Title
A Resolution Authorizing a Special Agreement by the City of Foley, Alabama, with The City of Foley Public Facilities Cooperative District and Regions Bank, as Trustee
Summary
Description of Topic: (who, what, where, when, why and how much)
The Special Agreement only ratifies the 2009 Lease by the District and the City with respect to the Sere is 2009 Bonds and the 2016 Refunding Bonds.
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
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (THE “COUNCIL”), AS GOVERNING BODY OF THE CITY OF FOLEY, ALABAMA (the “City”), as follows:
Section 1. The Council, 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 and The City of Foley Public Facilities Cooperative District (the “District”) have prepared that certain Special Agreement to be dated the date of delivery (the “Special Agreement”), as set forth in Exhibit A hereto, for the purposes referenced therein.
(b) The delivery and performance of the Agreement will produce direct economic benefits to the City.
Section 2. The Council does hereby approve, adopt, authorize, direct, ratify and confirm:
(a) the agreements, covenants, and undertakings of the City set forth in the Special Agreement, and
(b) the terms and provisions of the Special Agreement, in substantially the form and of substantially the content as set forth in Exhibit A hereto, with such changes thereto (by addition or deletion) as the Mayor shall approve and as shall not increase the amount or the term of the obligations of the City thereunder, which approval shall be conclusively evidenced by execution and delivery of the Special Agreement as hereinafter provided.
Section 3. (a) The Mayor is hereby authorized and directed to execute and deliver the Special Agreement for and on behalf of and in the name of the City. The City Clerk is hereby authorized and directed to affix the official seal of the City to the Special Agreement and to attest the same.
(b) The Mayor and the officers of the City are each hereby authorized and directed to take all such actions, and execute, deliver and perform all such agreements, documents, instruments, notices, and petitions and proceedings, with respect to the Special Agreement, as the Mayor and such officers shall determine to be necessary or desirable to carry out the provisions of this resolution or the Special Agreement or duly and punctually observe and perform all agreements and obligations of the City under the Special Agreement.
Section 4. All prior actions taken, and agreements, documents or notices executed and delivered, by the Mayor or any officer or member of the Council or other representative of the City, in connection with the agreements, covenants, and undertakings of the City hereby approved, or in connection with the preparation of the Special Agreement and the terms and provisions thereof, are hereby approved, ratified and confirmed.
Section 5. All ordinances, resolutions, orders, or parts of any thereof, of the Council in conflict, or inconsistent, with any provision of this resolution hereby are, to the extent of such conflict or inconsistency, repealed.
Section 6. This resolution shall take effect immediately.