Title
Consider approving Lease Agreement between PASFCD and City of Foley
Summary
Description of Topic: (who, what, where, when, why and how much)
Don Staley has tournaments beginning the end of this week and there is a need to enter into this Lease Agreement between PASFCD and City of Foley to insure, maintain, operate and repair the PASFCD Project by the City on behalf of the District.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, the PASFCD delivered a Trust Indenture dated May 1, 2015, by the District and Region Bank and the District issued revenue bond on May 14, 2015 pursuant to the indenture of $13 million Athletic and Sport Facilities Revenue Bonds, Series 2015 to finance the within-referenced Project for the benefit of the District and the City, and
WHEREAS, the City delivered a Funding Agreement dated May 1, 2015, to the District and the Trustee as a general obligation of the City for the payment of the principal of and interest on the Bonds, and
WHEREAS, the project needs to have insurance, maintenance, operation and repairs provided by the City for and on behalf of the City, and the operation of those provisions of the Indenture respecting the interest of the District and the City.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the Chairman to enter into a Lease Agreement for purposes stated above and which are listed in the Lease Agreement, which is attached and made a permanent part of this resolution upon its adoption.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.