Title
AUTHORIZE THE MAYOR TO SIGN A WARRANT PURCHASE AGREEMENT BETWEEN THE CITY OF FOLEY AND THE FRAZER LANIER COMPANY, INC. WITH RESPECT TO THE ISSUANCE OF APPROXIMATELY $17 MILLION GENERAL OBLIGATION WARRANTS
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
By adopting this resolution and authorizing the Mayor to sign the Purchase Agreement with The Frazier Lanier Company, Inc. it will enable the bonds to issued in a more timely manner. A similar resolution was adopted when the City had the 2009 General Obligation Warrants issued. This allows the Council not to have to call a special called meeting in case the sale comes in between meetings.
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
BE IT RESOLVED by the City Council of The City of Foley, Alabama (the "City") that:
SECTION 1: The Mayor is hereby authorized to sign a Warrant Purchase Agreement between the City and The Frazer Lanier Company Incorporated, with respect to the issuance of approximately $17,000,000 General Obligation Warrants (the "Warrants"). The Warrant Purchase Agreement shall contain, among other things, the principal amount of Warrants to be issued, the maturity schedule, the interest rates, call provisions and ratings. The Warrants will be general obligations of the City for payment of the principal of and the interest on which the full faith and credit of the City will be pledged.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.