Title
A Resolution Approving a Bank Line of Credit for Emergency Preparedness
Summary
Description of Topic: (who, what, where, when, why and how much)
While updating the City's emergency preparedness plan due to Covid-19, it was determined that implementing a $10M - $12M Line of Credit (LOC) for use in such emergencies was prudent. Requests for proposals were sent to local banks and banks with existing relationships and the results are attached. Bank names are not shown because of confidentiality requests.
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
WHEREAS, the management team recently updated the City's emergency preparedness plan due to Covid-19, and
WHEREAS, it was determined that implementing a Line of Credit (LOC) for use in such emergencies was prudent, and
WHEREAS, proposals were solicited from local banks and banks with existing relationships for a LOC of up to $12,000,000 for emergency purposes.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves a Line of Credit with The First bank for up to $10 Million Dollars.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.