HomeMy WebLinkAbout11-06-1961 Special MeetingMINUTES OF A SPECIAL MEETING OF
THE CITY COUNCIL. OF THE CITY OF
FAIRHOPE, ALABAMA, HELD ON THE
6th DAY OF NOVEMBER, 1.961
STATE OF ALABAMA.
County of Baldwin
The C i ty C ounc i I of t he C i t y of Fa i rhope, A la bama, met i n spec i a l sess i orr, a t
the City Hall, in the City of Fairhope on the 6.th day of Bovember, 1961 at
7::30.P.M. Each member of the Council having proper notice of the special
meet i ng the Mayor cal l ed the me et i ng, to order and omrol I cal t the f of l ow i ng
were found to be present: Counci lment. L. I.. Boone, J. E. Gaston, Jr., W. J',
Nelson, W. 0. Poser and A. E. Schermer, The Mayor stated -that a quorum was
present and declared the meeting open for the transaction of the following,
businesst
I. Consider approval andauthorize the execution of the "Notice of Bond,
Sal e" prepared: by the C i ty* s R i scat. Agents.
2. Consider proposal of Fiscal Agent to guarantee the bid: price of
securilties.
3. Reconsider compensation to be paid to the Fiscal Agent.
C ounc i I man Poser moved that Hugo. Marc and Company be instructed to proceed-
with the "Not ice of Bond Sale". Motion. secondedby Councilman Boone.
Counc i' I.man Schermer moved, C ounc i I man Gaston seconded, that the C ounc i i d;i s-
approve F i scat. Agent's proposed, for sale of $1,000,000 City of Fa i rhope Water,
Chas and Sewer- Revenue Bonds, Series 1961, for the f ol` I owi ng reasonsr
1. Until a more conclusive Engineering estimate is given as some present
figures are conflicting.
2. Until more consideration is given to the alternative proposal that one-
half of the estimated cost of the gas portion of the: extension wilb be
sufficient to take care: of the Cityts requirements and expansions from five to
ten years.
3. Until our annual financial statement is completed and ar thorough'.
study made- of it to determine if the: proposed extensiorr could not be accomplish-
ed with existing funds and on an instaltment basis.
4& Of the total amount proposed in this.bond sale a substantial amount,
approximating 30r/., for the gas extensiorn, is for the system that 1 ies &Iong, a
proposed Highway which time of completion is unknown.
After a general; discussion by the Mayor and C ounciI the Mayor cal, led for a vote
orn Councilman Schermert s motion with the, foil towing resu last:
Voting fort: Councilmen Schermer and Nelsorto
Voting Against: Councilmen: Boone, Gaston and Poser. Motion. defeated.
The Mayor then called for a vote on Councilman Poser's motion to proceed with
Notice,of Bond Sale with the following results:.
V'ot i ng Fort Counc i"l ment Boone and Poser
Voting Againstr C ouncilment. Gaston, Nelson and Schermer. Motion defeated.
Councilman Gaston then presented thit:follovwing Resolution which was seconded by
Councilman Poser and read to the meetings
BE IT -RESOLVED' that the "Notice of Bond: Sale" be approved with the pro-
v4 lion for the $500,000 excluded and the Fiscal Agent be instructed to proceed
with the sale.
Upon being put to vote the following vote was recorded:
Voting Fort C ouncilment, Boone, Gaston , Poser and Mayor Schneider.
Voting Agai na tt Counci I man Schermer and Ne lsoni.
Mot iron carried.
Motion by Councilman Nelson seconded by Councilman Boone that compensation to ..
be paid to the Fiscal, Agent be increased to 1�. Voting Form. Councilmenr Boone:,
Nelson and Poser. Voting Against; Councilman Schermer. Councilman Gaston not
noting. Motion carried.
Motion by Councilman Schermer seconded by Councilman Boone that the meeting
adjourn. Motion carried.
Approved
Mayor
Attest:. _
i ty C l e:rk
THE CITY O' WATERWORKS, ELECTRIC DISTRIBUTION SYSTEM, GAS SYSTEM AND GE SYSTEM
City 'of 7"iVA0P,0
"ON BEAUTIFUL MOBILE BAY"
JOE SCHNEIDER
P. O. BOX 29S
COUNCILMEN:
MAYOR
FAIRHOPE, ALABAMA
LESTER 1. BOONE
PETER J. BYRNE
BUS. ADMINISTRATOR
JAMES E. GASTON, JR.
WILLIAM J. NELSON
MARIE MOORE
CITY CLERK
WALTER O. POSER
ALTON E. SCHERMER
November 3., 1961
Tot F a i rhope City Cowe l lmen
WHERAS public interest requires a special meting of the Fairhopet
c i tycounc i i to$
i, Consider approval and authorize the eXec0100 of they ONotICO
of Bond Sole* prepared by the City 9 s Fiscal A9cintso and
g. Consider proposal of Fiscal Aunt to guarantee the bid price
of securities to be aoldo and
3. Reconsider compensation to be paid to the F kcal Arent.
1 hereby call a spec i e l meet i ng of the• F o f rhope City Council for
Aondeaya hove V b at 7130 P*M, at the C ity Hal l to Consider above
rent i oned and &j;h other bual ness as may properly come More this
Counc i l.e
Sincerely,
i f�
V
and P reeed ng O cei, sold counc i i
Executed this day of _�f ..�. 19=—