Title
A Resolution amending Resolution 13-0445 approving the Cooperative District's recommendations regarding funding the Farmers Market
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
When Resolution 13-0445 was adopted it did not contain the name of the person authorized to sign the Guarantee Agreement. They need this information to finalize the Letter of Credit.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, the City of Foley adopted Resolution 13-0445 approving being the guarantor on United Bank's revolving line of credit associated with the Coastal Alabama Farmers and Fishermens Market in the amount of $400,000, and
WHEREAS, the City did not state who was authorized to sign the guarantee agreement on behalf of the City.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the mayor to sign the guarantee agreement and any necessary documents to complete United Bank's revolving line of credit transaction associated with the Coastal Alabama Farmers and Fishermens Market in the amount of $400,000.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.