2008-0155
INTRODUCED BY: V.J. ST. PIERRE, JR., PARISH PRESIDENT
(BOND COUNSEL)
ORDINANCE NO. _________
title
An ordinance approving an amendment to the form of the Bond for the Parish of St. Charles, State of Louisiana Revenue Bonds (Ram Tool Project) Series 2007.
Body
WHEREAS, this Parish Council previously approved the issuance of the Parish of St. Charles, State of Louisiana Revenue Bonds (Ram Tool Project) Series 2007 in the maximum amount of $2,750,000, which were issued on November 27, 2007 in the principal amount of $2,550,000 (the "Bonds"); and
WHEREAS, MHH Properties of Alabama, LLC (the "Company"), an Alabama limited liability company duly qualified to do business in Louisiana, the obligor on the Bonds, now desires to enter into an interest-rate swap or other contractual agreement (the "Agreement") with a third party in order to insulate itself from certain interest rate risks; and
WHEREAS, counterparty to the Agreement mandates certain revisions to the form of the Bond, to which Company has agreed; and
WHEREAS, the Company now requests this Parish Council to revise the form of the Bond as set forth herein.
NOW, THEREFORE, the St. Charles Parish Council, acting as the governing authority of the Parish of St. Charles, State of Louisiana (the "Issuer") hereby ordains:
SECTION 1. That the form of the Bond shall be amended to remove any references to rounding the interest rate to be paid on the Bonds to the nearest one-hundredth of one percent (0.01%). The revised Bond shall be in the form attached hereto as Exhibit A.
SECTION 2. That the Parish President and the Secretary of this Parish Council shall execute for and on behalf of the Issuer the Bond in the form attached hereto (the signature of said Parish President and said Council Secretary on Bonds being authorized to be a facsimile signature), and shall deliver the same to The Bank of New York Trust Company, N.A., as trustee (the "Trustee") for authentication on the date of de...
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