Title
A RESOLUTION AUTHORIZING PRELIMINARY ACTION FOR,
AND REMIBURSEMENT OF QUALIFIED EXPENDITURES FROM,
GENERAL OBLIGATION WARRANTS (FEDERALLY TAXABLE), SERIES 2020
Body
BE IT 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 revenue bonds of Series 2015 of the Cultural and Entertainment Facilities Cooperative District of the City of Foley, Alabama, which are secured by a general obligation funding agreement of the City, 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 Proposed Warrants.
Section 2. Authorization of Engagement of Professional Services Regarding Proposed Warrants
The City does hereby adopt, approve, authorize, confirm, direct, and ratify:
(a) the engagement of Stifel, Nicolaus & Company, Incorporated (the “Underwriter”) to act as underwriter of the Proposed Warrants and to determine, for review and approval by the City, the proposed structure and terms of the Proposed Warrants; and
(b) the engagement of Maynard, Cooper & Gale, PC to act as Bond Counsel to the City, and to prepare, for review and approval by the City, the financing documents, a preliminary official statement, and a final official statement, with respect to the Proposed Warrants.
Section 3. Authorization of Parameters and Structure of Proposed W...
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