HomeMy WebLinkAbout10-14-1953 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, October 14, 1953 with
the following members present: Chairman R. Roy Moyers,
and L. A. Berglin, Sr., A. C. Mannich being absent.
The minutes of the previous regular meeting were read and
motion corrected to read as follows:
Motion by Mr. Mannich seconded by Mr. Berglin that the
Board enter into agreement with Mr. Hugh Morrow, Jr., of
Watkins, Morrow & Co. to act as agent in issuing and selling
of $809000 Second Lien Water and Sewer Revenue Bonds.
Motion by Mr. Berglin seconded by Mr. Moyers that the follow-
ing bills be approved for payment: Motion carried.
Neptune Meter Co.
473.40
Gaston Motor Co.
39.36
Ruffles Co.
23.69
Standard Equipment Co.
23.04
W. L. Walker
4.50
Ponder Company
2.28
Wittichen Chemical Co.
69.52
Ruge's Service Station
2.50
Davis Meter Repair & Supply
20.70
Fairhope Hardware and Supply
2.00
Merchants National Bank - Trustee
500.00
Wharton Ins. Agency
51.15
Calgon, Inc.
76.25
0. Forster and Sons
20.00
Pay Roll
904.64
George Dyson
200.00
Gas Dept.
200.00
On motion by Mr. Berglin seconded by Mr. Moyers the following
Resolution was unanimously adoptid:
BE IT RESOLVED That the Chairman
authorized and directed to enter
Morrow and Company for issuance
of Water and Sewer Board Second
and figures as follows
of this Board be and he is
into contract with Watkins,
and sale to them of $85,000
Series Revenue Bonds, in words
qratkins9Rorrour WO0TELEPHONE 54-8684
TELTYPE B'HAM 94
-� INVESTAZENT SEGURITIES -
WOODWARD BUILDING
BIRMINGHAM, ALABAMA
The Water Works & Sewer Board
City of Fairhope
Fairhope, Alabama.
Gentlemen:
9r, o too
We hereby agree to purchase from you and -you agree to sell to us $84;)8 Second Series
(second lien) Water and Sewer Revenue Bonds to be dated July 1, 1953, and to mature on
July 1 as follows:
1981 - $12, 000 1984 - $1*;8A& / ., o 0 0
1982 - 3:2,69913000 198 5- '1 1—ff /S, a s c
1983 - 13 WO / e/ o m o 1986 / G� o o o
The bonds are to be payable at the Merchants National Bank of Mobile, Alabama, and that
Bank is to be Trustee for the issue.
The bonds are to be callable on July 1, 1963, or any interest payment date thereafter at
Par plus accrued interest plus a premium of one year's interest. You are to covenant to
use 50% of the surplus revenues to call bonds of this series in inverse numerical order
when all of the reserve funds for both series of bonds are at the maximum required amounts.
We agree to pay you a 5% net interest cost for such bonds, with us to designate the rate
or rates of interest. We agree that the price paid to you for the bonds will be not less
than of par. This agreement to purchase on our part is based on the water rates
being as follows:
1 -
3 M.
@
$.50
per M.
Next
5 M.
@
.35
per M.
Next
10 M.
@
.25
per M.
Next
32 M.
@
.15
per M.
Next
50 M.
@
.10
per M.
Next
50 M.
@
.08
per M.
All additional
.07
per M.
Respectfully submitted,
WATKINS, MORROW & COMPANY
-
By
artner
Accepted by resolution of the Board of Directors of the Wa W s & Sewer Board of the
City of Fairhope, Alabama, this nth day of'3'1 3
i� o etr
Member
It was duly moved and seconded that the meeting adjourn.
Motion carried.
Approved i'�6�1
??�
Chagrman
Attest:
Secretary 0 Treasurer