HomeMy WebLinkAbout03-09-1959 Regular MeetingSTATE OF ALABAMA
COUNTY OF BAL DAY I N
The City Council of the City of Fairhope, Alabama met in regular session at
the City Hall in said City on March 9, 1959 at 7:30 o'clock, P.M. The
meeting wns called to order by t. B. Overton, the Mayor, and upon roll call
the following members of the City Council were found to be present: Councilmen:
Charles F. Belew, Marvin 0. BergI in, Wet ter 0. Poser, Wi I 1 iam R. Ruffles, Jr.,
and Barney L. Shull; absent: noIe. Mayor Overton presided as chairmen of thle
meeting. Marie Moore, the City Clerk, was also present and acted as clerk of
the meeting. The chairman of the meetinc stated that a cuorum was present
and declared the meeting open for the transaction of businrss.
The minutes of the regular meeting of February 23, 1959 and adjourned meetings
of ebruary 21-� and 'Aarch 2, 1959 were reed. Motion by Councilman Shull
seconded by Councilr3n Belew that the minutes of the regular and adjourned
meetings be approved. Motion carried.
Motion by C ounc i I man Ro I ev, s-r�- nded by Counc i I man rnser thi't Zon i nq Ordinance
Nu^nber 51; 1 , ''u l y a-+o,D+-d on '-he I I th day of Cctober, 195'4, be amandcd as
follows:
Section 13. L s�r'ct So :r,'ar'es. N-�rthwest corner of Nichols Street
and Young Street,, 299.4 feet on Young Street and 200 feet on Nichols Street,
rezoned from R-2 to 3-1 zone.
': of i or carried.
Discussion was had of a proposal that the City authorized the sale of rublic
1^iprovement General Obliga'ior. Bonds for the purpose of financing the
improvements proposed to be constructed by the city under the provisions
of Ordinance No. 254 of the city. After such discussion the following resolution
was introduced by Council^ian Ruffles and read to the meeting:
BE IT 'RESOLVED by the City Council of the City of Fa l-rhope (herein ci- I l end
the c ity") in tPhe• State of Alabama as f o I lows:
f. .
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(1) The city has heretofore by its Ordinance
No. 254 authorized the construction of certain street
improvements in the city and has opened bids for the
construction thereof. It is hereby estimated that the
cost of such improvements, embracing all items permitted by
law to be included in such cost, will be in excess of
$200,000. In the opinion of the council it will be desir-
able that the city arrange for the financing of the said
improvements prior to the completion thereof.
(2) Sealed bids are hereby invited for the
purchase from the city of $200,000 principal amount of
Public Improvement General Obligation Bonds, to be
dated April 1, 1959 for the purpose of paying the cost
incurred and to be incurred in the construction of the
improvements authorized by the said Ordinance No. 254.
March 23, 1959, at 7:30 otclock, P. M., Central Standard
Time in the City Hall in the city, are hereby fixed as
the date, time and place for the opening of such bids
as may be filed. The details pertaining to said bonds
will be set forth in an ordinance of the city to be
adopted hereafter.
(3) The city manager is hereby authorized and
directed to cause an official invitation for bids for
the purchase of the said bonds to be published in The
Fairhope Courier, a newspaper published and having general
circulation in the city, once a week for two consecutive
weeks, the first publication to be not less than ten days
prior to the date herein fixed for the opening of bids,
and also to cause such invitation for bids to be dis-
tributed through the State Department of Finance to the
security dealers and institutions to whom notices of
sales of securities by municipalities in Alabama are
customarily mailed by said department. The said invita-
tion to be so published and distributed shall be in
substantially the following form:
OFFICIAL INVITATION FOR BIDS
$200,000
City of Fairhope, Alabama
Public Improvement General Obligation Bonds
Dated April 1, 1959
The City of Fairhope, Alabama, invites sealed
bids for the purchase from it of the bonds referred to
above, which bids will be publicly opened at the city hall
in the city at 7:30 o'clock, P. M., Central Standard Time,
on
March 30, 1959.
The bonds will consist of coupon bonds in the denomination
of $1,000 each, maturing in the principal amount of $20,000
on April 1 in each year from 1960 to 1969, inclusive. The
bonds will be subject to redemption at the option of the
city on any interest payment date on and after October 1,
1959, as a whole or in part and if in part in inveree
numerical order, after prior notice given by publication
once in a newspaper published in Mobile, Alabama at least
thirty days prior to the date fixed for redemption, at a
redemption price equal to the face value of 's).e bunds re-
deemed plus accrued interest to the date fixed for re-
demption and a premium equal to the following: one year's
interest thereon if the date fixed for redemption is on
or before April 1, 1963; and six months' interest thereon
if the date fixed for redemption is subsegaent to April
1, 1963.
The bonds will be general obligations of the
city for the payment of the principal of and interest on
which its full faith and credit will be pledged, and in
addition thereto they will be secured by a pledge of (a)
all public improvement assessments to be made against the
properties which will be specially improved by the improve-
ments for the construction of which the bonds will be
issued, and (b) the pro rata portion to which the said bonds
may be entitled to share in the proceeds of the additional
annual ad valorem tax at the rate of one-half of one per-
centum (1/2 of 10) which the city is authorized by Amend-
ment VIII of the Constitution of Alabama to levy for the
purpose of paying its bonds and the interest thereon.
