ST.TAMMANY PARISHCOUNCTL
ORDINANCtr
ORDTNANCE
CALENDARNO.
3I58
ORDINANCECOUNCILSERIESNO.
COI'NCILSPONSOR:
STEFANCIK/PRESIDENTPROVIDED
BY:
BONDCOUNSEL
INTRODUCEDBY: MR.IMPASTATO SECONDEDBY:MR.BAGERT
oN THE_23aDAY OF SEPTEMBER
. 2005
An ordinanceproviding for the issuanceof
*
Dollars ($
) of SalesTax RefundingBonds, Series2005
(Jail), of the Parishof St. Tammany,Stateof Louisiana;prescribing
the form, fixing the detailsandproviding for the rights ofthe owners
thereof;providing for the paymentof suchbondsandthe applicatron
ofthe proceedsthereoftotherefundingofcertainbondsofsaid Parish;
awarding said bonds to the underwdtersthereof and providing for
othermaftersin connectiontherewith.
WHEREAS,thePadshof St. Tammany(the "Issuer"),is now le\.ying andcollecting
a one-fowth ofone percent(l/4%) salesandusetax by virtue ofan ordinance,adoptedby the Issuer
on FebruaryI 8, I 998(the "Tax"), undertheauthorityofan electionheldby the lssueron JanuaryI 7,
I 998,at which the following propositionwasapprovedby a majority ofthe qualified electorsvoting
in suchelection-viz:
JAIL PROPOSITION
SUMMARY: l/4%, 20 YEARS SALES AND USE TAX
DEDICATEDSOLELYFORPROVIDINGAND MAINTAINING
JAIL FACILITIES FOR THE SHER]FFTO INCARCERATE
PRISONERS, INCLUDING ACQUISITION OF LAND,
EQUIPMENTAND FURNISHINGSTHEREFOR,WIn] THE
PROCEEDS
OFTHETAX BEINGSUBJECT
TOFTINDINGINTO
BONDSFORACQUIRING,CONSTRUCTING
ANDIMPROVING
SAIDJAILFACILITIES
.
Sha[ the Parishof St. Tammany,Stateof Louisiana(the"Parish')
undertheprovisions
of ArticleVI, Section
29 oftheConstitution
of
theStateof Louisiaraof I 974,andotherconstitutional
andstatutory
authodty,beauthorized
to levyandcollecta tax of one-fourthofone
percent
(U4%)(the"Tax")uponthesaleatretail,theuse,th€lease
or
rental,th€consumption
andstorage
oftangible
foruseor consumption
personal
propertyandon salesofservicesin theParish,al1asdefined
in La.R.S.47:301through47:317"
inclusive,
for a p€riodoftwenty
(20)yearsfromthedateofthe first lerryofthe Tax,with theavailsor
proceedsof the Tax (after payingthe reasonable
and necessary
expenses
ofcollectingandadministering
and
theTax)to bededicated
usedsolelyfor the purposeof acquiring,constructing,improving,
jail facilitiesfor the St.TammanyParish
operatingandmaintaining
prisoners,includingthe acquisitionof land,
Sheriffto incarcerate
equipmentard fumishingstherefor,title to which shallbe in the
public,andshalltheParishbefi.utherauthorized
to fundtheproceeds
ofthe Tax into bondsfor thepurposeofacquiring,constructing
and
jail
improvingsaid
facilities, includingthe acquisitionof land,
equipmentandfumishingstherefor,to theextentandin themanner
permittedbythelawsofLouisiana,includingparticularlySub-PadF,
PartIII, Chapter
4, Title 39oftheLouisiana
of I 950?
RevisedStatutes
*NotExceeding
$I 4,000,00
ORDINANCECALENDARNUMBER: 31s8
ORDINANCECOIJNCILSERIESNO.
Page2 of 50
WHEREAS,pursuantto theauthorityofthe aforesaidelectionandordinanceadopted
by the Issusr,the lssueris now lelying andcollectingthe Tax; and
WHEREAS,in accodancewith the ordinanceadoptedby the Issuer,the net availsor
prcceedsofthe Tax, after the reasonableand necessaryexpgnsesof collection and administration
thereofhavebeenpaidthereftom(the"Net Revenues
ofthe Tax"), shallbe availablefol apFopriation
and expenditureby the Issuersolely for the purposesd€signatedin the propositionauthorizingthe
levy ofthe Tax, which includesthe pa),rnentofbonds authorizcdto be issuedin accordancewith
louisiana law; and
WHEREAS,the lssuerhasherctoforeissuedbondswhich are currentlyoutstanding
andpayableftom a pledgeanddedicationofthe Tax, consistingof$ I 4,745,000of SalesTax Bonds,
SeriesI 998,matudngseriallyon Apdl I ofthe years2006to 2018, inclusive(the " I 998Bonds");and
WHEREAS,the Issuerhasfound anddeterrninedthat the refuodingof $12,180,000
of the 1998Bonds,consistingofthos€ 1998BondswhichmatureApril 1, 2009to April l, 2018,
inclusive (the "RefimdedBonds"),would be financially advantagequs
to the Issuel and
WHEREAS,this GovemingAuthority on October6, 2005,authodzedthe issuance
ofthe hereinafterdefinedBondsandthe salethereofto the Underwriters,at suchtime asthe saleof
the Bondsproducesnet presentvalue savings(afterpaymentofall costs)to taxpayersof alleast3yo
of the pdncipal amountof the Refund€dBonds;and
WHEREAS,pursuantto Chapter14-A ofTitle 39 ofthe LouisianaRevisedStatutcs
of I 950,asamended,andotherconstitutionalandstatutoryauthodty,it is now the desireofthe Issuer
to adopt this Bond Ordinancein order to provide for the issuanceof_
Dollars ($
) pdncipal amountofits SalesTax RefundingBonds,Series2005(Jail)
(the "Bonds"),for the pupose ofrefunding the RefundedBondsandpaflg the costsofissuanceof
the Bonds,to fix the detailsofthe Bondsandto sell thc Bondsto thc underwiters th€reof;aod
WHEREAS, it is the intention of the Issuerthat the Bonds authorizedherein be
secuedby andpayablefrom theNet Rwenuesofthe Tax on a paxitywith $2,565,000ofuffefunded
1998Bondsmaturing seriallyon April 1, 2006to April l, 2008,inclusive (the "OutstandingPaxity
Bonds"); and
WHEREAS,it is further necessaryto prcvide for the applicationof a portion ofthe
proceedsofthe Bonds to the refundingofthe RefundedBondsandto prcvide for othermattcrsin
connectionwith the paJmeotor redemptionofthe RefundedBonds;and
WHEREAS, in connectionwith the issuanceof the Bonds, it is necessarythat
prcvision be madefor the pa),rnentofthe priocipal, interestandrcdemptionpremium,if any,ofthe
RefundedBonds describedin Exhibit A hereto,andto prcvide for the call for redemptionof the
RefundedBonds,pursuantto a Notice of DefeasanceandCall for Redemptioo;and
WHEREAS,it is necassarythat
this ParishCouncilprescribethe form andcontentof
a Defeasanceand EscrowDepositAgr€smentFoviding for the pa),rnentofthe pdncipal, pernium
andintercstofthe RefrmdedBondsandauthorizethe executionthercofashereinafferprovidedland
WHEREAS,the Issuerdesiresto sell the Bondsto the underwriterthereofandto fix
thedetailsofthe Bondsandthetermsofthe saleofthe Bonds;
ORDINANCECALENDARNUMBER:
3158
ORDINANCE COIJNCIL SERJESNO.
Page3 of 50
NOW, THEREFORE, BE IT ORDAINED by the Parish Council of the Parish of St.
Tarffnany, Stateoflouisiana (the"GovemingAuthodty'), actingasthe govemingauthodtyofthe Parishof
St. Tarffnanv. Stateof I-ouisiana.that:
ARTICLE I
DEFINITIONS AND INTERPRETATION
SECTION I . I . Definitions. The following termsshallhavethe following meanings
unlessthe contextotherwiserequires:
I'Act, shallmeanChapterl4-A ofTitle 39 ofthe LouisianaRevisedStatutesof I 950,
asamended,and otherapplicableconstitutionalard statutoryauthority.
*Additional Parity Bonds" sha[[meananypcri pnssuadditionalbondswhich may
hereafterbe issuedpwsuant to Section8.1 hereof on a parity with the Bondsandthe Outstanding
Parity Bonds.
"Bond" or "Bonds" shallmeananyor all ofthc SalesTax RefundingBondsofthe
Parishofst. Tammant Stateofl,ouisiana,Series2005(Jail), issuedpursuantto theBondOldinance,
asthe samemaybe amendedfrom time to time, whetherinitially deliveredor issuedin exchangefor,
uponftansferoi or ir, /iea of anypreviouslyissuedBond.
,Bond Counse shall meanan attomeyor firm of attomeyswhoseexperiencein
mattersrelatingto the issuanceof obligationsby statesandtheir political subdivisionsis nationally
recognized.
'iBond Obligation* shallmean,asofthc dateof computation,the pdncipal amount
ofthe Bondsthen Outstarding.
"Bond Ordinancel shallnean this ordinance,asfurtheramendedandsupplemented
ashereinprovided,
BusinessDay'r shallmeana dayofthe yearotherthana dayon which bankslocated
in New York, New York andthe cities in which th€ principal offices ofthe EscrowAgent and the
PayingAgelt arelocatedarerequiredor authorizedto remainclosedandon which the Ne\tsYork
StockExchangeis closed.
I'Code" shallmeantheIntemalRevenue
Codeof 1986.asamended.
