HomeMy WebLinkAbout01-25-1994 Regular Meeting63
The Airport Board of the City of Fairhope met Tuesday, January 25 ,
1994 at the City Administration Building, 161 N. Section Street at
8:00 A.M.
Present: Chairman Sue Mason; members Jeanette Puckett, Robert
Coiling, Bill Payne. Helen Walton, Atty. and Betty
Rivenbark, Secretary
Ms. Walton, representing Tut Wynne who could not be present at
today's meeting brought draft copies of Promissory note, Security
Agreement, UCC Form and equipment list i as exhibit A which was
presented to Mr. Clark for an amount of $90,000, the amount that
was determined that would cover his arrearage up to 1/24/94 and
which was discussed at the last meeting as a means of securing
his good faith in honoring his debt to the city. Mr. Clark was
presented with copies and he remarked that he wished to take
these to his attorney to look at. Sue remarked that she had
no problem with this but she would like him to get back with
her no later than Wednesday. She also gave a breakdown of
Mr. Clark's payments to him as they had been received by
the City. Mr. Clark was told that we had other airport board
matters to discuss if he wished to leave at this time. He did.
Bill related to the board that when he and Mike went out to
inventory equipment for loan it was discovered that possibly two
of the airplanes had been used as collateral for a bank mortgage.
Sue questioned Helen about who would have first claim if we had
a UCC form signed. She said she would have to research. She
further said she was sure it was their duty to research in order
to have a perfected security agreement. The question was raised
what would happen if he refused to sign. Sue went over the steps
we were trying to take. All expressed desire to look after the
best interests of the City.
A report was also given on the financial statue of the airport
and the status of the grant application. Everything is moving
along as it should.
Sue also reported a request she had received from the Army%Air
National Guard to use the wooded hill on the airport to practice 1
weekend out of the month. She had related that it would be
acceptable as long as everything complied with in the land use
agreement.
There being no further business meeting was duly adjourned.