HomeMy WebLinkAboutO-632ORDINANCE NO. 632
AN ORDINANCE AMENDING ORDINANCE NO. 631 TO REFLECT THE
SALE AND AWARD OF THE $400,000 GENERAL OBLIGATION PUB-
LIC IMPROVEMENTS BONDS TO STERNE, AGEE & LEACH
BE IT ORDAINED by the Mayor and City Council (herein called "the
Council") of the City of Fairhope, Alabama (herein called "the
City") as follows:
Section 1. The actions of the Mayor and City Council taken
after the adjournment of the meeting of the Council held on
9 January 1979 in determining to rescind (because of an irregu-
larity in the bid) the Council's acceptance of the bid of Joe
Jolly & Co., Inc., for the City's $400,000 General Obligation
Public Improvement Bonds, dated December 1, 1978, (herein called
"the Bonds"), and to award the said Bonds to Sterne, Agee & Leach
are hereby confirmed and ratified in all respects.
Section 2. Ordinance No. 631 of the City adopted on January
9, 1979, is hereby amended to reflect the sale and award of the
Bonds to Sterne, Agee & Leach at a total net interest cost of
$128,760 and an effective average annual net interest rate of
5.8527%, with a dollar price of $400,000, and at the following
per annum rates for the Bonds maturing in the following years:
5.80% on those of the Bonds having stated maturities
in the years 1979 to 1986, inclusive;
5.90% on those of the Bonds having stated maturities
in 1987; and
6.00% on those of the Bonds having stated maturities
in 1988.
Section 3. Ordinance No. 631, as hereinabove amended, is
hereby confirmed and ratified in all respects.
Adopted this 22nd day of January, 1979.
Mayor
Attest:
City erk