Title
Authorizing Mayor to set up an escrow account for New Market Tax Credits
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Chase is requiring funds
SOURCE OF FUNDING:
Please provide the amount requested: 30,000
Is this a budgeted item? No
Please provide the budgeted amount: $_____30,000________ Account No. _______41-1100____________________
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
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the Mayor to establish an escrow account of up to $30,000 with Chase Bank for the New Market Tax Credits.
SECTION 2: Approves the transfer of $30,000 from the General Fund to the Public Facilities Cooperative District's New Market Tax Credit escrow account 41-1100.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.