2016-0129
INTRODUCED BY: LARRY COCHRAN, PARISH PRESIDENT
(BOND COUNSEL)
RESOLUTION NO.
Title
A resolution authorizing the defeasance of certain maturities of the outstanding General Obligation Refunding Bonds, Series 2012, of the Parish of St. Charles, State of Louisiana, and providing for other matters in connection therewith.
Body
NOW, THEREFORE, BE IT RESOLVED, by the St. Charles Parish Council (the “Governing Authority”), acting as the governing authority of the Parish of St. Charles, State of Louisiana (the “Issuer”), that:
SECTION 1. There is hereby authorized and approved the defeasance of portions of the Issuer's currently outstanding General Obligation Refunding Bonds, Series 2012, dated April 10, 2012 (the “Series 2012 Bonds”) in the principal amounts set forth as follows:
Bond Maturing Amount Defeased
2017 $ 1,450,000
2018 $ 1,500,000
2019 $ 500,000
SECTION 2. The Issuer shall apply the excess moneys in the sinking fund established and maintained for the payment of principal and interest falling due on the Series 2012 Bonds to provide for said defeasance.
SECTION 3. A notice of defeasance in substantially the form attached hereto as Exhibit A shall be sent by the paying agent for the Series 2012 Bonds to the registered owners thereof as the same appear on the registration books of said paying agent.
SECTION 4. The Executive Officers of the Issuer are hereby authorized and directed to execute and deliver a Defeasance and Escrow Deposit Agreement on behalf of the Issuer with Whitney Bank, Baton Rouge, Louisiana, with respect to the Refunded Bonds in substantially the form as attached hereto as Exhibit B (the “Escrow Agreement”) to accomplish the purposes of this Resolution, and it is expressly provided and covenanted that all of the provisions for the payment of the principal and interest on the Series 2012 Bonds from the special fund created under the Escrow Agreement shall be strictly observed and followed in all respects, including the transfer of an amount from the General Obligation Bond Sinking Fund sufficient to fund the Issuer’s obligations under the Escrow Agreement .
SECTION 5. This Governing Authority finds and determines that a real necessity exists for the employment of special counsel in connection with the defeasance of the Series 2012 Bonds, and accordingly, Foley & Judell, L.L.P., of New Orleans, Louisiana, as Bond Counsel, is hereby employed to do and perform work of a traditional legal nature as bond counsel with respect to the defeasance of the Series 2012 Bonds. Said Bond Counsel shall counsel and advise this Governing Authority as to said defeasance. The fee of Bond Counsel for its services shall not exceed $7,500.00, which fee shall be contingent upon said Bond Counsel rendering its opinion regarding the legal sufficiency of said deficiency. A certified copy of this resolution shall be submitted to the Attorney General of the State of Louisiana for his written approval of said employment and of the fees herein designated, and the Director of Finance is hereby empowered and directed to provide for payment of the work herein specified upon completion thereof and under the conditions herein enumerated.
The foregoing resolution having been submitted to a vote, the vote thereon was as follows:
And the resolution was declared adopted on this, the 21st day of March, 2016, 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: