2024-0273
INTRODUCED BY: MATTHEW JEWELL, PARISH PRESIDENT
(DEPARTMENT OF LEGAL SERVICES)
RESOLUTION NO. __________
Title
A resolution confirming the Parish President’s prior authorization to execute documents in connection with the final payment of the Parish's taxable revenue bonds (Randa Properties LLC Project) Series 2002, in accordance with Ordinance 02-8-1; and providing for other matters in connection therewith.
Body
WHEREAS, the Parish of St. Charles, State of Louisiana (the "Parish"), acting through this Parish Council as its governing authority, adopted Ordinance 02-8-1 on August 5, 2002, authorizing the issuance of not exceeding Eight Million Dollars ($8,000,000) of Parish of St. Charles, State of Louisiana, Taxable Revenue Bonds (Randa Properties LLC Project) Series 2002 (the "Bonds"), approving the form and authorizing the execution and delivery of a Lease Agreement and a Trust Indenture to secure the Bonds, and providing for other matters with respect to the foregoing; and,
WHEREAS, in connection with the scheduled final maturity of the Bonds on September 1, 2024, Randa Properties LLC (the “Company”) gave written notice to the Parish and Hancock Whitney Bank (the “Trustee”) on July 11, 2024, notifying the parties that the Company is exercising its right under Section 8.1 of the said Lease Agreement to purchase the entirety of the Project, as defined in said Lease simultaneously with the full payment of the Bonds; and,
WHEREAS, Section 3 of Ordinance 02-8-1 states that “Upon the exercise of any option to purchase the land or any improvements under the Lease Agreement, the Parish President is hereby authorized to execute any necessary conveyance to honor such option”; and,
WHEREAS, the Parish now desires to confirm and acknowledge the Parish President’s authority, originally granted in Section 3 of Ordinance 02-8-1, to execute an Act of Conveyance, an Act of Cancellation and Release, and any and all additional instruments and documents as may otherwise be required in connection with the final payment of the Bonds and the conveyance of the Project by the Parish back to the Company.
NOW THEREFORE, BE IT RESOLVED THAT WE, THE MEMBERS OF THE ST. CHARLES PARISH COUNCIL, do hereby acknowledge and confirm the Parish President’s authority and obligations granted and provided for in Section 3 of Ordinance 02-8-1, the Lease Agreement, the Trust Indenture and any and all additional instruments and documents relating to the Bonds, to execute all acts, sign any and all instruments or documents, and to do all things necessary and proper in connection with the final payment of the Bonds and the conveyance of the Project to the Company.
The foregoing resolution having been submitted to a vote, the vote thereon was as follows:
And the resolution was declared adopted this _______ day of _____________, 2024, to become effective five (5) days after publication in the Official Journal.
CHAIRMAN:
SECRETARY:
DLVD/PARISH PRESIDENT:
APPROVED : DISAPPROVED:
PARISH PRESIDENT:
RETD/SECRETARY:
AT: RECD BY: