2015-02-05

FEBRUARY 5, 2015

DRAFT

THE VERNON PARISH SCHOOL BOARD CONVENED IN REGULAR SESSION AT 10:00 A.M., 201 BELVIEW ROAD, LEESVILLE, LOUISIANA. PRESIDENT BRANDON CALLED THE MEETING TO ORDER AND ON ROLL CALL THE FOLLOWING MEMBERS WERE PRESENT:

DOUG BRANDON, PRESIDENT

JOHN BLANKENBAKER, VICE-PRESIDENT

MICHAEL PERKINS

VERNON L. TRAVIS JR.

RANDI GLEASON

JIM SEAMAN

ROBERT PYNES JR.

ANGIE DAVIS

DAVID DETZ

RANDY MARTIN

STEVE WOODS

GERALD COOLEY

COL. T. GLENN MOORE

ABSENT: NONE

There was also present Mr. James Williams, Secretary of the Board.

The meeting was opened in prayer by Jim Seaman.

The Pledge of Allegiance was led by Jim Seaman.

On motion of Vernon Travis, seconded by Randy Martin, the Board voted to approve the minutes of the January 13, 2015 regular meeting and dispense with the reading of the minutes.

Sylvia Norris, Taylor and Sons representative, recognized Employees of the Month for December and January. Tammy McKenzie and Janet Merchant, secretaries at Hicks High School, were both nominated by Rhonda Roberts, Principal at Hicks.

The following resolution was offered by Randi Gleason and seconded by Randy Martin:

RESOLUTION

A resolution authorizing the incurring of debt and issuance of One Million Two Hundred Thousand Dollars ($1,200,000) of General Obligation School Bonds, Series 2015, of Ward Seven Wardwide School District of Vernon Parish, Louisiana; prescribing the form, terms and conditions of said Bonds; designating the date, denomination and place of payment of said Bonds; providing for the payment thereof in principal and interest; accepting an offer to purchase the Bonds and providing for other matters in connection therewith.

BE IT RESOLVED by the Parish School Board of the Parish of Vernon, State of Louisiana, acting as the governing authority of Ward Seven Wardwide School District of Vernon Parish, Louisiana, that:

1. SECTION Definitions. As used herein, the following terms shall have the following meanings, unless the context otherwise requires:

“Act” means Sub-Part A, Part III, Chapter 4 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and Act 903 of the Regular Session of the Louisiana Legislature of the year 2010.

"Agreement" means the agreement to be entered into between the Issuer and the Paying Agent pursuant to this Resolution.

"Bond" means any Bonds of the Issuer authorized to be issued by this Resolution, whether initially delivered or issued in exchange for, upon transfer of, or in lieu of any Bond previously issued.

"Bond Register" means the records kept by the Paying Agent at its principal corporate office in which registration of the Bonds and transfers of the Bonds shall be made as provided herein.

"Bonds" means the Issuer's General Obligation School Bonds, Series 2015, authorized by this Resolution, in the total aggregate principal amount of One Million Two Hundred Thousand Dollars ($1,200,000).

"Code" means the Internal Revenue Code of 1986, as amended.

"Executive Officers"means, collectively, the President and the Secretary of the Governing Authority.

"Governing Authority"means the Parish School Board of the Parish of Vernon, State of Louisiana.

"Government Securities" means direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which are non-callable prior to their maturity, may be United States Treasury obligations such as the State and Local Government Series and may be in book-entry form.

"Interest Payment Date"means March 1 and September 1 of each year, commencing September 1, 2015.

"Issuer" means Ward Seven Wardwide School District of Vernon Parish, Louisiana.

"Outstanding" when used with respect to Bonds means, as of the date of determination, all Bonds theretofore issued and delivered under this Resolution, except:

1. Bonds theretofore canceled by the Paying Agent or delivered to the Paying Agent for cancellation;

2. Bonds for which payment or redemption sufficient funds have been theretofore deposited in trust for the owners of such Bonds;

3. Bonds in exchange for or in lieu of which other Bonds have been registered and delivered pursuant to this Resolution;

4. Bonds alleged to have been mutilated, destroyed, lost or stolen which have been paid as provided in this Resolution or by law; and

5. Bonds for the payment of the principal (or redemption price, if any) of and interest on which money or Government Securities or both are held in trust with the effect specified in this Resolution.

