NOVEMBER 7, 2019
THE VERNON PARISH SCHOOL BOARD CONVENED IN REGULAR SESSION AT 10:00 A.M., 201 BELVIEW ROAD, LEESVILLE, LOUISIANA. PRESIDENT VERNON L. TRAVIS, JR. CALLED THE MEETING TO ORDER AND ON ROLL CALL THE FOLLOWING MEMBERS WERE PRESENT:
DOUG BRANDON
ROBERT PYNES, JR.
JACKIE SELF
JIM SEAMAN
STEVE WOODS
ANGIE DAVIS
DAVID DETZ
RANDY MARTIN
SHAD STEWART
JOHN BLANKENBAKER
LISA THOMPSON
ABSENT: COL. RYAN K. ROSEBERRY
There was also present Mr. James Williams, Secretary of the Board.
The meeting was opened in prayer by: John Blankenbaker
The Pledge of Allegiance was led by: John Blankenbaker
Item #1: October 15, 2019 Minutes
On motion of John Blankenbaker, seconded by Vernon L. Travis, Jr., the Board voted to approve the minutes of the October 15, 2019 regular meeting and dispense with the reading of the minutes.
Item #2: Recall on Tabled Policy
On motion of Shad Stewart, seconded by Jim Seaman, the Board voted to add for approval on the November 12th agenda the deletion of parking fees on policy item: JS.
There will be a full board vote on November 12th as is written.
Item #3: General Obligation School Refunding Bonds
On motion of Jackie Self, seconded by David Detz the Board voted to adopt a resolution providing for the issuance of Four Million Four Hundred Ten Thousand Dollars ($4,410,000) of General Obligation School Refunding Bonds, Series 2019, of Leesville School District No. 16 of Vernon Parish Louisiana; prescribing the form, fixing the details and providing for the rights of the owners thereof; providing for the payment of the principal of and interest on such Bonds and the application of the proceeds thereof to the refunding of certain bonds of said School District; and providing for other matters in connection therewith.” The thirty (30) page resolution is attached to the minutes.
Item #4: Head Start Report
Director of Head Start, Curtis Clay reported to the Board on the information for approval from the Vernon Parish Head Start Policy Council meeting on November 5, 2019. The following items are listed below:
1. Approval of community representative
2. VPHS Birth Certificate Documentation Policy
3. VPHS Selection Criteria
4. VPHS Biting Policy
5. VPHS Applications
6. VPHS Loose Bowl Policy
7. VPHS Discipline Policy
8. VPHS Temporary Exclusion Policy
9. VPHS Confidentiality Policy
10. VPHS Organizational Chart
On motion of Randy Martin, seconded by Jim Seaman the Board voted to add the above items 1-10 to the November 12th board meeting for approval.
Item #5: Cenergistic Energy Conservation Report
Randy Lansdale, Cenergistic Energy Specialist presented the Board with an overall program summary of the annual savings for July, 2018 – June, 2019 which is $626, 432.
He also reported on monthly summary, energy summary, cost avoidance by school, and district savings. Total savings for the Vernon Parish School Board calculates to $2,323,357.00 overall savings since the program began in 2015.
Item #6: Report from Salary/Personnel Committee
Angie Davis, Salary/Personnel Committee Chairperson, reported to the Board concerning the committee meeting. She informed the Board that Mike Kay; Personnel Director explained the personnel changes to the Board for the month of November. There was no other business and committee was adjourned.
Item #7: Report from Curriculum Committee
Curriculum Committee Chairperson, Jackie Self reported to the Board on the final results on the District Performance Score given during the Curriculum Committee Meeting by Directors, Renita Page and Anne Smith. The reported the following:
1. Vernon Parish is an “A” school district and in the top 4 public schools in the state.
2. Our district grew 3.2 SPS points.
3. 9 “A” schools, 4 “B” schools, and 3 schools within 1 point of a “B”.
4. We have 13 Top Gains Schools with “A” progress index.
5. We have 8 Equity Honoree schools
6. 12 of 16 schools had growth that ranged from 1 point to 9.6 points
7. Team effort with administrators, parents, teachers and all stakeholders working together.
Ms. Page and Ms. Smith also introduced the curriculum supervisors and secretary to the Board. Each curriculum member stood up and explained to the Board their job description and responsibilities. Also on the curriculum team is: Charlotte Cooper, Special Education Director, Special Education Supervisor Leslie Ortiz, and Joey Whiddon, Director of Federal Programs. The Board and the Superintendent congratulated them on their excellent work.
On motion of Jackie Self, seconded by David Detz, the Board voted to send the stakeholders a congratulatory letter.
Item #8: Nominations for 2019 School Board Officers
Vernon Parish School Board President, Vernon L. Travis, Jr. nominated Shad Stewart as Vernon Parish School Board President for 2020.
