HomeMy WebLinkAbout11-28-1978 Special Meeting14
STATE OF ATABAMA
OOUNTY OF BALDWIN
We the undersigned members of the Fairhope City Council, do hereby
waive notice of a special called meeting to be held 28 November 1978 at
5:00 p.m. at the City Administration Building, 387 Fairhope Avenue,
Fairhope, Alabama, for the purpose of revising the Frazer Lanier Company
Resolution adopted 27 November 1978 at regular Council Meeting.
Mayor Tern �(1
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15
The City Council, City of Fairhope, met in Special Session at 5:00 p.m.,
City Administration Building, 387 Fairhope Avenue, Fairhope, Alabama 36532, on
Tuesday, 28 November 1978 for the purpose of reconsidering the Frazer Lanier
Resolution__aUEFEZ at November 27th regular meeting.
Present were Councilmen Billy Dan Wiggins, Sam E. Box, Sr., Jack A.
Stipes and Henry G. Bishop; City Attorney John Duck, and Acting City Clerk.
Councilman Billy Don Wiggins served as Mayor Pro Tan in the absence of
Mayor James P. Nix. Councilman Ed Bishop was also out of town.
Mayor Pro Tem Wiggins explained that he and City Attorney John Duck had
spent the morning in conference regarding the Frazer Lanier Resolution as
adopted by Council at the previous evening's regular Council meeting. Fiscal
Agent Cliff Lanier had been included by telephone in the conversations.
Councilman Stipes reported that he had also spoke with Mr. Lanier by phone.
Fiscal Agent Frazer Lanier Company advises that original financing plan,
upon which the agreed cost of $6,850.00 is based, would not be in the best,
interest of the City due to the present Bond market. The plan outlined
in letter of 17 November 1978 would involve extra services by the Agent and
would involve additional expense as outlined in said letter; however, the
extra expense would be far out -weighed by long-term gains.
Councilman Box moved to rescind Resolution as adopted 27 November 1978.
Councilman Henry Bishop moved to adopt the following Resolution.
Seconded by Councilman Box, motion passed unanimously.
RESOLUTION
WHEREAS, the Mayor and Council of the City of Fairhope, Alabama, has
retained the firm of "The Frazer Lanier Company' as its Fis-
cal Agent in procuring certain Bonds and Warrant Issues, and
WHEREAS, The Frazer Lanier Company has outlined its proposed procedure
for procuring same by a letter dated 17 November 1978 directed
to the City Council of the City of Fairhope, and
WHEREAS, the City Council of the City of Fairhope is desirous of pro-
ceeding with the financing as outlined in said letter as soon
as possible,
THEREFORE, BE IT RESOLVED that the Mayor and City Council of the City
of Fairhope authorized The Frazer Lanier Company to proceed
immediately with its proposed plan of the financing as set
out by letter of 17 November 1978.
ADOPTED this 28th day of November 1978
ZA 40 e�4
P7ayor ro Ten
ctin City Clerk
Neeting was adjourned