2017-0223
INTRODUCED BY: LARRY COCHRAN, PARISH PRESIDENT
(BOND COUNSEL)
ORDINANCE NO.
Title
An ordinance providing for the incurring of debt and issuance of not exceeding Fifteen Million Dollars ($15,000,000) of Limited Tax Revenue Bonds, Series 2017A, of the Parish of St. Charles, State of Louisiana; prescribing the form, terms and conditions of said Bonds; designating the date, denomination and place of payment of said Bonds; providing for the payment thereof in principal and interest; authorizing the agreement with the Paying Agent; and providing for other matters in connection therewith.
Body
WHEREAS, the St. Charles Parish Council (the "Governing Authority"), acting as the governing authority for the Parish of St. Charles, State of Louisiana (the "Issuer") currently levies and collects on a special tax of 4.07 mills, authorized to be collected through the year 2044 pursuant to election held on May 2, 2015, at the rate of 4.00 mills (the rate of which is subject to adjustment from time to time due to reassessment and is currently being levied at the rate of 4.07 mills due to reassessment) (the "Tax"); and,
WHEREAS, the Issuer now desires to incur debt and issue its Limited Tax Revenue Bonds, Series 2017A, in the principal amount of not exceeding Fifteen Million Dollars ($15,000,000) (the "Bonds"), pursuant to Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended and other constitutional and statutory authority, for the purpose of paying costs of constructing, acquiring, extending and/or improving levees, facilities and structures associated with outer flood protection systems within the Issuer and paying the costs of issuance of the Bonds; and,
WHEREAS, the Issuer has no outstanding indebtedness of any kind payable from a pledge or dedication of the avails or proceeds of the Tax; and,
WHEREAS, the estimated income to be realized from the levy of the Tax in fiscal year 2017 is approximately $5,150,000 and the maximum amount of pr...
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