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HomeMy WebLinkAbout05-26-1975 Regular MeetingSTATE OF ALABAMA COUNTY OF BALDWIN The City Council of the City of Fairhope met in regular session at the City Administration Building, 387 Fairhope Avenue, on Monday, May 26, 1975 at 7:00 P.M. with the following members present: Mayor James P. Nix, Councilmen: David E. Bishop, H. G. Bishop , Sam E. Box, 011ie E. Deese and Barney L. Shull. Minutes of the previous regular meeting were approved. Motion by Councilman Barney Shull seconded by Councilman 011ie Deese that Ordinance #551, AN ORDINANCE AMENDING SECTION 13, DISTRICT BOUNDARIES OF ZONING ORDINANCE NO. 295 , introduced at dthe regular meeting of May 12, 1975 be adopted as introduced. Motion carried. Motion by Councilman H. G. Bishop seconded by Councilman David E. Bishop that request for on premises beer permit at Watkins Grocery be denied. Motion carried. Motion by Councilman H. G. Bishop seconded by Councilman Sam Box that Workmen's Comp. bill be approved for payment. Motion carried. This being date set for opening bids on waility poles, the follow- ing bids were received: Huxford Pole and Piling Co. 20 = 30' poles @ $34.70 15 - 35' poles @ 52.31 10 - 40' poles @ 68.41 Baldwin Pole and Piling Co. 20 - 30' poles @ 45.45 15 - 35' poles @ 64.95 10 - 40' poles @ 75.56 International Paper Co. 20 - 30' poles @ 47.00 15 - 35' poles @ 63.00 10 - 40' poles @ 86.50 T. R. Mills 20 - 30' poles @ 38.20 15 - 35' poles @ 58.95 10 - 40' poles @ 73.10 Escambia Pole and Piling 20 - 30' poles @ 39.20 15 - 35' poles @ 57.50 10 - 40' poles @ 73.65 Motion by Councilman David E. Bishop seconded by Councilman Sam E. Box that City accept low bid provided bid meets specifications. Motion carried. Motion by Councilman H. G. Bishop seconded by Councilman Sam E. Box that Mrs. Melba McCawley be appointed as Chairman of the Bi-centennial Committee. Motion carried. Motion by Councilman Sam Box seconded by Councilman Barney Shull that the City purchase Hustler mower. Motion carried. Motion by Councilman Sam Box seconded by Councilman Shull that _ City ask for bids on approximately 400 ft. of 24" culvert. Motion carried. Motion by Councilman Sam Box seconded by Councilman H. G. Bishop that the City Atty. be authorized to offer $800.00 counter offer to Larkin Harris as Agent for Mrs. Carreno on property for lead bed for cathodic protection. Motion carried. Motion by Councilman Sam Box seconded by Councilman David Bishop that the Chairman of the Airport Board present report on Airport at the next regular meeting of the Council. Motion carried. The following Resolution was introduced in writing by Councilman H. G. Bishop and considered by the Council: A RESOLUTION AUTHORIZING THE ISSUANCE, EXECUTION, SALE AND DELIVERY OF $650,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING WARRANTS OF THE CITY OF FAIRHOPE FOR THE PURPOSE OF FUNDING OR REFUNDING A LIKE OR GREATER AMOUNT OF THE PRINCIPAL OF AND INTEREST ON THE OUTSTANDING INTEREST BEARING WARRANTS AND NOTES OF THE CITY OF FAIRHOPE BE IT RESOLVED BY THE CITY COUNCIL (the "Council") of the City'of Fairhope (the "City") as follows: Section 1. The City by and through its Council, does hereby find and determine, represent and warrant as follows: (a) The assessed value of the taxable property within the corporate limits of the City as assessed for municipal taxes as of October 1, 1974, is not less than $6,935,735.00. (b) The City has outstanding and proposes to refund by the issuance of the Warrants herein authorized, the follow- ing warrants, notes, or other obligations, each of which is a general obligation of the City, secured by its full faith and credit and taxing power, and each of which was validly issued by the City for the purpose of borrowing money for the following respective lawful uses and purposes: (i) $300,000 General Obligation Warrants dated August 1, 1970, payable to First National Bank of Fairhope, issued to evidence the indebtedness of the City for money borrowed: $150,000 for street improvements, the cost of which was as- sessed in whole or in part against the property abutting and benefited by such improvements, $103,000 for electric system equipment, and $47,000 for automotive equipment, maturing over a period of 10 years with interest at 6 percent per annum, authorized by resolution duly adopted by the Council on August 10, 1970, the principal balance remaining due on which is now $200,000 (ii) $72,000 General Obligation Warrants dated October 9, 1970, payable to Fairhope Building Corporation and assigned by said Corporation to First National Bank of Fairhope, issued to evidence its obligation to pay a part of the purchase price of the Bank of Fairhope Building, now a used as the Administration Building of the City, payable in the amount of $8,000 in each year for 10 years, with interest at the rate of 5 percent per annum, authorized by Ordinance No. 453, duly adopted by the City Council on September 14, 1970, the principal balance remaining due on which is now $48,000 (iii) $42,834 Municipal Airport Warrants originally dated October 13, 1972, payable to First