05-16-1960 Called MeetingMay 16, 196o
A called meeting of Mayor and Council was held at City Hall May 16,1960.
Mayor G. W. Kreeger presided and.called the meeting to order at 7:00 o'clock P. M.
All Councilmen were.present
Citizen M. B. Chase complained. of a nuisance in neighborhood of Wills Street
and. Quarles Ave. claiming an excess of cats housed at 339 Wills Street. Council-
man J. B. Ables read.'ari ordinance pertaining to regulations and ownership of animals
that, in the discretion of Council, may spread.contagious disease or disturb the
public peace. Council voted to accept said ordinance as read on J. B. Ables motion.
On W. L. Keck's second, the vote carried. Also approved.by Council that copy of
ordinance be mailed to all persons and home owners upon report of violation of
existing ordinance.
�On`motion of R. J. Austin, Council voted to annex the property locateAvaeeirwT
of Cobb House and Phillips 11661, Service Station, an area of 142' on Joneshaw
Road.- and 165" on Old Concord Road. It was furtYier' stipulated in the motion, duly
seconded by H. E. Ingram that sewerage facilities for future improvements shall
be negotiated and approved.by Council action. On this action the vote was
unanimous.
ZONING
Application to rezone from residential to commercial the properties of Smyrna
Land Company was deferred to May 23, 1960.
Application to rezone the properties of H. I. McArthur in L. L. 413 and.414
from residential to commercial for business expansion was accepted on R. J. Austin's
motion, second -by W. L. Keck and the date set for public hearing was recorded as
June 6, 196o.
Mayor and. Council, as well as City Engineer and. City Fire Chief discussed.
with Mr. Fred G. Fett, Jr. the differences in opinion regarding safety and.fire
hazards in connection with installation of water lines in Hickory Hills Unit
No. 2. Action came when Councilman J. B. Ables motioned. as follows:
"For maximum safety, City of Smyrna will (1) install six inch Transite water
line across the top curvature of Hickory Circle from Hickory Place to Ashwood.
Drive in Hickory Hills Unit No. 2, charging Mr. F. G. Fett, Jr. the cost, 'per
negotiations this date', of two inch galvanized pipe for the footage per plat
submitted. (2) City of Smyrna will, per negotiations approved, eliminate (1)
fire hydrant at corner of Ashwood. Drive and Spruce Drive. (3) Delete Spruce
Drive main water line by reason all improvements will front on Ashwood and.Twin
Oaks Drive; (4) Install one standard fire hydrant at corner of Twin Oaks and
Spruce Drive. (5) the granting of one sanitary sewer easement in area of Twin
Oaks Drive and Hickory Circle. (6) All the above to be paid prior to release
of purchase orders covering materials required. and the scheduling of the line
installation." Motion was seconded by R. J. Austin and voted unanimous.
Motion by R. J. McCurry, second W. B. Sanders, the following resolution,
submitted by City Attorney G. Conley Ingram was by unanimous vote adopted by
Council:
R E S O L U T I O N
WHEREAS, a survey of the City of Smyrna water and sewerage system made by
Hensley & Associates, Inc., consulting engineers for the City, indicates a press-
ing need for extensions and. improvements in the City's water and sewerage system;and
WHEREAS, the revised.figures of the City's Auditor indicate that the City is
financially able to make the extensions and. improvements in the water and sewerage
system as specified.by the consulting engineers through the issuance of $250,000.00
in revenue anticipation bonds;
NOW THEREFORE, be it resolved. and it hereby is resolved that the City Attorney,
G. Conley Ingram; the consulting engineers, Hensley & Associates, Inc.; and Lex
Jolley, be and they hereby are authorized and directed to institute such proceed-
ings within their respective callings as are necessary for the issuance by the City
of $250,000.00 in revenue anticipation bonds for extensions and improvements in
the water and sewerage system of The City of Smyrna, according -to the plans and.
specifications prepared by Hensley & Associates, Inc., the consulting engineers
for this project.
continuation of May 16, 1960
197
Councilman J. B. Ables recommended acceptance of supplement to 1959 audit re-
port as submitted.by Wm. E. Farrell & Co. C. P. A.'s. In the light of proposed
water and. sewerage bond issue and per agreement reached at City Hall early in
May, 1959 in a meeting attended by City Auditor Wm. E. Farrell, Mr. Lex Jolley
and city officials, the following schedules were adjusted. and accepted on second
by H. E. Ingram and voted.unanimous:
Schedule (B-1) General -Fund. -- Increase in operating charges
Schedule (B-2) Water Rev. Fund -- Decrease in,operating charges -
Schedule (B-3) Extn. & Cons. Fund -- Increase in operating charges
Schedule (B-2) Water Rev. Fund.-- Increase in net revenues
The effect of all adjustments, including water consumption used.by City de-
partments.during 1959 was to reflect a correct analysis of water revenues and net
revenues retained (see copy of "Supplement - 1959 Audit Report dated 5-11-60).
In the scheduled'June lath special called referendum for, charter, change to per-
mit City Manager form of Government, Council on motion by J. B. Ables, second.
H. E. Ingram voted to retain on City Clerk's recommendation the same registrars
nominated .during November 1959 election for Mayor and Council, as follows:
Mrs. Paul Hensley
Mr. Thomas C. Moon
Mrs. J. C. Johnson, Jr.
For Manager - Mr. Lou Schriebman
For Justice of Peace - Mr. R. C. Byrd.
Remuneration for services rendered shall be the same fee as paid during elec-
tion held at City Hall November 1959. Motion by J. K. Chastain, second. R. J.
McCurry, vote carried..
In other action, Council on unanimous vote:
1. Referred.to Street Department Chairman, surface water drainage on Lake
Court & Lake Dr.
2. Authorized Parks & Recreation Chairman to make emergency purchases and
installations for new park on Sanford Place without submitting in Council for
approval bids and purchases in excess of $500.00.
3,. Analized. with favorable approval departmental financial reports as sub-
mitted by City Hall.
4. Increased weekly salary of Water and. Sanitation Supervisor from $95.00
to $100.00 per week effective w/e 5/28/60.
5. Accepted -Mayors recommendation to adopt plan for interim audits to be
submitted in July and October, 1960, payment for auditing services and.financial
reports at the rate of $200.00 per month beginning July 1960 through December 1960
covering cost of interim and 1960 year end. audit. Motion J. B. Ables, second
R. J. McCurry. Voted.unanimous.
6. Accepted.on R. J. McCurry's motion, the sewerage easement from J. E.
Fortner. Returned.for correction the sewerage easement and plat to Glendale
Enterprizes, Inc.
7. Referred.to committee, all action and costs covering business license for
vending machines.
8. Referred to street department chairman complaints of rock stored by C. W.
Matthews on Cherokee Road, also to submit in council cost estimate for curb re-
pairs on Forrest Dr.
9. Approved per J. K. Chastain's motion the hiring of one additional fireman
effective 6-1-60.
10. Voted to change street name of Cobb Farm Road to Plaza Drive per W. L.
Keck's motion.
11. Authorized City Hall to reimburse Mr. E. Jones the purchase price ($125.00)
paid.by E. Jones for drawing board and table used in tax department.
Motion to adjourn by W. B. Sanders, second W. L. Keck. Adjourned 10:20 P.M.
196
continuation of May 16, 1960
Next meeting May 23, 1960.
Mayor: George W. ��ge
M
W
W. Charles
Keck, Councilman
t2
ry, ounce man
,-/-,
AN QRDINANCE PROVIDING FOR ADDING TO, IMPROVING, EXTEND-
ING AND EQUIPPING THE EXISTING WATER AND SEWERAGE SYSTEM OF
THE CITY OF-SMYRNA, AND ACQUIRING THE NECESSARY PROPERTY
THEREFOR, AND; PROVIDING FOR THE ISSUANCE OF REVENUE BONDS,
I }
1 SERIES 1960, IN CONFORMITY WITH,THE TERMS AND CONDITIONS OF AN x
ORDINANCE OF NOVEMBER: 1,- ,1954, AS RATIFIED AND REAFFIRMED BY
I ORDINANCES OF MARCH, 26, 1956 AND �OF 'DULY 9', 1957, 'FOR FINANCING
IN WHOLE OR IN PART THE COST OF SUCH ADDITIONS, •EXTENSIONS AND
w
m IMPROVEMENTS, PAYABLE SOLELY FROM THE EARNINGS OF SAID SYS-
TEM AS' NOW EXISTENT AND,AS HEREAFTER ADDED TO,. EXTENDED AND
.t.
IMPROVED;PROVIDING FOR' FEES AND CHARGES FOR THE SERVICES OF
SAID SYSTEM, AND PROVIDING FOR, THE CREATION OF CERTAIN FUNDS,
AND THE REMEDIES OF THE HOLDERS. OF SAID BONDS, AND FOR- OTHER
PURPOSES:
I, WHEREAS, under and by virtue of the authority of'the Revenue Bond Law
`'- (Georgia Laws 1957, p. 36 et s.eq.) amending the law formerly known as the
Revenue Certificate Law of 1937 (Georgia Laws 1937, p.^ 761 et seq. , as amend-1
f ed) the CITY OF SMYRNA, a Municipality as defined in said Revenue BondsLaw
i
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(hereinafter sometimes referred to as the "City" or the "Municipality") is
authorized to acquire additional water and sewerage facilities by the addition
-----------
thereto of improvements to its present system, and to construct such additions,
and maintain said system, as added to and extended for ,its own use, and for the
use of the public, and to prescribe and revise rates and collect fees, tolls and
charges for the services and facilities furnished by said system, as now existent
and as hereafter added to, extended and improved, and in anticipation of the
collection of revenues from such water and sewerage system, to issue revenue
bonds to finance, in whole or in part, .the cost of such additions, extensions and
improvements to the existing system; and
WHEREAS, the City of Smyrna has heretofore by ordinance adopted'
November 1, 1954, authorized the issuance of and actually issued and delivered
t:> .l
IR
$900, 000 principal amount of Series 1954 Water>and Sewerage Revenue Anticipa-
tion Certificates,. (hereinafter sometimes referred to as "Series 1954 Certifi-
cate's") dated -December 1, 1954, and the principal maturing on the .1st day of
January, lowest numbers first, in,the years and amounts; as follows:
$12, 000 in the year 195.6,
$16, 000 in the year 1957,
$21, 000 in the year. 1958,
$22, 000 in each of the years 1959 and- 1960,
$23, 000 in,the year 1561,
$24, 000 'in,each of the years 1962 and 1963,
'$25,. 000 in the year 1964,
$26, 000 in the year 1965,
$27, 000 in the year 1966,
$28, 000-in each of the years 1967 and 1968,
$29, 000 in the year 1969,
$30, 000 in the year' 1970,
$31, 000 in the .year 1971, ,
$32, 000 in the year 1972,
$33, 000 in the year 1973,
$34, 000 in the year 1974,
$35, 000 in the year 1975,
$37, 000 in the year 1976,
$38, 000 in the year 1977,
$39, 000 in the year 1978,
$40, 006 in the year 1979,
$42, 000 in the year 1980,
$43, 000 in the year 1981,
$45, 000 in the year 1982,
$46, 000 in the year 1983,
$48, 000 in the year 1984; and
WHEREAS, the City pledged as, securitykfo.r the payment of said Series
1
1954 Certificates and any parity obligations therewith issued pursuant, to said
ordinance of November 1, 1954,1 all or so much 'as may be neces sary of the net
revenues of the water and sewerage system; and
WHEREAS, the.City of Smyrna has heretofore by ordinance adopted,March
26, 1956, ratifying and reaffirming' said ordinance! of November, 1, 1954, autho-
rized the issuance of and actually issued and'delivered $1.50, 000 principal amount
of Series 1956 Water 4and Sewerage 'Revenue Anticipation Certificates, dated
May 1, 1956 (hereinafter sometimes referred to as "Series 1956 Certificates")
• ;• • P k� � ,• t t y �
1 and the principal matuiing.on the, 1st day -of JarivarIlowest numbers first, in
the years and amounts, as follows:
$2, 000 in each of the years
1960 to
1964,
inclusive,
$3, 000 in each of the years
1965 to
1969,
inclusive,
$4, 000 in each of the years
1970. to
1974,
inclusive,-
$5, 000 in each of the years
1.975 to
1979,
inclusive, +
$6, 000 in each of the years
1980 to
1984,
inclusive,
$25, 000 in the years 1985 and
1986,
:and said Series 1.956=Certificates, rank -.on a parity�as to lien on the revenues of
water And sewerage system with said Series 1954 Certificates; and
WHEREAS, the'City of Smyrna has heretofore by ordinance adopted July 9,
i
a
LI
ty'.
