HomeMy WebLinkAboutRESOLUTION NO. 11-01-169STATE OF GEORGIA
wpm" COUNTY OF FULTON
RESOLUTION NO. 11-01-169
sky" A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE TIME
SENSITIVE DOCUMENTS REGARDING THE FINANCING OF THE ACQUISITION OF
CERTAIN REAL PROPERTY LOCATED AT 13690 HIGHWAY 9, MILTON, GEORGIA
WHICH WILL BE FINANCED OR REFINANCED PURSUANT TO EITHER A LEASE -
PURCHASE AGREEMENT OR AN INSTALLMENT SALE AGREEMENT BETWEEN
THE GEORGIA MUNICIPAL ASSOCIATION, INC. AND THE CITY OF MILTON,
GEORGIA
The Council of the City of Milton hereby resolves while in a regular meeting on the 19th day of
January, 2011 at 6:00 pm.:
WHEREAS, on October 18, 2010, the Council of the City of Milton approved an
Agreement for the Sale of Real Property between the City of Milton and Wooden Cross
Investments, LLC for property located at 13690 Highway 9, Milton, Georgia 30004; and
WHEREAS, the City of Milton intends to finance the acquisition of this real property
through either a lease -purchase agreement or an installment sale agreement with the
Georgia Municipal Association, Inc. (GMA); and
WHEREAS, GMA anticipates several banks will bid on this financing opportunity; and
WHEREAS, one of the responsible bidders may be Bank of America; and
WHEREAS, the City of Milton intends on selecting the most qualified bidder with
selection criteria that includes interest rate, fees, conditions and other things; and
WHEREAS, if Bank of America is selected as the most qualified bidder, the City of
Milton must execute several time sensitive documents within twenty four (24) hours to
secure that bid;
NOW THEREFORE BE IT RESOLVED that the City Manager is hereby granted the
authority to execute the necessary time sensitive documents if Bank of America is
selected as the most qualified bidder.
BE IT FURTHER RESOLVED THAT if Bank of America is selected by the City
Manager pursuant to the terms of this Resolution, any documents executed by the City
Manager will be returned to the City Council at its next available regular meeting for
ratification.
BE IT FURTHER RESOLVED THAT the approval of this Resolution is not intended
nor should it be construed as a suggestion or indication that any potential bid by Bank of
America will be favored or preferred over the bid of any competing bank; this
Resolution is, rather, only intended to satisfy a technical requirement of Bank of
no-„ America if, in fact, Bank of America is ultimately selected.
RESOLVED this the 19th day of January, 2011.
UN"
Page 1 of 2
Attest:
7