National Bank of Fairhope, issued to evidence an indebtedness incurred for the improve- ment and expansion of the airport of the City, maturing over a period of 10 years ending October 13, 1984, with interest at the rate of 6 percent per annum, authorized by resolution duly adopted by the Council on June 26, 1972, the principal balance presently remaining outstanding on which is $36,514.51 (iv) $116,000 General Obligation Promissory Note dated March 19, 1974, payable to First National Bank of Fairhope, issued to evidence money borrowed to pay the cost of pur- chasing equipment necessary for the operation and main- tenance of the sanitary landfill and other necessary ma- chinery and to pay a judgment in the amount of approximately $48,000 in favor of the Town of Daphne rendered by the Circuit Court of Baldwin County, payable over a period of 84 months in monthly installments of $1,666.98 each, with interest at the rate of 5-1/2 percent per annum on the unpaid balance, authorized by resolution adopted by the Council on March 11, 1974, the principal balance remaining due on which is now $100,865.47 (v) $200,000 General Obligation Promissory Note dated August 2, 1974, payable to First National Bank of Fairhope, issued to evidence $100,000.00 borrowed for general municipal purposes and $100,000.00 borrowed for the purchase from Riviera Utilities Company of electric service utility lines and facilities located within the corporate limits of the City; and said Note matures one year from date with interest. -2- 0 at the rate of 6-1/2 percent per annum, payable quarterly, authorized by resolution adopted by the Council on July 30, 1974, the outstanding principal balance on which is now (vi) $55,500 General Obligation Warrants or Notes, $25,000 of which are dated February 18, 1975, and $30,500 of which are dated April 4, 1975, payable to First National Bank of Fairhope, issued to evidence money borrowed for street improvements purposes, maturing annually on demand bearing interest at the rate of 5-1/2 percent per annum, authorized by the Council by resolution adopted February 10, $200,000 1975, the balance remaining outstanding on which is $55,500 (c) The City also has outstanding .the following bonds, warrants, notes and other obligations which are chargeable - against its constitutional debt limit, but which are not to be refunded by the warrants hereinafter authorized to be issued: (i) $500,000 General Obligation Electric Warrants, dated July 1, 1973, payable to First National Bank of Fairhope, issued for the purpose of acquiring and installing additions and improvements to the electric system of the City, maturing over a period of 15 years ending July 1, 1988, bearing interest at the rate of 5.20 percent per annum, authorized. by the Council by resolution adopted August 13, 1973, the outstanding principal balance due on which is now $478,000 (d) The City has outstanding vouchers, contracts and accounts payable in a total principal amount not exceeding $ El,� but the City has cash on hand exceeding such amount of payables set aside for the payment of such vouchers, contracts and accounts payable. (e) Interest accrued to the date of adoption of this resolution on the warrants and notes described in subparagraphs (b) and (c) above totals $2&�2 -3- (f) The City has outstanding no other bonds, warrants, notes or other obligations and has incurred no other indebted- ness of any nature whatsoever, except (1) temporary loans, to be paid within one year, made in anticipation of the col- lection of taxes and not exceeding one-fourth of the annual revenues of the City, (2) bonds or other obligations issued for the purpose of acquiring, providing or constructing school houses, to the payment of which obligations the City has pledged a tax sufficient to pay principal and interest of such obligations at their respective maturi- ties, (3) obligations incurred and bonds issued for pro- viding or constructing sanitary or storm water sewers or street or sidewalk improvements, the cost of which, in whole or in part, is assessed or to be assessed against the property drained, served or benefited by such sewers or abutting said improvements, (4) revenue bonds or other obligations payable solely from the revenues of the facili- -'ties acquired from the proceeds of the sale of said bonds or obligations, none of which are includible in the limita- tion of the indebtedness of the City under Section 225 of the Constitution of Alabama of 1901, as amended by Amendment No. 268. (g) First National Bank of Fairhope is now the holder of all of the notes and warrants listed in subparagraph (b) above and has agreed to surrender such notes and warrants to the extent of $650,000 in exchange for the Warrants herein authorized, the remaining principal and interest balance on said notes and warrants to be paid to said Bank in cash. The above refunding will provide a debt service schedule which the City will be able to meet without hampering its ability to provide the usual municipal services. It is therefore necessary, advisable and in the public interest to authorize and issue the warrants herein