1957, ratifying and reaffirming said ordinances of -November 1, 1954 and March
26, 1956, authorized the issuance of and -actually issued and delivered $275, 000
9
principal amount of Series 1957 Water and Sewerage Revenue Bonds, dated
September 1, 1957 (hereinafter sometimes referred to as ''Series 1957 Bonds")
1 and the principal maturing on the lst day of January, lowest numbers first, in
the years and amounts, as follows,:
$5, 000 in the year 1965,
$6,,000 in the year 1966,
$8, 000 in -the year 1967,
w= $10, 000 in each of the years 1968 to 1971, inclusive,
$11, 000 in the year 1972,
-$12, 000 in each of the years 1973 to 1976, inclusive,
$13, 000 in the year 1977,
$14, 000 in the year 1978,
$15, 000 in the years 1979 and 1980,
$16, 000 in the year 1981,
$17, 000 "in the year 1982; �' r
$18, 000 in the year 1983,
$19, 000 in the year 1984,
$30, 000 in the year 1985, {
' and said Series+1957 Bond`s raiik`on.a parity'a's tolien'on the revenues of the
�'-I water and sewerage, system with,,said Series .1954 and Series. 1,956 Certificates;
and r {
WHEREAS, on account of the unusual and rapid increase in population
within the corporate limits of the City and its immediate environs, it is now im-
p
erative that additions, extensions and improvements be made to the water and
' sewerage system, the cost of which is estimated to be $250, 000; and
WHEREAS, after consideration; it is deemed advisable at this time to
Imake such additions, extensions and improvements ,at a cost of approximately
$250, 000, in accordance or substantiall in accordance with 'the recommenda-
i Y e
II
1I tions of the City's Consulting Engineers, Hensley & Associates, Inc., Marietta,
Georgia, a copy of which is on file in the Clerks office of the City and by this
reference thereto is incorporated herein ,as ,apart hereof andto accomplish the
foregoing, to issue revenue bonds of the City in the principal amount of $250, 000
to finance, in whole or in part, the cost, of such additions, extensions and im-
a.
provements; and
WHEREAS, it was provided in Article IV, Section 7 of said ordinance of ..
3.
a
November 1, 1954, that additional certificates or obligations might be -issued,
{l from.time to time, ranking pari passu as to lien with the Series ..1954 Certificate:
which provision was ratified, reaffirmed, broadened and extended by said ordin
s
ance of March 26, 1956 and by said ordinance of July 9, 1957 and in Section 8 of
said ordinance of July 9, 1957 the provision was carried forward that additional
obligations might be issued from time to time ranking pari_passu as to lien on
the revenues of the system with said Series 1954 Certificates, Series 1956
q
Certificates and Series 1957 Bonds, under"the terms and conditions and in the
Y
manner set forth, as .follows :
"(a). The payments covenanted to bb made into the Sinking Fund provided
in Article IV,.. Section 4.. of .the ordinance of November 1, 1954, as re-
affirmed and enlarged by Section 7 of said ordinance of March 26, 1956
and by Section 7 of this ordinance, must have been made as required.
(b) The City's Consulting, Engineers, Hensley & Associates, Inc., or
such other engineer -or 'engirieering 'firm a's may be acceptable to the original
purchasers of the obligations issued hereunder, shall certify that in their
opinion' the net earnings to be -derived from the City's water and,sewerage
system during each futurewshriking fund 'year w
ill equal, at least one and one-
half (1, 1 /2) times the principal and interest_cording due in that sinking fund
year on all of the certificates then outstanding, on any pari passu obliga-
tions issued pursuant to the provisions hereof, and on the obligations pro-
posed to be issued. Net earnings for 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 main -
twining the system as defined in Section 3 of Article IV of the ordinance of
November 1, .1954, but before provision for depreciation.
}
(c) An independent and recognized firm of Certified Public Accountants
shall certify in triplicate to the governing body of the Municipality that the
requirements as set forth in subparagraphs (a) and (b) above have been
complied with and one copy of said certificate shall have --been furnished to
the original purchasers of the obligations herein authorized.
(d) The governing -body of -this Municipality shall pass proper proceedings
reciting that all of the above 'requirements have been met and.authorize the
issuance of said obligations, which proceedings shall, among other things,
provide for the date and rate or rates of interest, ,maturity dates and re-
demption provisions. The inter'esi on the obligations of any such issue
shall fall due on January 1 and July 1 of each year, and the obligations shall
mature in annual installments on January 1 or July 1 of each year, but not
necessarily in each year or in equal` installments. Any such proceeding or
proceedings shall require *
equire, the Municipality to increase the monthly payments
then being made into the Sinking Fund to the extent necessary to pay the
principal of and the interest on such parity obligations as are then outstand-
ing and the obligations proposed to be issued, and to create within not less
than seven (7) years from the date of the obligations'to be issued a reserve
"in the Sinking Fund approximately equal to the highest combined principal ,
and interest requirements in any sinking fund year on the then outstanding
parity obligations and the obligations proposed to be issued, and to maintain
0
4' l
said reserve in an amount sufficient for that purpose. Any such proceed-
ing or proceedings shall restate and reaffirm by reference all of the applic-
able terms, conditions and provisions of .this ordinance.
.(e) Such additional bonds or 'obligations and all proceedings relative
thereto, and the security therefor, shall be validated as prescribed by law. ";
3
and j F
WHEREAS, the City has been and is now complying in all respects with the
terms, provisions and covenant's of and making the. payments required of it by
• G
the•ordinance -adopted• November 1, 1954, the ordinance adopted March 26, 1956
and the ordinance adopted July _9, 1957 and it will continue to. -comply withthe-
.terms, provisions and' covenants thereof; ,and
WHEREAS, said ordinances of November 1, 1954, March 26, 1956 and
July 9, 1,957 have in nowise'been amended or repealed .in a manner as'to effect
the conditions as-hereinabove set„forth, and are of full force andeffect; and ^{
WHEREAS, as required by,the said ordinance of November 1, 1954, as
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ratified and reaffirmed and as broadened and extended -by said• ordinances of
March 26, f956 and,July 9, 1957, the said Consulting Engine 0rs'have made theirs
i
certification„to the governing body of the City that the estimated net earnings to
K
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be derived from the City's water and'sewerage system during each future sinking.
fund year will equal at least -one and one ,half (1 1 /2) times the principal and
interest coming due in each,sinking fund year on.the.Series 1954 Certificates,
on the Series 1956 Certificates, 'on the Series 1r957 B,ondsJ$ now outstanding and on
the $250, 000 principal amount of bonds -hereinafter authorized to be issued and
an independent and recognized certifiedpublic accountant has certified to said
body that the requirements of -paragraphs (a) -and (b) above have been complied
vn th. ,
NOW, THEREFORE, BE IT ORDAINED by;the.May,or and Council of the
City•of.Smyrna and it is hereby ordained by authority"of 'same, as followsr,
I Section 1. That all of the requirements .of the `ordinance of November 1,
1954, the ordinance of .March' 26, 1956 and* the ordinances ofs July' 9? 1957, having
been performed and all of theje'rms, provisions and conditions contained in
Section 7 of Article IV of said ordinance 'of November- 1, '1954, as reaffirmed,
i
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L.
5.
