Title
Authorizing the Mayor to enter into a Franchise Payment Agreement
Summary
Description of Topic: (who, what, where, when, why and how much)
The Utilities Board of the City of Foley had agreed to renew the Franchise Payment Agreement for a period of 20 years from the date of October 1, 2016.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, The Utilities Board of the City of Foley has agreed to continue the Franchise Payment Agreement through their Resolution 160719-1 Exhibit A, and
WHEREAS, the Board agrees that during each fiscal year of the City beginning on October 1, 2016, and on each October 1 there after during the term of this Agreement, the Board will pay to the City an amount equal to 4.25% of the retained earnings of the Board at the end of the fiscal year of the Board ending on the immediately preceding June 30...
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