authorized. -4- (h) The aforesaid warrants and notes described in sub- paragraph (b) above were duly authorized by resolutions or ordinances duly adopted by the City Council, and each of said resolutions and ordinances is hereby readopted as if presented at this meeting and is hereby ratified and af- firmed as the action of the Council. Each of the afore- said warrants and notes were duly executed, issued and delivered upon receipt by the City of sums in cash equal to the face value thereof. The City hereby recognizes each of said notes and warrants as evidence of the valid and sub- sisting indebtedness of the City to the extent of the prin- cipal and interest balances now remaining outstanding there- on. Section 2. The City shall for the purpose of funding or refunding of a like or greater amount of the principal of and interest on the outstanding interest bearing warrants and notes of the City described in subparagraph (b) of Sec- =-tion 1 of this Resolution, and now held by First National Bank of Fairhope, Fairhope, Alabama, shall, pursuant to the Constitution and laws of the State of Alabama, including Code of Alabama of 1940, Title 37, Section 253, issue $650,000 aggregate principal amount of its General Obliga- tion Refunding Warrants (the "Warrants"). The Warrants shall be dated as of the date of their issuance, shall bear inter- est at the rate of 6.25 percent per annum, payable on October 1, 1975, and on April 1 and October 1 in each year there- after until maturity, shall mature on April 1 in each of the following years in the following principal amounts, shall be in the following.denominations, and shall be numbered consecutively, as follows: Year Amount Maturing Denomination Number 1976 $40,000 $40,000 1 1977 40,000 40,000 2 1978 40,000 40,000 3 1979 40,000 40,000 4 1980 40,000 40,000 5 1981 40,000 40,000 6 1982 40,000 40,000 7 -5- Year Amount Maturing Denomination Number 1983 $40,000 $40,000 8 1984 40,000 40,000 9 1985 40,000, 40,000 10 1986 50,000 50,000 11 1987 50,000 50,000 12 1988 50,000 50,000 13 1989 50,000 50,000 14 1990 50,000 50,000 15 Section 3. The Warrants shall be redeemable at the option of the City in whole or in part, and, if in part, in the inverse order of maturities and identification numbers, latest maturities and highest numbers first, on any interest payment date on or after April 1, 1985, at a redemption price - equal to the principal amount of each Warrant to be redeemed, plus accrued interest thereon to the redemption date and a premium equal to one-half of one percent (1/20) of -the principal amount of each Warrant redeemed for each 6 months period intervening between the date fixed for redemption and the stated maturity date of such Warrant, but not to exceed in any event two and one-half percent (2-1/20) of such principal amount. Thirty days' notice of the intended redemption of any of the Warrants shall be given by regis- tered mail to the payee thereof or to any assignee whose identity has been made known to the City. In the event that the identity of the assignee is not known, notice of such redemption shall be published once not more than 60 days and not less than 30 days before the date fixed for redemp- tion in a daily newspaper published in the City of Mobile, Alabama. Notice of such redemption having been so given and funds for the redemption price having been set aside and made available for the payment of such redemption price, each of the Warrants so called for redemption shall cease to bear interest from and after the date fixed for redemp- tion unless default shall be made in the payment of the redemption price thereof. Section 4. The Warrants shall be payable to John M. Beasley, or his assignees, at First National Bank of W-C Fairhope, in the City of Fairhope, Alabama, in lawful money of the United States of America. Said Warrants shall con- stitute orders to the City Treasurer to pay the face amount thereof, at par and without deduction for exchange or costs of collection, plus interest thereon, on the due date thereof, and the City hereby covenants and agrees to have available adequate funds at said Bank for such purposes at such times and to provide for the payment of all fees, exchange and charges for effecting payment at par and without any deduction. Section 5. The Warrants and the form of assignment and the form of registration of the Warrants shall be in substan tially the.following form: -7- (Form of Warrant) UNITED STATES OF AMERICA STATE OF ALABAMA BALDWIN COUNTY CITY OF FAIRHOPE GENERAL OBLIGATION REFUNDING WARRANT No. The CITY OF FAIRHOPE, a municipal corporation organized and existing under and by virtue of the laws of the State of Alabama (herein called the "City"), for value received, here- by acknowledges itself indebted to John M. Beasly or his assignees, in the principal sum of THOUSAND DOLLARS and hereby orders and directs the City Treasurer of the City to pay to said payee or its assignees noted hereon said sum on April 1, 19 (unless this Warrant shall have been called for prior redemption and payment of the redemption price duly made or provided for) in lawful money of the United States