Title
APPROPRIATING FUNDS FOR MARKETING AWARENESS OF AMENDMENT 2 ON THE NOVEMBER BALLOT
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
The Baldwin County Economic Development Alliance is requesting financial support for marketing awareness campaign of Amendment 2 on the November ballot. This amendment is asking the public to allow the State to refinance their Economic Development bonds. Today they have $750 million in bonds for the various efforts made to draw the auto companies, TK, etc. to the State. By refinancing these bonds at lower rates, it creates an additional $175 million that can be used towards additional economic development efforts.
SOURCE OF FUNDING:
Please provide the amount requested: $500
Is this a budgeted item? No
Please provide the budgeted amount: $_____________ Account No. 01-620-8145
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, Amendment #2 proposed by Act 2012-587 would allow refinancing $750 million in bonds, and
WHEREAS, refinancing would create an additional $175 million that could further economic development in the State of Alabama, and
WHEREAS, the Baldwin County Economic Development Alliance is requesting a donation to be used toward a marketing awareness campaign of Amendment #2
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: The Foley City Council finds that it is a good and useful purpose of the expenditure of $500 to be used toward a marketing awareness campaign for Amendment #2 and approves the expenditure payable to the Baldwin County Economic Development Alliance. The funds should be expended from Account No. 01-620-8145 Economic Development Expense.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.