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ORDINANCE NO.
BE IT ORDAINED by the Mayor and City 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 special session at the City Hall in the City
at 5:30 o'clock, P.M., on Monday, May 2, 1983, and that as of said hour on
said date the City has received no bids for its $338,000 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 special meeting held on
April 19, 1983.
Section 2. Sale of the Bonds. The Bonds (which shall, in
accordance with the provisions of said ordinance adopted on April 19, 1983,
be issued as one fully registered bond in the principal amount of $338,000)
shall bear interest from their date until their respective maturities at the
rate of 5% 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 $338,000. 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 2nd day of May, 1983.
Authenticated:
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