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AN ORDINANCE CONSENTING TO THE TRANSFER OF CERTAIN PROPERTY BY RIVIERA UTILITIES
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WHEREAS, the Utilities Board of the City of Foley d/b/a Riviera Utilities (“Riviera Utilities”) has found and determined that it is in the best interests of Riviera Utilities to transfer certain real, personal and mixed property to Point Broadband Fiber Holding, LLC, or to its affiliated designee or assignee (“Point Broadband”); and
WHEREAS, Riviera Utilities and Point Broadband have entered into an Asset Purchase Agreement and related documents and instruments agreeing to such transfers, and the parties either have closed the transactions within the past 30 days, or they will close the transactions within the next 30 days;
WHEREAS, Riviera Utilities has requested that the City Council of the City of Foley consent to said transfer and disposition of said property; and
WHEREAS, the City Council of the City of Foley has found and determined that the disposition of said property is in the best interests of both Riviera Utilities and the City of Foley;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Foley on this the 3rd day of September, 2024 as follows:
1. That, pursuant to Code of Alabama, Section 11-50-314(a)(10) and other applicable laws, the City Council of the City of Foley hereby consents to the disposition of all that real, personal and mixed property that Riviera Utilities desires to transfer to Point Broadband upon the terms and conditions negotiated between and agreed to by Riviera Utilities and Point Broadband, and the City Council hereby ratifies all previous actions taken by Riviera Utilities in connection with the same.
2. That the Clerk is hereby authorized to publish this ordinance in accordance with law and to furnish a certified copy of the same to Riviera Utilities at the soonest practicable date.
3. That this ordinance shall become effective immediately upon its publication as required by law.