"Owner" or "Owners" when used with respect to any Bond means the Person in whose name such Bond is registered in the Bond Register.

"Paying Agent"means ____________________, in the _________ of __________, Louisiana, until a successor Paying Agent shall have been appointed pursuant to the applicable provisions of this Resolution and thereafter "Paying Agent" shall mean such successor Paying Agent.

"Person" means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"Purchaser" means _____________________, in the ____________ of ______________, Louisiana, the original purchaser of the Bonds.

"Record Date"for the interest payable on any Interest Payment Date means the 15^th calendar day of the month next preceding such Interest Payment Date.

"Resolution" means this resolution authorizing the issuance of the Bonds, as it may be supplemented and amended.

1. SECTION Authorization of Bonds; Maturities. In compliance with the terms and provisions of Article VI, Section 33 of the Constitution of the State of Louisiana of 1974, the Act, and other constitutional and statutory authority, as amended, and being authorized at a special election held on November 4, 2014, there is hereby authorized the incurring of an indebtedness of One Million Two Hundred Thousand Dollars ($1,200,000) for, on behalf of, and in the name of the Issuer, for the purpose of acquiring and/or improving lands for building sites and playgrounds, including construction of necessary sidewalks and streets adjacent thereto; purchasing, erecting and/or improving school buildings and other school related facilities within and for the Issuer and acquiring the necessary equipment and furnishings therefor, title to which shall be in the public and paying the costs of issuance thereof, and to represent such indebtedness this Governing Authority does hereby authorize the issuance of One Million Two Hundred Thousand Dollars ($1,200,000) of General Obligation School Bonds, Series 2015, of the Issuer. The Bonds shall be in fully registered form, shall be dated the date of delivery thereof, shall be issued in the denominations, corresponding to the principal amount of each maturity (one Bond per maturity) and shall be numbered from R-1 upward. The unpaid principal of the Bonds shall bear interest from the date thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable on each Interest Payment Date, commencing September 1, 2015, at the following rates of interest and shall mature serially on March 1 of each year as follows:

Year Principal Interest Rate

(March 1) Maturing Per Annum

2016 $105,000 ______%

2017 110,000 ______%

2018 110,000 ______%

2019 115,000 ______%

2020 120,000 ______%

2021 120,000 ______%

2022 125,000 ______%

2023 130,000 ______%

2024 130,000 ______%

2025 135,000 ______%

The principal of the Bonds, upon maturity, shall be payable at the principal corporate trust office of the Paying Agent, upon presentation and surrender thereof, and interest on the Bonds shall be payable by check mailed by the Paying Agent to the Owner (determined as of the close of business on the Record Date) at the address shown on the Bond Register. Each Bond delivered under this Resolution upon transfer of, in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond, and each such Bond shall bear interest (as herein set forth) so neither gain nor loss in interest shall result from such transfer, exchange or substitution.

No Bond shall be entitled to any right or benefit under this Resolution, or be valid or obligatory for any purpose, unless there appears on such Bond a certificate of registration substantially in the form provided in this Resolution, executed by the Paying Agent by manual signature.

2. SECTION Redemption Provisions. The Bonds shall not be callable for redemption prior to their maturities.

3. SECTION Registration and Transfer. The Issuer shall cause the Bond Register to be kept by the Paying Agent. The Bonds may be transferred, registered and assigned only on the Bond Register, and such registration shall be at the expense of the Issuer. A Bond may be assigned by the execution of an assignment form on the Bond or by other instruments of transfer and assignment acceptable to the Paying Agent. A new Bond will be delivered by the Paying Agent to the last assignee (the new Owner) in exchange for such transferred and assigned Bond after receipt of the Bond to be transferred in proper form. Such new Bond shall be in proper denomination.

