2003-0108
INTRODUCED BY: ALBERT D. LAQUE, PARISH PRESIDENT
(BOND COUNSEL)
ORDINANCE NO.
Title
An ordinance supplementing and amending Ordinance No. 03-3-5 of the St. Charles Parish Council, adopted on March 17, 2003 (the "March 17, 2003 Ordinance), being an ordinance entitled "An ordinance providing for the issuance and sale of Three Million Three Hundred Forty Thousand Dollars ($3,340,000) of Utility Revenue Refunding Bonds, Series 2003, of Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana; prescribing the form, fixing the details and providing for the rights of the owners thereof; providing for the payment of said bonds and the application of the proceeds thereof to the refunding of certain bonds of said District; and providing for other matters in connection therewith." clarifying and ratifying a call for redemption of the refunded bonds; and providing for other matters in connection therewith.
Body
WHEREAS, the Issuer has found and determined that the refunding of $3,665,000 of the Series 1991 Bonds, consisting of those remaining and unrefunded Series 1991 Bonds which mature July 1, 2003 to July 1, 2006, inclusive, and July 1, 2016 (the "Refunded Bonds"), would be financially advantageous to the Issuer.
NOW, THEREFORE, BE IT ORDAINED by the St. Charles Parish Council, acting as the governing authority of Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana, that:
SECTION 1. Section 1.1 Definitions are amended to read as follows:
"Outstanding Parity Bonds" shall mean the Utility Revenue Refunding Bonds, Series 1999, consisting of $5,945,000, maturing on July 1, 2003 to July 1, 2016, inclusive.
"Refunded Bonds" shall mean $3,665,000 of the Issuer's outstanding Utility Revenue Bonds, Series 1991, dated July 1, 1991, maturing July 1, 2003 to July 1, 2006, inclusive and July 1, 2016, inclusive, which are being refunded by the Bonds, as more fully described in Exhibit A hereto.
SECTION 2. Section 14.1 is hereby amended to read as follows:
SECTION 14.1. Call for Redemption. Subject only to the delivery of the Bonds, $3,665,000 principal amount of the Issuer's Utility Revenue Bonds, Series 1991, consisting of the remaining and unrefunded bonds due July 1, 2003 to July 1, 2006, inclusive and July 1, 2016, are hereby called for redemption on May 1, 2003, at the principal amount thereof, plus a premium equal to 1-1/2% of the principal amount thereof, and accrued interest to the date of redemption, in compliance with the Ordinance authorizing their issuance.
SECTION 3. Exhibit A is hereby amended to read as attached hereto as Exhibit A.
SECTION 4. Exhibit B (Form of Bond) is hereby amended to read as attached hereto as Exhibit B.
SECTION 5. Exhibit C (Notice of Call) is hereby amended to read as attached hereto as Exhibit C and its distribution and publication is hereby ratified and affirmed.
SECTION 6. This Ordinance shall not be construed as having any effect upon March 17, 2003 Ordinance, other than to supplement and amend same as is hereinabove set forth.
Vote
This ordinance having been submitted to a vote, the vote thereon was as follows:
And the ordinance was declared adopted on this, the 21st day of April, 2003, 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: _____________________________