2016-0129
INTRODUCED BY: LARRY COCHRAN, PARISH PRESIDENT
(BOND COUNSEL)
RESOLUTION NO.
Title
A resolution authorizing the defeasance of certain maturities of the outstanding General Obligation Refunding Bonds, Series 2012, of the Parish of St. Charles, State of Louisiana, and providing for other matters in connection therewith.
Body
NOW, THEREFORE, BE IT RESOLVED, by the St. Charles Parish Council (the "Governing Authority"), acting as the governing authority of the Parish of St. Charles, State of Louisiana (the "Issuer"), that:
SECTION 1. There is hereby authorized and approved the defeasance of portions of the Issuer's currently outstanding General Obligation Refunding Bonds, Series 2012, dated April 10, 2012 (the "Series 2012 Bonds") in the principal amounts set forth as follows:
Bond Maturing Amount Defeased
2017 $ 1,450,000
2018 $ 1,500,000
2019 $ 500,000
SECTION 2. The Issuer shall apply the excess moneys in the sinking fund established and maintained for the payment of principal and interest falling due on the Series 2012 Bonds to provide for said defeasance.
SECTION 3. A notice of defeasance in substantially the form attached hereto as Exhibit A shall be sent by the paying agent for the Series 2012 Bonds to the registered owners thereof as the same appear on the registration books of said paying agent.
SECTION 4. The Executive Officers of the Issuer are hereby authorized and directed to execute and deliver a Defeasance and Escrow Deposit Agreement on behalf of the Issuer with Whitney Bank, Baton Rouge, Louisiana, with respect to the Refunded Bonds in substantially the form as attached hereto as Exhibit B (the "Escrow Agreement") to accomplish the purposes of this Resolution, and it is expressly provided and covenanted that all of the provisions for the payment of the principal and interest on the Series 2012 Bonds f...
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