HomeMy WebLinkAbout08-11-1976 Adjourned MeetingEXCERPTS FROM THE MINUTES
OF AN ADJOURNED REGULAR MEETING
OF THE MAYOR AND CITY COUNCIL OF
THE CITY OF FAIRHOPE, ALABAMA
HELD ON AUGUST 11, 1976
The Mayor and City Council of the City of
Fairhope, Alabama, met in adjourned regular session
at the city hall in the said city on August 11, 1976,
at 10:45 o'clock, A.M., Central Daylight Time, in con-
tinuance of and pursuant to the adjournment of the
regular meeting of said City Council held on August 9,
1976. Mayor James P. Nix presided as chairman of the
meeting and called the meeting to order. Marie Moore,
the City Clerk, acted as clerk of the meeting. On
roll call, the following were found to be present:
Mayor Nix and Councilmen , Henry G.
Bishop, Samuel E. Box, 011ie E. Deese and Barney L.
Skull; and the following were found to be absent:
David E. Bishop The chairman stated
that a quorum was present and that the meeting was
open for the transaction of business.
The chairman then presented to the meeting
certain bidding documents and the Official Statement
(including an Official Invitation for Bids) which had
been distributed by the City's financial advisor, The
Frazer Lanier Company Incorporated, to prospective
bidders for the City's General Obligation Recreational
Warrants. Councilman H. G. Bishop then introduced
the following resolution:
0C
BE IT RESOLVED by the Mayor and City Council
of the City of Fairhope, Alabama, that the action of
the Mayor, the City Clerk and The Frazer Lanier Company
Incorporated in causing to be distributed bidding docu-
ments and an Official Statement, in the form presented
to this meeting to prospective bidders for the City's
General Obligation Recreational Warrants be, and said
action hereby is, ratified and confirmed in all respects
and the said Official Statement is hereby adopted as
the Official Statement of the City with respect to
said warrants.
Councilman H G_ Bishop__ moved that the
foregoing resolution be adopted, which motion was
seconded by Councilman Sam Box , and upon
the motion being put to vote, the following vote was
recorded:
Yeas: Mayor Nix
Councilmen
Henry G. Bishop
Box
Deese
Skull
Nays: None
The chairman thereupon declared that the foregoing
resolution had been adopted.
The chairman then stated that, the hour of
11:00 o'clock, A.M. having arrived, this is the time,
date and place which had been set in the City's Offi-
cial Invitation for Bids dated July 1, 1976 for the
opening of sealed bids for the purchase of $300,000
principal amount of General Obligation Recreational
Warrants, of the City to be dated July 1, 1976. All
bids that had been filed were then, in the presence
of the Mayor and City Council and all others assembled,
publicly opened and read by the City Clerk. The fol-
lowing is a list of all bids that were filed, and
publicly opened as aforesaid, for purchase of the said
warrants:
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BIDS FOR THE PURCHASE OF $300,000
PRINCIPAL AMOUNT OF GENERAL OBLIGATION
RECREATIONAL WARRANTS,
TO BE DATED JULY 1, 1976
Interest Rate
or Rates Bid
Name with Appli-
Amount
of Bid
Hugo Marx & Co. and
1977-81
6%
$300,000
Berney Perry & Co.
1982-85
54%
1986-91
52i
First National Bank of
1977-84
54%
$300,000
Birmingham
1985-88
5 3/4%
1989-91
6%
Thornton, Farish & Gauntt
1977-87
54%
$300,000
1988-90
5 3/4%
1991
5.90%
Sterne, Agee & Leach,Inc.
1977-80
6%
$300,000
1981-86
52%
1987-88
5.3/4%
1989-91
6%
Total Net
Interest Annual
Cost to Net Interest
City Cost Rate
$151,475.00 5.4882%
$158,637.50
$153,050.00
$159,937.50
The Frazer Lanier Company 1977-86 5.30% $301,444.45 $154,350.55
1987-88 5.50%
1989-91 6%
Central Bank of Birmingham 1977-82 6.90% $300,000
1983 6%
1984-87 5 3/4%
1988-90 6%
1991 5.75%
Reynolds Securities Inc. 1977-80 64% $300,000
1981-91 6%
$165,227.50
$165,962.50
5.7477%
5.545289%
5.79483%
5.5924%
5.9865%
6.01313%
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The chairman announced that each of the aforesaid bids
was accompanied by a bank cashier's or bank treasurer's
check or a certified check for $6,000, payable to the
order of the City, drawn on a bank having membership
in the Federal Deposit Insurance Corporation, that
each of the aforesaid bids was made on the Official
Bid Form provided for bidding on the said warrants,
and that each of the said bidders had, therefore,
qualified to bid in the manner provided in the said
Official Invitation for Bids with respect to the said
warrants. After tabulation of the bids had been com-
pleted and after the bids had been considered, it
appeared that the bid filed by Hugo. -Marx and:Co..and,.
Berney Perry &.Co.
was the best bid received and reflected the lowest
total net interest cost to the city for the aforesaid
General Obligation Recreational Warrants, computed
in the manner provided in the said Official Invitation
for Bids.
Councilman H. G. Bishop then introduced
the following resolution in writing, which was read
to the meeting:
BE IT RESOLVED by the Mayor and City Council
of the City of Fairhope, Alabama, that the bid of
for the purchase
from the City of $300,000 principal amount of General
Obligation Recreational Warrants, of the City reflect-
ing a total net interest cost to the City (computed
in accordance with the Official Invitation for Bids
of the City with respect to the warrants dated July
1, 1976) in the amount of $151,475.00 is hereby
found and declared to be the best bid for said warrants
and the bid reflecting the lowest total net interest
cost computed in the aforesaid manner; and that the
said warrants are hereby sold to said bidder in accord-
ance with said bid; and that the Mayor and City Council
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will at a later date adopt an appropriate ordinance
authorizing the issuance of said warrants and confirm-
ing said sale.
ADOPTED and APPROVED this llth day of August,
1976.
Mayor
Authenticated:
City Clerk
Councilman H, G. R;shop moved that the foregoing
resolution be adopted, which motion was seconded by
Councilman Sam Box , and upon the motion being
put to vote, the following vote was recorded:
Yeas: Mayor Nix
Councilmen
Henry G. Bishop
Box
Deese
Skull
Nays: None.
The chairman thereupon declared that the foregoing
resolution had been adopted.
There being no further business to come before
the meeting the same was, on motion duly made, seconded
and unanimously adopted, adjourned.
City Clerk
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