I'Costs of Issuancel shallmeanall items of expense,directly or indirectly payable
or reimbursableandrelatedto the authorization,saleandissuanceofthe Bonds,including but not
limited to printing costs,costsofprepaxationandreproductionof documents,filing andrccording
fees, initial fees and chargesof any fiduciary, legal fees and charges,fees and chargesfor the
preparationanddistributionofa preliminaryofficial statementandofficial statsrnent,ifpaid by the
Issuer,fees aod disburs€mentsof consultantsand professionals,costsof qedit ntings, fe.esand
chargesfor preparation,execution,transportationandsaf€keepingofthe Boods,costsandexpgnses
ofrefunding, premiumsfor the insuance ofthe palment of the Bonds,if any,and any other cost,
chargeor fee paid or payableby the Issuerin connectionwith the original issuanceof Bonds.
"DefeastnceObligationsi shallmean (a) cash,or
Govemment
O) non-callable
Securities.
ORDINANCE CALENDAR NUMBER! 3158
ORDINANCE COUNCIL SERIT-SNO.
Page4 of50
'rEscrow Agenf! shallmeanJP MorganTrust Company,NA, in the City ofBaton
Rouge,Louisiana,andits successoror successon,andany otherpe$on which may at any time be
substitutedin its placepursuantto the Bond Ordinance.
"Escrow Agreement" shall meanthe Defeasanceand EscrowDepositAgreement
datedas of Octobq l, 2005,betweenthe Issuerand the Escrow Agent, substantiallyin the form
attachedheretoas Exhibit B, asthe sarnemay be amendedftom tim€ to time, the termsofwhich
EscrowAgreementareincorporatedhereinby reference.
"Executive Ollicers" shall mean collectively the Parish Presidentand Financ€
Director and the Clerk of Council of the ParishCouncil of the Parishof St. Tammany.Stateof
Louisiana.
rrFiscalYear shallmeantheone-yearperiodcommencingon JanuaryI of€achyear,
or suchother one-yearperiod asmaybe designatedby the GovemingAuthority asthe fiscal yearof
the Issuer.
riGoverningAuthority'shallmeantheParish
CounciloftheParishofst.Tammany,
Stateof L,ouisianaor its successorin function.
covernm€nt Securlties( shallmeandircct generalobligationsof, or obligatioN the
principal of andintereston which areunconditionallyguaranteedby, the United StatesofAmedca,
which maybe United StatesTreasuryObligationssuchasthe StateandLocalGovemmentSeriesand
may be in book-entryform.
"Insurer" means,with respectto the Bonds,
_,
or any successorthereto.
"Municipal Bond Insurance Policy" or "Insurance Policy" shall mean the
municipalbondinsuraocepolicy issuedby theInsurerguaranteeing
the scheduledpa),mentwhendue
ofthe principal ofand intsreston the Bondsasprovidedtherein.
"Interest Payment Date" shall mean April I and October 1 of each year,
cornmencingApril 1, 2006,
"Issuer" shall mean the Padsh Council of the Paxishof St. Tammany.State of
fouisiana.
"Net Revenuesof the Tax" or "Revenuesof the Tax" shall meanthe avails or
prcceedsofthe Issuer'sone-fourthofone percent(1/4%) salesandusetax authonzedat the election
held within the corporateboundarios
ofthe Issueron January17,1998,whichrevenuesareauthorized
pledged
to be fundedinto bondsand are
to the paymentof the Bondsashereinprovided.
"Outstanding", whenusedwith referenceto the Bonds,shallmean,asofany date,
all Bondstheretoforeissuedunderthe Bond Ordinance.exceDt:
(A) Bondstheretoforecancell€dby thePayingAgentor deliveredto thePalng Agent
for cancellation;
Obligations
@) Bondsfor thepaymentor redemptionofwhich sufncisntDefeasance
havebeendepositedwith the Palng Agentor anescrowagentin hust for the Ownsrs
ofsuch Bondswith the effect specifiedin this Bond Ordinance,providedthat ifsuch
Bondsareto be rcdeemed,irrevocablenoticeof suchrcdemptionhasbeenduly given
OR.DINANCE
CALENDARNUMBER: 3158
ORDINANCECOUNCILSERIESNO.
Page5 of 50
or provided for pursuantto the Bond Ordinance,to the satisfactionof the Palng
Ag€nt, or waived;
(C) Bofldsin exchangefor ot in lieu ofwhich otherBondshavebeenregisteredand
deliveredpursuantto the Bond Ordinance;and
(D) Bondsallcgedto havebeenmutilated,destroyed,lost, or stolenwhich havebeen
paid asprovidedin the Bond Ordinanceor by law.
i Outstanding Perity Bonds" shallmeantheIssuefs$2,565,000ofunrefunded1998
Bords maturing serially on April 1, 2006 through April 1, 2008, inclusive, as describedin the
preamblehereto.
I'Owner shallmeanthc Psrsonrefleatedasregisteredownerofany ofthe Bondson
the registrationbooksmaiotainedby the Palng Agent.
"Parity Bond Resolution" shall meanResolutionPolice Jury SeriesNo. 98-8638
adoptedby the Polic€ Jury of the ParishofSt. Tammany,Stateof I-ouisiara on April 23, 1998,
authorizingthe issuanceof the OutstandingParityBonds.
IPaying Agent shall meanJP Moryan Trust Company,NA, io the City ofBaton
Rouge,Louisiana,aspalng agentandregistrarhereunder,until a successor
PayingAgentshallhave
becomesuchpursuantto the applicableprovisionsofthe Bond Ordinance,aodthercafter"Pafng
Agent" shallmeansuchsuccessorPayingAgent.
"Person" shall mean any individual, corporation, partnership,joint venture,
association,joint-stock company,trust, unincorporatedorganization,or govemmentor any agency
or political subdivisionthereof
"Qutlified Investments" shallmeanthe following providedthatth€ sameareat the
time legal for investmentof the Issuer'sfunds alld, ifrequired by law, are securedat all times by
collateraldescribedin clause(i) below:
O
GovemmentSecudties,includingobligationsofanyofthe Federalagenqes
setforth in clause(ii) belowto theextentunconditionallyguaranteed
by the
UrdtedStatesof Americaandanycertificatesor anyother evidencesof an
ownershipinterestin obligationsor in specifiedportionsthereof(whichmay
consist of specified podions of the interest thereon) of the chamcter
describ€din this clause(i) suchas thoseseouritiescommonlyknown as
CATS,TICRSand/orSTRIPS;
(iD
bonds,debentur€sor otherevidencesofindebtednessissuedby the Private
Export FundingCorporation,FederalHome Loan Bank Sptem, Federal
Homelran MortgageCorporation,FederalNationalMortgageAssociahon
and Studentl,oar MarketingAssociation;
(iii)
cefificates of deposit,whethernegotiableor nonnegotiable,issuedby any
bankor trustcompanyorganizedunderthelaws ofthe Stateor anymtional
bankingassociationhaving its principal oftice in the State(including the
Paiog Agent or the Esqow Ageno which is a memberof the Fedsral
DetrrositInsumnceCorporation and which are securedat al1 times by
collateraldescribedin clause(i) above;
ORDINANCECALf,NDAR NUMBER: 3158
SERIESNO.
ORDINANCECOTJNCIL
Page6 of 50
(iv)
certificatesofdeposit,savingsaccounts,depositaccountsor moneymarket
depositsofanybank or aust companyorganizedunderthe lawsofthe State
or any nationalbankingassociationhavingits principal ofnce in the State
(includingthePayingAgentandtheEscrowAgent)which aretully insured
by the FederalDepositInsumnceCorpolation;and
(v)
the Iruisiana AssetManagementPool (LAMP).
'rRecordDate shallmean,with respectto anInterestPaymentDate,thefifteenthday
of the calendarmonth next pfecedingsuch IoterestPa),rnentDate, whether or not such day is a
BusinessDay.
"Redemption Price" shall mean,when usedwith respectto a Bond, the principal
amountthereofplusthe applicablepronium, ifany, payableuponredsmptionthereofpursuantto this
Bond Ordinance.
"Refunded Bonds shallmeantheIssuer'soutstandhgSalesTax Bonds,Series1998
(Jail), maturingApril 1, 2009to April l, 2018,inclusive,which arebeingrefimdedby the Bonds,as
morefi-rllydescribed
in ExhibitA hereto.
'rResene Fund Requirement shallmean,asofany dateofcalculation,a sumequal
to the lesserof(i) 10%ofthe proceedsofthe Bonds,the OutstandingParityBondsandanyissueof
addi'Ii'onal
pari passubondspalable from the Tax or (ii) the highestcombinedprincipal andinterest
requirementsfor a|Iy succeedingBond Year orl thg Bonds,the OutstandingParity Bonds and any
issueof additionalpari parsz bondspayableftom the Tax.
'rStatei shallmeanthe Stateoflruisiana.
"Tax" meansthe I /4% salesandusetax now beinglwied andcollectedby the Issuer
pursuantto an electionheld on January17, 1998andan odinance adoptedon November28, 1989.
"Tax Ordinance'r meansan stdinaoce adoptedby the Governing Authodty on
February18, 1998,providing for the le\,y andcollectior of the Tax.
Iunderwritei'r
shal1mean Morgan Keegan& Compant Inc., of New Orl€ans,
Louisiana.
SECTION 1.2. Intsmrctation. In this BondOrdinance,unlessthe contextotherwise
requires, (a) words importing the singular include the plural and vice vers4 (b) words of the
masculinegendershall be deemedand construedto include correlativewords ofthe feminine and
neutergendersand(c) the title ofthe officesusedin this BondOrdinanceshallbe deernedto include
anyother title by which suchoffice shallbe known underanysubsequentlyadoptedchartsr.
ARTICLE II
AUTHORIZATION AND ISSUANCE OF BONDS
SECTION 2.1. Authorization of Bonds and Escrow Aseement. (a) This Bond
Ordinanceoeatesa sedesofBondsofthe Issuerto bodesignated"SalesTax RefundingBords, Seri€s
2005 (Jail), of the Parishof St. Tammany,Stateof Louisiana"and providesfor the firll and final
paymentofthe principal or redernptionprice of andintereston all of the Bonds.
ORDINANCECALENDARNUMBER: 3158
ORDINANCECOIJNCILSERIESNO.
