Title
A RESOLUTION TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION WARRANTS OF SERIES 2023
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA:
ARTICLE 1
Definitions
For purposes hereof:
Bond Counsel means Maynard, Cooper & Gale, PC.
City means the City of Foley, Alabama.
Council means the City Council of the City.
Projects means collectively:
(i) the acquisition of public library facilities in the City; and
(ii) the acquisition of facilities for use by the public works department and personnel of the City.
Series 2023 Agreement means that certain Financing Agreement to be dated the date of delivery in 2023 by the City and United Bank.
Series 2023 Warrant means the General Obligation Warrant, Series 2023, to be issued by the City pursuant to the Series 2023 Agreement.
ARTICLE 2
Representations
The Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) The acquisition and provision of the Projects are in the best interests of the taxpayers and citizens of the City.
(b) The issuance of the Series 2023 Warrant will allow the City to provide for the acquisition of the Projects by the long-term financing thereof at favorable interest costs whereby the taxpayers and citizens of the City, for whose benefit and use the Projects are provided and employed, may pay the costs thereof ratably during the reasonably expected economic lives of the Projects, in accordance with applicable standards of governmental finance of public property.
(c) The aggregate indebtedness of the City (including without limitation the Series 2023 Warrant) which will be outstanding under, and chargeable against the limitation upon indebtedness prescribed by, Section 225 of the Constitution of Alabama of 1901, as amended, upon the issuance of the Series 2023 Warrant, will not exceed twenty percent (20%) of the assessed valuation of the taxable property of the City as assessed for state taxation for the tax year ending September 30, 2022.
ARTICLE 3
Authorization
(a) The Council approves and authorizes the terms and provisions of, the representations and warranties of the City set forth in, and the obligations and transactions to be undertaken by the City pursuant to, the Series 2023 Agreement, with such changes thereto (by addition or deletion) which (i) do not (individually or in the aggregate) create any additional obligation, or extend or increase any stated obligation, of the City under the Series 2023 Agreement and (ii) the officers of the City conclusively approve by execution and delivery of the Series 2023 Agreement as provided by this Resolution.
(b) The Council authorizes and directs the issuance of the Series 2023 Warrant when and as provided in the Series 2023 Agreement for the purposes stated therein.
(c) The Council authorizes and directs the Mayor, Finance Director, and City Clerk of the City to:
(i) execute under seal, register, and attest the Series 2023 Agreement;
(ii) execute under seal, register and attest the Series 2023 Warrant;
(iii) execute, deliver, file and record such certificates, documents and notices with respect to such matters of fact as Bond Counsel determines to be necessary in connection with the Series 2023 Agreement;
(iv) deliver the Series 2023 Agreement and the Series 2023 Warrant in 2023 when advised by Bond Counsel;
(v) effect the performance of the Series 2023 Agreement.
ARTICLE 4
Ratification
The Council ratifies and confirms all prior action taken, and all certificates, documents, petitions, proceedings and public notices delivered, by or on behalf of the City in furtherance of the transactions herein authorized.
ARTICLE 5
Effect of Resolution
The Council authorizes this Resolution to take effect immediately and repeals any provision of any resolution, order, ordinance, or proceeding of the City to the extent of any conflict or inconsistency thereof with the provisions of this Resolution.