L'71
1
j ratified and brought forward in Section 8 of said ordinances of'March 26, 1956
and July 9, 1957, having been met and complied with, there be and there is here-.
by authorized -to be issued pursuant to said ordinance of November 1, 1954, as
ratified and reaffirmed by said ordinances of March 26, 1956, and July 9, 1957,
i
J I'the Revenue Bond Law and the Charter of the City of Smyrna, City of Smyrna
a
Water and Sewerage .Revenue Bonds, ~Series 1966, in the principal amount of
$250, 000 for the purpose of financing, in whole or in part, the cost of adding to,
hf 11.,extending, improving -and equipping the City's water_ and sewerage system, ac-
quiring the necessary ro ert therefor, both real and personal, and paying
q g YP P Y , P , P Y� g
expenses ,incident thereto; all of said bonds shall b6dated as,of June 1, 1960,.
t' shall be in the denomination of $1, 000 each, shall be numbered consecutively
A
from I. upward to 250, inclusive, in order of maturity, shall bear interest from
date at the rate of four and one-half per centum 4 1/2% er'annum payable
.. P i )P _ PY
January 1, 1961 and semi-annually thereafter on the 1st days of January and
F,
July in each year, and the principal shall mature on the Ist day of January,
P.lowest numbers first,, in the years and amounts, as follows:
i
$5, 000, in each,of the. years 1963 and 1964,
$6, 060 in each of -the years 1965 to 1967, inclusive,
$7, 000 in the year 1968, K
$9, 000 in each of the years 1969 to 1972, `inclusive,
$10, 000 in each of the years 1973 to 1975- inclusive,..
�. $1.1, 000 in each of the years 1976- and 1977,
$12, 000 in each.ofAhe years 1978 to 1980, :inclusive,
( $13, 000 in each of the years 1981 and 1982,
f $14, 000 in the year 1983,
$15, 060 in the year 1984,
$36, 000 in the year 1985.
Section 2. The bonds shall be- signed by the Mayor and attested by the
I Clerk of the City of Smyrna, and the corporate seal of the City shall be affixed
a
thereto. The coupons to be attached to the bonds shall be executed with the
y.� } fa c simile,.. signature s,"of said-officers�.1k An=case any officer. wh-ose,signature shall
i 7 � •.i� _4 , `. ,, •'4 + f "-ei ,�, � a y r i.. 1, i r a r
appear on thefbdnds or the coupons shall cease to be ,such officer before delivery
of such bonds, such signature shall nevertheless be valid and sufficient for all
(purposes the same as'.if,he had•re'main.ed"hi office until delivery. The bonds and
1� interest coupons to be attached theretojt-h. e-certificate of registration and the
' certificate of validation to. be endorsed thereon, shall be in substantially the
/
following form, with such variations, 'omissions and insertions as may be re-
quired or permitted by this ordinance, to -wit:
6.
C I
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r:
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F I
UNITED STATES OF AMERICA
STATE OF GEORGIA
CITY` OF SMYRNA ..
WATER,AND SEWERAGE REVENUE BOND, SERIES 1960
{' No. $1, 000
r
FOR VALUErRECEIVED, the City of Smyrna, a municipal corporation
t :
pf the County of Cobb; State of Georgia, hereby promises to pay, solely from
p , the special fund provided therefor, ,as.. hereinafter set forth, `to bearer, or if
z registered -as herein'provided to the registered owner hereof, on the 1st day of
1:41
r ,
January, 1`9 , the .principal sum of
ONE' THOUSAND DOLLARS
and -to pay solely from said special fund interest hereon from date hereof at ,the
. � 4 F` '
�. rate of four .and' one, -half per centum (4.1/2%) per annum; payabletl' ,,January 1,
''1961 and semi-annually thereafter on the 1st days of, January and July in each
4 ,
.year, until payment of the principal amount hereof, upon presentation and
surrender of the annexed°:interest coupons a they respectively become due, or
if this bond be registered otherwise than to -bearer as herein provided, to the
;registered holder hereof. Both principal of and interest on this bond are paya-
r
ble in lawful money of the United Staters of, America at The Fulton National Bank,,
Atlanta., Georgia.
This bond is one of a duly authorized. issue .iii the aggregate principal
amount of $250, 000 of like tenor, except as to -numbers, maturities and redemp-
tion provisions issued for -the purpose of :financing, in whole or,in part, the cost
of adding to, extending, improving and equipping the City water and sewerage
r".system, acquiring the necessary property,therefor, both real and per's'onal, and
paying expenses incident thereto; and is issued under authority of the'Revenue
,r L
Bond Law (Georgia Laws 195,7,'p. '36 r.et seq.) amending the law formerly known,
as the Revenue: Certificate Law 'of i937 (Georgia Laws 1937 p'. 761 et seq. , as,
f+ amended) and the Charter of:the City of Smyrna and duly authorized by ordinances.
f of the. Mayor and Council 'of the City of Smyrna, adopted on the lstday of Novem-
ber, 1954, on the 26th day of March, 1956, on the 9th day of July, 1957 and on
• i
7. �.,'
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the .7>3-�-Ly of May, 1960, respectively. The City has, heretofore issued
f r $900, 000 'principal, amount of Series 1954 Certificates pursuant to the ordinance
of'November 1, 1954, $150, 000 _principal amount of Series 4956 Certificates
t' pursuant to the ordinance -of March 26, 1956 and.$275; 000 principal amount. of
}
Series 1957 Bonds pursuant to the ordinance of July 9, 1957. The bonds, of
s this issue rank on a parity, as to lien on the revenues of said system, with said
Series'1954 Certificates, Series 1956 Certificates and Series 1957 Bonds. In
addition to the aggregate principal amount of bonds of this issue, the City -may, ,
e, A
under certain terms and' conditions, as provided in .said' ordinance adopted Novem-
ber 1, 1954, as ratified'a d reaffir`n ed'by'sa d ordinances of March 26, 1.9.56,
3, +.
July 9, 1957 and,May °.Z3 1960, issue additional bonds or obligations which,
if issued, will rank on"a parity, as to the lien on,said revenues, with the bonds
i
'of this issue, the Series�h1954 and-Series'1956 Certificate and Series 1957 Bonds.
_ t
Reference to said ordinances is. hereby,made for a complete -description
of the fund charged,with, and pledged to, the payment of. the principal of and the
F 3
interest on the bo-nds of this issue, the nature and extent of the security for the
i
payment thereof; and for a statement of the rights, duties and obligations of the
City; the rights. .of the holders of the bonds and the terms and conditions under
which additional pars passu bonds may be issued under said drdinance of Novem-
ber. 1,.,1.954, as ratified and reaffirmed by said°ordinances of March 26, 1956,
July 9; 1957,,and May -Z3 , 1960,, to all the provisions°'of .which the holder here-
of, , by the acceptance' of this bond, assents.