Under the Alabama law such assessments are secured by a
lien on the properties against which the assessments are
made, which liens are prior to all other liens except those
for taxes.
Bidders are invited to name in their bids the
rate or rates of interest to be borne by the bonds, but
not more than three different rates will be permitted and
all bonds having the same maturity must bear the same
interest rate throughout their life. The interest will
be payable semiannually on each October 1 and April 1.
Accrued interest from the date of the bonds to the date
of their delivery must be paid by the purchaser and all
bids will be construed as including such accrued interest.
No bids will be considered for less than all of the bonds
or for less than an amount equal to the face value thereof
plus said accrued interest. Each bid must be accompanied
by a cashier's check or a certified check for $4,000
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payable to the order of the city and drawn on a bank hav-
ing membership in the Federal Reserve System. No interest
will be allowed on any such check. The checks accompany-
ing the unsuccessful bids will be returned promptly after
the sale. The check accompanying the successful bid will
be retained by the city as security for performance of the
successful bid. The bonds will be sold as a whole to the
bidder who complies with the foregoing requirements and
whose bid reflects the lowest average annual net interest
cost to the city computed from the date of the bonds to
their respective maturities, but the city reserves the
right to reject any or all bids. The bonds will be payable,
with par clearance guaranteed, at The Merchants National
Bank of Mobile, in Mobile, Alabama.
The bonds will be delivered in Mobile, Alabama
as soon after the sale as the bonds and the supporting
papers may be prepared, and will be accompanied by customary
closing papers reciting that there is no litigation pending
affecting the validity of the bonds. The city will furnish
to the successful bidder, without cost, the printed bonds
and the opinion of Messrs. White, Bradley, Arant, All &
Rose approving the validity of the bonds and of the said
pledge of the said assessments therefor. No conditional
bids will be considered except that bids may be made
subject to the provisions of this invitation.
signed.
For financial information address the under -
CITY OF FAIRHOPE, ALABAMA
By: C . B . Niemeyer
City Manager
r
Councilman Ruffles moved that the foregoing resolution be adopted, which was
seconded by Councilman Shull, and upon the motion being put to vote the
following vote was recorded: Yeas: Mayor Overton and Councilman Belew,
Berglin, Poser, Ruffles and Shull, Nays: None. The mayor Cher^upon announced
that the motion for the adoption of the said resolution had been unanimously
carried and the said resolution duly adopted.
Motion by Councilman Berglin seconded by Councilman Shull that the following
bills be approved for payment. ~lotion carried.
General Fund
Riviera Utilities
2.33
Fa i rhope Service Center
4.75
Gaston Motor Co. - Police
15.03
KIumpp Motor C o. - Police
60.68
Fa i rhope Hardware °1 Supply CO.
12.96
Abie Stratis - Police
17.50
Western Auto
34.71
Virgil Herston - Police
23.00
Elberta ^",otor Service
21.08
Southern Auto Parts
3.22
;AcKean Paint & Hardware
29.79
Fairhope Courier
1�.00
%7cstern Lumber ;, Supply Co.
43.22
Burford - Toothaker Tractor Co.
100.22
Fairhope High School - Police
36.25
Lois D. Estoup - (,'ed Cross)
18.71
Robbins Tire � Rubber Co.
220.50
Moore Supply Co.
34.26
Launder - Rite - Police
17.50
PAa I ter Supp I y Co.
1 1 .23
Ja-nes <enderson - Trailway Service - Folice
7.65
Mary Ann Cafe - rol ice
21.�8.50
Fuel Oi 1 Su -ply Co.
10.00
Stvndard Equ'Fment Co.
35.94
M �c S Service Station
3.80
Melton's Garage
18t.18
Radcliff gravel Co.
90.75
Dual Parking Meter Co. - Rrcreation Bd.
189.00
General Electric Supply Co. - Rec. Board
802.00
Walter K i dde Sales &- Service - Police
284.45
Jansen Mfg. Co. - Street
17.40
Ray Brooks Machine Co.
287.54
Lawren Flowers
8.CO
South
4.U"
Jno. S. Huffman Agency
10.00
Gulf Oil - Streets
389.81
Police
1,00.78
Fire
1.49
Electric:
Gaston Motor Co.
4.86
General EIec. Supply C o.
184.80
NaIIer Bros.
17.70
Western Auto
40.97
Riviera Utilities
6,532.12
J. R. Hebbard
6.00
Lighting Fixture Co.
93.40
City Market w Appliance
20.85
'N. E. Duncan C o.
167.25
Moore - Handley Co.
14.89
Nix Cummings Co.
16.98
Hatfield & Co.
106.02
Gulf Oil
73.63
Mot i on by C ounc i I mar Berg I in,, seconded by CoOnc i I Be I ew that the meeting
adjourn. Motion carried.
Mayor
Attest:
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City Clerk