HomeMy WebLinkAbout06-06-1988 Regular Meeting943
STATE OF ALABAMA
COUNTY OF BALDWIN
The City Council, City of Fairhope, met in adjourned
regular session at 10:00 am; Fairhope Municipal Complex
Council Chamber; 161 North Section Street; Fairhope,
Alabama 36532, on Monday, 6 June 1988.
Present were Mayor James P. Nix; Councilmembers Roy C.
White, Jeanette Puckett, and Michael A. Ford; City Attorney
James Reid and City Clerk Evelyn Phillips. Councilmembers
David E. Bishop and Barney L. Shull were absent.
There being a quorum present, Mayor Nix called the
meeting to order.
Mr. Robert (Bob) Young, representing Fiscal Agents Frazer
Lanier Company of Montgomery, advised Council that the
City had again received an "A" rating from Standard and
Poor's. The offer by Farmers Home Administration, to
discount the 1982-83 waterline debt, had not at first
appeared attractive for the City since taxable bonds would
have to be used to pay off the FmHA debt; but, when FmHA
later changed their offer so the debt could be paid by
a non-taxable issue, the City decided to go ahead with
the pay-off plan. The new issue will be for $1,520,000 in
General Obligation Water Warrants, which will be paid off
over a 20-year term at an average 7.56% interest rate.
This will save some $2,250,000 when compared to the debt
owed FmHA over a longer term.
Councilman Ford introduced Ordinance No. 808, an
ordinance to provide for the issuance o 1,520,000
Principal Amount of General Obligation Water Warrants,
Dated 1 May 1988, of the City of Fairhope, Alabama.
Councilman White then moved that unanimous consent be given
for immediate consideration of and action on said ordinance,
which motion was seconded by Councilmember Puckett and,
upon the said motion being put to vote, the following vote
was recorded: AYE - Nix, Ford, Puckett, White. NAY - none.
The Mayor thereupon declared that the motion for unanimous
consent for immediate consideration of and action on said
ordinance was unanimously carried.
Councilmember Puckett then moved for final adoption of
Ordinance No. 808, which motion was seconded by Council -
member Ford and, upon the said motion being put to vote, the
following vote was recorded: AYE - Nix, Ford, Puckett, White.
NAY - none. The Mayor thereupon announced that the motion
for adoption had been unanimously carried.
Meeting was duly adjourned at 10:15 am.
Q jimr�esP. Nix, Mayor
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