2000-0382
INTRODUCED BY: ALBERT D. LAQUE
PARISH PRESIDENT
RESOLUTION NO.
Title
A resolution making application to the State Bond Commission for consent and authority to issue, sell and deliver not exceeding $1,800,000 of Certificates of Indebtedness of the Parish of St. Charles, State of Louisiana, all in the manner provided for by Section 742.2 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority supplemental thereto, and providing for other matters in connection therewith.
Body
WHEREAS, Section 742.2 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, authorizes the Parish of St. Charles, State of Louisiana (the "Issuer") to borrow money in anticipation of revenues to be realized from a special sixty-five hundredths (.65) mill tax authorized at an election held in the Issuer on July 15, 2000 (the "Tax") to be used only for the purpose for which the Tax is authorized; and
WHEREAS, the debt service on the proposed $1,800,000 of Certificates of Indebtedness will not exceed seventy-five percent (75%) of the estimated income to be realized from the levy and collection of said special Tax during the period said Certificates are outstanding; and
WHEREAS, it is anticipated that the net revenues from the Tax will amount to the sum of $387,000 and the annual debt service on the proposed Certificates at the maximum rate of 6% per annum will not exceed $261,200 per year;
NOW, THEREFORE, BE IT RESOLVED by the St. Charles Parish Council, acting as the governing authority of the Parish of St. Charles, State of Louisiana, that:
SECTION 1. Application be and the same is hereby formally made to the State Bond Commission for consent and authority for the Parish of St. Charles, State of Louisiana (the "Issuer"), to issue, sell and deliver not exceeding $1,800,000 of Certificates of Indebtedness of the Issuer (the "Certificates"), to bear interest at a rate or rates not exceeding s...
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