Title
A RESOLUTION AUTHORIZING A LINE OF CREDIT AGREEMENT BY THE CITY OF FOLEY, ALABAMA, AND THE FIRST, A NATIONAL BANKING ASSOCIATION
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA, as follows:
ARTICLE 1
Definitions of Capitalized Terms
The following terms shall have the following meanings:
Agreement:
Line of Credit Agreement to be dated the date of delivery by the City and the Lender
City:
City of Foley, Alabama
Enabling Law:
Section 11-47-2 of the Code of Alabama 1975
Lender:
The First, A National Banking Association and its successors and assigns
Mayor:
Mayor of the City
Transaction Documents:
Meaning assigned in Section 2.01
Warrant:
$10,000,000 maximum principal amount General Obligation Warrant (Federally Taxable Line of Credit), Series 2020-TF, to be issued by the City to the Lender pursuant to the Agreement
ARTICLE 2
Authorization of Transaction Documents
Section 2.01. Authorization of Transaction Documents
(a) The City does hereby approve, adopt, authorize, direct, ratify and confirm the terms and provisions of, the representations and warranties of the City set forth in, the obligations and transactions to be undertaken by the City pursuant to, and the execution and delivery by the City of, the following (collectively, the "Transaction Documents"):
(1) The Agreement, in substantially the form attached as Exhibit A;
(2) The Warrant;
(3) All agreements, assignments, documents, instruments and notices which may be desirable or necessary to be executed, delivered and performed to effect the purposes of and transactions under the Transaction Documents.
(b) The Transaction Documents are approved in substantially the form and of substantially the content as presented to and considered by the City, with such changes thereto (by addition or deletion) as the officer of the City executing the same shall approve and as shall not increase the amount or duration of the pecuniary obligations of the City thereunder, which approval shall be conclusively evidenced by the execution of the Transaction Documents by such officer as provided in this Resolution.
(c) The Transaction Documents presented to, considered and adopted by the City shall be filed in the permanent records of the City.
Section 2.02 Authorization of Execution, Delivery and Performance of Transaction Documents
The Mayor and the Clerk of the City are hereby authorized and directed to execute, seal, deliver and effect the performance of, the Transaction Documents for and on behalf of and in the name of the City.