HomeMy WebLinkAbout06-11-1952 Regular MeetingSTATE OF ALABAMA
County of Baldwin
The Water and Sewer Board of the City of Fairhope
met in regular session at the City Hall, Wednesday,
June 11, 1952 with the following members present:
Chairman R. Roy Moyers, L. A. Berglin, Sr., and Arthur
Mannich.
The minutes of the previous regular meeting were read
and approved as read.
Motion by Mr. Mannich seconded by Mr. Berglin that the
following bills be approved for payment:
M & S Service Station
17.84
G. E. Perkins, Agent
48.36
Neptune Meter Company
564.38
Calgon, Inc.
76..25
May Supply Co.
65.33
Standard Equipment Company
354.63
Lord's Tire and Supply
9.35
Gaston Motor Company
1.65
Turner Supply Co.
61.20
Ponder Company
.95
Fairhope Hdwe. & Supply Co.
3.20
Western Auto Associate Store
12.60
Wittichen Chemical Co.
17.63
Eastern Shore Machine Shop
6.00
McKean Paint and Hdwe.
3.19
0. Forster and Sons
20.00
Carl Bloxham Agency
10.75
Weekly Pay Roll
923.24
George Dyson
165.00
Motion by Mr. Berglin seconded by Mr. Mannich that the
following Resolution be adopted. Motion carried.
RESOLUTION OF THE WATER AND SEWER
BOARD OF THE CITY OF FAIRHOPE,
ALABAMA
WHEREAS, moneys are deposited monthly in the Reserve
Fund of the Trust Department of the Merchants National
Bank of Mobile, Alabama for the purpose of paying out-
standing Water and Sewer Revenue Bonds,and Interest in
case of default, and
WHEREAS, in accordance with Article V, Section VIII
of the Indenture of the Water and Sewer Board of the City
of Fairhope and the Merchants National Ba;}k of Mobile as
Trustee, dated July 1, 1950, so long as the board shall
not be in default, it may at any time from time to time
at its option cause any or all of the moneys in the reserve
fund which the board may determine shall not one needed
during the then ensuing six calendar months for the purpose
for which said fund is created, to be invested in any
securities which are direct general obligation of the United
States of America or which are undonditionally guaranteed
as to both principal and interest by the United States of
America. In the event of any such investment, such
securities together with all income derived therefrom shall
become a part of the fund from which moneys were used to
make such investment, and shall be held by the depository
therefor to the same extent as if they were moneys on
deposit in such fund.
WHEREAS, the Treasury Department has discontinued United
States Treasury Savings Series G Bonds and is issuving in
their place a Series K Bond which runs for a period of
Twelve years and bears interest at the rate of 2-3/4%.
NOW THEREFORE BE IT RESOLVED by the Water and Sewer
Board of the City of Fairhope, Alabama that the Merchants
National Bank as,Trustee, is authorized to invest accumulated
funds in multiples of $1,000.00 Series K, United States
Savings Bonds, Interest Rate 2 3/4%.
This Resolution to be retroactive to May 20, 1952.
Done.at Fairhope, Alabama this // -6� day of 1952•
Water and Sewer Board of
The City of Fairhope,
Alabama
By
Chair an
Attest: _
'ecretary
It was duly moved and seconded that the meeting adjourn.
Motion carried.
Approved
Chairman
Attest:
2E4=� 0
ecretary