Title
A RESOLUTION AND ORDER TO ADOPT, APPROVE AND AUTHORIZE A POLICY AND PROCEDURES FOR COMPLIANCE OF TAX-EXEMPT BONDS WITH THE INTERNAL REVENUE CODE
Summary
Description of Topic: (who, what, where, when, why and how much)
This is for the Tax-exempt bonds for the Cultural and Entertainment related project. City Attorney Heyward Hosch will be in attendance on Monday to submit an explanation of the policy that needs to be in place.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE PUBLIC CULTURAL AND ENTERTAINMENT FACILITIES COOPERATIVE DISTRICT OF THE CITY OF FOLEY, ALABAMA (the "Board"), as follows:
1. The Board does hereby approve, adopt, authorize, direct, ratify and confirm the “Policy and Procedures for Compliance of Tax-Exempt Bonds with the Internal Revenue Code” (the “Tax-Exempt Bonds Policy”), in the form and of the content as attached hereto as Exhibit A and presented to and considered by the Board, and effective as provided therein.
2. The Tax-Exempt Bonds Policy shall be filed in the permanent records of the Board.
3. The officers of the Board are hereby authorized and directed to take such actions, and to execute, deliver and file such related agreements, documents, instruments and notices, as may be necessary or desirable to carry out and effect the provisions of this resolution and the Tax-Exempt Bonds Policy.
4. All actions heretofore taken by officers of the Board with respect to the development of the Tax-Exempt Bonds Policy are hereby ratified and confirmed.
5. This resolution shall take effect immediately.