Title
Approval to ratify all actions taken by the Sports Authority of the City of Crossville
Body
SUMMARY:
Ratifying and approving all acts, transactions, and undertakings of the Sports Authority’s board of directors at any meeting occurring prior to October 22, 2024, whether regular, specially-called, or otherwise, as the lawful acts and deeds of the Sports Authority, valid and binding according to their respective tenors, including but not limited to the following resolutions, instruments, agreements, and undertakings -
i. an Initial Resolution as adopted by the Sports Authority on September 3, 2024, authorizing the issuance by the Sports Authority of the Series 2024 Bonds;
ii. a detailed bond resolution as adopted by the Sports Authority on September 20, 2024, and authorizing issuance of the Series 2024 Bonds according to the tenor thereof;
iii. an Intergovernmental Agreement by and between City of Crossville, Tennessee (the “City”) and the Sports Authority;
iv. a Lease and Operating Agreement by and among the City, the Sports Authority, and Putnam County Family Young Men’s Christian Association;
v. a Trust Indenture between the Sports Authority as the trustor and U.S. Bank Trust Company, National Association as the trustee;
vi. a Continuing Disclosure Agreement between the Sports Authority and the underwriter(s) in respect of the Series 2024 Bonds; and
vii. an approval, for purposes of 26 U.S.C. § 147(f), of the construction of a family sports, recreation, and entertainment center to be located in the City, and more particularly described in a public notice of hearing published on August 26, 2024.
Recommended Action
NECESSARY COUNCIL ACTION: approve