Title
A RESOLUTION AUTHORIZING CERTAIN ACTION
WITH RESPECT TO REVENUE BONDS, SERIES 2015, TO BE ISSUED
BY THE CITY OF FOLEY PUBLIC FACILITIES COOPERATIVE DISRICT
Summary
Description of Topic: (who, what, where, when, why and how much)
Bob Young contacted the City Administrator to let him know that by refinancing the Series 2009 Bond (PFCD) the City could save $254,000 while leaving the payments the same.
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”), and contigent upon approval by the City of Foley Public Facilities Cooperative District as follows:
Section 1. The Council has found and determined, and does hereby find, determine and declare, as follows:
(a) The City of Foley Public Facilities Cooperative District (the “District”) has heretofore issued its Revenue Bonds, Series 2009 (the “Series 2009 Bonds”) to finance certain public facilities for lease to and use by the City of Foley, Alabama (the “City”) pursuant to a lease agreement (the “Lease Agreement”) by the District, as lessor, and the City, as lessee. The Series 2009 Bonds are payable from revenues provided by the City from the lease of such facilities by the City.
(b) The City and the District have determined that it is in the best interests of the City and the District to refund a portion of the Series 2009 Bonds to realize present value interest costs savings.
(c) It is necessary and desirable for the Council to authorize the structure and offering to the public market of tax-exempt revenue bonds of the District, payable from lease revenues from the City (the “Series 2015 Bonds”), for the foregoing purpose.
Section 2. Subject to Section 4 hereof, the Council does hereby approve, adopt, authorize, direct, ratify and confirm:
(a) The engagement of The Frazer Lanier Company, Incorporated, as underwriter, and Maynard, Cooper & Gale, PC, as bond counsel, for the Series 2015 Bonds;
(b) the determination of the proposed structure and sources of payment and uses of proceeds of the Series 2015 Bonds by The Frazer Lanier Company, Incorporated;
(c) the preparation of the financing documents for the Series 2015 Bonds by Maynard, Cooper & Gale, P.C., as bond counsel;
(d) the terms, and distribution by The Frazer Lanier Company, Incorporated, of a preliminary official statement with respect to the Series 2015 Bonds, on behalf of the District and the City;
Section 3. The Mayor is hereby authorized and directed to execute and deliver, on behalf of the City:
(a) the written disclosures made to the City by The Frazer Lanier Company, Incorporated, in accordance with MSRB Rule G-17; and
(b) subject to Section 4 hereof, a bond purchase agreement with respect to the Series 2015 Bonds.
Section 4. The delivery of the Lease Agreement by the City for the purpose of paying the principal of and interest on the Series 2015 Bonds shall be subject to:
(a) the final approval and authorization thereof by the Council, including without limitation the purposes, use of proceeds, principal amounts, terms of maturity and payment dates, interest rates, offering prices and redemption prices and terms, costs of issuance, credit enhancement (if any) and interest costs savings all with respect to the Series 2015 Bonds; and
(b) the approving legal opinion of Maynard, Cooper & Gale, P.C., as bond counsel.
Section 5. All actions heretofore taken, and all agreements, documents, instruments and notices heretofore executed, delivered or made, by any of the officers of the City with respect to any matters referenced herein are hereby ratified and confirmed.
Section 6. All resolutions, or parts 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 7. This resolution shall take effect immediately.