Title
RESOLUTION APPROVING FUNDING AGREEMENT BY THE CITY OF FOLEY, ALABAMA
Summary
Description of Topic: (who, what, where, when, why and how much)
The purpose of the resolution is to authorize the execution and delivery of 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 Coastal Alabama Farmers’ and Fishermen’s Market, Inc., an Alabama nonprofit corporation (the “CAFFM”), to pay the principal of, premium, if any, and interest on the $1,400,000 maximum principal amount of loans from a bank or lending institution to be determined by CAFFM (“Lender”) to the CAFFM (the “Loan”), to finance the costs of the Project.
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
BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF FOLEY, ALA...
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