The official signing for the sell of the school bonds took place Wednesday afternoon at the law offices of Waldrep, Stewart, and Kendrick in downtown Birmingham. By the time you read this article a wire transfer will have been made to build the new schools.
One of the many seals needed to validate the signings.
A steady stream of various organization members made their way to the 2nd floor conference room to place their signature and their official seal on multiple documents that ran the width of the room.
PEBA Chairman Jack Courson opened the meeting thanking the many that played a part in the day and turned the meeting over to bond counsel attorney Fred Simpler, Jr. of Waldrep, Kendrick and Stewart.
Simpler noted there would be seven copies of each document to be signed by three major parties; PEBA who is issuing the bonds, the City of Leeds who is executing the funding and paying the debt service on the bonds, and the Board of Education who is the lessee under the lease agreement.
There were other parties signing for banks such as Sandy Gresham and Felicia Cannon of U.S. Bank that will deliver the money the next morning through a wire transfer, along with John Robinson of Raymond James as underwriters, and others who played a part in the securing of the bonds and finances.
Felicia Cannon and Sandy Gresham sign for U.S. Bank.
The first to sign were PEBA members Jack Courson, Pat Sewell, and Dr. Carl Marbury. Signing for the City of Leeds were Mayor " Tac" Whitfield and administrative assistant Kevin Fouts. Superintendent Dr. Billy Pack and Board President Greg Dawkins signed for the Board of Education.
As the signing began, talk quickly turned to the truly great event this was for all of Leeds. Mayor Whitfield said, "This is magnificent and we are all very happy to sign the documents and release the money so the schools can be built. The only regret I have is this should have happened in February instead of now, but it is happening and we are very pleased and excited."
Mayor Whitfield greets participants at signing.
Kevin Fouts, City of Leeds Acting City Clerk, signed in attest to the signature of the Mayor and provided the official seal of the city as the guardian, said, "This is an exciting day for Leeds and I think you will see nothing but good things in the future for Leeds."
We asked BOE Superintendent Pack if he would sleep better tonight and he said, " I'm relieved, and I've slept better since last Thursday when we got the good news the bonds were sold, but I'll sleep the best tomorrow night after we get the money from the transfer and I can write the checks I need to build the schools." Pack also said the children of Leeds will have the opportunity to go to school not just in a new facility but in a program that is comparable to any other school district in the state.
Assistants confirm documents are signed and sealed.
School Board President Greg Dawkins said "Today was a major step forward for the city, and several steps have been taken along the way and this was the next big step."
PEBA member Pat Sewell said, "This has been an exciting process and the end result benefits all in Leeds."
PEBA attorney Lee Barnes said, "This is an exciting day for the City of Leeds and the citizens of Leeds, and would not have happened without the hard work of all those here," naming the many participants. "This is going to be our catalyst at spearing growth in the future," added Barnes.
PEBA members Dr. Carl Marbury and Pat Sewell
The schools are slated to be ready for the 2009/2010 school year. The new middle school is being built in front of the current High School which will find its new home at Coosa Avenue less than one mile from the Bass Pro development at interstate exit 140.
