HomeMy WebLinkAbout05-04-1988 Special Meeting933
NOTICE AND CALL OF SPECIAL MEETING
Notice is hereby given of a special meeting of the City
Council of the City of Fairhope, Alabama, to be held at
the Fairhope Municipal Complex on Wednesday, 4 May 1988,
at 5:00 pm, for the purpose of deciding whether or not
to refinance FmHA bonds on waterline
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L/
ea�es P. Nix, Mayor
CONSENT TO HOLDING OF MEETING
The undersigned members of the City Council of the City
of Fairhope, Alabama, do hereby acknowledge service of
the Notice and Call of Special Meeting hereinabove set
forth and do hereby consent to the holding of such
meeting at such time and in such place and for the
purpose set forth therein.
934
STATE
OF
ALABAMA X
COUNTY
OF
BALDWIN X
The City Counil, City of Fairhope, met in special session
at 5:00 pm; Fairhope Municipal Complex; 161 North Section
Street; Fairhope, Alabama 36532, on Wednesday, 4 May 1988.
Present were Mayor James P. Nix; Councilmembers Roy C.
White, Jeanette Puckett, David E. Bishop, Michael A. Ford,
and Barney L. Shull; City Attorney James Reid and City
Clerk Evelyn Phillips. No one was absent.
The purpose of this meeting was to discuss two 1982-1983
waterline loans which Farmers Home Administration have offered
to discount.
There being a quorum present, Mayor Nix called the
meeting to order.
Mayor Nix explained that the two loans had an outstanding
principal balance of .$2,473,100. FmHA has offered to discount
this to $1,715,000. Financial advisors feel we may be able
to secure this amount at approximately 7.6% and the new debt
would be for a shorter term.
To go ahead with the proposal, it will be necessary to
make a 5% ($123,655) Good Faith deposit with FmHA. This
deposit would be applied to the debt in the future.
After some discussion, Councilman Bishop moved to authorize
the Mayor to proceed with arrangements to finance the payoff
of the FmHA loans and to use available funds to make the 5%
deposit. Seconded by Councilman Shull, motion passed unan-
imously.
Meeting was duly adjourned at 5:20 pm.
P
m s P. Nix, Mayor