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Home My WebLink About08-21-1946 Adjourned Regular Meeting1IINUTE3 OF AN A DJ OURn, D REGU7-_J R 1.2]WEI'ING OF TITS TO7JI,T C OUigC IL OF TIE TOWN N OF FAIRHOPE HEI LD ON THE 21ST DAY OF AUGUST, 1946 The Town Council of the Town of Fairhope, Alabama, met in adjourned regular session at the town hall in said town on AuGust 21, 1946, at 7:30 o'clock, P.M., pursuant to adjournment of the regular meeting held on August 13, 1946. The meeting was called 'to order by the mayor, who presided, and upon roll call the following were found to be present: :,.'ayor Howard Ruge , and the following members of the t ovm coun- cil: Messrs. C. A. Gaston, 1. H. Benn6tt, H. P. Kamper, J. 0. Stimpson and 7. 0. Keeble; and the following members/of the town council were found to be absent: -At &- Del/ R. C. Yohn, the Town Clerk, was also present at the meeting, and acted as clerk thereof. The mayor announced that a quorum was present and that the meeting was open for the transaction of business. The mayor announced that this was the date and time fixed for the sale at public auction of '„345,000 principal amount of Gas System Revenue Anticipation Bonds of the town to be dated :august 1, 1946, notice of which sale was authorized by resolution adopted by the town council at a meeting held on August 1, 19462 the said bonds so proposed to be sold being the initial bonds authorized by a resolution adopted by the town council on Au`ust 13, 1946. The mayor further stated that notice of such sale in the form set out in the said reso- lution adopted on August 1, 1946, had been published once a week for two consecutive weeks in VIC Fairhope Courier in the issues of'that newspaper published on August f , 1946, and August �� 1946) and a copy of such notice had also been filed with the Department of Finance of the State of .,aabama -2- on August 6, 1946. He also stated that a petition of the town seeking the consent of the Department of Finance to the sale and issuance of said bonds had been filed by the tovrn with the said Department of Finance on Au,- �,ast 1, 1946, and the said department, after a public hearing on said petition following the jiving of public notice thereof, had on ,august 20, 1)46, entered an order granting its consent to the sale and issuance of said bonds. Thereupon the following; resolution was introduced by Councilman `i l�t/4.�1�•,•:• BE IT RESOLVED that the Town Council do now proceed to offer for sale at public auction, pur- suant to the terms of the notice of such sale pro- vided by the resolution authorizing such notice adopted by the town council on August 1, 1946, ,;?345,000 principal amount of Gas System revenue Anticipation Bonds of the toz-.,Tn to be dated August 1, 1946, being the initial bonds authorized to be issued by the town under the provisions of a resolution adopted by the toim council on August 13, 1946, and that the mayor act as the autioneer. Upon motion duly made by Councilman and seconded by Councilman the said resolution was unanimously adopted by the following vote: Ayes: Mayor Ruge and Councilmen Gaston, Bennett, Kamper, Stimpson and Keeble; Nays: None. Thereupon the torn clerk. announced that the follow- ing had qualified as bidders for the said bonds by depositing with him certified checks in the amount of :%,900 payable to the order of the town as provided in the said notice of sale: MIC The bidding thereupon proceeded and, upon consummation thereof, the town council tablated and considered the bid-s made. Follow- ing such action, Councilman AQ 47 b�introduced the following resolution which was read to the meeting: BE IT P +SOLZID that the bid of 141 in the amount ofIp CIZ zo of par, equal to plus accrued intere t to the date of delivery, for the ?345,000 principal amount of Gas System Revenue Antici- pation Bonds of the Town of Fairhope to be dated August 1, 1946, being the initial bonds authorized under resolution adopted by the town council at a meeting hyll d on August 13, 1946, bearing interest at the rate of / o per annum, payable semi -annually, -be and the §aid bid is hereby ascertained to reflect the lowest net interest cost to the town for said bonds and the said bid is hereby accepted and the said bonds are hereby awarded to the said bidder, and the mayor and town treasurer are hereby directed to sign the said bonds and cause the seal of the town to be affixed to each Thereof and, upon payment by the purchaser to the town treasurer of the said purchase price of the said bonds, the mayor is thereupon authorized and directed to deliver the said bonds to The Dlerchants National Bank of Liobile with in- - structions to said bank to execute the trustee's certifi- cate appearing on said bonds and thereupon deliver the same to the said purchaser. Councilman I - _--moved that unanimous consent be given for mmediate c nsideration of and actiononsaid resolution which motion was seconded by Councilman a�i6,�Gi.��, and upon the motion being put to vote the following vote vvas recorded: Ayes: Mayor Ruge and Councilmen Gaston, Bennett, Kamper, Stimpson and rieeble;-Nays: None. The mayor thereupon declared that the motion for unanimous consent for immediate consideration of and. action on said resolution had been unanimously carried. Council- man -thereupon moved that the said resolution be r finally adopted, vnich motion was seconded by Coui,-cilman and upon said motion being ;hut to vote the following vote ,eras recorded: ryes: Mayor Ruge and Councilmen Gaston, Bennett, Kamper, Stimpson and Keeble; Nays: Hone. The mayor ,thereupon announced that the motion for adoption of said reso- lution had been unanimously carried. -4- Councilman then introduced the following resolution which was read to the meeting: BF IT RLSOLVL'D by the Town Council of the Town of Fairhope that the interest rate to be borne by the 1345,000 principal amount of Gas System Revenue Anticipation.Bonds of the town dated August 1, 1946, numbered from 1 to 345, inclusive, being the initial bonds authorized to be issued by resolution adopted by the town council at a meeting thereof held on August 13, 1946, be and the same hereby is fixed at 'y per annum, payable semi-annually on February 1 and August f tthat said rate of interest shall be insetted in the space provided therefor in said bonds and that the denol?iination of the coupons applicable to said bonds shall be computed at said rate. Adopted and approved this �--/ day of August, 1946. Authenticated: own u-Le Councilman 14ayor moved that unanimous consent be v / -/ given for immediate consideration of and action on said resolution which motion -.,as seconded by Councilman and upon the motion being put to vote the following vote J. s recorded: .eyes: Mayor Ruge and Councilmen Gaston, Bennett, damper, Stimpson and Keeble; Nays: None. The mayor thereupon declared that the motion for unanimous consent for immediate consideration of and acti.o on a'.d resolution had been unanimously carried. Council- man hereupon moved that the said resolution be fi lly adopted, vLich motion was seconded by Councilman 21 and upon said motion being put to vote the following vote was recorded: eyes: 14ayor Ruge and Councilmen Gaston, Bennett, Kamper, Stimpson and Keeble; Nays: None. The mayor thereupon announced that the motion for adoption of said resolution had been unanimously carried and he thereupon signed the same in approval thereof. There being no further business to come -5- before the meeting the same was on motion duly adjourned. 11�4.WC2 ',,!ayor Town Cl$rk 0