of America and to pay interest on said sum at the.rate of six and one-fourth percent (6.250) per annum, payable on October 1, 1975, and semiannually thereafter on April 1 and October l in each year until the principal amount of this Warrant has been paid, upon the presentation of this Warrant to the City Treasurer for the purpose of noting on the re- verse hereof each such interest payment. Both principal and interest are payable at the principal office of First National Bank of Fairhope, in the City of Fairhope, Alabama, at par and without deduction for exchange or costs of collection. This Warrant is one of a duly authorized issue of $650,000 principal amount of General Obligation Refunding Warrants of the City, issued or to be issued for the funding or refunding of a like or greater amount of the principal of the outstand- ing interest bearing warrants and notes of the City pur- suant to the Constitution and laws of the State of Alabama, including the provisions of Alabama Code of 1940, Title 37, Section 253, and a resolution and proceedings of the City Council of the City duly held, passed and conducted. The indebtedness evidenced by this and the other Warrants of this issue is a general obligation of the City and the full faith and credit of said City are hereby sacredly and irre.- vocably pledged to the punctual payment of the principal thereof and interest thereon. This Warrant and the other Warrants of this issue of War- rants are redeemable at the option of the City in whole or in part and, if in part, in the inverse order of maturities and identification numbers, latest maturities and highest numbers first, on any interest payment date on or after April 1, 1985, at a redemption price equal to the principal amount of the War- rant or Warrants to be redeemed, plus accrued interest thereon to the redemption date plus a premium equal to one-half of one percent (1/20) of the principal amount of each Warrant redeemed for each 6 months period intervening between the date fixed for redemption and the stated maturity date of such Warrant, but not to exceed in any event two and one-half percent (2-1/20) of such principal amount. Thirty days` notice of the intended redemption shall be given by regis- atz tered or certified mail to the payee or to any assignee whose identity has been made known to the City. In the event that the identity of the assignee is not known, notice of such redemption shall be published once not more than 60 days and not less than 30 days before the date fixed for redemp- tion in a daily newspaper published in the City of Mobile, Alabama.. If any of said Warrants so redeemable shall have been called for redemption as hereinabove provided, inter- est shall cease to accrue from and after the date fixed for redemption, unless default shall be made in the payment of the redemption price thereof. This Warrant is non-negotiable but is transferable by as- signment noted hereon. Each taker, owner, purchaser or holder hereof, by receiving or accepting this Warrant, shall consent and agree and shall be estopped to deny that the City may treat any person in possession of this Warrant, regardless of how such possession may have been acquired and regardless of the genuineness or effectiveness of any assignment, as the absolute owner for all purposes and payment of principal or interest to any such person shall discharge all obligations hereunder. It is hereby recited, certified and declared that all acts, conditions and things required by the Constitution and. laws of the State of Alabama to happen, exist and be performed precedent -to and in the execution, registration and issuance of this Warrant, and the adoption of the resolution author- izing its issuance, have happened, do exist and have been performed as so required and that the principal amount of this Warrant, together with all other indebtedness of the City, are within every debt and other limit prescribed by the Constitution and laws of the State of Alabama. IN WITNESS WHEREOF, the CITY OF FAIRHOPE, acting by and --through its City Council, has caused this Warrant to be exe- cuted in its name and on its behalf by its Mayor and attested by its City Clerk, and its corporate seal to be impressed here- on, all on this day of , 1975. S E A L CITY OF WAIRHOPE, Attest: yor City Clerk It is hereby certified that this Warrant and the interest thereon have been registered by me as a claim against the City of Fairhope, in the State of Alabama, and the revenues pledged to the payment thereof. City Treasurer of the City of Fairhope A S S I G N M E N T For value received, the Warrant on the reverse hereof is assigned to the assignee designated in the left-hand column below by the owner and assignor designated in the right-hand column below, without recourse on or warranty by such assignor except that he warrants that he is the owner of said Warrant and has a right to assign it. ASSIGNEE ASgTrunR Record of Interest Payments The holder of this Warrant acknowledges payment of interest as follows: Date Amount Name of Holder -10- Section 6. The Warrants shall be executed in the name and on behalf of the