Page7 of 50
(b) The Bondsissuedunderthis Bond Ordinanceshallbe issuedfor the purposeof
refundingtheRefundedBondsthroughtheescrowofa portion ofthe Foceedsofthe Bonds,together
with other availablemoneysofthe Issuer,in GovemmcntS€curitiesplus an initial cashdeposit,in
accordancewith the terms of the EscrowAgreement,in order to prcvide for the pa),mentof the
principal of, pretnium, if any, and intereston the RefundedBonds as they matwe or upon eaxlier
redemptionasprcvided in Section13.1hereof.
(o) Provision having beenmadefor the orderly pal,rnentuntil maturity or eaxlier
redemptionof all the RefundedBonds,in accordancervith their terms,it is herebyrecognizedand
acknowledgedthat asofthe dateofdelivery ofthe Bondsunderthis Bond Ordinance,provision will
havebeenmadefor the performanceof all covenantsandagreements
of the Issuerincidentalto the
RefundedBonds,andthat accordingly,andin compliancewith all that is hersinFovided, the Issuer
is expectedto haveno futule obligationwith referenceto the aforesaidRefundedBonds,exceptto
assuethat the RefundedBondsarepaid from the GovernmentSecuritiesandfunds so esqowed in
accordanc€with thg provisionsof the EscrowAgreement.
(d) The Escrow Agreernsntis herebyapprovedby fte Issuerand the Executive
Officers areherebyauthorizedanddirectedto executeanddeliverthe Esqow Agreemerton behalf
ofthe lssuersubstantiallyin the form ofExhibit B hereol with suchchanges,additions,deletionsor
completions deemedapprcpriateby such Executive O1[cers and it is expresslyprovided and
covenantedthatall of theprovisionsfor thepaymentofthe principalof, prunium, if any,andinterest
on the Refund€dBonds from the specialtrust fund createdunder the EscrowAgreementshall be
stictly observedandfollowed in all respects.
SECTION 2.2. Bond Ordinanc€to ConstituteContmct. In consideraiionof the
purchaseand acceptanceofthe Bondsby thosewho shall own the sarnefrom time to tim€, the
provisiols ofthis Bond Ordinanceshallbe a palt ofthe contractofthe Issuerwith the Ownersofthe
Bondsand shallbe deemedto be andshall constitutea contractbetweenthe Issuerandthe Owners
from time to time of the Bonds. The provisions,covenantsand agr€smentsherein set forth to be
performedby or on behalf ofthe Issuershallbe for the equalbenefit,protectionand securityofthe
Ownersofany andall ofthe Bonds,eachofwhich Bonds,regardlessofthc time or timesofits issue
or maturity, shall be of equalmnk without Feference,priority or distinction over anyother thereof
exceptasexpresslyprovidedin this Bond Ordinance.
SECTION2.3.OblieationofBonds. TheBondsshallbe secured
by andpayablein
principal, premium,if any,andinterestsolely ftom an inevocableptedgeanddedicationofthe Net
Revenuesofthe Tax. The Net Revenuesofthe Tax areherebyirrevocablyandinepealablypledged
anddedicatedin anamountsufficientfor thepaymentofthe Bondsin principal,prernium,ifany, and
interestastheyshallrespectivelybecomedueandpayable,andfor the otherpurposeshereinafterset
forth in this BondOrdinance.All ofthe Net Revenuesofthe Tax shallbe s€tasidein a separatefund,
ashereinafterprovided,andshallbe andremainpledgedfor the securityandpa]'rnelrtofthe Bonds,
the OutstandingParity Bondsand any Additional Parity Bondsin principal, prernium,if any, and
interestandfor all otherpaymentsprovidedfor in this Bond Ordinanceuntil suchbondsshall have
beenfully paid anddischarged.
SECTION 2.4, Insuranceof the Bonds. The Iszuerdoes hereby find that since
substantialbenefitswill accrueftom the insuranceofthe Bonds,the Bondsarebeing insuredby the
Inswer andan appropriatelegendshallbe printedon the Bolds asevidenceof suchinsurance.The
cost of the Municipal Bond InsuancePolicy shallbe paid from the proceedsof the Bonds.
SECTION2.5, AuthorizationandDesipnation.Pursuantto theFovisions ofthe Act,
)
thereis herebyauthorizedthe issuanceof
Dollars($
principal amountofBonds ofthe Issueito be designated"SalesTax RefundingBonds,Series2005
ORDINANCE CALENDAR NUMBER; 3158
ORDINANCE COI]NCIL SERMSNO,
Page8 of50
(Jail), ofthe Parishofst. Tam1nany,Stateoflauisiana," for the puryoseofrcfunding the Refunded
Bonds and payingthe Costsoflssuance.The Bonds shall be in substantiallythe folm set foih in
Exhibit C hereto, with such necessaryor apFopriate variations,omissionsand insetioos as are
requifedor pemitted by the Aot andthis Bond Ordinance.
SECTION2.6. Dsnominatioos.Dates.Maturitiesardlnte.rest.
TheBondsareissuable
asfully registeredbondswithout couponsio the denominationsof$5,000 principal amountor any
integral multiple thereofwithin a singlematurity, and shallbe numberedR-l upwards,
The Bondsshall be datedthe dateofdelivery thereof,shallmatureoll April 1 in thc
yearsandin theprincipal anounts andshallbearintercst,payableon the InterestPaymentDates,at
the ratesper annurn.asfollows:
DATE
{APRIL1)
2006
200'7
2008
2009
2010
20lI
20t2
PRINCIPAL INTEREST
PAYMENT
RATE
DATE
(APRIL1)
PRINCIPAL INTEREST
PAYMENT
RATE
2013
20t4
2015
2016
2017
2018
SECTION2.7. PavnentofPrincipal andloterest.Theprincipal andpremium,ifany,
of the Bondsarepayablein suchcoin or cunencyofthe United Statesof America asat the time of
pa)'rnentis legalterder for palment ofpublic andpdvated€btsat theprincipal corporatetust offica
of the PayingAgent,upon presentationand sunend€rthereoi Intereston the Bonds is payableby
checkmailedon or beforetheInterestPalmett Dateby thePalng Agentto eachOwner(determined
asofthe closeofbusinesson the applicableRecordDate)at the addressof suchOwnerasit appears
on the registation books of the PayingAgent maintainedfor suchpurpose. Exceptas otherwise
providedin this Section,Bondsshallbearinterestftom datethereofor tom the mostrccentInterest
Pa],rrentDate to which interesthasbeenpaid or duly provided for, as the casemay be, Fovided,
however,that ifand to the extentthat the Issuershall default in the paymentofthe intereston any
Bondsdueon anyInterestPayrnentDatq thenall suchBondsshallbeaxinterestfrom thc mostrecant
loterestPaymentDateto which interesthasbeenpaid on the Bonds,or ifno interesthasbeenpaid
on the Bonds,from their dateddate. The Pe6on in whosenameaoyBond is registercdat tho close
ofbusinesson the RecordDatewith rcspectto anInterestPaymentDatgshallin all casesbe entitled
to r€ceivethe interestpayableon suchInterestPa)'rnentDatg(rmlesssuchBond hasbeencalledfor
redemptionon a redemptiondate.whidhis prior to suchInt€restPa,,mentDate)notwithstardingthe
cancellationof suchBond upo[ anyrcgishationof transferor exchangethereofsubsequentto such
Recod Date andprior to suchInterestPaynent Date.
SECTION2.8. Book EntrvReeistmtionofBonds. TheBondsshallbeinitially issued
in ths nameofCede & Co., asnomineefor The DepositoryTrust CalqpanyC'DTC'), a,sregisGr€d
owner of the Bonds,andheld in th€ custodyof DTC. The Ex€cutiveOfncsrs of the Issueror any
other officer ofthe Issueris authorizedto exeauteanddelivgr a BlanketLetter of Representation
to
DTC on behalfofthe Issuerwith respectto the issuanceofthe Bondsin "book-enhyonly'' format.
The terms and provisions of said Letter of Representationshall govem in the event of any
inconsistencybetweenthe prcvisions of this Bond Ordinanceand said Letter of Representation.
Initially, a singlecertificatewill be issuedanddeliveredto DTC for eachmaturityofthe Bonds. The
BeneficialOwnerswill not receivephysicaldeliveryofBold certificatesexc€ptasprovidedherein.
BeneficialOwnersareexpectedto receivea rrdtten confirmationoftheir purchaseproviding details
ORDINANCE CALENDAR NUMBER: 3158
ORDINANCE COUNCIL SERIESNO,
Page9 of 50
of eachBond acquired. For so long asDTC shall continugto serveas securitiesdepositoryfor the
Bondsasprovidedhetein,all transfersofbeneficial ownershipinterestwill be madeby book-entry
only, andno investoror otherpartypurchasingsellingor otherwisehansferringbeneficialownership
of Bondsis to receive,hold or deliver anyBond certificate.
Notwithstandingan)'thingto the contraryherein,while the Bondsareissuedin bookentry-only form, the paymentof principal ol premium,if any, and intercston the Bonds may be
payableby thePalng Agentby wire transferto DTC in accordance
with theLetterofRegesentation.
For evsrytansfer andexchangeof theBonds,theBeneficialOllner (asdefinedin the
BlanketL€tter ofRepresentation)maybe chargeda sumsufficientto coversuchBeneficialOwne/s
allocableshareof anytax, fee or othergovernnentalchargethat maybe imposedin relationthereto.
Bond certificatesarc requiredto be deliveredto and rcgisteredin the nameof the
Beneficial Ownerunderthe following circumstances:
(a) DTC determinesto discontinueproviding its servicewith rcspeatto the Bonds.
Sucha detqmination maybe madeat anytime by giving 30 days'noticeto the Issuer
andthe Palng Agent anddischargingits responsibilitieswith respecttheretounder
applicable1aw;or
b) The Issuer determiles that continuationof the systemof book-entry hansfer
throughDTC (or a successorsecuritiesdqrository) is not in the bestinterestsofthe
Issuerand/orthe BeneficialOwners.
