Title
A Resolution To Approve Transfer of BP Promotional Grant Fund
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
A Resolution To Approve Transfer of BP Promotional Grant Fund
Body
WHEREAS, in 2012 the City of Foley, Alabama was awarded BP Promotional Grant funding for the Coastal Alabama Farmers and Fishermens Market project; and
WHEREAS, subsequent to the award of said grant funding the City has consented to the development of the City of Foley Public Facilities Cooperative District; and
WHEREAS, said cooperative district has been duly authorized and organized pursuant to Chapter 99B of Title 11 of the Code of Alabama 1975; and
WHEREAS, the City now desires to transfer and assign said grant funding to the City of Foley Public Facilities Cooperative District for use consistent with and according to the terms of said grant for the development of the Coastal Alabama Farmers and Fishermens Market project; and
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: That any and all grant funding now held by the City of Foley pursuant to the 2012 award of the BP Promotional Grant for use in the development of the Coastal Alabama Farmers and Fishermens Market project shall be and is hereby transferred and assigned to the City of Foley Public Facilities Cooperative District to be used consistent with the terms and conditions of said grant award.
SECTION 2: That the award amount of $317,500 budgeted under Account 12-5814 be transferred to Account 41-9400.
SECTION 3: That the City of Foley General Fund will issue a check in the amount of $254,000 to transfer grant proceeds received to date.
SECTION 4: This Resolution shall become effective immediately upon its adoption as required by law.