THE FOLLOWING resolution was offered by Pamela Durrett and seconded by Tiffany Cole: RESOLUTION
THE FOLLOWING resolution was offered by Pamela Durrett and seconded by Tiffany Cole:
A resolution making application to the State Bond Commission for approval of the issuance of an additional not exceeding $120,000 of Sewer Revenue Bonds of the Village of Simsboro, State of Louisiana, and providing for other maters in connection therewith.
WHEREAS, the Mayor and Board of Aldermen of the Village of Simsboro, State of Louisiana (the “Governing Authority”), acting as the governing authority of the Village of Simsboro, State of Louisiana (the “Village”), adopted an ordinance on August 3, 2009, entitled “An ordinance authorizing the incurring of debt and issuance of a Sewer Revenue Bond, Series 2009, in an amount not to exceed One Hundred Thousand Dollars ($100,000), by the Village of Simsboro, State of Louisiana; making application to the State Bond Commission for approval of said bonds; employing bond counsel, and providing for other matters in connection therewith” (the “Bond Ordinance”).
WHEREAS, the Louisiana Department of Environment Quality (the “Department”) has advised the Village that additional forgiveness loan money in the sum of up to $120,000 is available to the Village to be applied to the Village's sewerage system improvement project and that the principal amount of the Sewer Revenue Bonds, Series 2009 (the “Bonds”), authorized by the Bond Ordinance should be increased from $100,000 to not exceeding $220,000.
WHEREAS, this Governing Authority now requests that the State Bond Commission approve the Village's issuance of not exceeding an additional $120,000 of such Sewer Revenue Bonds.
NOW, THEREFOR, BE IT RESOLVED by the Mayor and Board of Aldermen of the Village of Simsboro, State of Louisiana, acting as the governing authority thereof, that
SECTION 1. Application to the State Bond Commission. Application is hereby made to the State Bond Commission, Baton Rouge, Louisiana, for approval of the issuance by the Village of Simsboro, State of Louisiana, of not exceeding an additional $120,000 Sewer Revenue Bonds such that the aggregate principal amount of the Sewer Revenue Bonds authorized to be issued by the Village to the Department will not exceed $220,000, said Bonds to be issued in one or more series. A certified copy of this resolution shall be submitted to the State Bond Commission, together with a request for prompt consideration and approval of this application. As provided in the Bond Ordinance, the Bonds will be issued pursuant to R.S. 39:1430 and other constitutional and statutory authority and will be subject to the provisions, including that of the forgiveness of principal, set forth in the Bond Ordinance. As the principal amount of the additional Bonds will be forgiven as advanced, no interest will accrue thereon.
SECTION 2. Acceptance of Commission's Swap Policy. By virtue of Village's application for, acceptance and utilization of the benefits of the Louisiana State Bond Commission's approval(s) resolved and set forth herein, the Issuer resolves that it 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 Derivative Products Hedges, Etc.”, adopted by the 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 3. Employment of Bond Council. This Governing Authority finds and determines that a real necessity exists for the employment of special bond counsel in connection with the issuance of the Bonds, and, accordingly, the law firm of Foley & Judell, L.L.P., Bond Counsel, is employed as Bond Counsel to the Issuer to handle all matters of a legal nature in connection with the sale, issuance and delivery of the Bonds. The fee of Foley & Judell, L.L.P., in connection with the program of finance is established and fixed at a sum not to exceed 50% of that permitted under the Attorney General's approved schedule for comprehensive bond counsel service for revenue bonds based upon the principal amount of Bonds actually issued, sold and delivered, plus "out-of-pocket" expenses. A certified copy of this resolution shall be forwarded to the Attorney General of the State of Louisiana for approval of the employment herein provided.
RESOLUTION NO. 23-11
SEWER REVENUE BOND
NOW THEREFORE BE IT RESOLVED, The Village of Simsboro convened in a regular session this 6th day of December 2011 to review and adopt the attached resolution.
The foregoing resolution having been submitted to a vote, the vote thereon was as follows:
And the resolution was declared adopted on this, the 6th day of December, 2011.
/s/ Peggy Stewart /s/ Willie Hendricks
It was moved by Pam Durrett, seconded by Tiffany Cole, and unanimously approved, that the following ordinance be introduced:
An ordinance amending the ordinance adopted by the Mayor and Board of Aldermen of the Village of Simsboro, State of Louisiana on August 3, 2009, authorizing the issuance of Sewer Revenue Bond, Series 2009, in a principal amount not to exceed $100,000 to increase the authorized principal amount of said Bonds by $120,000 to not to exceed $220,000 and that a public hearing be held on Monday, January 9, 2012, at six o'clock (6:00) p.m. with regard to the proposed adoption thereof.
1td: December 15, 2011