4. SECTION Form of Bonds. The Bonds and the endorsements to appear thereon shall be in substantially the following forms, respectively, to-wit:

* * * * * *

No. R-_____ Principal Amount $_________

UNITED STATES OF AMERICA

STATE OF LOUISIANA

PARISH OF VERNON

GENERAL OBLIGATION SCHOOL BOND, SERIES 2015

WARD SEVEN WARDWIDE SCHOOL DISTRICT

OF VERNON PARISH, LOUISIANA

Maturity Interest Bond

Date Rate Date

March 1, _____ _________% ___________, 2015

WARD SEVEN WARDWIDE SCHOOL DISTRICT OF VERNON PARISH, LOUISIANA (the "Issuer"), promises to pay to:

or registered assigns, on the Maturity Date set forth above, the Principal Amount set forth above, together with interest thereon from the Bond Date set forth above or the most recent interest payment date to which interest has been paid or duly provided for, payable semiannually on March 1 and September 1 of each year, commencing September 1, 2015 (each an “Interest Payment Date”), at the Interest Rate per annum set forth above until said Principal Amount is paid. The principal of this Bond, upon maturity, is payable in lawful money of the United States of America at the principal corporate trust office of _______________________ Bank, in the __________ of _______________, Louisiana, or successor thereto (the “Paying Agent”), upon presentation and surrender hereof. Interest on this Bond is payable by check mailed by the Paying Agent to the registered owner (determined as of the close of business on the 15th calendar day of the month next preceding the Interest Payment Date) at the address as shown on the registration books of the Paying Agent.

This Bond is one of an authorized issue aggregating in principal the sum of One Million Two Hundred Thousand Dollars ($1,200,000) (the “Bonds”), all of like tenor and effect except as to number, denomination, interest rate and maturity, said Bonds having been issued by the Issuer pursuant to a resolution adopted by its governing authority on February 5, 2015 (the “Resolution”), for the purpose of acquiring and/or improving lands for building sites and playgrounds, including construction of necessary sidewalks and streets adjacent thereto; purchasing, erecting and/or improving school buildings and other school related facilities within and for the Issuer and acquiring the necessary equipment and furnishings therefor, title to which shall be in the public, and the paying costs of issuance for the Bonds, under the authority conferred by Article VI, Section 33 of the Constitution of the State of Louisiana of 1974, Sub-Part A, Part III, Chapter 4 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and Act 903 of the Regular Session of the Legislature for the year 2010, and other constitutional and statutory authority, and authorized at an election held on November 4, 2014, the result of which election has been duly promulgated in accordance with law.

The Bonds are not callable for redemption prior to their maturities.

The Issuer shall cause to be kept at the principal corporate office of the Paying Agent a register (the “Bond Register”) in which registration of the Bonds and of transfers of the Bonds shall be made as provided in the Resolution. This Bond may be transferred, registered and assigned only on the Bond Register, and such registration shall be at the expense of the Issuer. This Bond may be assigned by the execution of the assignment form hereon or by other instrument of transfer and assignment acceptable to the Paying Agent. A new Bond will be delivered by the Paying Agent to the last assignee (the new registered owner) in exchange for this transferred and assigned Bond after receipt of this Bond to be transferred in proper form. Such new Bond shall be in proper denomination.

This Bond and the issue of which it forms a part constitute general obligations of the Issuer, and the full faith and credit of the Issuer is pledged for the payment of this Bond and the issue of which it forms a part. The Bonds are secured by a special tax to be imposed and collected annually in excess of all other taxes on all the property subject to taxation within the territorial limits of the Issuer, under the Constitution and laws of Louisiana, sufficient in amount to pay the principal of this Bond and the issue of which it forms a part and the interest thereon as they severally mature.

This Bond and the issue of which it forms a part have been duly registered with the Secretary of State of the State of Louisiana as provided by law.

This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the certificate of registration hereon shall have been signed by the Paying Agent.

It is certified that this Bond is authorized by and is issued in conformity with the requirements of the Constitution and statutes of the State of Louisiana. It is further certified, recited and declared that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Bond and the issue of which it forms a part to constitute the same legal, binding and valid obligations of the Issuer have existed, have happened and have been performed in due time, form and manner as required by law, and that the indebtedness of the Issuer, including this Bond and the issue of which it forms a part, does not exceed the limitations prescribed by the Constitution and statutes of the State of Louisiana.

IN WITNESS WHEREOF, the Parish School Board of the Parish of Vernon, State of Louisiana,

acting as the governing authority of the Issuer, has caused this Bond to be executed in its name by the signatures of its President and its Secretary and its corporate seal to be impressed hereon.

WARD SEVEN WARDWIDE SCHOOL DISTRICT OF VERNON PARISH, LOUISIANA

_______________________________ _________________________

Secretary, Parish School Board President, Parish School Board

(SEAL)

* * * * * *

(FORM OF SECRETARY OF STATE ENDORSEMENT -

TO BE PRINTED ON ALL BONDS)

OFFICE OF SECRETARY OF STATE

STATE OF LOUISIANA

BATON ROUGE

This Bond secured by a tax. Registered on this, the _____ day of March, 2015.

Secretary of State

* * * * * *

(FORM OF PAYING AGENT'S CERTIFICATE OF REGISTRATION)

This Bond is one of the Bonds referred to in the within-mentioned Resolution.

______________________

__________, Louisiana

as Paying Agent

Date of Registration: March __, 2015 By:_________________________________

Authorized Officer

* * * * * *

(FORM OF ASSIGNMENT)

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _____________________________________________________________________________________

Please Insert Social Security

or other Identifying Number of Assignee

the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints _____________________________________________________________________________________

attorney or agent to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises.

Dated: ____________________________________________

NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever.

* * * * * *

1. SECTION Execution of Bonds. The Bonds shall be signed by the Executive Officers for, on behalf of, in the name of and under the corporate seal of the Issuer, and the Legal Opinion Certificate shall be signed by the Secretary of the Governing Authority, which signatures and corporate seal may be either manual or facsimile.

2. SECTION Registration of Bonds. The Bonds shall be registered with the Secretary of State of the State of Louisiana as provided by law and shall bear the endorsement of the Secretary of State in substantially the form set forth herein, provided that such endorsement shall be manually signed only on the Bonds initially delivered to the Purchaser, and Bonds subsequently exchanged therefor as permitted in this Resolution may bear the facsimile signature of said Secretary of State.

3. SECTION Pledge of Full Faith and Credit. The Bonds shall constitute general obligations of the Issuer, and the full faith and credit of the Issuer is hereby pledged for their payment. This Governing Authority does hereby obligate itself and is bound under the terms and provisions of law and the election authorizing the Bonds to impose and collect annually in excess of all other taxes a tax on all of the property subject to taxation within the territorial limits of the Issuer sufficient to pay the principal of and the interest on the Bonds falling due each year, said tax to be levied and collected by the same officers, in the same manner and at the same time as other taxes are levied and collected within the territorial limits of the Issuer.

4. SECTION Sinking Fund. For the payment of the principal of and the interest on the Bonds, the Issuer will establish a special fund, to be held by the regularly designated fiscal agent of the Issuer (the "Sinking Fund"), into which the Issuer will deposit the proceeds of the aforesaid special tax and no other moneys whatsoever. The depository for the Sinking Fund shall transfer from the Sinking Fund to the Paying Agent at least one (1) day in advance of each Interest Payment Date, funds fully sufficient to pay promptly the principal and interest falling due on such date.

All moneys deposited with the regularly designated fiscal agent bank or banks of the Issuer or the Paying Agent under the terms of this Resolution shall constitute sacred funds for the benefit of the Owners and shall be secured by said fiduciaries at all times to the full extent thereof in the manner required by law for the securing of deposits of public funds.

