2001-0395
INTRODUCED BY: ALBERT D. LAQUE, PARISH PRESIDENT
RESOLUTION NO. 4972
Title
A resolution giving preliminary approval to the issuance of not to exceed Four Million Three Hundred Thousand Dollars ($4,300,000) of Utilities Revenue Refunding Bonds, of the Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana; providing certain terms of said bonds; making application to the State Bond Commission for approval of said Bonds; and providing for other matters in connection therewith.
Body
WHEREAS, pursuant to the provisions of Chapter 14-A, Title 39 of the Louisiana Revised Statutes of 1950, as amended (the “Act”) and other constitutional and statutory authority, the Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana, has heretofore issued $10,950,000 of Utilities Revenue Bonds, Series 1991, of which $4,025,000 is currently outstanding (the “Series 1991 Bonds”); and,
WHEREAS, in order to provide debt service reductions, the Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana (the “Issuer”), acting through its governing authority, the St. Charles Parish Council, desires to refund the Series 1991 Bonds (herein referred to as the “Refunded Bonds”), pursuant to the Act and other constitutional and statutory authority, through the issuance of its refunding bonds; and,
WHEREAS, pursuant to the Act, and subject to the approval of the State Bond Commission, the Issuer desires to accomplish the refunding through the issuance of not exceeding $4,300,000 of its Utilities Revenue Refunding Bonds (the “Refunding Bonds”), to be payable from a pledge of the income and revenues derived or to be derived from the operation of the System of the Issuer; and,
WHEREAS, the Issuer desires to make formal application to the State Bond Commission for approval of the Refunding Bonds, and further to employ special Bond Counsel in connection therewith.
NOW, THEREFORE, BE IT RESOLVED, by the St. Charles Parish Council (the “Governing Authority”), acting as the governing authority of Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana (the “District”), that:
SECTION 1. Preliminary Approval of Refunding Bonds. Preliminary approval is given to the issuance of not exceeding $4,300,000 of Utilities Revenue Refunding Bonds of the Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana (the “Refunding Bonds”), to be issued for the purpose of refunding the Issuer's outstanding Utilities Revenue Bonds, Series 1991, said Refunding Bonds to be payable from and secured by a pledge of the income and revenues of the System of the Issuer. The Refunding Bonds shall bear interest at a rate or rates not to exceed six percent (6%) per annum, to be determined by subsequent resolution of this Governing Authority at the time of the sale of the Refunding Bonds, and shall mature no later than July 1, 2010. The Refunding Bonds shall be issued in fully registered form, shall be sold to the purchasers thereof at a price of not less then 97% of the par value thereof, plus accrued interest, and shall have such additional terms and provisions as may be determined by this Governing Authority.
SECTION 2. Appointment of Bond Counsel. This Parish Council finds and determines that a real necessity exists for the employment of special Bond Counsel in connection with the issuance of the Refunding Bonds, and accordingly, Foley & Judell, L.L.P. is hereby appointed as Bond Counsel to the Issuer, and requested to do and perform comprehensive legal and coordinate professional work as Bond Counsel with respect to the issuance and sale of the Refunding Bonds. The fee of said Bond Counsel in connection with the issuance of the Refunding Bonds shall be fixed by subsequent ordinance.
SECTION 3. Appointment of Investment Banker/Underwriter. Duncan-Williams, Inc., of New Orleans, Louisiana, is hereby appointed as investment banker/underwriter in connection with refunding the Refunded Bonds, any compensation to be subsequently approved by the Issuer and to be paid from the proceeds of the Refunding Bonds and contingent upon the issuance of the Refunding Bonds; provided that no compensation shall be due to said investment banker/underwriter unless the Refunding Bonds are sold and delivered.
SECTION 4. Prosecution of Program. The Bond Counsel and the Investment Banker/Underwriter are hereby authorized and directed to prosecute the refunding and the Bond Counsel is authorized and directed to prepare necessary documents appertaining thereto and to present them for further action by this Council.
SECTION 5. State Bond Commission. Application is hereby made to the State Bond Commission, Baton Rouge, Louisiana, for approval of the issuance and sale of the Refunding Bonds and for consent and authority to proceed with the issuance and sale of the Refunding Bonds as provided above, and Bond Counsel is directed to make application to the State Bond Commission in accordance with the foregoing on behalf of the Issuer.
Vote
This resolution having been submitted to a vote, the vote thereon was as follows:
YEAS: RAMCHANDRAN, FAUCHEUX, HILAIRE, FABRE, ABADIE, AUTHEMENT, BLACK, MARINO, MINNICH
NAYS: NONE
ABSENT: NONE
And the resolution was declared adopted on this the 15th day of October, 2001.
CHAIRMAN :
SECRETARY:
DLVD/PARISH PRESIDENT:
APPROVED : DISAPPROVED :
PARISH PRESIDENT:
RETD/SECRETARY:
AT: RECD BY: