2004-0485
INTRODUCED BY: ALBERT D. LAQUE, PARISH PRESIDENT
(BOND COUNSEL)
RESOLUTION NO.
Title
A resolution giving preliminary approval to the issuance of not exceeding Seven Million Eight Hundred Thousand Dollars ($7,800,000) of Public Improvement Refunding Bonds, Series ST-2004, of the Parish of St. Charles, State of Louisiana; authorizing the sizing of the issue and the preparation of the necessary documents providing for the sale and issuance thereof and providing for other matters in connection therewith.
Body
WHEREAS, on April 19, 2004 this Counsel made application to the State Bond Commission for its consent and authority to issue the bonds described in the title of this resolution (the “Bonds”);
WHEREAS, the State Bond Commission approved the issuance of such bonds on May 20, 2004;
WHEREAS, long-term tax-exempt interest rates have continued to stay firm and short-term interest rates have improved sufficiently to reduce arbitrage loss.
NOW, THEREFORE, BE IT RESOLVED by the St. Charles Parish Council (the "Council"), acting as the governing authority of the Parish of St. Charles, State of Louisiana, that:
SECTION 1. That the Director of Finance is hereby authorized to proceed with the necessary preparation to cause the sale of the Bonds at such time and manner as shall cause the greatest savings to the Parish taxpayers.
SECTION 2. That Foley & Judell, L.L.P., as bond counsel, and Morgan Keegan & Co. as underwriter, are hereby directed to assist the Parish in the sizing, marketing sale, and delivery of the Bonds provided that there shall be no payment for their services unless the Bonds are issued, delivered, and paid for and such payment shall be made from the proceeds of the sale of the Bonds.
Vote
The foregoing resolution having been submitted to a vote, the vote thereon was as follows:
And the resolution was declared adopted this day of , 2004, to become effective five (5) days after ...
Click here for full text