The IssuerandthePayingAgentwill recognizeDTC or its nomineeastheBondholder
for all purposes,including noticesandvotidg.
Neitherthe Issueror thePaing Agentarcrcsponsiblefor theperformaoc€by DTC of
any of its obligations,including, without limitation, the pa),mentofmoneys receivedby DTC, the
forwardingof noticesreceivedby DTC or the giving ofany consentor proxy in lieu of consent.
Wheneverdudngthctsrm ofthe Bondsthebeneficialownershipthsreofisdetemined
by a book entry at DTC, the requircmentsof this Bond Rcsolution of holding, delivering or
transferringthe Bonds shall be deemedmodified to require the appropdatepersonto meet the
requircmentsofDTC asto registedngor tmnsferringthe book entryto producethe sameeffect.
Ifat anytime DTC ceasesto hold the Bonds,all referenceshercin to DTC shallbe of
no further force or effect.
ARTICLE III
GENERAL TERMS AND PROVISIONS OF THE BONDS
SECTION3.1. ExcharueofBonds: Pe$onsTreatedasOwllers, The Issuershall
causebooksfor the registrationand for the rcgistation of transferofthe Bondsasprovidedin this
BondOrdinanceto be keptby the Palng Agentat its principal corporatetrust oflice, andthe Paying
Agentis herebyconstitutedandappointedtheregistrarfor theBonds. At reasonabletimesandundsr
reasonableregulationsestablishedby the PayingAgent saidlist may be inspectedandcopiedby the
Issuq or by the Ownsrs(or a designatedrcpr€sentativethereoDof 15%ofthe outstandingprincipal
amountofthe Bonds. Upon sunenderfor registratioroftansfer of anyBond,thePayingAgent shall
registerand deliver in the narneof the tmnsfereeor transfercesone or more new firlly registered
Bondsofauthorizeddenominationofthe samematurityandlike aggregate
pdncipal amount. At the
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option ofthe Owner,Bondsmay be exchangedfor otherBondsof autiorized denominationsofthe
principal amount,uponsurenderofthe Bondsto be exchangedat
samematurity andlike aggregate
thepdncipal corporatetrust office ofthe Palng Agent. WheneveranyBondsareso surrenderedfor
exchange,the Palng Agent shallregisteranddeliverin exchangethereforthe Bondor Bondswhich
the Ownermaking'theexchargeshallbe entitledto rcceive. All Bondspresentedfor registrationof
transferor exchangeshallbe accompanied
by a rrritten instrumentor instrumentsofhansfer in folm
andwith a guaxantyof signaturesatisfactoryto thePayingAgent,duly executedby the Owneror his
attomeyduly authorizedin writing.
A11Bondsdeliveredupon anyregistrationoftransfer or exchangeof Bondsshall be
valid obligationsofthe Issuer,evidencingthe samedebtandentidedto the samebenefitsunderthis
BondOrdinaaceastheBondssurrendered.Priorto duepresentment
forrcgistmtionofhansfer ofany
Bond,theIssuerandthePayingAgent,andanyagelt ofthe Issueror thePalng Agentmaydeemand
tr€atthe p€rsonin whosenameanyBondis registeredasthe absoluteownerthereoffor all purposes,
wh€theror not suchBond shallbe overdue,andshall not be boundby anynotice to the contary.
No servicecharyeto the Ownersshallbe madeby the PayingAgentfor anyexchange
01registntion oftansfer ofBonds. ThePayingAgentmayrequirepaymentby thePe$onrequesting
ari exchangeor rcgistration of hansfer of Bonds of a surn sulfrcient to aover any tax or other
govemmsntalchargethatmaybe imposedirl relationthercto. The Issuerandthe PayingAgent shall
not be requir€d(a) to issug registerthe transferofor exchangeanyBond during a periodbeginning
at the openingofbusinessoo tl€ 1sth calendardayofthe monthnextprecedingan InterestPalanent
Date or any dateof selectionof Bondsto be redeemedand endingat the close of businesson the
InterestPa)mentDateor dayon which the applicablenoticeofredemptionis givsn or O) to register
the transferof or exchangeanyBond so selectedfor redemptionin whole or in part.
SECTION3.2. BondsMutilated.Desaov€d.Stolenor Lost. III caseanyBond shall
becomemutilated or be inproperly cancelled,or be deshoyed,stolenor lost, the Issuermay in its
disoetion adopta ordinanceor ordinanceandtherebyauthorizethe issuanceanddelivery of a new
Bondin exchangefor andsubstitutionfor suchmutilatedor improperlycancelledBond,or & /iez of
andin substitutionfor theBonddcstroyed,stolenor lost,upontheOwner(i) fumishingthe Issuerand
thePayingAgentFoofofhis ownershipthereofandproofof suchmutilation,impropercancellation,
destruction,tleft or loss satisfactoryto the Issuerandthe PayingAgent,(ii) giving to the lssuerand
the Palng Agent an indemnitybond in favor ofthe Issuerandthe Payilg Agcnt ir suohamormtas
thg Issuermay require,(iii) compliancewith suchotherreasonable
regulationsandconditionsasthe
Issuermay prescribeand (iv) paying suchexpensesasthe Issuerand the Palng Agent may incur.
All Bondsso sunenderedshallbe deliveredto th€ PayingAgentfor cancellationpursuantto Section
3.4 hereof. If any Bond shall havematued or be aboutto mature,insteadof issuing a substitute
Bond, the Issuermay pay the same,uponbeing indemnifiedasaforesaid,andif suchBond be lost,
stolen or destroyed,without surendcr thereof. Any suchduplicateBond issuedpusuant to this
Section shall constitutean original, additional, cootactual obligation on the part of the Issuer,
whetheror not the lost, stolenor destroyedBond be at aoytim€ found by anyone. Suchduplicate
Bond shall be in all respectsidentical with thosereplacedexceptthat it shall bear on its face the
following additionalclause:"This bondis issuedto rsplacea lost, cancelledor destroyedbondunder
the authorityofR.S. 39:.971t1tro.'J:gt3q9'14."
SuchduplicateBond may be signedby the facsimile signatwesof th€ sameofficers
who signedthe original Bonds,Fovided, however,that in the eventthe officers who executedthe
odginal Bonds are no longer in office, then the new Bondsrnay be signedby the officers then in
office. SuchduplicateBondsshallbeentitledto equalandproportionatebenefitsandrights asto lien
andsourceandsecurityfor paymentasFovided hereinwith respectto all otherBondshsreunder,the
obligationsofthe Issueruponthe duplicateBondsbeingidenticalto its obligationsuponthe origiml
l0
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Bondsaqdthe dghts ofthe Ownerofthe duplicateBondsbeing the sameasthoseconfenedby the
original Bonds.
SECTION 3.3. Preparationof Definitive Bonds. Temporarv Bonds. Until the
definitive Bondsareprepared,the Issuermay gxecute,in ths sarn€mannerasis providedin Section
3.5, and deliver, in lieu of defrnitiye Bonds,but subjectto the sameprovisions,limitatioru and
conditionsasthedefinitive Bondsexceptasto thedenominations,
oneor moretemponry t]?ewritten
Bonds substantiallyof the tenor ofthe definitive Bondsi'. /ie, ofwhich suchtemporaryBond or
Bondsare issued,in authorizeddenominations,andwith suchomissions,insetions andvariations
asmay be appropriateto tgrnporaryBonds.
eitheratorbcfore
SECTION3.4.CancellationofBonds.
All Bondspaidorredeemed
maturity, togethcrwith all Bondspurchasedby the Issueqshallthereuponbe prompdycancelledby
the PayingAgent. The PayingAgent shallthereuponpromptly frrmishto the Secretaryofthe Issuer
an appropriate
certificateof cancellation,
SECTION3.5. Ex€cation, The Bondsshall be executedin the nameandon b€half
ofthe Issuerby the manualor facsimilesignatuesofthe ExecutiveOlfrcers,andthe corporateseal
of the Issuer(or a facsimile thereof) shall b€ thereuntoaffixed, impdnted, engaved or otherwise
reproducedthereon. ln caseanyoneor more ofthe ofEcerswho shallhavesignedor sealedanyof
the Bonds shall ceaseto be such ofEcer before tle Bonds so signedand sealedshall have beeq
actuallydelivered,suchBondsmay,nevertheless,
be deliveredashereinprovided,andmaybe issued
person
asif the
who signedor sealedsuchBondshad not ceasedto hold suchoIflce. Said officers
shall, by the executionof the Bonds,adoptas and for their own propersignatur€stheir r€spective
facsimile signaturesappearingon the Bondsor anylegal opinion certificatether€on,andthe Issuer
may adoptandusefor that purposethg facsimilesignatureof anypersonor personswho shallhave
beensuchofficer at anytime on or after the dateof suchBond,notwithstandingthat at the dateof
suchBond suchpersonmay not haveheld suchoffice or that at the time when suchBond shall be
deliveredsuchpersonmay haveceasedto hold suchoffice.
SECTION 3.6. Reeishationby PavineAeent and Secr€tary_of
State. (a) No Bond
shall be valid or obligatory for any purposeor entidedto any securityor belefit under this Bond
Ordinanceunlessanduntil a certificateofrcgishationon suchBondsubstantiallyin theform setfortl
in Exhibit C heretoshallhaveb€enduly manuallyexecutedon behalfofthe Paing Agentby a duly
authorizedsignatory,andsuchexecutedcertificateofthe PayingAgentuponanysuchBondshallbe
conclusiveevidencethat suchBond hasbeenexecuted,registeredand delivereduoder this Bond
Ordinance.
O) The Bonds shall also be registeredwith the Seqetary of Stateof the Stateof
I-ouisiana(which registrationshallbeby manualsignatureonthebondsissueduponoriginalissuance
of the Bonds and by faosimile signatureon Bonds exchangedtherefor) and shall have endorsed
thereonthe followine:
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"OFFICEOF SECRETARYOF STATE
STATE OF LOUISiANA
BATON ROUGE
Incontestable.Seouedby a pledgeanddedicationof a salesanduse
tax in the Parishof St. Tammary, Stateof l4uisiaoa. Registeredthis
dayof
2005.
