HomeMy WebLinkAbout02-14-1976 Regular MeetingSTATE OF ALABAMA
COUNTY OF BALDWIN
The City Council of the City of Fairhope met on Saturday,
February 14, 1976 at 10:00 A.M. at the City Administration Build-
ing with the following members present: Mayor James P. Nix,
Councilmen: H. G. Bishop, Sam E. Box and H. G. Bishop. Council-
men David E. Bishop and Barney Shull being absent.
Mr. Don Pruitt of South Alabama Regional Planning was also
present.
This being the date advertised for second public hearing on
$150,000.00 Community Development Grant for sewer lines in the
YoungStreet Area, no protests were heard.
There being no other business, motion duly made, seconded
and carried that the meeting adjourn.
r
Attest:
C 1 eJrk
RESOLUTION
WHEREAS, the CITY OF FARIHOPE is desirous of negotiating
with the FIRST NATIONAL BANK OF FAIRHOPE for a temporary
loan in roder to start on the Recreation Complex as the
loan from Farm Home Administration will not be available until
July, and
WHEREAS, the CITY OF FARIHOPE is desirous of borrowing
from the FIRST NATIONAL BANK OF FAIRHOPE, for a term of
six months, the sum of ONE HUNDRED SEVENTY-FIVE THOUSAND
($175,000.00) DOLLARS, plus interest at six (60) percent per
annum on the unpaid balance, and
WHEREAS, the Mayor and City Council of the CITY OF FAIRHOPE
do hereby acknowledge receipt of a commitment dated February 4,
1976 from the FIRST NATIONAL BANK OF FAIRHOPE, which commitment
requires the said BANK to lend $175,000.00 to the CITY OF FAIRHO
to be repaid at the date of maturity of a six months' General
Obligation Note which will be given to the BANK by the CITY, and
WHEREAS, the CITY desires to assure the BANK that the Note
will be paid at maturity,
NOW, THEREFORE, BE IT RESOLVED by the CITY COUNCIL of the
CITY OF FAIRHOPE, Alabama that the Mayor and City Clerk be
authorized to execute a General Obligation Note to the FIRST
NATIONAL BANK OF FAIRHOPE, Alabama, in the amount of $175,000.00
plus interest at the rate of 6% per annum on the unpaid balance
for a period of six months.
BE IT FURTHER RESOLVED by.the City Council of the CITY OF
FAIRHOPE, Alabama that in the event it becomes necessary for the
CITY to acquire longer term financing to repay the said Note, th4
the CITY OF FAIRHOPE will take the required action necessary, an(
will issue and sell General Obligation Warrants to procure the
funds needed to repay the afore -mentioned Note of $175,000.00.
ADOPTED THIS THE 9th day of February 1976.
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