2014-0377
INTRODUCED BY: V.J. ST. PIERRE, JR., PARISH PRESIDENT
(BOND COUNSEL)
RESOLUTION NO.
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A resolution giving preliminary approval to the issuance of not to exceed Twenty-Seven Million Dollars ($27,000,000) aggregate principal amount of Water Revenue Refunding Bonds of Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, State of Louisiana (the "Issuer"), for the purpose of refinancing outstanding debt of the Issuer; providing certain terms of said bonds; making application to the State Bond Commission for approval of said Bonds; hiring professionals in connection therewith; and providing for other matters in connection therewith.
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WHEREAS, pursuant to the provisions of Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other applicable constitutional and statutory authority Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, State of Louisiana (the "Issuer"), has heretofore issued Water Revenue Bonds, Series 2007A (the "Series 2007A Bonds"), of which $23,975,000 is outstanding; and,
WHEREAS, in order to provide debt service savings, the Issuer desires to refund the callable maturities of the Series 2007A Bonds (the "Refunded Bonds"), pursuant to the provisions of Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority (the "Act"), 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 $27,000,000 of its Water Revenue Refunding Bonds (the "Refunding Bonds"), to be payable, equally with the Series 2007B Bonds (the "Outstanding Parity Bonds") by an irrevocable pledge and dedication from the income and revenues derived or to be derived from the operation of the Issuer's combined waterworks plants and syst...
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