Title
A RESOLUTION AUTHORIZING (1) THE ISSUANCE AND SALE OF CULTURAL AND ENTERTAINMENT FACILITIES REVENUE BONDS, SERIES 2015, AND (2) THE EXECUTION AND DELIVERY OF FINANCING DOCUMENTS
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A RESOLUTION AUTHORIZING (1) THE ISSUANCE AND SALE OF CULTURAL AND ENTERTAINMENT FACILITIES REVENUE BONDS, SERIES 2015, AND (2) THE EXECUTION AND DELIVERY OF FINANCING DOCUMENTS
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:
Section 1. The Board does hereby approve, adopt, authorize, direct, ratify and confirm:
(a) the financing and acquisition of “projects” (within the meaning of Chapter 99B of Title 11 of the Code of Alabama 1975; herein the “Enabling Law”) to be located in the City of Foley to include the following (collectively the “Project”):
(1) public meeting, entertainment, event, and recreational facilities, including without limitation facilities or facility to serve as an auditorium, music hall, art center, athletic fields and sportsplex, and related municipal buildings for community activities of every kind and nature;
(2) buildings, facilities and improvements for the accommodation of visitors and users to the facilities described in (i), including without limitation hotel and motel facilities and food service facilities;
(3) roads, streets, public ways, sidewalks, lighting, facilities for the provision of water, sewer, gas and electric power service, facilities for waste disposal, facilities for public safety and security, drainage and flood control facilities and improvements, and related infrastructure improvements;
(b) the issuance of Cultural and Entertainment Facilities Revenue Bonds, Series 2015, in a principal amount of $15,285,000 (the "Bonds"), under Trust Indenture dated December 1, 2015 (the “Indenture”) by the Board and Regions Bank, as tru...
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