Title
A RESOLUTION AUTHORIZING A SPECIAL
ECONOMIC DEVELOPMENT GRANT AGREEMENT
BY THE CITY OF FOLEY, ALABAMA
AND
GANESH HOSPITALITY GROUP, INC.
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA (THE “COUNCIL”), AS GOVERNING BODY OF THE CITY OF FOLEY, ALABAMA (the “City”), as follows:
ARTICLE 1
Definitions and Representations
Section 1.01 Definitions of Capitalized Terms
As used herein the following terms shall have the following meanings:
Agreement shall mean that certain Economic Development Grant Agreement dated the date of delivery, together with all Attachments and Exhibits thereto, by the City and the Company, as at any time amended, restated or supplemented.
Bond Counsel shall mean Maynard, Cooper & Gale, PC.
City shall mean the City of Foley, Alabama.
Company shall mean Ganesh Hospitality Group, Inc. and its successors and assigns.
Enabling Law shall mean Amendment No. 772 of the Constitution of Alabama of 1901, as amended.
Transaction Documents shall have the meaning assigned in Section 2.01.
Warrant shall have the meaning assigned in Section 1.02(c).
Section 1.02 Representations of the City
The Council, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare as follows:
(a) The City and Ganesh Hospitality Group, Inc. (the “Beneficiary”) have prepared that certain Special Economic Development Grant Agreement to be dated the date of delivery (the “Special Economic Development Grant Agreement”), as set forth in Exhibit A hereto, for the purposes referenced therein.
(b) The City has the power and authority under Amendment No. 772 of the Constitution of Alabama of 1901, as amended (“Amendment No. 772”) to authorize, deliver and perform the Special Economic Development Grant Agreement.
(c) Pursuant to, and for the purposes of, Amendment No. 772, it is necessary, desirable, and in the public interest for the City to grant public funds for the economic development o...
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