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APPROVING FINANCING DOCUMENTS BY THE CITY OF FOLEY, ALABAMA, THE PUBLIC CULTURAL AND ENTERTAINMENT FACILITIES
BOARD OF THE CITY OF FOLEY, ALABAMA, AND THE BANK OF NEW YORK
MELLON TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Per City Attorney Heyward Hosch this resolution is part of the compliance with Amendment No. 772 with respect to the Cultural and Entertainment Center that must be adopted prior to the validation hearing on December 16, 2013. The required notice has been published in the Foley Onlooker on November 22, 2013. The adoption of this resolution does not, in any way, result in any obligation of the Council or the City, or bind the Council or the City to any further action.
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BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF FOLEY, ALABAMA, (the “City”) as follows:
Section 1. The City has heretofore, upon evidence duly presented to and considered by it, found and determined, and does hereby find, determine and declare that:
(a) Pursuant to Chapter 99B of Title 11 of the Code of Alabama 1975 (the “Enabling Law”), the City, and The Public Park and Recreation Board of the City of Foley, Alabama, have authorized the incorporation of The Public Cultural and Entertainment Facilities Cooperative District of the City of Foley, Alabama (the “District”), and the certificate of incorporation of the District is recorded as instrument No. 1428915 in the Office of the Judge of Probate of Baldwin County, Alabama.
(b) The District proposes to issue $19,865,000 maximum principal amount Cultural and Entertainment Facilities Revenue Bonds (Federally Taxable), Series 2013 (the “Bonds”) for the purposes of financing a portion of the costs of “projects” (as described in the certificate of incorporation thereof and as permitted by the Enabling Law; herein collectively the “Project”) to be located within the City and to be issued and operated by the City.
(c) The Bonds shall be spe...
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