Title
Authorizing the Mayor to enter into a Franchise Payment Agreement
Summary
Description of Topic: (who, what, where, when, why and how much)
The Utilities Board of the City of Foley had agreed to renew the Franchise Payment Agreement for a period of 20 years from the date of October 1, 2016.
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 Utilities Board of the City of Foley has agreed to continue the Franchise Payment Agreement through their Resolution 160719-1 Exhibit A, and
WHEREAS, the Board agrees that during each fiscal year of the City beginning on October 1, 2016, and on each October 1 there after during the term of this Agreement, the Board will pay to the City an amount equal to 4.25% of the retained earnings of the Board at the end of the fiscal year of the Board ending on the immediately preceding June 30, in twelve equal installments, due on the first day of each calendar month as stated in Resolution 160719-1 Exhibit A,
WHEREAS, the Agreement shall remain in effect for a term of twenty year from October 1, 2016.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the mayor to execute Resolution 160719-1 Exhibit A Franchise Payment Agreement as attached and made a permanent part of the Resolution upon its adoption.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.