City by the Mayor and attested by the City Clerk and its official corporate seal shall be impressed thereon and a record kept thereof. Each Warrant shall be dated as of the date of its issuance. The Warrants and the in- terest thereon shall be registered by the City Treasurer in the records maintained by said Treasurer as a claim against the City, which registration shall be made simultaneously as to all of said Warrants. Said officers are hereby directed to execute, attest, date and register said Warrants. Section 7. The Warrants shall be general obligations of the City and the full faith and credit of the City are hereby. sacredly and irrevocably pledged to the punctual payment of the principal thereof and interest thereon. The City hereby represents that ad valorem taxes have been levied and hereby covenants and agrees that such taxes will be levied and collected, insofar as such taxes may be permitted by the present or any future provisions of the Constitution of Alabama, on all taxable property in the City and applied to the payment of the principal of and interest on said .warrants as they respectively mature and come due in amounts sufficient for such purpose. Section 8. The City shall, on or before the 20th day of each month, set aside and pay into a special account, to be designated "City of Fairhope April 1, 1975, General Obligation Warrants Principal and Interest Fund", and to be held by First National Bank of Fairhope, Alabama, to be applied to the pur- poses hereinafter provided, the total of the following: (a) Beginning April 20, 1975, an amount equal to 1/6 of the interest due and payable on the next succeeding interest payment date; (b) Beginning April 20, 1975, an amount equal to 1/12 of the principal maturing and becoming due and payable on the next ensuing April lst; (c) All sums which should have been paid into said Fund and which have not been so paid. Said payments shall continue until there shall be held in said Account a sum sufficient to pay the principal and -11- interest then due and thereafter to become due on all of the Warrants outstanding. The moneys held in said Account shall be applied solely to the payment of the principal of and interest on the Warrants or to the payment of the redemption price of the Warrants dully called for redemption and the expenses of such redemption; provided, however, that said First National Bank of Fairhope shall pay interest at the rate of 5 per cent per annum on all moneys on deposit in said Account, unless such moneys shall be then invested by said First National Bank of Fairhope in bonds, notes, certificates and other general obligation indebtedness of the United States of America which mature or are subject to redemption at the option of the holder within 24 months from the date of purchase. Section 9. The City hereby covenants and agrees that, if the principal of and interest on said Warrants are not paid promptly as such principal and interest mature and come due, --it will pay to the payee or assignee of said Warrants all expenses incident to the collection of any unpaid portion thereof, including a reasonable attorney's fee. The Narran.ts will bear interest at the rate of 8 per cent per annum from .and after maturity. Section 10. The terms, provisions, conditions and cove- nants set forth in this resolution constitute a contract between the City and each owner of any of said Warrants and shall remain in effect until the principal of and interest on said Warrants shall have been paid in full. Section 11. The Warrants, duly executed, shall be delivered to the payee named therein in exchange for the out- standing interest bearing warrants or notes of the City described in subparagraph (b) of Section 1 of this Resolution, not exceeding the principal amount thereof and interest thereon. The warrants and notes so received in exchange shall be can- celled and a certificate of cancellation shall be filed in the records of the City Treasurer. The mayor and the City Clerk -12- and the City Treasurer, or either of them, are hereby authorized and directed to effect such delivery and, in connection there- with, to deliver such closing papers containing such representa- tions as are required to demonstrate the legality of said Warrants, including the assessed value of taxable property in the City and the indebtedness of the City. Section 12. In the event that any one or more of the provisions of this resolution or of the Warrants shall, for any reason, be held illegal or invalid, such illegality or invalid- ity shall not affect the other provisions of this resolution or said Warrants and this resolution and each of the Warrants shall be construed and enforced as if such illegal or invalid pro- vision had not been contained therein. Section 13. All ordinances, resolutions and orders or parts thereof in conflict with this resolution are, to the extent of such conflict, hereby repealed. Section 14. That this resolution shall take effect immediately upon its adoption. S E A L Attest:' y c: l e Approved: Mayor -13- It was moved by Mr. 5,,., (I that all rules and regulations which, unless suspended, would