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A RESOLUTION TO RESCIND RESOLUTION 20-1076 A RESOLUTION AUTHORIZING PRELIMINARY ACTION FOR, AND REIMBURSEMENT OF QUALIFIED EXPENDITURES FROM, GENERAL OBLIGATION WARRANTS (FEDERALLY TAXABLE), SERIES 2020 AND TO AUTHORIZE PRELIMINARY ACTION FOR GENERAL OBLIGATION WARRANTS, SERIES 2021-B and to Authorize Preliminary Action for General Obligation Warrants, Series 2021-B
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WHEREAS, on March 2, 2020, Council adopted Resolution 20-1076 A Resolution Authorizing Preliminary Action For, And Reimbursement Of Qualified Expenditures From, General Obligation Warrants (Federally Taxable), Series 2020 for the Sports Tourism warrant refinance by Stifel, and
WHEREAS, Mayor and Council wish to authorize Fraser Lanier to do the Sports Tourism warrant refinance therefore Resolution 20-1076 must be rescinded, and
WHEREAS, Mayor and Council wish authorize Stifel to do the 2014 General Obligation Warrant refinance.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Rescinds Resolution 20-1076
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA, AS FOLLOWS:
Section 1. Representations and Definitions of Capitalized Terms
The City Council (the “Council”) of the City of Foley, Alabama (the “City”) has found and determined, and does hereby find, determine and declare:
(a) It is necessary and desirable and in the public interest of the City to provide for the refunding of certain general obligation warrants of series 2014 of the City of Foley, Alabama, to produce interest costs savings with respect thereto.
(b) For the foregoing purposes, it is necessary and desirable for the City to authorize the development of proposed terms for of general obligation warrants (the “Proposed Warrants”) to be issued by the City in a primary offering by an underwriter on behalf of the City.
(c) It is necessary and desirable for the City to engage an underwriter and bond counsel for the Pro...
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