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A RESOLUTION AUTHORIZING FINANCING DOCUMENTS BY THE CITY OF FOLEY, ALABAMA WITH RESPECT TO $2,920,000 FEDERALLY TAXABLE LEASE PURCHASE CERTIFICATES OF PARTICIPATION, SERIES 2012 (QUALIFIED ENERGY CONSERVATION BONDS - DIRECT PAY) WHICH EVIDENCE THE PROPORTIONATE INTERESTS OF THE OWNERS THEREOF IN LEASE PAYMENTS TO BE MADE BY THE CITY OF FOLEY, ALABAMA PURSUANT TO A LEASE AGREEMENT WITH RESPECT TO ENERGY CONSERVATION EQUIPMENT
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (the "City"), as follows:
Section 1. The City does hereby approve, adopt, authorize, direct, find, represent, ratify and confirm:
(a) the acquisition, installation, and financing of energy conservation equipment (the "Equipment") with respect to facilities of the City under Article 7 of Chapter 16, and Chapter 16A, of Title 41 of the Code of Alabama 1975;
(b) the representations of the City in, the terms and provisions of, and the transactions to be undertaken pursuant to, the following documents:
(1) the Escrow Agreement dated December 1, 2012 (the "Escrow Agreement") by Deutsche Bank National Trust Company, as escrow agent (the "Escrow Agent"), Grant Capital Management, Inc., and Schneider Electric Buildings Americas, Inc., and acknowledged by the City;
(2) the Lease Purchase Agreement dated December 1, 2012 (the "Lease Agreement") by Grant Capital Management, Inc., as lessor (the "Lessor"), and the City, as lessee, with respect to the Equipment;
(3) the Assignment dated the dated of delivery by the Lessor to the Escrow Agent with respect to the interests of the Lessor under the Lease Agreement;
(4) the $2,920,000 Federally Taxable Lease Purchase Certificates of Participation, Series 2012 (Qualified Energy Conservation Bonds - Direct Pay), which evidence the proportionate interests of the owners thereof in Lease Payments to be made by the City under the Lease Agreement, to be executed and delivered by the Escrow Agent under the Escrow Agreement;
(5) the En...
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