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AN ORDINANCE APPROVING AMENDED AND RESTATED INDUSTRIAL REVENUE BOND (VULCAN PROJECT), SERIES 2013-B OF THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF FOLEY, ALABAMA
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BE IT ORDAINED BY THE CITY COUNCIL OP THE CITY OF FOLEY as follows:
Section 1. The City Council (the "Council") of the City of Foley (the "City"), upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) The City has heretofore approved the incorporation of The Industrial. Development Board of the City of Foley, Alabama (the "Board") for purposes set forth in Division 1 of Article 4 of Chapter 54 of Title 11 of the Code of Alabama 1975, pursuant to which the Board was incorporated and now exists.
(b) The Board proposes to amend and restate its Industrial Revenue Bond (Vulcan Project), Series 2013-B (the “Bond”) heretofore issued to Vulcan, Inc. (“Vulcan”) to refinance manufacturing and industrial facilities for lease to and use by Vulcan pursuant to Financing and Lease Agreement dated as of August 1, 2013 by the Board and Vulcan, to restructure the obligations of the Board to Vulcan thereunder.
Section 2. The Bond provides it shall never constitute an indebtedness, pecuniary liability, or charge against the general credit or taxing power of the City of Foley or the State of Alabama within the meaning of any constitutional provision or statutory limitation whatsoever.
Section 3. For purposes of Article Nine of the above Certificate of Incorporation of the Board, the Council does hereby approve the amendment and restatement of the Bond.
Section 4. The officers of City are hereby authorized and directed to take all such actions and execute and deliver all such agreements, documents, instruments and notices as may be necessary or desirable to carry out the purposes of this Ordinance. All prior actions of any officers of the City with respect thereto are hereby ratified and confirmed.
Section 5. All ordinances, resolutions, orders, and any other proceedings of the City, in conflict or inconsistent with the provisions of this Ordinance, are, to the extent of such conflict or inconsistency, hereby repealed.
Section 6. This Ordinance shall take effect immediately upon adoption.