The ordinance of .May a; 3 ,. 1960, provides, among other provisions,.
for prescribing and"revising rates and. for collecting fees and charges for the
services, facilities and commodities furnished by the water" and sewerage.sys-
,, temas.now" existent and as hereafter added to, extended, .improved and equip-
. .
' ped, sufficient.to provide funds to pay the reasonable and, necessary costs of
;maintaining, repairing and operating said system, and to pay into a special fund,
designated "Water and Sewerage System Sinking Fund", from the revenues of the
. system amounts required to "pay the principal of and interest on the bonds of this
f
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a 8.
issue, the. Series. 1954 Certificates, the Series 1956 Certificates, the Series
1957 Bonds and any bonds,, hereafter issued on a,parity therewith, as the -.,same
}i become due and payable and to create and maintain a reserve for that -purpose.
IJ .
This bond shall not be deemed to constitute a debt of the City -of Smyrna,
! i
nor .a pledge of the faith and credit of said City nor shall the City°be subject to
x
any pecuniary.liability hereon. This bond shall not be payable from, nor a
change upon, any funds other than the revenues pledged to the payment hereof,
' a
and,.is payable solely from the°'fund provided therefor frbm the earnings of the`
said system, including all futurey additions `thereto. No 1holder of this bond shall
ever have the right.to compel the exercise of the taxing power of the, City to pay
the -same, or the, interest hereon, or .to enforce payment.hereof, against any
a
proper"ty.of.the City, nor shall this bond or any iriter;est .coupon -constitute a
charge, lien or encumbrance, •legal or equitable,: upon any property of ,the City
other than the revenues pledged to the payment hereof.
Thez,bonds of this issue -may be redeemed prior to their respective° matu-
E rities at.the option of the City, either -in whole or in part', on any interest pay, r
'ment dat_e:in any,year not ea,rlier•than January 1, 1968,, from any monies which
may be made,avalable for such purpose, -as provided in said ordinance of May
1960,,, Such redemption may be made upon at leastthirty(30) days' prior
I ,
notice; by'publication and otherwise as provided in the said ordinance, at the
1 principal amount thereof and accrued inte,r.est thereon, together'wiih a premium
of five 'per centum .(5%} of such principal; amount if redeemed on'or prior to '
1
July 1, 1977 and -two and' one-half per centum (2 1/2%) of such,.principal amount,.
a
if redeemed .thereafter before, maturity. If the .bonds ,of this issue are called in
part, `then any,b.onds so',ca,4ed,fox..redemptiomshall be tin the, inverse .order of
k,
their- numb e ring.
E This bond'- shalk be fully negotiable, for alI purposes. -as declared by the.
Revenue Bond Law and 'is,issued with,,the-'intent thatabPe laws of the State of
.$
Georgia shall govern,its construction:
In case ,of'default, the holder of this bond shall be entitled to the reme-
dies provided by the ordinances and the Revenue Bond Law and any amendments
thereto. s
9
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This bond may be registered as to the payment of principal and interest on
the7 books of the Clerk 'of the City of Smyrna and thereafter the principal hereof,
and interest hereon shall be payable to the registered owner, and no transfer
thereafter shall be valid unless made on the books of the Clerk, and an endorse-
ment of `such registration made upon the back of this bond unless the last�registra
tion shall have been made to bearer. This bond shall continue subject to succes-
sive registration and transfer to bearer at the option of the owner.
It is hereby recited and certified that'all acts, conditions and things re-
quired to 'be done precedent to and in the issuance of this Water and Sewerage
Revenue Bond have been done, have happened and been performed in due and
legal form as. required by law, and that provision has been made for the allocaM
. c
tion of the anticipated revenues of the water and sewerage system, as. now
existent and as -hereafter added to, extended and improved,. sufficient in amount
to pay the principal of and interest -on all of said certificates and bonds as. same
mature and to create and maintain a reserve for that purpose and that "said funds
are irrevocably allocated and pledged for the payment thereof..
IN WITNESS WHEREOF, the City of Smyrna has caused this -bond too be
signed by its Mayor and its corporate.seal to be hereunto affixed, and attested
1
, by its Clerk, and has caused the annexed interest coupons to be authenticated,
with the facsimile signatures of its said officers' as of the 1st day of June,- 1960.
E
CITY OF SMYRNA
1 BY
Mayor
Atte st
erk= M'
(SEAL) 4 d
I R Y
i J
10.
n
,e COUPON
N o . m$22. 50
On the 1st day of 19 , unless the hereinafter described 4
bond shall have been duly called for previous redemption and payment of the
redemption price made or provided therefor, the City of Smyrna, Georgia,
promises to pay to bearer at The Fulton National Bank, Atlanta, Georgia,
"TWENTY -TWO AND 50 / 100 DOLLARS
in lawful money of the United States of America, solely from the special fund
referred to in, , r* and for the semi-annual interest then due upon, its Water
and Sewerage Revenue Bond, Series 1960, dated June 1,. 1960, numbered
Clerk Mayor
="except on coupons numbered 1, which shall be $26. 25 - Twenty -Six and
25/100 Dollars
**-.except,on coupons numbered 1, which shall be "and for .the seven monthsa
interest then due upon, "
VALIDATION'CERTIFICATE
STATE OF GEORGIA 1
COUNTY OF COBB K
The undersigned Clerk of the Superior, Cgurt•of: Cobb County, State of
Georgia," keeper' ofsthe,records and seal' thereof DOES HEREBY `CERTIFY that
� i aie .. 4•. ,ti ., ari: � . f,
.this bond was validated and confirmed by judgment of,the Superior'.Court of
Cobb County, Georgia, on the day of , 1960, and that no
p exceptions have been filed to the proceedings validating same, nor has any.
3
appeal been pr6secuted therefrom.•
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal
of the Superior Court of .Cobb County, Georgia.
Clerk, Superior Court, Cobb County „
(SEAL)
EI
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k' CERTIFICATE OF REGISTRATION
1. At the request of the holder of the,within bond for its conversion into a
1 ,
registered bond, I have this day cut off all coupons attached to said bond,. and
the within bond, is hereby converted into a registered bond, with the principal
hereof and interest hereon payable to the regi.`stered holder. Hereafter no .trans
fer he'r,eof while" registered,,sliall be effectual,,unle'ss nl`iade onPthd books of the
Clerk of .the City of �Sm rnalb 1hea`rb ist'ered•holder, or'his attorney, and noted
f ,y y y g r
hereon. -But this -bond may- be.discharged;.from registration by being so trans-
R. i t.
ferred to bearer., in which' case`the Clerk will reattach hereto, all coupons then'
unmatured which were detached herefrom.
