Title
A RESOLUTION AUTHORIZING A SPECIAL ECONOMIC DEVELOPMENT GRANT AGREEMENT BY THE CITY OF FOLEY, ALABAMA AND WOLF BAY LODGE, INC.
Body
BE IT RESOLVED BY THE PUBLIC FACILITIES COOPERATIVE DISTRICT OF THE CITY OF FOLEY, ALABAMA as follows:
ARTICLE 1
Definitions and Representations
Section 1.01 Definitions of Capitalized Terms
As used herein the following terms shall have the following meanings:
Agreement shall mean that certain Economic Development Grant Agreement dated the date of delivery, together with all Attachments and Exhibits thereto, by the City and the Company, as at any time amended, restated or supplemented.
Bond Counsel shall mean Maynard, Cooper & Gale, PC.
City shall mean the City of Foley, Alabama.
Company shall mean Wolf Bay Lodge, Inc. and its successors and assigns.
Enabling Law shall mean Amendment No. 772 of the Constitution of Alabama of 1901, as amended.
Transaction Documents shall have the meaning assigned in Section 2.01.
Warrant shall have the meaning assigned in Section 1.02(c).
Section 1.02 Representations of the City
The Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) The City and Wolf Bay Lodge, Inc. (the “Beneficiary”) have prepared that certain Special Economic Development Grant Agreement to be dated the date of delivery (the “Special Economic Development Grant Agreement”), as set forth in Exhibit A hereto, for the purposes referenced therein.
(b) The City has the power and authority under Amendment No. 772 of the Constitution of Alabama of 1901, as amended (“Amendment No. 772”) to authorize, deliver and perform the Special Economic Development Grant Agreement.
(c) Pursuant to, and for the purposes of, Amendment No. 772, it is necessary, desirable, and in the public interest for the City to grant public funds for the economic development of the City and in evidence thereof to issue its Limited Obligation Economic Development ...
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