On motion of David Detz, seconded by Randy Martin the Board voted Shad Stewart to fill the position of President of the Vernon Parish School Board. Mr. Travis also nominated Jackie Self as Vernon Parish School Board Vice-President.
On motion of David Detz, seconded by Jim Seaman the Board voted Jackie Self to fill the position of Vice President of the Vernon Parish School Board.
Item #9: Superintendent’s Remarks
Superintendent James Williams welcomed all to the meeting and introduced our special guest, Dr. Ben Martindale with the Rapides Foundation. Dr. Martindale congratulated the Vernon Parish School Board on achieving the “A” School District and being in the top 4 public schools in the state.
Mr. Williams reminded the Board of the invitation to attend the Vernon Parish Community Choir performance of GF Handel’s “Messiah” Part 1 on Sunday, December 8th (3:00 p.m.) at the LHS Auditorium. Also he gave the Board a list of schools with dates and times of their Veterans Day programs and encouraged all to attend.
Mr. Williams discussed the Leesville State School facility and possible use in the future, which will be discussed at a later date.
Item #10: Memorial Resolutions
On motion of Angie Davis, seconded by the Board, the Board voted to adopt 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 Zachary Hudson Kelley who recently passed away; and
WHEREAS, Zachary was a freshman at Anacoco High School; and
WHEREAS, Zachary was a member of the Anacoco High School Cross Country Team; and
WHEREAS, Zachary was a resident of Vernon Parish; now
BE IT THEREFORE RESOLVED that the Vernon Parish School Board requests a copy of this memorial be sent to his family at this time of sadness.
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On motion of Shad Stewart, seconded by the Board, the Board voted to adopt 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 Randolph Charles Perez who recently passed away; and
WHEREAS, Mr. Perez was a teacher at Pitkin High School and also taught at Pickering High School; and
WHEREAS, Mr. Perez was a resident of Vernon Parish; now
BE IT THEREFORE RESOLVED that the Vernon Parish School Board requests a copy of this memorial be sent to his family at this time of sadness.
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On motion of Robert Pynes, Jr., seconded by the Board, the Board voted to adopt 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 Robert Eugene Holden who recently passed away; and
WHEREAS, Mr. Holden was the Father of Leesville Junior High Teacher, Deborah Lozano and James Robert Holden, custodian at Leesville Junior High; and
WHEREAS, Mr. Holden was a resident of Vernon Parish; now
BE IT THEREFORE RESOLVED that the Vernon Parish School Board requests a copy of this memorial be sent to his family at this time of sadness.
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On motion of Lisa Thompson, seconded by the Board, the Board voted to adopt 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 Cathleen James Bolton who recently passed away; and
WHEREAS, Ms. Bolton was the Mother of retired bus driver, William Bolton and Lesa Bolton Miller, teacher at Simpson High School; and
WHEREAS, Ms. Bolton was a resident of Vernon Parish; now
BE IT THEREFORE RESOLVED that the Vernon Parish School requests a copy of this memorial be sent to her family at this time of sadness.
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Item #11: Adjournment
There was no other business and meeting was adjourned.
Authorized Officer
_________________________
VERNON L. TRAVIS, JR., PRESIDENT
ATTEST:
__________________________________
JAMES WILLIAMS, SUPERINTENDENT
The following resolution was offered by Jackie Self and seconded by David J. Detz:
RESOLUTION
A resolution providing for the issuance of Four Million Four Hundred Ten Thousand Dollars ($4,410,000) of General Obligation School Refunding Bonds, Series 2019, of Leesville School District No. 16 of Vernon Parish, Louisiana; prescribing the form, fixing the details and providing for the rights of the owners thereof; providing for the payment of the principal of and interest on such Bonds and the application of the proceeds thereof to the refunding of certain bonds of said School District; and providing for other matters in connection therewith.
