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Sunday, June 12, 2016

Monday's Council Meeting Canceled

Fairhope, Alabama

June 9th special meeting

The regular council meeting scheduled for tomorrow, June 13th, has been canceled and rescheduled for June 20th because a quorum of council members could not be there --  according to council president Burrell.


SPECIAL MEETING HELD

A special council meeting was held last Thursday, June 9th to take up a time-sensitive issue of  debt reduction/refinancing, to save a "substantial amount of interest." (about 3%)

At that meeting the council voted 3 -0  (Burrell and Ford absent) to borrow $3,975,000 (3 year term) from First Community Bank to be used to pay off the city's 2007 General Obligation Warrants.

The city will provide another $2.1 million in cash from its general fund to reach the $6 million required to redeem the warrants early, which mature on July 15th.

The loan will be paid off by three $1,325,000 installments (1.02%annual  interest).

Money borrowed in the 2007 Warrant was used mostly for recreation projects.

5 comments:

Anonymous said...

What will they do with the money they save?

Waste it on some pet project?

Anonymous said...

Build another flower clock in the middle of the amphitheater at Faulkner

Anonymous said...

If they do not bother to show up for there meeting the pay should be docked.

Anonymous said...

The ones who do not show up should have there pay docked.

Anonymous said...

Man, the old people that troll this site are amazingly predictable in their negative comments. Do any of you honestly think that someone runs for city council because of the pay check? They run for one of two reasons, hopefully they run because they have the time and a skill set that can benefit the citizens. Unfortunately some run because of financial reasons, not the meager paycheck, but the money that can be made in back room deals. Our jobs as citizens is to determine which is which and vote accordingly.

Usually the ones spouting off about how ethical they are are the ones that cannot talk about their skill sets, because they have not developed a set of skills that are a benefit to the rest of us.

We have a chance to correct our past mistakes this election.

KANT AFFORD 4 MORE