Title
A Resolution Engaging Frazier Lanier as Underwriter for General Obligation Warrants
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
The resolution is to formalize hiring The Frazier Lanier Company for two tax exempt bonds. One bond will be for the multi-use sports fields and related components at the Sports Field Complex. The other bond will include various infrastructure improvements, an interpretive center at Graham Creek Nature Preserve, the potential purchase of a building located in the downtown area of Foley for economic development purposes, to add an additional five-plex to the existing Sportsplex to accommodate the growing number of children playing ball and for sports tournaments, and to pay for the matching funds for three ATRIP Grants, one TIGER grant and one TAP grant.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
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, the City of Foley is growing by leaps and bounds and has a committment to its citizens to provide for the upkeep and maintenance of its roadways, and
WHEREAS, the City has applied for three ATRIP grants, one TIGER grant and one TAP grant, all of which have matching funds that are needed, and
WHEREAS, the plans for Graham Creek Nature Preserve include an Interpretive Center, and
WHEREAS, there is a need for funding various economic development projects, and
WHEREAS, there is a need for funding multi-use sports fields and related components at the Sport Field Complex, and
WHEREAS, the Foley City Council feels that the best way to fund these projects is with tax exempt bonds and requests for proposals were sent to various entities, and
WHEREAS, The Frazier Lanier Company submitted the best underwriting proposal for these projects.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, does hereby engage The Frazier Lanier Company as underwriter for its General Obligation Warrants totalling approximately $17 million in principal amount, and authorizes the Mayor to sign the Warranty Purchase Agreement.
NOW THEREFORE BE IT FURTHER RESOLVED that the City Council of the City of Foley, Alabama, does hereby engage The Frazier Lanier Company as underwriter for its General Obligation Warrants totalling approximately $12 million in principal amount and authorizes the Mayor to sign the Warranty Purchase Agreement. This Resolution shall become effective immediately upon its adoption as required by law.