All or any part of the moneys in the Sinking Fund shall, at the written request of the Issuer, be invested in accordance with the provisions of the laws of the State of Louisiana, in which event all income derived from such investments shall be added only to the Sinking Fund.

5. SECTION Application of Proceeds. The Executive Officers are hereby empowered, authorized and directed to do any and all things necessary and incidental to carry out all of the provisions of this Resolution, to cause the necessary Bonds to be printed, to issue, execute and seal the Bonds, and to effect delivery thereof as hereinafter provided. The proceeds derived from the sale of the Bonds shall be deposited by the Issuer with its fiscal agent bank or banks to be used only for the purpose for which the Bonds are issued, including any and all costs of issuance incurred in connection with the issuance of the Bonds.

6. SECTION Bonds Legal Obligations. The Bonds shall constitute legal, binding and valid obligations of the Issuer and shall be the only representations of the indebtedness as herein authorized and created.

7. SECTION Resolution a Contract. The provisions of this Resolution shall constitute a contract between the Issuer, or its successor, and the Owner or Owners from time to time and any such Owner or Owners may at law or in equity, by suit, action, mandamus or other proceedings, enforce and compel the performance of all duties required to be performed by this Governing Authority or the Issuer as a result of issuing the Bonds.

No material modification or amendment of this Resolution, or of any resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the Owners of two-thirds (2/3) of the aggregate principal amount of the Bonds then outstanding; provided, however, that no modification or amendment shall permit a change in the maturity or redemption provisions of the Bonds, or a reduction in the rate of interest thereon, or in the amount of the principal obligation thereof, or affecting the obligation of the Issuer to pay the principal of and the interest on the Bonds as the same shall come due from the taxes pledged and dedicated to the payment thereof by this Resolution, or reduce the percentage of the Owners required to consent to any material modification or amendment of this Resolution, without the consent of all of the Owners.

8. SECTION Severability; Application of Subsequently Enacted Laws. In case any one or more of the provisions of this Resolution or of the Bonds shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provisions of this Resolution or of the Bonds, but this Resolution and the Bonds shall be construed and enforced as if such illegal or invalid provisions had not been contained therein. Any constitutional or statutory provisions enacted after the date of this Resolution which validate or make legal any provision of this Resolution and/or the Bonds which would not otherwise be valid or legal, shall be deemed to apply to this Resolution and to the Bonds.

9. SECTION Recital of Regularity. This Governing Authority having investigated the regularity of the proceedings had in connection with the Bonds herein authorized and having determined the same to be regular, the Bonds shall contain the following recital, to-wit:

"It is certified that this Bond is authorized by and is issued in conformity with the requirements of the Constitution and statutes of this State."

10. SECTION Effect of Registration. The Issuer, the Paying Agent and any agent of either of them may treat the Owner in whose name any Bond is registered as the Owner of such Bond for the purpose of receiving payment of the principal (and redemption price) of and interest on such Bond and for all other purposes whatsoever, and to the extent permitted by law, neither the Issuer, the Paying Agent, nor any agent of either of them shall be affected by notice to the contrary.

11. SECTION Notices to Owners. Wherever this Resolution provides for notice to Owners of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Owner, at the address of such Owner as it appears in the Bond Register. In any case where notice to Owners is given by mail, neither the failure to mail such notice to any particular Owner, nor any defect in any notice so mailed, shall affect the sufficiency of such notice with respect to all other Bonds. Where this Resolution provides for notice in any manner, such notice may be waived in writing by the Owner or Owners entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Owners shall be filed with the Paying Agent, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

12. SECTION Cancellation of Bonds. All Bonds surrendered for payment, redemption, transfer, exchange or replacement, if surrendered to the Paying Agent, shall be promptly canceled by it and, if surrendered to the Issuer, shall be delivered to the Paying Agent and, if not already canceled, shall be promptly canceled by the Paying Agent. The Issuer may at any time deliver to the Paying Agent for cancellation any Bonds previously registered and delivered which the Issuer may have acquired in any manner whatsoever, and all Bonds so delivered shall be promptly canceled by the Paying Agent. All canceled Bonds held by the Paying Agent shall be disposed of as directed in writing by the Issuer.

