Title
Consider Addendum to and Amendment of Standard Form of Agreement between Owner and Contractor by PCEFCD and Dunn Building Company, LLC
Summary
Description of Topic: (who, what, where, when, why and how much)
In order for the contractor to purchase tax free materials for the City's Event Center the City must provide proof that the City pays for the materials.
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
WHEREAS, the Public Cultural and Entertainment Facilities Cooperative District (PCEFCD) issued revenue bonds pursuant to a Trust Indenture dated December 1, 2015 by the District and Regions Bank, as trustee to provide funds to pay the costs of public cultural and entertainment facilities, and
WHEREAS, the Bonds are limited obligations of the District payable solely from and secured by a pledge of the moneys payable by the City pursuant to Funding Agreement dated as of December 1, 2015 by the City, the District and the Trustee. The amounts payable to the City pursuant to the Funding Agreement as general obligations of the City, and
WHEREAS, the applicability to the City of, and the compliance of the Funding Agreement with Amendment No. 772, and the terms and provisions of, and the agreements and obligations of the City and the District pursuant to, the Bonds, the Indenture and the Funding Agreement, were validated and confirmed by the Circuit Court of Baldwin County Alabama, pursuant to Findings of Fact, Conclusions of Law, and Final Judgment dated and entered on December 7, 2015, and
WHEREAS, the proceeds of the Bonds were deposited in the Bond Proceeds Fund under the Indenture to pay the costs of the Project, and
WHEREAS, the City has authority under the Indenture to authorize the disbursement of proceeds of the Bonds for the payment of costs of the Project, and
WHEREAS, in that the proceeds of the Bonds are the sole source of funds of the District to pay the costs of the Project, and the Bonds are payable solely from the general funds and revenues of the City, the general funds and revenues of the City are the sole and ultimate source of payment of the costs of the Project. The City is exempt from state taxation under Sectio 40-23-4(11) of the Code of Alabama, 1975.
NOW THEREFORE BE IT RESOLVED that the Foey City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes an Addendum to and amendment of the Standard Form of Agreement between Owner and Contractor dated June 10, 2016 by The Public Cultural and Entertainment Facilities Cooperative District of the City of Foley, Alabama and Dunn Building Company, LLC, to be entered into by the City of Foley, Dunn Building Company,LLC, and the Public Cultural and Entertainment Facilities Cooperative District of the City of Foley, Alabama and authorizes the Mayor to execute the necessary documents
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.