HomeMy WebLinkAboutO-695ORDINANCE NO. t q 5'
BE IT ORDAINED BY THE MAYOR AND COUNCIL (herein together called "the
Council") OF THE CITY OF FAIRHOPE, ALABAMA (herein called "the City"),
as follows:
Section 1. Findings. The Council hereby finds, declares and determines that
it is meeting in regular session at the City Hall in the City at 6:30 o'clock,
P.M., on Monday, March 22, 1982, and that as of said hour on said date the
City has received no bids for its $2,192,000 principal amount of Water Revenue
Bonds (herein called "the Bonds"), that were authorized to be issued by an
ordinance adopted by the Council at a regular meeting held on March 8, 1982.
Section 2. Sale of the Bonds. The Bonds (which shall, in accordance with the
provisions of said ordinance adopted on March 8, 1982, be issued as one fully
registered bond in the principal amount of $2,192,000) shall bear interest
from their date until their respective maturities at the rate of So per annum.
They are hereby sold and awarded to Farmers Home Administration, an agency of
the United States of America (herein called "FmHA"), at and for a purchase
price of $2,192,000. The Mayor and the City Clerk are hereby authorized and
directed to execute, seal and attest the said fully registered bond in the
form provided in Section 3.3 of said ordinance and thereafter to deliver it
to FmHA upon the payment to the City of the said purchase price. The said
fully registered bond shall, in accordance with instructions given to the
City by FmHA and in accordance with and subject to the provisions of Section
3.1 of said ordinance, be payable (as to both principal and interest) at the
office of FmHA in Mobile, Alabama..
ADOPTED this 22nd day of March, 1982.
Authenticated
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