13. SECTION Discharge of Resolution; Defeasance. If the Issuer shall pay or cause to be paid, or there shall otherwise be paid to the Owners, the principal of and interest on the Bonds, at the times and in the manner stipulated in this Resolution, then the pledge of the money, securities, and funds pledged under this Resolution and all covenants, agreements, and other obligations of the Issuer to the Owners shall thereupon cease, terminate, and become void and be discharged and satisfied, and the Paying Agent shall pay over or deliver all money held by it under this Resolution to the Issuer.

Bonds or interest installments for the payment or redemption of which money shall have been set aside and shall be held in trust (through deposit by the Issuer of funds for such payment or redemption or otherwise) at the maturity or redemption date thereof shall be deemed to have been paid within the meaning and with the effect expressed above in this Section, if they have been defeased pursuant to Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended, or any successor provisions thereto.

14. SECTION Successor Paying Agent; Paying Agent Agreement. The Issuer will at all times maintain a Paying Agent meeting the qualifications hereinafter described for the performance of the duties hereunder for the Bonds. The designation of the initial Paying Agent in this Resolution is hereby confirmed and approved. The Issuer reserves the right to appoint a successor Paying Agent by (a) filing with the Person then performing such function a certified copy of a resolution or ordinance giving notice of the termination of the Agreement and appointing a successor and (b) causing notice to be given to each Owner. Every Paying Agent appointed hereunder shall at all times be a bank or trust company organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise trust powers, and subject to supervision or examination by Federal or State authority. The Executive Officers are hereby authorized and directed to execute an appropriate Agreement with the Paying Agent for and on behalf of the Issuer in such form as may be satisfactory to said officers, the signatures of said officers on such Agreement to be conclusive evidence of the due exercise of the authority granted hereunder.

15. SECTION Arbitrage. The Issuer covenants and agrees that, to the extent permitted by the laws of the State of Louisiana, it will comply with the requirements of the Code in order to establish, maintain and preserve the exclusion from "gross income" of interest on the Bonds under the Code. The Issuer further covenants and agrees that it will not take any action, fail to take any action, or permit any action within its control to be taken, or permit at any time or times any of the proceeds of the Bonds or any other funds of the Issuer to be used directly or indirectly in any manner, the effect of which would be to cause the Bonds to be "arbitrage bonds" or would result in the inclusion of the interest on any of the Bonds in gross income under the Code, including, without limitation, (i) the failure to comply with the limitation on investment of Bond proceeds or (ii) the failure to pay any required rebate of arbitrage earnings to the United States of America or (iii) the use of the proceeds of the Bonds in a manner which would cause the Bonds to be "private activity bonds".

The Executive Officers are hereby empowered, authorized and directed to take any and all action and to execute and deliver any instrument, document or certificate necessary to effectuate the purposes of this Section.

16. SECTION Bonds are “Bank Qualified”. The Bonds are designated as “qualified tax-exempt obligations” within the meaning of Section 265(b)(3) of the Code. In making this designation, the Issuer finds and determines that:

(a) the Bonds are not “private activity bonds” within the meaning of the Code; and(b) the reasonably anticipated amount of qualified tax-exempt obligations which will be issued by the Issuer and all subordinate entities in calendar year 2015 does not exceed $10,000,000.

SECTION 22. Award of Bonds. The Issuer hereby accepts the Offer to Purchase submitted by __________________ Bank, of ____________, Louisiana, an executed original of which is on file with the Secretary of this Governing Authority. The Bonds shall be delivered to the Purchaser upon payment of the principal amount of the Bonds to the Issuer.

SECTION 23. Publication. A copy of this Resolution shall be published immediately after its adoption in one (1) issue of the official journal of the Issuer.

