HomeMy WebLinkAbout06-19-1976 Special MeetingSTATE OF ALABAMA
COUNTY OF BALDWIN
The City Council of the City of Fairhope, Alabama, met in special
session at the City Administration Building, 387 Fairhope Avenue,
Saturday, June 19, 1976 at 10:00 A.M. with the following members
present: Mayor James P. Nix, Councilmen: H. G. Bishop, Sam E. Box,
011ie E. Deese and Barney L. Shull. Councilman David E. Bishop
being absent. Each member present signed Waive of Notice of the
calling and holding of the special meeting.
Mayor Nix reported that the purpose of the special meeting was to
authorize renewal of the temporary loan with the First National
Bank of Fairhope and enter into agreement with Frazer Lanier
Company for financing the new Stadium.
Councilman H. G. Bishop introduced the following Resolution which
was seconded by Councilman Barney L. Shull.
RESOLUTION
WHEREAS, the CITY OF FAIRHOPE has authorized the Mayor and
City Clerk to enter into a Temporary Loan with the First National
Bank of Fairhope, Alabama in the amount of ONE HUNDRED SEVENTY-
FIVE THOUSAND DOLLARS ($175,000.00) for a 60 day period, until
the CITY OF FAIRHOPE could obtain permanent financing for the
Recreation Program, and
WHEREAS, the 60 days has expired, or has nearly expired,
and the CITY OF FAIRHOPE is desirous of extending the said Tem-
porary Loan for an additional 60 days,
NOW, THEREFORE, BE IT RESOLVED that the Mayor be, and he is
hereby authorized to negotiate with the FIRST NATIONAL BANK OF
FAIRHOPE, Fairhope, Alabama to extend the $175,000.00 Temporary
Loan for an additional 60 days, upon such terms and conditions
as the Mayor may be able to negotiate with the First National
Bank of Fairhope, Fairhope, Alabama.
ADOPTED THIS THE 19th DAY OF JUNE, 1976.
CITY OF FAIRHOPE
ATTEST:
�CityCrk
Upon being put to vote the following vote was recorded: For:
Councilmen: H. G. Bishop,Sam E. Box, 011ie E. Deese and Barney L.
Shull. Against: None. Councilman David E. Bishop absent. Motion
carried.
Motion by Councilman H. G. Bishop seconded by Councilman Barney L.
Shull that the following Resolution be adopted contingent on a
letter from FRAZER-LANIER that if the City can market securities
locally this would automatically abrogate contract:
RESOLUTION
WHEREAS, the CITY OF FAIRHOPE is desirous of contracting
with the firm of FRAZER-LANIER to respresent the CITY OF FAIRHOPE,
a municiapl corporation, for its fiscal agent, and
WHEREAS, FRAZER-LANIER has submitted a Contract to the
CITY COUNCIL of the CITY OF FAIHROPE, to act as such fiscal agent,
NOW, THEREFORE, BE IT RESOLVED, that the CITY OF FAIRHOPE be,
and they are hereby accepting the Contract offered by FRAZER-
LANIER to represent the CITY OF FAIRHOPE, a municipal corporation
as its fiscal agent and the CITY COUNCIL does hereby authorize
and empower the MAYOR of the CITY OF FAIRHOPE to enter into said
Contract according to its terms and conditions.
BE IT FURTHER RESOLVED, that the CITY CLERK attest the
said contract along with the signature of the MAYOR.
ADOPTED THIS THE 19th DAY OF JUNE, 1976.
ATTEST:
CITY CLERK
Upon being put to vote of the Council the results were as follows:
For: Councilmen: H. G. Bishop, Sam E. Box, 011ie E. Deese and
Barney L. Shull. Against: None. Councilman David E. Bishop absent.
Resolution adopted.
Motion by Councilman H. G. Bishop seconded by Councilman Barney
L. Shull that the following Resolution be adopted:
RESOLUTION
WHEREAS, the CITY OF FAIRHOPE, ALABAMA is desirous of
financing $300,000.00 permanently on a 15-year basis for
recreation program of the CITY OF FAIRHOPE, and
WHEREAS, the CITY OF FAIRHOPE has entered into an Agreement
with FRAZER-LANIER as fiscal agents to represent the CITY OF
FAIRHOPE in obtaining the permanent financing for the $300,000.00
and,
WHEREAS, the CITY COUNCIL is desirous of having the MAYOR
negotiate with the CITY'S Fiscal Agent, FRAZER-LANIER to find
permanent financing for a 15-year period for $300,000.00 under
a Warrant issue,
i
NOW, THEREFORE, BE IT RESOLVED, that the MAYOR be, and he
is hereby empowered by the COUNCIL of the CITY OF FAIRHOPE, to
enter into negotiations with FRAZER-LANIER as Fiscal Agents for
the CITY OF FAIRHOPE to negotiate for permanent financing in
the amount of THREE HUNDRED THOUSAND DOLLARS ($300,000.00) for
a 15-year period to be used for the Recreation Program of the
CITY OF FAIRHOPE.
ADOPTED THIS THE 19th DAY OF JUNE, 1976.
CITY OF FAIRHOPE
Attest:
City er
Upon being put to vote of the Council the results
For: Councilmen: H. G. Bishop, Sam E. Box, 011ie E
Barney L. Shull. Against: None. Councilman Davi
being absent. Resolution adopted.
d
were as follows:
Deese and
E. Bishop
There being no further business, motion duly made, seconded and
carried that the meeting adjourn.
Approve
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Attest • ��--�
ity Clerk