_
Seqetaryof State
SECTION3.7. Resularitvof Proce€dinqs.The Issuer,havinginvestigatedthe
regularityof the proceedings
had in connectionwith the issuanceof the Bonds,and having
determined
thesameto beregular,eachof theBondsshallcontainthefollowingrecital,to-wit:
'It is canifiedthatthisbondis aufiorizedby andis issuedin conformity with the requirements
of the Constitutionandstatutesof this
State."
ARTICLE IV
PAYMENT OF BONDS;DISPOSITIONOF FUNDS
SECTION4.1. DspositofFundsWith PavinqAsent.TheIssusrcovenantstlat it will
deposit or causeto be depositedwith the Palng Agent from the monqs dedved ftom the Net
Revenuesofthe Tax or otherfunds availablefor suchpurpose,at leastthree(3) daysin advanceof
eachInterestPaymentDate,fundsfully sufficientto paypromptlytheprincipal,premium,ifany, and
interestso falling dueorl suchdate.
SECTION 4.2. IssuerOblisat€d to Collect Tax. In compliancewith the laws of
louisiana, the Issuer, by proper ordinancesand/or ordinances,is obligatedto causethe Tax to
continueto be levied andcollecteduntil all of the Bondshavebeenretired asto both principal and
interest,andfurther shall oot discontinueor decreaseor pennit to be discontilued or deqeasedthe
Tax in anticipationofthe collectionofwhich the Bondshavebeenissued,nor in anyway makeany
changewhich would diminishthe amountofthe revenuesofthe Tax to bercceivedby theIssue!until
all ofthe Bondshavebeenretired asto both principal andintercst.
SECTION4.3. FundsandAccounts.In orderthattheprincipal ofand th€ i[terest on
the Bonds will be paid in accordancewith their tems and for the other objects and pu4roses
hereinafterprovided.the Iszuerfurther covenantsasfollows:
In compliancewith the ordinancaadoptedon February18, 1998,providing for th€
l€ly ard coll€ctionofthe Tax, all ofthe availsor proceedsderivedftom the leq and
collection thereof shall continueto be d€positeddaily asdle samemay be collected
in a sepaxate
andspecialbank accountmaintainedwith theregularlydesignatedfiscal
lssuor
agentofthe
anddesignatedasthe "SalesTax Fund -1998 (Jail)" (hereinafter
calledthe "SalesTax Furd"). The SalesTax Fund shall constitutea dedicatedfimd
ofthe Issuer,ftom which appropriationsandexpendituresby the Issuershallbe made
solely for the purposesdesignatedin thepropositionauthorizingthe levy ofthe Tax,
including the paynent ofthe Bonds.
Out of the funds on deposit in the SalesTax Fund, the Issuer shall first pay all
reasonableandnecessarv
€xD€nses
ofcollectioo andadministrationofthe Tax. After
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paymentofsuch expenses,
the remainingbalanceofthe proceedsofthe Tax shallbe
usedin the following orderofpriority and for thc following expresspurpos€s:
(a)
The maintenanceof the "SalesTax Bond Sinking Fund Oail)" (hersioafter
calledthe SinkingFund"),establishedpursuantto theParityBondResolution,
suflicient in amountto pay promptly and firlly the principal of, premium, if
any, and the intsrest on the Bonds herein authorizedand the Outstanding
PaxityBonds,including anypari passubondsissuedhereafterin the mannsr
prcvidedby this Bond Ordinance,astheyseverallybecomedue andpayable,
by hansfering ftom the SalesTax Fund to the regulady designatedfiscal
agentof the Issuer,monthly in advanc€on or before the 20th day of each
month ofeach year,a sumequalto one-sixth(1/6) ofthe intercstfalling due
on the next InterestPa),rnentDate and one-twelfth (l/12) of the principal
falling dueon the next pdncipal paymentdate,togetherwith suchadditional
proportionatesumasmaybe requiredto pay saidprincipal andinterestasthe
samerespectivelybecomedue. Said fiscal agent shall transfer from the
SinkingFundto thepayingagentbankor hanksfor all bondspa1'a,bte
&om the
SinkingFund,at leastthree(3) daysin advanceofthe dateon which pa),rnent
ofprincipal or interest falls due, firnds fully suffcient to pay promptly the
principal andinter€stso falling due on suchdate.
(b)
The mahtenarce of the 'Sales Tax Bond ReserveFund (Jail)" (hereinafter
calledthe "ReserveFund")establishedpursuantto theParityBo[d Resolution
by retaining in the Reserve Fund, a sum squal to the R€ssrve Fund
Requirement[in the event a Surety Bond is used for the R€s€rveFund,
apFopriatelanguagewill be insertedl,the moneyin the ReserveFund to be
retainedsolelyfor thepurposeofpalng theprincipalofand theintereston the
Bondsandthe OutstandingParity Bondspayablefrom the aforesaidSinking
Fund as to which there would otherwise be default. In the event that
additionalpari passubondsareissuedhereafterin themannerFovided by this
Bond Ordinance,therc shall be transfsned from th€ proceedsof such
additionalbondsand./orfrom the said SalesTax Furd irto the ReserveFund
montl y or amually, suchamounts(as may be designatedin the ordinance
authorizingthe issuanceof suchpari passubonds)aswill inqeasg thg total
amounton dspositin the ReserveFundwithin a periodnot exceedingfive (5)
yeaxsto a sum €qual to the ReserveFund Requirementfor all outstanding
bondspayableftom theSinkingFund,includinganyzuchadditionalpari passu
bonds.
If at anytime it shallbenecessary
to us€monq6 in theRessrveFundaboveprovided
for thepurposeofpayingprincipalor interestonbondspa)"bl€ ftom theSinkingFund
as to which there would otherwisebe default, then the monels so used shall be
replacedftom the revenuesfirst thereafterreceivednot hereinaboverequired for
paymentsinto the SinkingFrmd,it beingtheintentionhereofthatthereshallasnearly
aspossiblebe at all timesin the ReserveFundan amountequalto the ReserveFund
Requirement.
All or anypart ofthe moneysin the SalesTax Fund,SinkingFundandReserveFund
shall,at thewdtten requestoftho Issuer,be investedin QualifiedInvestnents,herein
dcfined, exceptfor (a) Bond proceedsrcpressntingaccruedinterestand (b) moneys
on depositiq the ReserveFund,which shall be investedin GovgmmentSocurities
maturingin five (5) yearsor less.All incomsderivedftom suchQualifiedInvestments shall be addedto the SalesTax Fund,and suchinvestmentsshall, to the extentat
l3
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anytime necessary,
be liquidatedandtheproceedsthereofappliedto thepurposesfor
which the SalesTax Fund was created.Notwithstandingthe foregoing incomeon
Fund only to the
investrnentsin the ReserveFund shall be addedto the SalesTa",<
extent that the amountthen on depositin the ReserveFund equalsor exceedsthe
ReserveFundRequircment.
All moneysrsrnainingin the SalesTax Fundon the 20th dayof eachmonthin excess
of all reasonableandnecessaryexpensesofcollection andadministrationofthe Tax
andaftermakingthe rcquiredpaymentsinto the SinkingFundandthe ReserveFu[d
for the curent month andfor prior monthsduringwhich the requircdpa),nentsmay
not havebe€nmade,shallbe consideredassurplus. Suchsurplusmaybeusedby the
Issuerfor anyofthe purposesfor which the Tax is authorizedor for the purposeof
retiring Bonds in advanceof their naturities, either by puchase of Bonds then
outstandingat pdcesnot greaterthanthethenredemptionpricesofsaid Bonds,or by
redeerningsuch Bonds at the pdces and in the mamer set folth in this Bond
Ordinance.
The SalesTax Fund, the Sinking Fund, and the ReserveFund provided for in this
Sectionshall all be andconstitutekust fimds for the purpos€sprovidedin this Bond
Ordinance,and the Ownsrsof Bonds issuedpusuant to this Bond Ordinanceare
ganted a lien on all suchfirnds until appliedin the marmerprovided herein. The
monels in suchfunds shall at all times be securedto the fi 1extent thereofby the
bank or trust companyholding suchfundsin the marmerrequiredby the laws of the
Stateof Iruisiana.
SECTION4.4. InvestmentofFunds. All or anypart ofthe moneysin the SalesTax
Fund,Bond SinkingFundandReserveFundshall,at the written requestofthe Issuer,be investedin
Qualified Investmentsexceptfor (a) Bondprcceedsrepresentingaccruedinterestand(b) moreys on
depositin the ReserveFund,which shallbe investedin GovernmentSecudtiesmahfing in five (5)
yearsor less. A11incomederivedfrom suchQualified Investnentsshallbe addedto the SalesTax
Fund,andsuchinvestmentsshall,to the extentat anytime necessaxy,
be liquidatedandthe proceeds
thereof applied to the purposesfor which the SalesTax Fund is oeated. Notwithstandingthe
foregoing,incomeon investmentsin theReserveFundshallbe addedto the SalesTax Fund only to
the extentthat the amountthenon depositin the ReserveFund equalsor exceedsthe ReserveFund
Requirement.
SECTION4.5. Fundsto ConstituteTrust Funds. The SalesTax Fund,the Sinking
Fund,ard the ReserveFrmdpmvidedfor in Section4.3 hereofshallall be andconstitutetrust funds
for the pu4rosesprovidedin this Bond Ordinance,andthe Ovmersof Bondsissuedpursualt to this
Bond Ordinanceare herebygranteda lien on all suchfunds until appliedin the marmerprovided
herein. The moneysin suchfundsshall at all timesbe secuedto the ful1€xtentthercofby the bank
or aust companyholding suchfunds in the marurerrequiredby the laws ofthe State.
