2017-0133
INTRODUCED BY: LARRY COCHRAN, PARISH PRESIDENT
(BOND COUNSEL)
RESOLUTION NO.
Title
A resolution approving the terms of a Loan and Pledge Agreement (the "Agreement") to be executed in connection with the sale of limited tax bonds to the Louisiana Department of Environmental Quality (the "Department") by the Parish of St. Charles, State of Louisiana (the "Parish") and accepting the obligations of the District set forth therein.
Body
WHEREAS, the St. Charles Parish Council (the "Council"), acts as the governing authority of the Consolidated Waterworks and Wastewater District No. 1 of the Parish of St. Charles, Louisiana (the "District"); and,
WHEREAS, this Council, acting as the governing authority for the Parish intends to consider adopting an ordinance providing for the issuance of not exceeding Eight Million Dollars ($8,000,000) of Limited Tax Bonds (the "Bonds") of the Parish for the purpose of constructing and acquiring sewerage improvements and additions in the Parish (the "Ordinance"); and,
WHEREAS, the ordinance will also authorize and approve the Agreement in connection with the sale of the Bonds to the Department; and,
WHEREAS, the District now operates and maintains the Parish's sewerage system; and,
WHEREAS, in order for the Parish to avail itself of the benefits of issuing the Bonds, it is necessary for the District to approve the terms of the Agreement and accept the obligations of the District set forth therein.
NOW, THEREFORE BE IT RESOLVED by the Council, acting as the governing authority of the District, that:
SECTION 1. The Agreement authorized and approved by the ordinance is hereby recognized and approved.
SECTION 2. In order to facilitate and encourage the proposed issuance of the Bonds, the District obligates itself to comply with the provisions of the Agreement referring to actions to be performed and obligations to be undertaken by the District.
SECTION 3. The officials of the District are hereby empower...
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