Fairhope, Alabama
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.
 |
| 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.
Comments
Waste it on some pet project?
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