On motion of ________, seconded by ___________, the following
resolution was offered:
RESOLUTION NO. ____
a resolution requesting the Louisiana Local Government
Environmental Facilities and Community Development
Authority to refund all or a portion of its outstanding
REVENUE BONDS (JEFFERSON RECREATION AND
CULTURAL FACILITIES PROJECT) SERIES 2007;
authorizing the incurring of debt; and other matters in
connection therewith. (Parishwide)
WHEREAS, the Jefferson Parish Council (the “Council”) is the
governing authority of the Parish of Jefferson, State of Louisiana (the
"Parish"); and
WHEREAS, the Louisiana Local Government Environmental
Facilities and Community Development Authority (the “Authority”) is a
political subdivision established for public purposes, specifically to provide
an instrumentality with the authority to provide, among other things, public
infrastructure and public works of all types, equipment and rolling stock and
to assist political subdivisions in constructing public works and in the
acquisition of necessary equipment, to assist in the financing or refinancing
of such needs by political subdivisions in the State of Louisiana and to
provide for the issuance of bonds for authorized projects, including, but not
limited to, public infrastructure and public works of all types and equipment
and rolling stock acquisition, and to procure any funds necessary therefor
by mortgage, pledge or other encumbrance of the trust estate dedicated by
it therefor and to provide for the issuance and delivery of limited and special
obligation revenue bonds of the Authority to evidence any indebtedness so
incurred; and
WHEREAS, the Authority is created pursuant to the authority of
Chapter 10-D of Title 33 of the Louisiana Revised Statutes of 1950, as
amended (La. R.S. 33:4548.1-4548.16) (the “Act”), and other constitutional
and statutory authority; and
WHEREAS, the Authority issued and has outstanding its Revenue
Bonds (Jefferson Recreation and Cultural Facilities Project) Series 2007
(the “Prior Bonds”); and
WHEREAS, Chapter 14-A of Title 39 of the Louisiana Revised
Statutes of 1950, as amended (the "Refunding Act") and other constitutional
and statutory authority supplemental thereto, authorizes the Authority to
issue its refunding bonds (the “Bonds”) for the purpose of advance
refunding its outstanding bonds; and
WHEREAS, this Council has determined that it will achieve
economic benefits through lower interest rates and hereby requests that the
Authority refund all or a portion of its Prior Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Jefferson Parish
Council, acting as the governing authority of the Council, that:
SECTION ONE:
The Council requests that the Authority,
pursuant to the Authority granted under the Act and the Refunding Act, and
other constitutional and statutory authority, issue the Bonds to advance
refund all or a portion of its Prior Bonds, pay costs of issuance of the Bonds
and fund a debt service reserve fund, if necessary, to market the Bonds.
SECTION TWO: The structure, terms and conditions of any such
borrowing by the Parish shall be determined by subsequent resolution of
the Council; provided, however, that the term of said borrowing shall not
exceed $12,000,000, shall be secured by lawfully available funds of the
Parish, shall mature not later than April 1, 2027 and the interest rate shall
not exceed five per cent (5%) per annum for fixed rate bonds.
SECTION THREE: By virtue of the Authority’s application for,
acceptance and utilization of the benefits of the Louisiana State Bond
Commission's approval(s) resolved and set forth herein, the Council
understands and agrees that such approval(s) are expressly conditioned
upon, and it further resolves that it understands, agrees and binds itself, its
successors and assigns, to full and continuing compliance with the "State
Bond Commission Policy on Approval of Proposed Use of Swaps, or other
forms of Derivative Products Hedges, Etc.", adopted by the State Bond
Commission on July 20, 2006, as to the borrowing(s) and other matter(s)
subject to the approval(s), including subsequent application and approval
under said Policy of the implementation or use of any swap(s) or other
product(s) or enhancement(s) covered thereby.
SECTION FOUR: The Council requests that the Authority retain
The Becknell Law Firm, APLC, Metairie, Louisiana to provide legal services
as bond counsel in connection with the issuance of the Bonds, and
pursuant to, the terms of their employment under the provisions of
Resolution No. 120989 adopted on May 15, 2013 and the Professional
Services Contract by and between the Parish and Bond Counsel dated May
31, 2013, as amended pursuant to the provisions of Resolution No. 122996
adopted on June 11, 2014 and the First Amendment to Agreement by and
between the Parish and Bond Counsel dated July 28, 2014. The fee of
Bond Counsel shall be and the same is hereby fixed in accordance with the
Guidelines for Fees and Services of Bond Attorneys, identified as
"Comprehensive Legal and Coordinate Professional Work" relating to
revenue bonds, established by the Office of the Attorney General, said fee
to be payable solely out of the funds derived from the sale of the bonds and
to be contingent upon the issuance, sale and delivery of the bonds.
SECTION FIVE:
The Council Clerk is hereby authorized and
directed to send a certified copy of this resolution to the Authority. The
Finance Director and the Clerk of Council and such other officials of the
Parish are hereby authorized and directed to take any and all actions
necessary to implement the provisions of this resolution.
The foregoing resolution having been submitted to a vote, the vote
thereon was as follows:
YEAS:
NAYS:
ABSENT:
The resolution was declared to be adopted on this the 14 th day of
January, 2015.