SECTION4.6. MethodofValuation andFreouencvofValuation. ln computingthe
amountin any fund providedfor in Section4.3, Qualified Investrnentsshallbe valuedat the lower
ofthe costor the marketpdce, exclusiveofaccruedinterest.With resp€ctto all fundsand accounts
(except the ReserveFund), valuation shall occur annually. The RessrvoFund shall be valued
semiannually, exceptin the event ofa withdrawal ftom the ReserveFund, whereuponit shall be
valuedimmediatelyafter suchwithdrawal.
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ARTICLE \
REDB,MPTION OF BONDS
SECTION5.1. Redsrnption
ofBonds.
ITO BE INSERTED]
ARTICLE VI
PARTICULAR COVENANTS
SECTION6.1. Oblieationofthe Issuerin Connectionwith thelssuanceofthe Bonds.
As a conditionofthe issuanceofthe Bonds,theIssuerherebybindsandobligatesitselfto: (a) deposit
irrevocablyin trust with the EscrowAgentunderth€termsandconditionsofth€ Esqow Agreement,
ashereinafterprovided,alr emountofthe proceedsdsrivedftom the issuanceandsaleof the Bonds
(exclusive of accruedirrterest),togetherwith additional moneysof the Issuer,as will enablethe
EscrowAgentto immediatelymakeaninitial cashdqnsit andpurchasethe DefeasanceObligations
descdbedin the Esclow Agreement,which, togetherwith the initial cashdepositdepositedtherein,
shallmaturein pdlcipal andinterestin sucha ma rerasto provideat leasttherequircdcashamount
on or beforeeachpaymentdatefor theRefund€dBonds(saidamountsbeingnecessary
on eachofthe
designateddatesto payandretireor redeemtheRefundedBonds,includingpremiums,ifany, payable
uponredetnption),and(b) depositin trustwith theEsqow Agentsuchamountofthc proceedsofthe
Bondsaswill enabletheEscrowAgentto paytheCostsoflssuanceandthecostsFope y attributable
to the establishmentand administmtionofthe EscrowFund.
SECTION6.2. PalnnentofBonds. The Issuershallduly andpunctuallypayor cause
to bepaid ashereinprovided,theprincipal or redemptionprice, if any,ofevery Bondandtheinterest
thereon,at the datesandplacesandin themannerstatedin the Bondsaccordingto thetlue intent and
meaningthereol
SECTION6.3. Tax Covenants.(a) To th€ extentpermittedby the lawsofthe State,
the Issuerwill cornply with the requirementsof the Codeto establish,maintain and preservethe
exclusionfrom "grcssincome"ofintereston thebondsunderthe Code.The Issuershallnot takeany
action or fail to take aoy action,nor shall it permit at any time or times any ofthe proceedsofthe
Bondsor any other funds ofth€ Issuerto be useddirecdy or indirectly to acquireany secudtiesor
obligationsthe acquisitionofwhich would causeanyBond to b€ an "arbitragebond" asdefinedin
the Codeor would result in the inclusion ofthe intereston any Bond in "grossiflcome" underthe
Code,including without limitation, (i) the failure to complywith the limitation on investrnentofthe
proceedsof the Bonds,(ii) the failure to pay anyrequiredrebateof arbitrageeamingsto the United
Statesof America,or (iii) the useofthe proceedsof the Bondsin a marner which would causethe
Bondsto be "private activity bonds"underthe Code.
(b) The lssuershallnot pemit at anytime or timesanyproceedsofth€ Bondsor any
othgr funds of the Issuerto be used,dircctly or indirectly, in a rnannerwhich would result in the
exalusionofthe intercston anyBond from the trcatmentaffordedby Section103(a)ofthe Code,as
from time to time amended,or anysuccessorprovision thereto.
(c) The ExecutiveOfficers areherebyernpowered,authorizedanddircctcdto take
any and all action andto executeand deliver any instrumeot,documentqr certificatenecessaryto
effectuatethe purposesof this Section.
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SECTION6.4. Bondsarenot "Bank-Oualified". The Bondsarenot designatedas
"qualified tax-exemptobligations"within the meaningof Section265(b)(3)ofthe Code.
SECTION6,5. Disclosure
UnderSECRule l5c2-12. The ExecutiveOfficersare
hereby empoweredand directed to execute an apFopriate Continuing Disclosure Certificate
(substantiallyin the folm sotforth in AppendixH ofthe official statementissuedin connectionwith
the saleandissuaace
ofthc Bonds)pursuantto S.E.C.Rule 15c2-12(bx5).
thatthegoveming
SECTION6.6.Obliqation
to CollectTaxes.TheIssuerrecognizes
authorityofthe Issueris boundunderthe tems andprovisionsof law, to le\T, impose,enforceand
collect the Tax and to provide for all reasonableand necessaryrules, regulations,proceduresand
penaltiesin connectiontherewith,inaludingthe properapplicationofthe proceedsofthe Tax, until
all ofthe Bondshavebeenretired asto both pdncipal andinterest. Nothing hereincontainedshall
be construedto preventthe Issuerfrom altedll9, amendingor repealingftom time to time asmay bo
necessarythe ordinancesadoptedproviding for the levying,imposition,enforcementandcollection
ofthe Tax or anysubsequettordinanceproviding therefor,said alteratioru,amendmentsor repeals
to be conditionedupon the continuedpreservationofthe rights ofthe Olvnerswith respectto the
revenuesftom the Tax. The ordinancesimposing the Tax andpwsuantto which the Tax is being
levied,collectedandallocated,andtheobligationto continueto levy, collectandallocatetheTax and
to applythe revenuesthereftomin accordancewith the provisionsof this Bond Ordinance,shallbe
irrevocableuntil tho Bondshavebeenpaid in fu1lasto both principal andinterest,andshall not b€
subjectto amendmentin anymannerwhich would impair therights ofthe Ownersfrom time to time
of the Bonds or which would in any way jeopardizethe prompt pa),mert ofprincipal thereof and
interestthereon.More specifically,neithertheLegislatureofl-ouisiana,or theIssuermaydiscontinue
or deqeasetheTax or p€amitto be discontinuedor decreased
theTax in anticipationofthe coll€ction
of which the Bondshavebeenissued,or in any way make any changein suchTax which would
diminish the amouotof the salestax rcvenuesto be rcceivedby the Issuer,until all of suchBonds
shall havebeenretired asto both principal aodinterest.
SECTION6.7. IndemnityBonds. So long asanyofthe Bondsareoutstandingard
unpaid,the Issuershallrequireall ofits officersandemployeeswho maybein a positionof authority
or in possession
ofmoney derivedfiom thecollectionofthe Tax,to obtainor be coveredby a blanket
fidelity or faithful performancebond, or independentfidel'ity bonds written by a responsibe
indemnity companyin amountsadcquateto protectthe Issuerfrom loss.
SECTION6.8. Issuerto Maintain BooksandRecords.Solong asanyofthe Bonds
are outstandingandunpaidin pdncipal or hterest, the Issuershallmairtain andkeepproperbooks
ofrec.ordsandaccountssspafirteandapartfrom all otherrccordsandaccountsin which shallbe made
frrll andcofect entriesofall transactionsrelatingto the collectionand expenditureofthe revenu€s
of the Tax, including specifically but without limitation, all reasonableand nec€ssarycosts and
expensesof collectioo. Not later thansix (6) monthsafter the closeof eachFiscalYear, the Issuer
shall causean audit of suchbooksandaccountsto b€ madeby the LegislativsAuditor of the State
of louisiana (or his successor)or by a recognizedindependentfirm of certified public accountants
showingthe receiptsof and disbursements
madefor the accountof the aforesaidSalesTax Fund.
Suchaudit shall be availablefor inspectionupon requestby the Ownersof any of the Bonds. The
Issuerfurther agreesthat thc Palng Agent and the Ownersof any of th€ Bonds shall have at all
reasonabletimesthe right to inspcctthe recolds,accountsanddataofthe Issusrrelatingto ths Tax.
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ARTICLE VII
SUPPLEMENTAL BOND ORDINANCES
SECTION7.I . SupplementalOdinanc€sEffectiveWithout ConsentofOwnen. For
any one or mor€ of the following purposesand at afly time ftom time to time, a ordinance
supplernental
heretomaybe adopted,which,uponthefiling with thePayingAgentofa certifiedcopy
thereof,but without any consentofOwne$, shallbe fully effectivein accordancewith its terms:
(a) io addto the oovenantsandagr€ements
ofthe Issuerin the BondOrdinanceother
covenantsandagreements
to b€ observedby theIssuerwhiaharcnot contraryto or inconsistentvrith
the Bond Ordinanceasthergtoforein effect;
O) to addto the limitations andrestrictionsin theBond Ordinanceotherlimitations
andresaictionsto be observedby the Issuerwhich arsnot eontatryto or inconsistentI'ith the Bond
Ordinanceasthsretoforein effect;
(c) to surrenderanyright, poweror privilegereservedto or confered uponthe Issuer
by the tems ofth€ Bond Ordinance,but only ifthe surrenderof suchright, power or pdvilege is not
contraxyto or inconsistentwith the covenantsand agreementsof the Issuercontainedin the Bond
Ordinance;
(d) to cule any ambiguity, supply any omission,or cule or correct any defect or
inconsistentprovision of the Bond Ordinance;or
(e) to insert suchprovisionsclairying mattersor questionsarising underthe Bond
Ordinanceas axenecessaryor desimble and are not conhary to or inconsistentwith the Bond
Ordinanceastheretoforein effect.