' Dated this day of 1917
��
{ ✓`�'
DATE OF REGISTRATION . ,. IN WHOSE NAME REGISTERED CLERK
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Section 3. Title -to the bonds and to the interest coupons thereto appertain
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ing shall pass by delivery in the same, manner as a•negotiable instrument payable
to bearer, unless such,.bond is registered in the manner hereinafter provided.
The bonds may be registered as to the payment of -principal and interest on the
bgoks'of,the Clerk of the City of Smyrna kept for that purpose, 'and ther ea
fter the
principal thereof and -interest thereon shall be payable to the registered owner,
and no transfer, thereafter shall -be valid unless made on the books of the' said
Clerk, and an endorsement of such registration made upon the back of the bond,
unless the.last registration shall have been made to bearer. The bonds shall
continue subject to successive registration and transfer to bearer at the option
of the owner. At the request of the holder of any bond for' its conversion into a
r
registered`ond, the Clerk will cut off�all coupons attached „to the bonds sought
to be registered, and will make proper notation of registration and the City will
pay all interest as it accrues on said registered bonds to the registered holder
thereof. The bonds may be discharged from registration'by being transferred to
bearer as hereinabove provided, in°which case the Clerk will reattach to the
bonds all coupons then unmatured which may have been detached therefrom.
A'
f i 4
Section 4. The bonds of this issue -'shall stand on''a parity and shall, be of
equal dignity with theg $900, 000;"principal�a'mount of said Series 1954 Certificates,'
I
.the $150, 000 principal ,amount of said Series, 1,956� Certificatevand the $275, 000
.J principal amount of said Series 1957, Bonds and -shall be .secured -by the lien on
„ y t
the',revenues 'of.ttlie• system created''u1nder the provisions of the"ordinance of
November 1, 1954 as ratified, reaffirmed, broadened and extended by the ordin-
ances of March 26, 1956 and July 9, 1957 and as the same is broadened'and_ex-
tended by this ordinance just as'if said Series 1954 Certificates, said Series
1956 Certificates, said Series 1957 Bonds and the bonds of this issue had been
+ issued simultaneously under the same ordinance.
1 er
Section .5. The bonds of this issue may be redeemed prior to their respec-
�I* 'tive maturities at the option"of the City in part, on any interest payment date in
� 1
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13.
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any year, not earlier than January 1; 1968, from monies,in the Sinking Fund not
required for paying the, p rincip al of and 'interest on the Series,. 1954 Certificates;
the said Series 1956- Certificates, the said Series 1957 Bonds and the bonds of
e
this issue,' coming due in the then, current'sinking,fund year,, .and for maintaining
a reserve'therein'of $100, 600 for that ,purpose, or in whole, on any interest
payment date in any .year,not earlier than January 1, 1968, from 'any monies
which may be made available for such purpose, and deposited with the, Paying
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Agent'on.or before the date fixed for redemption. At least thirty (30) days be-
fore any date upon which any such redemption .is to'abe' made; a notice'of intention
so to redeem signed by the` Mayor• and,attested by the Clerk of. the City of.
Smyrna designating the redemption date and the bonds to be redeemed shall be
publi'shed 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 interest on
the -bonds shall be payable and shall be mailed,, postage' prepaid, to all registered
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owner's of bonds ,to be redeemed whose addresses Lmshall appear upon,the books of
.registration hereiriabove 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 bond. The redemption of bonds hereunder
v a
shall be .made' by' the payment of the principal amount of the bonds to be redeemed
and accrued,inter6st thereon to date of redemption, together with a premium of
a
=five per centum „(50/6) of such principal amount if redeemed on or prior to July 1,
c
1977; and two and one-half. (2. 1 /2%) per centum of xsuch principal amount if
redeemed thereafter before maturity. `If'the bonds of this issue "are calred'in
part, then any bonds so called for redemptiori'shall be in•the inverse order of
k r
their` numbering, beginning with Bond No.. 250 and working backward.
So long as"the"reserve in the said Sinking Fund is being maintained as above
provided, orisuch'iarger amount'as may hereafter be required as provided in
Section 1 of Article II•of said ordinance of November 1, 1954 in the event -it shall
issue parity obligations with the said Series 1954 Certificates, Series, 1956 Ce;r-
1
tificates,, Series, 1957 Bonds and the bonds of this .issue, nothing herein contained
C
i�Y• 14• r r' r e
111 ,-y
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shall bp, construed to limittthe right'of the City.to redeem"`the~Series 1954 Cer=
tificates or the Series, 1956- Certificates or the Series 1957 Bonds before, it
redeems the bonds,of this issue, or it may redeem the bonds of this issue before
it redeems the Series 1954 Certificates or -the Series 1956 Certificates or the
Series 1957 Bonds, ,or it may redeem some of the obligations of any of said
issues, in which event within each issue such redemption of obligations shall be
�f
in the inverse order of their numbers and maturities.
Notice having been given in the manner and under the conditions herein -
above provided, the bonds of this issue 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, unless default shall be made., in
the payment of the bonds so designated -for redemption. Interest on the bonds so
designated for redemption shall,, after the, giving of such notice, cease to,accrue
and interest coupons maturing after the redemption shall _become void.
Nothing herein contained shall be construed to limit the right of the City
to purchase with excess monies, as hereinabove defined, in the Sinking Fund
and -for sinking fund purposes, bonds of this issue in_the open market at ayprice
lessthan the callable price hereinabove 'set forth. r
Obligations redeemed, purchased -or acquired and unmatured coupons
appurtenant thereto cannot be reissued and shall be cancelled or otherwise muti
lated and destroyed, and a'record,of such mutilation shall -be made and preserved
in the records of the City.
Section 6. The proceeds derived from the sale of said bonds including
interest thereon shall be deposited in -a special .fund hereby created and designer-
, 4
ted "Water and'S'ewerage System Construction Fund", (soVetimes hereinafter
'Wr- IV, oty,
referred to as "Construction Fund" � t
The monies in the Constructiori.und shall be held by the Depository in
trust and applied toward payment of the cost of adding to, extending and improv-
ing the present water and•,sewerage system of the City of -,Smyrna in accordance
•. ! + 1. k w +
with and subject to the provisions and restrictions set forth in this ordinance anc
zp
15.
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the, ordinance of November 1, , 1954 a' ikthe'tity cdv rants that it wiil' not cause
or permit to be paid from the, Construction Fund any sums except'in'accordance
with such provisions and restrictions. All monies in the Construction' Fund shall
be subject to a lien and charge in favor of the holders ,of -the bonds issued under
the provisions of this ordinance, and outstanding at any time, and shall be held'
for the future security of such•holders until paid out, as hereinafter_ provided.
I
Bank of Smyrna, Smyrna, Georgis is hereby designated Depository for the. :I
I_. Construction Fund herein created.
