Title
A RESOLUTION APPROVING FINANCING DOCUMENTS BY THE CITY OF FOLEY, ALABAMA AND THE CITY OF FOLEY PUBLIC FACILITIES COOPERATIVE DISTRICT
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A RESOLUTION APPROVING FINANCING DOCUMENTS BY THE CITY OF FOLEY, ALABAMA AND THE CITY OF FOLEY PUBLIC FACILITIES COOPERATIVE DISTRICT
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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, has authorized the incorporation of The City of Foley’s Public
Facilities Cooperative District (the “District”), and the certificate of incorporation of the
District is recorded as Instrument No. 1185056 and amended at Instrument No. 1219765 in the Office of the Judge of Probate of Baldwin County, Alabama.
(b) The City proposes, in conjunction with the conveyance of certain properties to
the District and from the District to the Coastal Alabama Farmers’ and Fishermen’s Market,
Inc. (the “CAFFM”), an Alabama nonprofit corporation of which the District is the sole
member, to execute and deliver a Funding Agreement or Pledge Agreement by the City (the
“Funding Agreement”) with respect to the unconditional obligation of the City, in the event
of nonpayment by the District or the CAFFM, to pay (i) the principal of, premium, if any,
and interest on the $8,000,000 maximum principal amount of loans from Pacesetter CDE X
LLC to the CAFFM (the “Loan”) and (ii) the obligations pursuant to a QALIB
Indemnification Agreement, Environmental Indemnity, and a Guaranty of Payment and
Completion to be entered by the District under Chapter 99B of Title 11 of the Code of
Alabama 1975 (the “Enabling Law”) in conjunction with Loan (the “Guarantees”), to finance
a portion of the costs of the ...
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