Title
A RESOLUTION APPROVING FINANCING DOCUMENTS BY THE CITY OF FOLEY, ALABAMA, THE PUBLIC ATHLETIC AND SPORTS FACILITIES BOARD OF THE
CITY OF FOLEY, ALABAMA AND REGIONS BANK, AS TRUSTEE
Body
BE IT RESOLVED BY THE CITY COUNCIL OF 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 used and operated by the City.
(c) The Bonds shall be special, 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.
(d) Pursuant to Amendment No. 772 to the Constitution of Alabama of 1901, as amended (“Amendment No. 772”), the City has caused the Notice set forth in the proceedings of the City held on August 11, 2014 (the “Notice”) to be published on August 1, 2014...
Click here for full text