S
Said Construction Fund shall be used for the -purposes herein provided and
I
for the applicable purposes provided in Section 3 bf said ordinance of. November
1, 1954, and monies therein shall be expended and used in the,manner and by
the procedure established under the provisions of Article III, Sections 2 to 7,
inclusive, of said ordinance of November 1, 1954. Said Article and said Sections 1
and each and every appropriate sentence and'provision thereof be and they are
hereby declared applicable to -the bonds of this issue and -,for the purpose of
making same applicable, and the City does hereby reaffirm and adopt same as a
part of this ordinance as if the same were set forth verbatim herein.
Section 7. The City covenants 'that it will continue to operate its water and
sewerage system on the same fiscal year basis as provided in said ordinance of,
November 1, 1954; as ratified and reaffirmed by said ordinances of March 26,
4956 and July 9, 1957, and will ;continue .to maintain the Revenue Fund as .therein
provided, into which said fund -it will deposit all revenues received from -the
1
operation of said system.
The City'has heretofore created, pursuant to Section 4 of Article IV of the
ordinance. of November 1, 1954, � a special fund designated "Water and Sewerage
System Sinking Fund"., (hereinafter sometimes, referred to as "Sinking Fund"); as
_i.
�I broadened and extended by Section.7 of said ordinance of March 26, 1956 and by
9
Section 7 of said ordinance of July .9, 1957, into which fund it *agreed to pay the
sum of $6 625 per month beginning- with the month of September, 1957., and con-
tinuing pi
, � gg � _ P
tinuing from month+ to month'thereafte'r until sufficient funds are on hand to pay
4 1 i x1
16.
i
the'outstanding Series 1954 Certificates, the outstanding Series, 1956 Certificates
and the outstanding Series 1957 Bonds at their respective maturities and.the
interest which will become due and .payable thereon.
The said monthly payments detailed above must be increased in•the aggre-
gate tp�provide sufficient monies with which to pay the principal of and the inter-
est on the bonds_of this issue, the said Series 1954 Certificates; the .said Series
1956 Certificates and the said Series 1957 Bonds as, the :same become -due and
payable and to create and maintain a reserve of $100, 000 for that purpose. The
1' City therefore hereby covenants and agrees to pay the sum of $8, 000 er month
beginning with the month of June, 1960 and, continuing from month to month there
after until sufficient'funds`are on hand, by virtue of sa.id,increased payments to
�. pay the outstanding Series 1,954 Certificates,, the outstanding Series 1956 Cer-
tificates, the outstanding Series 1957 Bonds and the bonds of this issue and the
interest which will$become 'due and payable,thereon,"' , 4!
R
If, in any month, for any reason, the City shall fail to pay all or any part F..
of the money it has herein agreed to pay, into said Sinking Fund°the amount of any,
such deficiency shall be added to and shall become a part of the amount due and
4
payable, by the City into the Sinking Fund in the' next succeeding, month.
As provided in said ordinance of ,November 1,, 1954, as ratified and re-
affirmed by said ordinances of March 26, 1956 and July 9, 1957"and as hereby
ratified and reaffirmed, all revenues received by the City from its water 'and
sewerage system immediately become 'subject to a lien to secure the payment,by
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the City of the amounts herein agreed to be paid, -and the City hereby reaffirms
the pledge of such revenues and'hereby covenants and agrees that the revenues.
received by it from such system shall in like manner be pledged to secure the
{
payment by the City of the amounts herein agreed to be paid and" that the lien of
this pledge `shall be valid and binding.:)against the City and against all other
parties of any kind and against all claims of any kind against the City, whether
arising from a tort, contract or otherwise, irrespective of whether or not such
.parties have notice thereof,
The said Sinking Fund shall..be held by Cobb Exchange Bank, Marietta,
u
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17.
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Georgia, and said fund shall be maintained and held in trust for the benefit of
the holders of Series 1954 Certificates, Series 1956 Certificates, said Series
1957 Bonds'and the bonds of this issue and any other bonds or obligations here-
after;iss'ued ranking pari passu with the Series 1,954 Certificates,. the Series
1956 Certificates, the Series 1957 Bonds and the bonds of -this issue, and the
beneficial interest therein shall be considered to' be in such holders of -said
obligations.
s,
Nothing herein, contained -shall be coristruedtto prohibit the City, at its
a� I
option, from'making additional depo.sfts_or payments' into the Sinking Fund from
any monies which may be;,niade.a'vailable for such purpose.
Section 8: The City further covenants and agrees that it will not. exercise
the privilege provided in Article IV, Section 7 of said ordinance of November 1,
1954, as ratified; reaffirmed, broadened and extended by Section 8, of said ordin-
ance of March 26; '1956 and Section 8 of said ordinance of July 9, 1957, of issu-
ing additional obligations "ranking as tolien pari passu with the said Series 1954
Certificates, with the said Series''1956'Certificates, with the said Series 1957
Bonds and the bonds 'of this issue, unless or until all, the following conditions are
met r
(a) The payments covenanted -to be made into the Sinking Fund pro-
vided in Article IV, Section..4 of the ordinance of November 1,. 1954, as
broadened and extended by Section 7 of said ordinance of March 26, '1956,
by Section 7 of said ordinance of July 9,. 1957 and by Section 7 of this
ordinance, must have been made as `required.
(b) The City's Consulting Engineers, Hensley & A'ssociates, ,Inc.,, or
such other engineer or engineering firm as may be acceptable to the
original purchasers of the obligations issued hereunder, shall 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 one and..one-half (1 1 /2) times the principal and interest coming due
in that sinking fund year on all of the certificates then .outstanding, on any
r,-pari passu obligations issued pursuant to the provisions hereof, and on
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18.
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the obligations proposed to be issued. Net -earnings for the purpose of
this provision shall be construed to be the estimated gross earnings
remaining after the payment of the extimated reasonable and necessary
expenses of operating and maintaining•the system ,as defined in Section 3
of Article IV of the ordinance of November 1, 1954,4 but before provision
tx
for depreciation. y
(c) An independent'and r}ecognized`firm of Certified'Public Account-
ants shall certify in triplicaxe to'the gove•rningrfbody +of the,MuLcipa' lity
that the requirements. as setforth in subparagraphs (a) and (b) above
. F
have been complied with and one copy of said certificate shall have been
t ,
furnished to'the original purchasers of the ,.,obligations herein,authorized.
l " (d) The governing body of this 'Municipality shall pass proper proceed-
ings reciting `..that all. of the above requirements have been met and
authorize the issuance of said obligations, which proceedings' shall, among
y
other things, provide for the date and rate or rates of interest,. maturity
dates and redemption provisions." The interest on the obligations of any
such issue shall fall -due on January 1 and July 1 of each year, and'the
F { �
obligations shall mature in annual installments on January 1 or July 1 of
F
each year, but not necessarily in each year or in equal installments.