SECTION7.2. Supplemental
OrdinancesEffectiveWith ConsentofOwn€rs.Except
provid€d
as
in Section7.1, anymodificationor amendmentofthe Bond Ordinanceor ofthe rights
andobligationsof the Issuerandof the Owne6 of the Bondshereunder,in any particular,may be
madeby a supplementalordinance,with thewritten consentofth€ O1,mers
of a majority ofthe Bond
Obligation at the time suchconsentis given. No suchmodification or am€ndmentshall pemit a
changein the tefins of redemptionor maturity of the principal of any outstandingBond or of any
installmentofintgrest ther€onor a reductionin theprincipal amountor the redemptionpdce thergof
or in the rute of interestthereonwithout the consentofthe Ownerof suchBond, of shall reducethe
percentages
ofBonds the consentofthe Ownerofwhich is requiredto €ffect anysuchmodification
or amendment,or changethe obligationofthe Issuerto levy andcollect the Tax for the paynent of
theBondsasprovidedherein,without theconsentofthe Ownersofall ofthe Bondsthenoutstaoding,
or shall changeor modiry anyof the rights or obligationsof eitherthe Palng Agent or the Escrow
Agent without its &dtten assentthereto.For th€ purposesofthis Section,Bondsshallbe deemedto
be affectedby a modificationor amendm€ntofthe Bond Ordinanceifthe sam€adverselyaffectsor
diminishesthe dghts ofthe Ownersof saidBonds.
ARTICLE I'IT
ADDITIONAL PARITY BONDS
SECTION 8.1. Issuanceof Additional Paritv Bonds. The Bonds shall urjoy
completeparity of lien on the Revenuesof the Tax despitethe fact that any of the Bondsmay be
dclivered at an earlier datethan any other of the Bonds. The Issuershall issueno other bondsor
obligationsofany kind or nahre payableftom or enjoyinga lien on the Revenuesofthe Tax having
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priority over or parity with the Bonds,exceptthatbondsmay hereafterbe issuedon apaxitywith tlle
Bondsunderthe following conditions:
(2) The Bonds or any paxtthereof,including interestand redemptionpremiums
th€reon,mayberefundedandtherefundingbondssoissuedshallenjoycompleteequalityoflien with
th€portion ofthe Bondsi{hich is not iefunded,ifthere be aoy,andtherefuodingbondsshallcontinue
to enjoy what€verpriority of lien over subsequentissuesmay have been enjoyedby the Bonds
refirnded,provided,howevsr,that if all or anyportion ofthe Bondsoutstandingis so refundedand
the rcfundingbondsrequiretotal principal andintercstpaymentsduring anyBond Year in excessof
the principal ard interestwhich would have beenrequiredin suchBond Year to pay the Bonds
refundedthercby, then such Bonds may not be refund€dwithout consentof the O1rynels
of the
portion
unrefunded
ofthe Bonds.
(3) Additional bonds may also be issuedon a parity with the Bonds and the
OutstandingParity Bondsif all of the followilg conditionsaremct:
(a) The averagearmualrevenuesdedvedby the Issuerfrom the Tax whencomputed
for the two (2) completedFiscalYeaxsimmediatelyprecedingthe issuanceof the additionalbonds
must havebeennot lessthan 1.5timesthe highestcombinedpdncipal andinter€strequiremertsfor
anysucceedingFiscalYearperiodon all Bondsthenoutstanding,includinganypari passuadditional
bondstheretoforeissuedandthen outstandingandanyotherbondsor otherobligationswhatsoever
thenoutstardingwhich arepa''ableftom theTax (but not includingbondswhich havebeenrefunded
or provision otherwisemadefor their firll andcompletepayrnentandredemption)andthe bondsso
proposedto be issued;
O) Thepaymentsto bemadeinto thevariousfundsprovidedfor in Section10 hereof
mustbecurrenl;
(c) The existenceof the facts requiredby paragraphs(i) and (ii) abovemust be
deterrninedandcertifiedto by thc chieffinarcial officer ofthe Issueror by a firm of
independentcertifiedpublic accountantswho havebeenemployedfor that purpose;
(d) The additionalbondsmustbepayableasto pdncipal on Apdl l st ofeach yearin
which principal falls duebeginningnot later than thre€ (3) yearsfrom the date of
issuanceof saidadditionalbondsandpayableasto irtcrest on April I st andOctobsr
lst eachJ,'ear.
ARTICLE IX
REMEDIES ON DEFAULT
SECTION9.I. EventsofDefault. Ifone or moreofthe followingevents(in this
Bond Ordinancecall€d"EventsofDefault") shallhappcn,that is to say,
(a)
ifdefault shallbemadein thedueandpunctualpal,rnentofthe principal ofany
Bondwhenandasthesameshallbecomedueandpayable,whetheratmaturity
or otherwise(in determiningwhetheraprincipalpa5,ment
defaulthasoccurred,
no effectshallbegivento paymentsmadeundertheMunicipal BondInsurance
Policy); or
O)
ifd€fault shallbe madein thedueandpunctualpaynent ofany installmentof
inteiest on anyBond whenandassuchinterestinstallmentshall becomedue
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andpayable(in determiringwhetheranirterestpaymentdeault hasoccured,
no effectshallbegivento pa),ments
madeundertheMunicipal BondInsurance
Policy);or
(c)
ifdefault shallbe madeby the Issuerin theperformanceor observanceofany
other of the covenants,agreementsor conditions on its part in the Bond
Ordinance,any supplementalresolutionor in the Bonds containedand such
default shall continuefor a period offorty-five (45) dals after rritten notice
ther€ofto the Issuerby the Insureror by anyOrnner;or
(d)
if the Issuershall file a petition or otherwiseseekrelief underanyFederalor
Statebankruptcylaw or similar law;
then,uponthe happeningandcontinuanceof anyEventofDefault theInsurerand0reOwnersofthe
Bondsshallbe entitledto exerciseall dghts andpowcrsfot which provisionis madeunderLouisiana
law: provided,however,thatthe exercis€ofremediesat the dircction ofthe Ownersis subjectto the
prior written consentofthe Insurer,andthe Insuer, actiogalone,shall havethe exclusiveright to
direct any action or rcmedy to be undertakenso long as it is not ther in default of its palnent
obligations under the Municipal Bond Insunnce Polioy. The Issuer shall notifu the lnsurer
immediatelyupon the occurlenceof any Event of Default. No evelt of Default shall be waived
without theconsentofthe Insurer.All remediesshallbecumulativewith respectto thePaylngAgent,
the Ownersandthe Insurer;if anyremedialactionis discontinuedor abandoned,the PayingAgent,
the Ownersandthe Insurershall be restoredto their former positions.
The PayingAgent or Issuo shall provide the Insuer with immediatenotica of any
pa],mentdefault,ard noticeof anyotherdefaultknown to the PayingAgent within thirty (30) days
of the Palng Agent'sor Issuer'sknowledgethereof.
ARTICLE X
CONCERNING FIDUCIARIES
SECTION10.1.EscrowAsent:Aopointm€nt
andAcceptance
ofDuties.JPMorgan
Trust Company,NA, in theCity ofBaton Rouge,Louisiana,is herebyappoirtedEsqow Ag€nt, The
EscrowAgsnt shallsignifu its acceptance
ofthe dutiesandobligationsimpos€duponit by this Bond
Ordinanceby executinganddeliveringthe EscrowAgreement.The Esqow Age[t is authorizedto
file, onbehalfofthe Issuer,subscriptionformsfor anyGovernmentSecuritiesrequiredby theEscrow
Agreement. A successorto the Esoow Agent may be designatedin the mannersa forth in the
EscrowAgreement.
SECTION I 0,2. PaviosAqenl AppointmentandAcceptanceofDuties. The Issuer
will at all timesmaintaina Palng Agenthavingthe necessaryqualificationsfor the performanceof
the dutiesdescribedin this BondOrdinance.The designationof JPMorganTrust Company,NA as
the initial Palng Agent is hercby confirmcd and approved. The PayingAgent shall signify its
acceptanaeof the duties and obligationsimposedon it by the Bond Ordinanceby executingand
deliveringanacceptalceofits rights, dutiesandobligationsasPayingAgentsetforth h€reinin folm
and substancesatisfactoryto th€ Issu€r,
SECTION 10.3. SuccessorPavingAsont. Any successorPafng Agent shall (i) be
a hust companyor bankin goodstanding,locatedin or incorporatedund€rthelaws ofthe Statg duly
authorizedto exercisetrust powersand subjcctto examinationby federalor stateauthodty and (ii)
have a repodedcapital andsurplusofnot l€ssthan $10,000,000.
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ARTTCLE XI
MISCELLANEOUS
SECTION11.1. Def€asance.
(a) If the Issuershallpay or caus€to be paid to the
Oliners ofall Bondsthenoutstanding,the principal andinterestto becomeduethereon,at the times
andin the mannerstipulatedthereinandin the BondOrdinance,thenthe covenants,agreernonts
and
other obligationsof the Issuerto the Ownersshall be dischargedand satisfied. In suchcvent,the
Palng Agent shall, upon th€ requestof the Issuer,ex€cuteand deliver to the Issuer all such
instrumentsasmay be desirableto evidencesuchdischargeandsatisfactionand the PayingAgent
shallpay over or deliver to the Issuerall moncys,securitiesandfundsheld by thempwsuantto the
BondOdinancewhich arenot requiredfor thepalment ofBondsnot theretoforesurrendered
for such
pq4nent.
Bondsor interestinstallmentsfor the paymentofwhich moneyshall havebeenset
asideandshallbeheld in trust(throughdepositby theIssua offimds for suchpaymentor otherwise)
at thc maturity datethereofshallbe deemedto havebeenpaidwithin themeaningandwith the effect
expressedabovein this Section. Bondsshall be d€emedto havebeenpaid, prior to their mahrity,
within the meaningandwith tho effect expressedabovein this Sectionif they havebeendefeased
pursuantto Chapter14 ofTitle 39 ofthe LouisianaRevisedStatutesof 1950,as amended,or any
successorprovisionsthergto.