SECTION 24. Continuing Disclosure. The Issuer will not be required to comply with the continuing disclosure requirements described in the Rule 15c2-12(b) of the Securities and Exchange Commission [17 CFR §240.15c2-12(b)], because:

(a)the Bonds are not being purchased by a broker, dealer or municipal securities dealer acting as an underwriter in a primary offering of municipal securities; and

(b)the Bonds are in denominations of $100,000 or more and are being sold to no more than two financial institutions which (i) have such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment in the Bond and (ii) are not purchasing said Bonds for more than one account or with a view to distributing same.

SECTION 25. Section Headings. The headings of the various sections hereof are inserted for convenience of reference only and shall not control or affect the meaning or construction of any of the provisions hereof.

SECTION 26. Effective Date. This Resolution shall become effective immediately.

This resolution having been submitted to a vote, the vote thereon was as follows:

MEMBERS YEAS NAYS ABSENT ABSTAINING

Randi Gleason X

Jim Seaman X

Robert Pynes, Jr. X

Angie Davis X

Steve Woods X

Doug Brandon X

David Detz X

Randy Martin X

Michael Perkins X

Vernon L. Travis, Jr. X

John Blankenbaker X

Gerald Cooley X

And the resolution was declared adopted on this, the 5^th day of February, 2015.

/s/ James Williams, Secretary /s/ Doug Brandon, President

STATE OF LOUISIANA

PARISH OF VERNON

I, the undersigned Secretary of the Parish School Board of the Parish of Vernon, State of Louisiana, do hereby certify that the foregoing pages constitute a true and correct copy of a resolution adopted on February 5, 2015, by the Parish School Board of the Parish of Vernon, State of Louisiana, authorizing the incurring of debt and issuance of One Million Two Hundred Thousand Dollars ($1,200,000) of General Obligation School Bonds, Series 2015, of Ward Seven Wardwide School District of Vernon Parish, Louisiana; prescribing the form, terms and conditions of said Bonds; designating the date, denomination and place of payment of said Bonds; providing for the payment thereof in principal and interest; accepting an offer to purchase the Bonds and providing for other matters in connection therewith.

IN FAITH WHEREOF, witness my official signature and the impress of the official seal of the Parish School Board at Leesville, Louisiana, on this, the 5^th day of February, 2015.

SECRETARY

(SEAL)

Curtis Clay gave the Headstart Director’s Report and discussed the Headstart Financial Procedure Manual. This will be placed on the Agenda February 10^th for approval.

Mr. Travis reported that the Salary/Personnel Committee had met and discussed personnel changes for February. Mr. Tim Ward, Finance Director, discussed the unofficial student count for February 1^st. No action was taken.

Superintendent Williams noted that two Vernon Parish former students were inducted into the Louisiana High School Sports Hall of Fame. Kevin Mawae graduated from Leesville High School and Rhonda McCullough Dreibelbis was a graduate of Pitkin High School.

Colonel Moore discussed the “Adopt A School” Program and the upcoming JRTC OPS Group Fort Polk Box Tour on April 11^th.

Vernon Travis reported on the National School Boards Association Advocacy Institute recently held in Washington D.C. The Louisiana School Board Association Delegation

met with legislators and expressed their concerns with issues related to education. Mr. Travis also noted the support from LSBA for our military installations around the state. It was requested that base realignment not negatively impact our school systems and the overall economy of Louisiana.

On motion of Vernon Travis, seconded by the Board, the Board adopted the following memorial resolution:

R E S O L U T I O N

WHEREAS, the members of the Vernon Parish School Board wish to express their sympathy to the family of Asanti Williams who recently passed away; and

WHEREAS, Asanti was the granddaughter of Charmaine Wilson, paraprofessional at North Polk Elementary and the niece of Cassandra Wilson, principal at Vernon Middle School and Castine Porche, teacher at Vernon Middle School; and

WHEREAS, Asanti was a resident of Austin, Texas and she will be greatly missed by her family and friends; now