Title
A RESOLUTION TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION WARRANTS OF SERIES 2023
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA:
ARTICLE 1
Definitions
For purposes hereof:
Bond Counsel means Maynard, Cooper & Gale, PC.
City means the City of Foley, Alabama.
Council means the City Council of the City.
Projects means collectively:
(i) the acquisition of public library facilities in the City; and
(ii) the acquisition of facilities for use by the public works department and personnel of the City.
Series 2023 Agreement means that certain Financing Agreement to be dated the date of delivery in 2023 by the City and United Bank.
Series 2023 Warrant means the General Obligation Warrant, Series 2023, to be issued by the City pursuant to the Series 2023 Agreement.
ARTICLE 2
Representations
The Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) The acquisition and provision of the Projects are in the best interests of the taxpayers and citizens of the City.
(b) The issuance of the Series 2023 Warrant will allow the City to provide for the acquisition of the Projects by the long-term financing thereof at favorable interest costs whereby the taxpayers and citizens of the City, for whose benefit and use the Projects are provided and employed, may pay the costs thereof ratably during the reasonably expected economic lives of the Projects, in accordance with applicable standards of governmental finance of public property.
(c) The aggregate indebtedness of the City (including without limitation the Series 2023 Warrant) which will be outstanding under, and chargeable against the limitation upon indebtedness prescribed by, Section 225 of the Constitution of Alabama of 1901, as amended, upon the issuance of the Series 2023 Warrant, will not exceed twenty percent (20%) of the assessed valuation of the taxable property of the City as asse...
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