• F:
Any .such proceeding or proceedings• shall require the'Municipality to in-
crease the monthly payments then being made into the Sinking Fund to the
extent necessary to pay the principal of and the interest on such parity
obligations as are then outstanding and the obligations proposed to be
issued, and to create within not less than seven (7) years from the date
of -the obligations to be issued..a reserve, in the'Sinking Fund approximately
equal to the highest combined principal and interest, requirements in any
sinking fund year on the then outstanding parity obligations and the obliga-
tions proposed to -be issued, and to maintain said -reserve in an amount
sufficient for that purpose. Any such proceeding or proceedings shall re-
state and reaffirm by reference all of the applicable terms, conditions
19.
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'and provisions of this ordinance.`
(e) Such additional bonds or obligations' and all proceedings relative'
thereto, and the security therefor, shall be validated as prescribed by
Section 9. The City covenants and agrees that it has`heretofore and that
it will at all times, ,and from time, to time, prescribe and place into effect a,
schedule of -rates, fees and charges for the services, facilities and commodities
furnished by its water and sewer age system; and as often,as it shall appear
necessary that it will revise- and adjust such schedule -of rates, fees and charges
to the =extent necessary to producre funds sufficient at all times to maintain and
operate said system}`on. a�sound businesslike basis, and -to provide sufficient
• • is • ,A q
r.evenues for the maintenance of the Sinking Fund ceeated,by said ordinance of
November 1, 1954, ,as `broadened, and extended,byjsaid� ordinances of March 26,
1956 and -July 9, 19574and as hereintbtroadened.and "extended,; iri,accordance and
6 +
compliance with the terms and conditions of said ordinance.
In the event the City shall fail ,to adopt a -schedule `or schedules of, rates,
fees and charges, 'or to revise its schedule or schedules of rates, fees and
charges in accordance with the provisions ofAthis' Section, any bondholder, with-
out regard•to whether any'default,� as defined in Article YVII of said ordinance of
November 1, 1954, shall have occurred, may institute and prosecute in any
court of competent Jurisdiction an appropriate action to compel the City to `adopt
a schedule or schedules of rates, fees and charges, or.to revise its -schedule
r .
or schedules of rates,- fees and charges, in accordance with requirements of this
Section and of Section 5 of Article IV of said ordinance of November 1, 1954.
Section 10. All of the applicable terms, conditions and provisions of all
other Sections or portions of Sections of Article IV of said ordinance of Novem-
ber 1, 1954, are: ratified and reaffirmed 'and are_ hereby adopted, and shall for
all purposes apply to the bonds of this issue `now authorized to be issued as if
said bonds had been originally issued'under authority of said ordinance of Nov-
ember 1, 1954. `
It is further provided, however, that any money in the Sinking Fund,
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20.
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created by said ordinance of November 1, 1954, not immediately required to pay
the interest maturing July -1st and the principal and interest maturing January
1st in any year on all of the obligations payable from suchSinking Fund may, in
1� the discretion of the City, after proper, resolution of the governing body of said
City, be invested in United States short term notes or certificates or in United
States bonds of a stated redemption value,. Any such securities so purchased
t .
shall be placed with the Sinking Fund Custodian and held, by it until paid at
maturity or sold by the said City, and all increments thereof shall be immediate
ly deposited in said Sinking Fund. ' The monies -in the Sinking Fund and all
securities held in and.for said fund and the income therefrom were pledged and
are hereby pledged to and charged
.with; .(a) The payment of interest upon the
said Series 1954 Certificates, the- said Series 1956 Certificates, the said Series
1957 Bonds andzthe bonds of this issue as such interest falls due; and (b) The
payment of the principal of all such certificatpstand bonds at4their respective
maturities; and (c) The redemption of all such certificates and bonds before ma-
turity at'the price and under the conditions provided therefor in- said ordinance
.of. November 1, 1954, said ordinance'of March 26, 1956, said ordinance of July
9, 1957 and this ordinance; or (d) "The purchase of certificates and bonds in the
open market; provided, however, the price+paid shall not exceed the authorized
call pricey and (e)„ The payment ofthe necessary charges of the Paying Agent for
paying the certificates and bonds and the interest thereon.
Section 11., All of the applicable terms, conditions and provisions of
Article V, Article VI, Article VII and Article VIII and each section and covenant
thereof of the ordinance of November j, 1954, are hereby broadened and extend-
ed so as .to cover the bonds issued hereunder and are hereby ratified and re"
affirmed as so extended, and which for,, all :purposes apply to the bonds of'this
issue as if said bonds'' had been originally issued unde;rr authority. of ,said ordino
ance of November 1, 1954. ,
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Section 12. The provisions, terms and conditions, of this ordinance shall
constitute,,a-contract by and between the City of Smyrna 'and the holders of the
said Series. 1954 Certificates, the said Series 1956 Certificates, the said Series
k
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21.
1957 Bonds and the holder's of the bonds authorized to be issued hereunder, and
r
after the issuance of the bonds of this issue this ordinance shalLnot be repealed
or amended in any respect whicli will adversely affect the rights and interest `of
the holders of the" certificates and bonds of,any of `said issues, nor shall the
governing body of the Cify,pass any ordinance, or resolution in,any way adversely
affecting the rights`of such holders_,#so long�Aitany,,of the- obligations authorized
by said ordinances of November 1, 1954, March 26 , .1956„ Julye % .1957 and this
i
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ordinance, or the+i.ntere'st thereon, shall remain unpaid. ,
Any subsequent proceeding or proceedings authorizing the issuance of
additional parity obligations as permitted under Section 7 of Article IV of said
ordinance of November 1, 1954, Section 8' of said ordinance of March 26, 1956,
Section 8 of said ordinance of July 9, 1957 and Section 8 of this ordinance shall in
nowise conflict with,the terms and conditions of said ordinances, but shall for all
legal purposes; contain all the covenants, agreements and provisions of all of said
ordinances for the equal protection and benefit of all certificate and bondholders.
Section 13.. ,The bonds herein authorized shall be validated in the manner
provided by law, and to that end notice of the adoption of this ordinance and a
copy thereof shaft be served on the Solicitor General of the ,Cobb Judicial `Circuit,
in order that proceedings for the above purpose maybe instituted in the Superior
1 Court of Cobb County, and said notice shall be executed by the Mayor and atfested
by the Clerk of .the City of Smyrna.
Section 14. Any and all ordinances, or parts of ordinances, in conflict with
this; ordinance .this day passed be and are hereby repealed, and this ordinance
shall be in.full force and effect from and after it's adoption.
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