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HomeMy WebLinkAbout05-11-1936 Regular MeetingSTATE OF ALABAITA BALD`IIN COUNTY The Town Council of the 'Town of r'airhope, C.)unty of Balawin, Alabama, met in regular session at the 'Town Hall at 7:30 P. M- on the llth day of May, 1936, when and where the following memoers were present; to -wit; Howard Ruge, Mayor; M. 0. Berglin, C. A. Gaston, W. J. feeble, T. J. Klumpp and J. 0. Stimpson, Councilmen, the same constituting the full membership of the Town Council. The minutes of regular meeting April 27th and special meeting April 30,1936 were appr,&v* d as read. The following bills were allowed: Forster & sons Gas & Oil Ruffles & Son Lab. & Material Fairhope Coal & Suppler Co supplies Fairhope Hatchery supplies Jones R. C. A. Victor Age. supplies H. P. Kamper supplies Ala. Coop. Industries labor Bi dgoo d Stationery Co supplies Nick J. Ludwi- labor Turner Supply Co supplies Turner Supply Co Lamps 'J. S. Darley & Go supplies Fairhope Couriers Publ. & Sup. Grrer's Stores supplies The Powers Company supplies Badger Meter Co supplies Neptune Dieter Co supplies Consumers Oxygen Co suppliea Mobile Steele Co supplies. Marine Junk Co supplies E. G. Dougherty Article on Fairhope Sangotna Electric -Co supplies Cooktite Ring Sales Co supplies Burford-Toothaker Tractor Uo Supplies licGoviin-Lyons hdw & Sup • Co Supplies Pay roll for April Howard Ruge Mayor Gladys Lowell clerk J. H. Titus Marshal E. D. Swift Watchman Geo . C. Dyson Inspector Id. 0. Berglin %ouncilman C. A. Gaston �;ouncilman W. U. Keeble Councilman T. J. Zlumpp Councilman J. U. Stimpson Councilman J. P. Bailey Engineer Raymond Stapleton Engineer G. R. Wood Engineer Frank McKenzie Engineer R. P. Greg�s Engineer Labor Line J. L. Keller Road Dept. Labb r =x Rao d Dept 369.21 43.85 252.54 29;04 5.42 2.3.0 . 0 8.20 3.25 111.92 22.55 12.35 36.47 12.8o 1.46 13.86 9.17 16.g6 2.15 9.64 4.00 11.91 48.00 1.81 4.35 45.00 70.00 5.00 47.00 6o.00 3.00 3.00 3.00 3.00 3.00 95.00 95.00 105.00 75.00 65.00 61.00 85.00 315.41 Labor Water Dept 2.40 Richard Jackson2 Golf 24.00 labor Wharf 34•A5 Labor Parks 56 • 5 labor sewers 3.53. Motion madw by I-ouncilman Gaston and seconded by Councilman �jtimp- son, that the !Jayor be authorized to Give the County vermission to take xxxk material from town pit as discussed for surfacing road from Town limits to Fly Creek, carried unanimously. The following resolution was introduced, councilman Gaston moved t-ts adoption; the same being read at length, the motion of Adoption was seconded by Councilman M. U. Berglin, The same being put upon its passage was unanimously adopted; said resolution being as follows: 0 WHEREAS, at a meeting of the Council of the Town of Fairhope, Alabama, which meeting was duly called and held on the 30th day of April, 1936, an issue of-42,000.00 face amount of General Refunding Bonds of the Town of Fairhope, Alabama, was duly and regularly sold at public auction and said issue of bonds was duly and legally purchased by First National Bank of Mobile, Alabama, said issue of bonds being dated LIay 1, 1936, and bearing interest at 4-3/4% per annum, said bonds being issued pursuant to that certain bond ordinance duly and legally adopted at a meeting of said Council duly and legally called and held on, to -wit, the /3 day of April, 1936, reference to which bond ordinance is hereby made for a more particular description of said issue of bonds and the objects and purposes and properties thereof; and WHEREAS, said Town of Fairhope under Amendment VIII of the Constitution of Alabama, which Amendment was proclaimed ratified on, to -wit, January 13, 1920, has the power and right to levy and collect a tax of one-half of one per centum on property situated therein, for the purpose of paying bonds issued and outstanding at the time of the adoption of said Amendment and interest thereon, and for the purpose of paying bonds which may be issued after the adoption of said Amendment and interest thereon, said tax being based on the valuation of such property as assessed for State taxation, as provided in said Amendment, which tax is hereinafter referred to as 'Five Mill Bond Tax"; and WHEREAS, under the statutes and laws of the State of Alabama governing such cases, said Town of Fairhope has the power and right to pledge the proceeds of said "Five Mill Bond Tax" to the payment of the principal of and interest on said issue of bonds herein referred to; and MiERFAS, in the said proeeedin�s authorizing- the issuance of said :.w,42,000.00 face amount of Town of Fairhope !several Refunding Bonds dated I:1 V 1, 1936, and in the pro- ceedings whereby the said issue of bonds was sold as herein - above set out, the Town Council of said Town of Lairhope agreed annuall, to levy said Five :dill Bond Tax and to pledge the proceeds thereof to the principal of and interest on said issue of bonds, and all bidders for said issue of bonds were fully advised of said a-reement, and said bads were submitted and received and acted upon in reliance upon said agree-rient; NOW, THEREFORE, in consideration of the premises and in consideration of the issuance and purchase of said Issue of bonds, and for other good and valuable consideration, be it, and it is hereby, ordained by the Town Council of the Tovrn of Fairhope, Alabama, that the Town of Fairhope, Alabama I does hereby covenant and agree and obligate itself, as lone as any of said issue of bonds remains outstanding,, to levy,, annually the said "Five lvlill Fond Tax", and does hereby pledge the proceeds thereof to the payment of the principal of and interest on,each and every one of the said bonds dated May 1, 19361 which tax, and the proceeds to be derived therefrom, is hereby acknowledged to be a trust fund and shall be kept separate and apart from all other funds of said Town and shall be devoted exclusively to the purposes herein expressly set out and to no other purpose; PROVID iD, H07EVER, that said tax, need not be'and shall not at any time be 'levied or collected unless and until there is a default either in the payment vr'nen due of the principal of or interest on one or more of said bonds dated May 1, 1936 and herein expressly referred to, it being understood that the covenants and agreements herein contained be and the same shall constitute additional security for the punctual payment of the principal of and interest on said issue of bonds as the same respectively become due and payable. -2- �1. AT 14 BE IT FURTHER RESOLVED that the covenants and agreements and pledge herein contained shall inure to the benefit of the purchaser of said issue of bonds and to any persons, firms, or corporations at any time owning or hold- ing any of said bonds or any of the coupons thereon. '�?// - 3- K � ' MI It was moved by Councilman J. 0. Stimpson and seconded by Councilman T. J. Klumpp that the seventeen ('17) Municipal Building bonds held in lock box In Bank of Pairhope be cance"llea; And that $2300.00 be deposited in the first 14ati•onal Bank, Mobile Alabama in escrow to take care of the outstanding $2300.00 Municipal Building bonds. Motion carried unaniously. Meeting adjourned. Cf e rk