prevent the immediate consideration and adoption of said resolution be suspended, and that unanimous consent to the immediate consideration and adop- tion of said resolution be given. The motion was seconded by Mr.'Go-M �36X and on roll call was unanimously adopted, those answering aye being: Mayor James P. Nix Councilmen: Nays: None David E. Bishop H. G. Bishop Sam E . -Box 011ie E. Deese B. L. Shull The Mayor declared the motion carried.. After said resolution had been discussed and considered in full by the Council, it was moved by Mr. �.07. fr S M-o that said resolution be now placed upon its final passage and ---adopted. The motion was seconded by Mr. Y� The - question being put as to the adoption of said motion and the final passage of said resolution, the roll was called with the following results: Ayes: Mayor James P. Nix Councilmen: Nays: None David E. Bishop H. G. Bishop Sam E. Box 011ie E. Deese B. L. Shull The Mayor declared the motion carried and said resolution passed and adopted as introduced and read. It was moved and seconded that the meeting be adjourned. Motion carried. tes approved: i A V' mayor S E A L \ f Attest: Ci y Clerk STATE OF ALABAMA ) BALDWIN COUNTY ) The undersigned, as City Clerk of the City of Fairhope, Alabama, hereby certifies that the foregoing pages constitute a complete, verbatim and compared copy of all those portions of the minutes of the regular meeting of the City Council of said City held on 41 �6 _, 1975, pertaining to the issuance of $650,000 principal amount of General Obligation Refunding Warrants of the City and the adoption of a resolution author- izing such issuance; that the copy of the resolution entitled "A RESOLUTION AUTHORIZING THE ISSUANCE, EXECUTION, SALE AND DELIVERY OF $650,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING WARRANTS OF THE CITY OF FAIRHOPE FOR THE PURPOSE OF FUNDING OR REFUNDING A LIKE OR GREATER AMOUNT OF THE PRINCIPAL OF AND INTEREST ON THE OUTSTANDING INTEREST BEARING WARRANTS. AND NOTES OF THE CITY OF FAIRHOPE" set forth therein is a complete, verbatim and compared copy of the resolution duly introduced and adopted at said meeting, the original of which is on file and of record in the minute book of the City. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official corporate seal of the City of Fairhope, Alabama, this day of 4ua, 1975. City Cler S E A L CERTIFICATE CONCERNING INDEBTEDNESS I, the undersigned Treasurer of the City of Fairhope, Alabama (hereinafter called the "municipality") do hereby certify as follows: 1. That the assessed value of taxable property in the municipality, as fixed by the last pre- ceding assessment for municipal taxation is $6,935,735.00 2. That the only outstanding bonds of the municipality to which the credit of the municipality is pledged are: (Specify for each bond issue the date of issue, interest rate, place of payment, and principal amount outstanding) 3. That the only outstanding notes and warrants of the municipality to which the credit of the municipality is pledged are: (i) General Obligation warrants dated 8/l/70 $ 200,000 (ii) General Obligation Warrants dated 10/9/70 48,0.00 (iii) Municipal Airport Warrants dated 10/13/72 (iv) General Obligation Promissory Note dated 3/19/74 payable to First National Bank of Fairhope (v) General Obligation Promissory Note dated 8/2/74, payable to First National Bank of Fairhope - (vi) General Obligation Warrants or Notes, dated February 18, 1975, and April 4, 1975, payable to First National Bank of Fairhope (vii) General Obligation Electric Warrants dated July 1, 1973 Accrued interest on above 4. That the municipality owes accounts payable in the amount of not less than 5. That the municipality has cash in banks immed- iately available to pay the aforesaid accounts of at lease 36,514.51 100,865.47 200,000.00 55,500.00 478,000.00 $yq q. 9 $ 6. That of the above described obligations, temporary loans to be paid within one year, made in anticipation of the collection of taxes, not exceeding one-fourth of the annual revenues of said municipality, total $ o - 7. That the municipality has outstanding the following bonds or other obligations which are not debts of the municipality within the meaning of Section 225 of the Constitu- tion, as amended: Water, Gas & Sewer Revenue Bonds, Series 1972 dated December 1, 1972 $ - o 8. That.the municipality has outstanding no other pecuniary obligations, except as follows; The Funding Agreement between the municipality and Alabama Pollution Control Finance Authority dated March 21, 1973, by which the municipality agrees to provide funds for the payment of the principal of and interest on $320,000 Special Obligation Bonds, Fairhope Series 1973, of said Alabama Pollution Control Finance Authority, the obligation of the municipality to make which - payments is limited to the revenues derived by the municipality from the operation of its sanitary sewer system remaining after the expenses of operation and maintenance thereof. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official corporate seal of the municipality, this ,2� day of riay, 1975. Treasur 4=Affl