HomeMy WebLinkAbout07-22-1970 Special MeetingSTATE OF ALABAMA
COUNTY OF BALDWIN
We, the undersigned members of the City Council of the
City of Fairhope, Alabama, hereby waive notice of the
calling of a special meeting of the Council for the purpose
of acting on Resolution authorizing the Mayor to negotiate
for a temporary loan from the First National Bank of Fairhope
and possibly to discuss new gas rate, and do consent that
said meeting for said purpose be held at the City Hall in
the City of Fairhope, Alabama, at 5:00 P.M, on the 22nd day
of July, 1970.
Councilman
1.
STATE OF ALABAMA
COUNTY OF BALDWIN
The City Council of the City 0. irhope met in special session
at the City Hall, Wednesday, � 229 1970 at 5:00 P.M. with
the following members present: Mayor R. C. Macon, Councilmen:
Sam E. Box, John A. Robertson and James P. Nix. Councilmen
Bishop and Cowen being absent.
Each member present signed waive of notice of the calling and
holding of special meeting.
Mayor Macon stated that the purpose of the meeting was to adopt
a Resolution authorizing temporary loan and to discuss proposed
gas rate.
Motion by Councilman Robertson seconded by Councilmen Box that
the following Resolution be adopted:
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAIRHOPE,
ALABAMA that R. C. Macon, Mayor, .be authorized to negotiate
for a temporary loan of $100,000.00 from the First National
Bank of Fairhope on demand note with interest at 6%, note to
be paid out of the $300,000.00 Warrants to be issued. Upon
1''` being put to vote the following vote was recorded: For: Mayor
Macon, Councilmen: Nix, Robertson and Box. Against: None.
Councilman Bishop and Councilman Cowen being absent. Motion
carried.
Proposed gas rate was discussed but no action taken at this
time.
It was duly moved and seconded that the meeting adjourn.
Motion carried.
Approved
Mayor
Attest:
City Clerk
City of Fairhope
R. C. MACON Y
MAYOR P. O. DRAWER 429
0 FAIRHOPE. ALABAMA 36532
MARIE MOORE
CITY CLERK
July 22, 1970
Mr. Lawrence Dumas
Dumas, O'Neal and Hayes
1414 Brown Marx Building
Birmingham, Alabama
Dear Mr. Dumas:
COUNCILMEN:
HENRY G. BISHOP
SAM BOX
ROBERT H. COWEN
JAMES P. NIX
JOHN A. ROBERTSON
With reference to getting your opinion on a $3009000.00
loan from the First National Bank of Fairhope, aslldis-
cussed with you by telephone this morning, I have again
consulted Mr. Sam Dyson as to the Bank's preference as to
a note or warrants, and it is their desire that the loan
be evidenced by 10 warrants payable annually with interest
9 6%, the City to have the privilege of prepayment on any
or all of any amount of the obligation.
1. We are enclosing herewith a copy of the last Audit
report for the fiscal year ending September 309 1969 as
prepared by Smith, Dukes and Buckalew of Mobile, Alabama.
2. Since this audit was made the City has retired the
following items of debt:
$20,000.00 Gas, Water and Sewer, Dec. 1969
$10,000.00 Ulster and Sewer - July, 1970
$14,000.00 General Obligation, r,> Dec:'-.•1969 -"
$50,000.00 General Obligation (note) (balance $100,000.
3. Commitment from the First National Bank of Fairhope to
the City of Fairhope in which they agree to carry the bal-
ance of $100,000.00, Pier Obligation on a short term basis.
And to purchase Warrants in an amount up to $3000000.00 pay-
able in ten annual installments ,with interest @ 6% per an-
num.
The bank has agreed to loan the City $100,000.00 on a
demand note with interest ® 6% on a temporary note which
is to be paid out of the $300,000.00 financing.
THE CITY OWNS ITS WATER WORKS, ELECTRIC DISTRIBUTION SYSTEM, GAS SYSTEM AND SEWERAGE SYSTEM
City of Fairhope
R. C. MACON I COUNCILMEN:
MAYOR P. O. DRAWER 429
HENRY G. BISHOP
FAIRHOPE. ALABAMA 36532 SAM BOX
MARIE MOORE
CITY CLERK i ROBERT H. COWEN
DAMES P. NIX
JOHN A. ROBERTSON
4. The purpose of this financing is to provide funds for
a Street Improvement Program estimated by Moore Engineering
Company of_Fairhope to cost $1509000.00. To pay for:
Transformers for the Electric Department $76,000.00
and a line truck costing $27,000.00
A Front End Loader for the Street Department costing
$23,000.00, Police cars $10,000.00, and the balance for
miscellaneous purchase of trucks, including one to be used
as an ambulance.
We understand thai the funds for the -Street Improvement Pro-
gram amto be used only for that project .and that the assess-
ments against the improved property are to be pledged as ad-
ditional security for the loan.
5. A telephone call to the County Assessors -Office reveals
that the assessed valuation en -real and personal property to
be $5,5949920.00, and -on automobiles $1,000,040.00. Inasmuch
as the City owns and operates all the utilities there is no
assessment involved.
We trust the information furnished is -as desired and will en-
able you to proceed -with the writing of your opinion. If
any other information is required please call us.
Thank you for your attention to this matter. --�
Ver t ly yours,"---
R. C. Macon, Mayor
RCM/es"`
Enclosures
THE CITY OWNS ITS WATER WORKS, ELECTRIC DISTRIBUTION SYSTEM, GAS SYSTEM AND SEWERAGE SYSTEM
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