEN BAMWIN , 'Clerk of the City of Smyrna, Georgia, DO HEREBY CERTIFY that the foregoing pages of typewritten matter constitute a true and correct copy,of an ordinance passed by the Mayor, na and Council of the* City of Smyrna, on the 1st day+'of 1954, in allo.vember, connection+wit.h`the' City of Smyrna,Water and Sewerage Revenue Anticipation t •, q Certificates; Series 1954'in the principal amount of $900, 000, the original'of ,r � which ordinance is in my 'custody and control. " This the 1st 'day of November, 1954q ;•,' J � 1 x ;Clerk r (SEAL) q i ti 4 _ , 9 a, r- ti r f IJ i P f F y r I , u .J t NOTICE OF INTRODUCTION AND PE14DENCY OF ORDINANCE BEFORE THE MAYOR AND COUNCIL OF THE CITY OF SMYRNA AUTHORIZING THE IMPROVEMENT OF.LaGBU DRIVE IN SAID CITY BY THE CONSTRUCTION ON EACH SIDE THEREOF OF CONCRETE CURB AND GUTTER GEORGIA, COBB COUNTY. TO WHOM IT MAY CONCERN: Notice is hereby given: 1. That at a regular meeting of the Mayor and Council of the City of Smyrna, held at seven -forty-five o'clock P. M. on Monday, November 11 1954, at the City Hall, an ordinance was introduced by Councilman V. R. Siddall and seconded by Councilman John Collier, providing that Magbee Drive in the City of Smyrna shall be improved by the construction on each side thereof of concrete curb and gutter. 2. That the street proposed to be improved in said ordinance is Vagbee Drive in the City of Smyrna. Said proposed ordinance provides that Magbee Drive, being a distance of 685 lineal feet from the western intersection of Magbee Drive with the Access Highway in the City of Smyrna, to the eastern intersection of Magbee Drive with McCauley Drive in the City of Smyrna, be improved by the con- struction on each side thereof of concrete curb and gutter. 3. That said proposed ordinance provides that Magbee Drive in said City, as above described, be improved by the construction on each side thereof of con- crete.curb and gutter; said curb and gutter to be what is known as 12« x 2411 roll top curb and gutter. t_ 4. That the estimated cost per front foot to the abutting property owners for such contemplated improvements as above described is $1.25 per front foot of the property in the City of Smyrna, abutting on Magbee Drive on the north and south sides thereof. 5. That if such contemplated improvements as herein described are erected all persons owning property on the aforesaid designated Magbee Drive in said City, shall be subject to a pro rata assessment of the cost of said improve- ments against their properties. ., 6. That all persons owning property fronting or abutting on said street in the City of Smyrna, and all other persons interested in any way in subject matter, are hereby notified and directed to appear at a meeting of the Mayor and Council of the City of Smyrna, to be held on the 22nd day of November, 1954, at seven -forty-five o'clock P. M. in the City Hall of said City, then and there to make any objections that .they may desire to urge against the passage of the proposed ordinance herein described, copy of which is attached and made a part hereof. This 2nd day of November, 1954. ATTEST: i HELEN BALIMIN, City Clerk CITY OF SMYRNA • ffirm, iw,,i� —x o of-� •. .