2000-0382
INTRODUCED BY: ALBERT D. LAQUE
PARISH PRESIDENT
RESOLUTION NO.
Title
A resolution making application to the State Bond Commission for consent and authority to issue, sell and deliver not exceeding $1,800,000 of Certificates of Indebtedness of the Parish of St. Charles, State of Louisiana, all in the manner provided for by Section 742.2 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority supplemental thereto, and providing for other matters in connection therewith.
Body
WHEREAS, Section 742.2 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, authorizes the Parish of St. Charles, State of Louisiana (the "Issuer") to borrow money in anticipation of revenues to be realized from a special sixty-five hundredths (.65) mill tax authorized at an election held in the Issuer on July 15, 2000 (the "Tax") to be used only for the purpose for which the Tax is authorized; and
WHEREAS, the debt service on the proposed $1,800,000 of Certificates of Indebtedness will not exceed seventy-five percent (75%) of the estimated income to be realized from the levy and collection of said special Tax during the period said Certificates are outstanding; and
WHEREAS, it is anticipated that the net revenues from the Tax will amount to the sum of $387,000 and the annual debt service on the proposed Certificates at the maximum rate of 6% per annum will not exceed $261,200 per year;
NOW, THEREFORE, BE IT RESOLVED by the St. Charles Parish Council, acting as the governing authority of the Parish of St. Charles, State of Louisiana, that:
SECTION 1. Application be and the same is hereby formally made to the State Bond Commission for consent and authority for the Parish of St. Charles, State of Louisiana (the "Issuer"), to issue, sell and deliver not exceeding $1,800,000 of Certificates of Indebtedness of the Issuer (the "Certificates"), to bear interest at a rate or rates not exceeding six percent (6%) per annum, to mature no later than March 1, 2010, and to be sold at not less than 98% of the par value thereof, all in the manner provided for by R.S. 39:742.2 et seq. and other constitutional and statutory authority supplemental thereto, and shall be used for the purpose of acquiring, constructing, improving health unit facilities in the Issuer, including acquiring and constructing a new public health unit and the acquisition of all sites, furnishings and equipment required therefor. Said Certificates shall be secured by and payable solely from the sixty-five hundredths (.65) mills tax authorized at an election held on July 15, 2000.
SECTION 2. A certified copy of this resolution shall be forwarded to said State Bond Commission by the Issuer's bond counsel, together with a letter requesting the prompt consideration and approval of this application.
SECTION 3. Prior to the delivery of the Certificates, the Issuer anticipates that it may pay a portion of the costs of the project from the General Fund or other moneys available to the Issuer. Upon the issuance of the Certificates, the Issuer reasonably expects to reimburse any such expenditures of other available funds from a portion of the proceeds of the Certificates. Any such allocation of proceeds of the Certificates for reimbursement will be with respect to capital expenditures (as defined in Reg. 1.150-1[b]) and will be made upon the delivery of the Certificates and not later than one year after the later of (i) the date such expenditure was paid or (ii) the date on which the Project was placed in service. This Section is intended to be a declaration of official intent within the meaning of Reg. 1.150-2.
Vote
This resolution having been submitted to a vote, the vote thereof was as follows:
And the resolution was declared adopted on this, the 21st day of August, 2000.
Secretary Chairman
STATE OF LOUISIANA
PARISH OF ST. CHARLES