SECTIONI I .2, Evidenceofsiqrahres ofOwnersandOwnershipofBonds. (a)Any
request,consent,revocationof consentor otherinshumentwhich the Bond Ordinancamay requirc
or permit to be signedand executedby the Ownersmay be in one or more inshumentsof similar
tenor, and shall be signed or executedby such Owners in personor by their attomeys-in-fact
appointedin writing. Ploof of (i) the executionof any such instrument,or of an instrument
appointinganysuchattomey,or (ii) theownershipby anypersonofthe Bondsshallbe sufiEcientfor
ary purposeof the Bond Ordinarce(exceptasotherwisethercinexpresslyprovided)if madein the
following.manner,or irt aoyothermannersatisfactoryto the Palng Agent,which may nevertheless
in its disqetion rcquire furtheror otherproofin caseswhereit deemsthe samedesiable:
(i)
the fact anddateofthe executionby anyOwneror his attomey-in-factofsuch
instrumenlmaybe prcvedby the certificate,which neednot be acklowledged
or verified,ofan of6cer ofa bankor trustcompanyor ofany notarypublic that
the peNonsigningsuchrequestor otherinstrumentacknowledgedto him the
executionthereof or by anaffidavit ofa v/itnessofsuch execution,duly swom
to beforesuchnotarypublic or oth€rofficer. Whsre suchexecutionis by an
olflcer ofa corporationor associationor a memberofa partnership,on behalf
of such corporation,associationor partnemhip,such certificate or amdavit
shall alsoconstitutesufficientFoofofhis authoity;
(ii)
the ownershipofBonds andtheamoun! numbersandotheridentification,and
dateofowning thesameshallbeprovedby theregishationbooksoftha Paing
Agent.
(iii)
Any requestor consentby the Ownerof anyBondshallbind all future Owners
of suchBond in respectof an,'thingdoneor suffer€dto be doneby the Issuer
or the PayingAgent iII accordancetherewith.
SECTIONI I .3. MonevsHeld for ParticularBonds.The amountsheldby thePaying
Agent for the palanentdueon anydatewith respectto particulaxBondsshall,on aodafter suchdate
20
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Page21 of50
and pending suchpayment,be set asideon its books and held in trust by it, without liability for
intercst,for the Ownersofthe Bonds€ntitledthereto.
SECTIONI I .4. PartiesInterestedHercin. Nothingin theBondOrdinanceexpressed
or implied is irltendedor shallbe construedto conferupon,or to give to, anyp€rsonor corporation,
otherthantheIssu€r,the Palng AgentandtheOwnersofthe Bondsanyright, remedyor claim under
or by reasonof the Bond Ordinanceor any covenant,condition or stipulation thercof; and all the
cov€lants,stipulations,promisesandagreements
in the BondOrdina[cecontainedby andon behalf
ofthe Issuershallbe for the soleandexclusiveb€nefitofthe Issuer,thePayingAgentandthe Ownels
of theBonds.
SECTION11.5. No Recourseon the Bonds. No recowseshallbe had for the
palment ofthe principal ofor intereston the Bondsor for ary claim basedthereonor on this Bond
Ordinanceagainstany memberof the Goveming Authority or officer of the Issueror any person
executingthe Bonds.
SECTION11.6. Successors
andAssiens.Wheneverin this Bond Ordinancethe
Issueris namedor refergd to, it shall be deemedto include its successonand assignsand a1lthe
covenantsandagreements
in this Bond Ordinancecontainedby or on behalfofthe Issuershallbind
ard enuleto the benefit of its successors
andassignswhetherso expressedor not,
SECTIONI 1.7. Subroqation.In the eventtheBondshereinauthorizedto be issued,
or any of them, should everbe held invalid by any court of comp€tentjurisdiction, the Owner or
Ownersthereofshallbe subrogatedto all therights andremediesagainsttheIssuerhadandpossessed
by the Owneror Ownersof the RefundedBonds.
SECTION11.8.Severabilitv.
In caseanyoneormoreofthe Fovisionsofthe Bond
Oldinaoceor ofthe Bondsissuedhercundershallfor anyreasonbe heldto be illegal or invalid, such
illegality or invalidity shallnot affectanyotherFovision of theBondOrdinanceor ofthe Bonds,but
the Bond Ordinanceand the Bonds shall be construedand enforcedas if such illegal or invalid
provisionshadnot beencontainedtherein.Any constitutionalor statutoryprovisionenactedafterthe
datcofthe Bond Ordinancewhich validatesor makeslegal anyprovision ofthe Bond Ordinanceor
the Bonds which would not otherwisebe valid or legat shall be deEmedto apply to the Bond
Ordinanceandto the Bonds.
SECTION 11.9. Publicationof Bond Ordinance. This Bond Ordinanceshall be
publishedonetim€ in the ol'ficialj oumal ofthe Issuer;howevsr,it shalloot be necessaryto publish
any exhibits heretoif the sameare availablefor public inspectiona(Id such fact is statedin the
publication.
SECTIONI 1.10. ExeoutionofDocuments.In connectionwith theissuanceandsale
of the Bonds,the ExecutivgOfficers are gachauthorized,empoweredand directedto executeoII
behalfofthe Issuersuchdocum€nts,certificatesandinstrumentsastheymay deemnecessary,
upon
the advice of Bond Counsel,to effect the transactionscontemplatedby this Bond Ordinance,the
signatuesofthe ExecutiveOfficsrson suchdocuments,certificatosaodinstrumentsto be conclusive
eyidsnceofthe dueexerciseof the authoritygrantcdhereunder.
SECTION11.11.Recodation.A certifiedcopyofthis
BondOrdinanceshall
befiled
andrectrded as soonaspossiblein the MortgageRecordsof the Parishof St. Tammany,Stateof
Louisiana.
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Page22 oI50
SECTION I 1.12. Reoeal.All Ordinances
or partsofordinancesin conflicthere\rithare
herebyrepealed.
SECTION11.13.EffectiveDate.This Ordinanceshallbecomeeffectiveimmediately
after adoption.
ARTICLE XII
SALE OF BONDS
SECTION12.1. Saleof Bonds.TheBondshavebeenawardedto andsoldto the
Unde(writeratthepric€ andunderthetermsandconditionssetforth in theBondPuchaseAgreement
attachedhereto as Exhibit D, and after their execution,registrationby the Seqetaxyof Stateand
authenticationby the PayingAgent, the Bondsshallbe delivercdto the Underwriteror their agents
or assigns,uponreceiptby the Issuerof the agreedpurchaseprice.
SECTION22. Official Statement.The Issuerherebyapprovesthe form andcpntent
of the PreliminaryOfncial Staternentdated
2005,pefiaining to the Bonds,which
hasbeensubmittedto the Issuer,andhercbyratifies its prior useby the Underwriter in connection
with the saleofthe Bonds. The Issuerfurther approvesthe forn and contert ofthe final Official
Statementandhsrebyauthorizesanddircctsthe executionby the ExecutiveOfficersofthe Issueraod
delivery of suchfinal Official Staternentto the Undsrwriter for usein connectionwith the public
offering ofthe Bonds.
ARTICLE XIII
APPLICATION OF PROCf,,EDS
SECTION13.1. Aoolicationof Proceeds.As a conditionof the issuanceofthe
Bonds,the Issuerherebybinds andobligatesitselfto:
(a) Depositinevocablyin trustwith theEscrowAgentunderthetermsard conditions
of the Escrow Ageernsd, ashereinafterprovided, an amountof the Foceeds derived from the
issuanceandsaleofthe Bonds(exclusiveofacoued intcrest),togetho with additionalmoneys, as
will enablethe Esqow Agentto fully redeemthe RefundedBondson April 1, 2008. The mone;rsso
depositedwith the Esqow Agent shall constitutea trust fund irrevocablydedicatedfor the useand
benefit ofthe ownersofthe RefundedBonds.
O) The FinanceDirectorofthe Issueris herebyauthorizedanddirectedto make all
necessary
transfenfrom theSinkingFundandtheRese.veFundnecessary
to carq/out theprovisions
ofthe EscrowAgeement.
ARTICLE XIV
REDEMPTION OT REFUNDED BONDS
SECTION14.1. Call for Redemption.Subjectonly to th€ doliveryofthe Bonds,
principal
$12,180,000
amountofthe Issuer's
SalesTaxBonds,Series1998(Jail),consisting
ofall of
saidbondsdueApril l, 2009to April 1, 2018,inclusive,areherebycalledfor redemptionon April
l,2008 at thepdncipal amormtthereof,plus a premiumof2% ofthe amoulltrcdesrned,andacarued
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interesttothedateofredemption,in compliancewith theBondResolutionadoptedofl April23, 1998,
authorizingtheir issuance.
SECTIONI 4.2. NoticeofDefeasanceandCall for Redemotion.In accordance
with
the BondResolutionadoptedon April 23, 1998authorizingthe issuanceofthe 1998Bonds,a notice
offedemption in substantiallythe folm attachedheretoasExhibit E, shallbe given by the Paying
Agent by mailing a copy of the redernptionnotice by fiIst classmail, postageprepaid,by notice
depositedin the United Statesmails not less than thhty (30) drys prior to the redemptiondate
addressedto th€ registeredowner of eachBond to be redeemedat his addrcssas shown on the
rcgistrationbooksof the Palng Agent.
ARTICLEXV
PROVISIONSRELATING TO THE INSURER
CIO BE INSERTED)
ORDINANCE CALENDAR NUMBER: 3158
ORDINANCE COUNCIL SERMSNO,
Prge24of 50
SECONDED
BY:
MOVED FOR ADOPTION BYi
WHEREIJPON,
TIIISORDINANCE
WASSIJBMITTED
TOA VOTEANDRESI]LTED
IN TIIEFOLLOWING:
YEAS:
NAYS:
ABSTAIN:
ABSENT:
THISORDINANCEWASDECLAREDADOPTEDAT A REGULARMEETING
OF THE PARISH COIJNCILON THE 6I}i DAY OF OCTOBER,2005, AND BECOMES
ORDINANCE
COLTNCIL
SERIES
NO.
STEVE STEFANCIK, COLINCILCHAIRMAN
ATTEST:
DIANE HUESCHEN,COTINCILCLERK
KEVIN DAVIS.PARISHPRESIDENT
Publishedintroduction:
Publishedadoptioi on:
Ausust 25
Deliveredto ParishPresident:
Retumedto Council Clerk:
. 2005
2005
2005at
2005at