Title
Authorizing Mayor to sign the Bond Purchasing Agreement related to refinancing $9.9M of the PFCD’s 2009 $23M revenue bonds
Summary
Description of Topic: (who, what, where, when, why and how much)
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
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, (the “City”) that the Mayor is hereby authorized to co-sign a Bond Purchase Agreement, along with the Chairman of the Public Facilities Cooperative District of the City of Foley (the “District”), between the District and The Frazer Lanier Company Incorporated, with respect to the issuance of approximately $9,900,000 City of Foley Public Facilities Cooperative District Revenue Bonds, Series 2016 (the "Bonds"). The Bond Purchase Agreement shall contain, among other things, the principal amount of Bonds to be issued, the maturity schedule, the interest rates, call provisions and ratings. The Bonds will be limited or special obligations of the District.