Title
A RESOLUTION TO AUTHORIZE THE FOLLOWING POLICIES OF THE CITY OF FOLEY, ALABAMA:
Policy for Incurrence and Management of Debt
Policy for Compliance of Tax-Exempt Bonds with the Internal Revenue Code
Policy for Continuing Disclosure under SEC Rule 15c2-12
Summary
Description of Topic: (who, what, where, when, why and how much)
Finance Director: the presented policies related to debt management were drafted by the City's bond attorney. The policies establish standards for the incurrence and management of City debt that comply with laws, generally accepted accounting principles, and IRS and SEC requirements.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ 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 #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
Section 1. The City does hereby approve, adopt, authorize, direct, ratify and confirm the following policies (the “Policies”) of the City in the form and of the content as attached hereto as Exhibit A and presented to and considered by the City, and effective as provided therein:
(a) Policy for Incurrence and Management of Debt;
(b) Policy for Compliance of Tax-Exempt Bonds with the Internal Revenue Code; and
(c) Policy for Continuing Disclosure under SEC Rule 15c2-12.
Section 2. The officers of the City are hereby authorized and directed to take such actions as may be necessary or desirable to carry out and effect the provisions of this Resolution.
Section 3. All actions heretofore taken by officers of the City with respect to the development of the Policies are hereby ratified and confirmed.
Section 4. This Resolution shall become effective immediately upon its adoption as required by law. .