City Meeting Minutes, February 21, 2006

Called City Council Meeting Minutes
February 21, 2006
Jacksonville, Alabama

The Mayor and Council of the City of Jacksonville, Alabama met in a called session on Tuesday, February 21, 2006, at 11:00 a.m. in City Hall Annex No.1. Mayor Johnny L. Smith called the meeting to order. Upon roll call, the following members were present: Council Members George L. Areno, Charles E. Notar, and Jeff L. Shelton. Council Members Jerry T. Parris and Sandra F. Sudduth were absent. The City Clerk was present. The City Attorney was present. The Finance Director was present.

WAIVER OF NOTICE. A motion was made by Council Member Notar, seconded by Council Member Areno, to adopt the waiver of notice, as per attached original, for the called meeting. Upon vote on the motion, the following votes were recorded: Yeas: All; Nays: None. The Mayor announced the motion carried.

BID REPORT: REINVESTMENT OF SURPLUS FUNDS, BID 06-2. A motion was made by Council Member Notar, seconded by Council Member Shelton, to receive the bid report for Reinvestment of Surplus Funds, Bid 06-2. Upon vote on the motion, the following votes were recorded: Yeas: All; Nays: None. The Mayor announced the motion carried. A copy of the bid report is made part of the Minutes.

INCLUDE OMITTED 2004 INTEREST WITH BID 06-2. A motion was made by Council Member Notar, seconded by Council Member Areno, to approve including in this year’s investment of surplus funds the 20% of the interest earned from the 2004 two-year investment, which was omitted, plus the amount of interest lost on that interest for those two years for a total of $34,851.00. Upon vote on the motion, the following votes were recorded: Yeas: All; Nays: None. The Mayor announced the motion carried.

COUNCIL MEMBER SUDDUTH ENTERS MEETING. Council Member Sandra F. Sudduth entered the meeting at 11:18 a.m.

RESOLUTION 1246: REINVESTMENT OF SURPLUS FUNDS, BID 06-2. A motion was made by Council Member Notar, seconded by Council Member Areno, to adopt Resolution 1246, awarding the Reinvestment of Surplus Funds, Bid 06-2, to Compass Bank to be invested as follows: $988,000.00 in a 36-month certificate of deposit and $988,000.00 in a 48-month certificate of deposit for a total investment of $1,976,000.00. Upon vote on the motion, the following votes were recorded: Yeas: Council Members Areno, Notar, Sudduth, and Mayor Smith; Nays: Council Member Shelton. The Mayor announced the motion carried. A copy of Resolution 1246 is made part of the Minutes. There being no further business to come before the meeting, the same was, on motion, duly adjourned.

ATTEST:

____________________________
Dorothy P. Wilson, City Clerk ____________________________
Johnny L. Smith, Mayor

Contact Information: City Hall