Title
A Resolution Approving The Structure And Sale Of Athletic And Sports Facilities Revenue Bonds, Series 2015, By The Public Athletic And Sports Facilities Board Of The City Of Foley, Alabama
Summary
Description of Topic: (who, what, where, when, why and how much)
A Resolution Approving The Structure And Sale Of Athletic And Sports Facilities Revenue Bonds, Series 2015, By The Public Athletic And Sports Facilities Board Of The City Of Foley, Alabama
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
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 "City") as follows:
Section 1. Representations and Definitions of Capitalized Terms.
The City has heretofore, upon evidence duly presented to and considered by it, found and determined, and does hereby find, determine and declare that:
(a) Pursuant to Chapter 99B of Title 11 of the Code of Alabama 1975 (the "Enabling Law"), the City, and The Public Park and Recreation Board of the City of Foley, Alabama, have authorized the incorporation of The Public Athletic and Sports Facilities Cooperative District of the City of Foley, Alabama (the "District"), and the certificate of incorporation of the District is recorded as instrument No. 1428916 in the Office of the Judge of Probate of Baldwin County, Alabama.
(b) The District proposes to issue Athletic and Sports Facilities Revenue Bonds, Series 2014, in a maximum principal amount of $13,000,000 (the "Bonds") for the purposes of financing a portion of the costs of "projects" (as described in the certificate of incorporation thereof and as permitted by the Enabling Law; herein collectively the "Project") to be located within the City and to be operated by the City. The Bonds shall be regular, limited obligations of the District payable solely from moneys provided by the City pursuant to a Funding Agreement with respect to the Bonds by the City, the District, and Regions Bank, as trustee for the registered owners of the Bonds, to be delivered by the City simultaneously with the issuance of the Bonds.
(c) Pursuant to Amendment No. 772 to the Constitution of Alabama of 1901, as amended ("Amendment No. 772"), the City has caused a Notice (the "772 Notice") to be published on August 1, 2014 in The Foley Onlooker with respect to certain actions proposed to be taken, and certain agreements proposed to be made and delivered, by the City, to provide for the financing of a portion of the costs of the Project and the economic development of the City thereby.
(d) There has been prepared for and delivered to the City, and made available for public inspection, the various agreements, contracts, documents and instruments with respect to the transactions described in the 772 Notice and the undertakings by the City in connection therewith (collectively the "Financing Documents").
(e) On August 11, 2014, the governing body of the City, by resolution duly adopted (the "Authorizing Resolution"), authorized the transactions referenced in the 772 Notice and the Financing Documents, subject to certain conditions set forth in the Authorizing Resolution.
(f) Pursuant to Article 17 of Chapter 81 of Title 11 of the Code of Alabama 1975, upon proceedings instituted by the District, the Circuit Court of Baldwin County, Alabama entered an order on October 6, 2014 for the confirmation and validation of enforceability of the Bonds and the means for the payment thereof, and the Financing Documents.
(g) It is necessary and desirable for the City to authorize the structure and sale of the Bonds, on a tax-exempt basis, for the foregoing purposes.
Section 2. Approval and Authorization of Structure of Bonds, Preliminary Official Statement, Bond Purchase Agreement.
The City does hereby, subject to the provisions of Section 4 of this resolution, approve, authorize, confirm and direct:
(a) the determination of the proposed structure of the Bonds by The Frazer Lanier Company, Incorporated (the "Underwriter");
(b) the terms, and distribution by the underwriter of, a preliminary official statement with respect to the Bonds, on behalf of the District and the City, in substantially the form and content as presented to the District;
(c) the terms and provisions of a bond purchase agreement (the "Bond Purchase Agreement") with respect to the Bonds, by the District and the City and the Underwriter, in substantially the form and content as presented to the City;
(d) the finalization of the Financing Documents by Maynard, Cooper & Gale, P.C., as Bond Counsel.
Section 3. Authorization of Execution of Bond Purchase Agreement.
The Mayor of the City is hereby authorized and directed to execute and deliver the Bond Purchase Agreement with respect to the Bonds.
Section 4. Subject to Final Approval of City.
The issuance and sale of the Bonds by the City are subject to the final approval and authorization thereof by the City, including without limitation the purposes, use of proceeds, principal amounts, terms of maturity and payment dates, interest rates, offering prices, redemption prices and terms, costs of issuance and credit enhancement, if any.