WHEREAS, pursuant to the provisions of 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 other constitutional and statutory authority, Leesville School District No. 16 of Vernon Parish, Louisiana (the "Issuer"), has heretofore issued $21,500,000 of its General Obligation School Bonds, Series 2010, as authorized at an election held on May 1, 2010 (the “Series 2010 Bonds”); and
WHEREAS, this Parish School Board, acting as the governing authority of the Issuer (the “Governing Authority”), by resolution adopted on July 11, 2017, authorized the District to issue not exceeding $14,500,000 General Obligations Refunding Bonds of the District to refund the Series 2010 Bonds, and the State Bond Commission gave its approval for the issuance of said Refunding Bonds at its meeting held on August 17, 2017 (the “State Bond Commission Approval”);
WHEREAS, pursuant to said resolution, subsequent proceedings of the Governing Authority and the State Bond Commission Approval, this Governing Authority issued $8,580,000 of General Obligation School Refunding Bonds, Series 2017, to refund the 2025 to 2030 maturities of the Series 2010 Bonds, which maturities were defeased on November 14, 2017, and will be redeemed on March 1, 2020, the issuance of which Series 2017 Bonds has provided debt service savings; and
WHEREAS, to provide additional debt service savings to the Issuer, this Governing Authority now wishes to refund the 2021 to 2024 callable maturities of the Series 2010 Bonds pursuant to the provisions of Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority (the "Act"), through the issuance of general obligation refunding bonds of the Issuer as authorized by said resolution and the State Bond Commission Approval; and
WHEREAS, pursuant to the Act, this Governing Authority wishes to accomplish the refunding by authorizing the issuance of Four Million Four Hundred Ten Thousand Dollars ($4,410,000) of General Obligation School Refunding Bonds, Series 2019, of the Issuer (the "Bonds") to be payable from unlimited ad valorem taxes in the same manner as the Series 2010 Bonds to be refunded; and
WHEREAS, it is necessary to provide for the application of the proceeds of the Bonds and other moneys, and to provide for other matters in connection with the payment or redemption of the Refunded Bonds; and
WHEREAS, it is necessary that this Governing Authority prescribe the form and content of the Defeasance and Escrow Deposit Agreement providing for the payment of the principal and interest of the Refunded Bonds and authorize the execution thereof; and
WHEREAS, in connection with the issuance of the Bonds, it is necessary that provision be made for the payment of the principal and of interest on the Refunded Bonds described in Exhibit A hereto, and to provide for the call for redemption of the Refunded Bonds pursuant to a Notice of Defeasance and Call for Redemption set forth as Exhibit E hereto; and
WHEREAS, the Issuer wishes to fix the details of the Bonds and the terms for the sale of the Bonds, the Bonds to be the second emission of the Bonds authorized by said resolution adopted on October 14, 2019, and the said State Bond Commission approval;
NOW, THEREFORE, BE IT RESOLVED by the Parish School Board of the Parish of Vernon, State of Louisiana, acting as the governing authority of Leesville School District No. 16 of Vernon Parish, Louisiana, that:
ARTICLE I
DEFINITIONS AND INTERPRETATION
SECTION 1.1 Definitions. The following terms shall have the following meanings unless the context otherwise requires:
"Act" means Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other applicable constitutional and statutory authority.
"Bond" or "Bonds" shall mean any or all of the General Obligation School Refunding Bonds, Series 2019, of the Issuer, issued pursuant to this Bond Resolution, as the same may be amended from time to time, whether initially delivered or issued in exchange for, upon transfer of, or in lieu of any previously issued Bond.
"Bond Obligation" means, as of the date of computation, the principal amount of the Bonds then Outstanding.
"Bond Resolution" means this resolution, as it may amended and supplemented as herein provided.
"Business Day" means a day of the year other than a day on which banks located in New York, New York and the cities in which the principal offices of the Escrow Agent and the Paying Agent are located are required or authorized to remain closed and on which the New York Stock Exchange is closed.
"Code" means the Internal Revenue Code of 1986, as amended.
"Costs of Issuance" means all items of expense, directly or indirectly payable or reimbursable and related to the authorization, sale and issuance of the Bonds, including but not limited to printing costs, costs of preparation and reproduction of documents, filing and recording fees, initial fees and charges of any fiduciary, legal fees and charges, fees and disbursements of consultants and professionals, costs of credit ratings, fees and charges for preparation, execution, transportation and safekeeping of the Bonds, costs and expenses of refunding, premiums for the insurance of the payment of the Bonds, if any, and any other cost, charge or fee paid or payable by the Issuer in connection with the original issuance of Bonds.
"Debt Service" for any period means, as of the date of calculation, an amount equal to the sum of (a) interest payable during such period on Bonds and (b) the principal amount of Bonds which mature during such period.
"Defeasance Obligations" means (a) cash, or (b) non-callable Government Securities.
"Escrow Agent” means with respect to the Refunded Bonds, Hancock Whitney Bank, in the City of Baton Rouge, Louisiana, and its successor or successors, and any other person which may at any time be substituted in its place pursuant to the Bond Resolution.
"Escrow Agreement" means the Defeasance and Escrow Deposit Agreement dated pursuant to subsequent resolutions of this Governing Authority, between the Issuer and the Escrow Agent, substantially in the form attached hereto as Exhibit B, as the same may be amended from time to time, the terms of which are incorporated herein by reference.
"Executive Officers" means, collectively, the President and Secretary of the Governing Authority.
"Fiscal Year" means the one-year accounting period ending on June 30 of each year, or such other one-year period as may be designated by the Governing Authority as the fiscal year of the Issuer.
"Governing Authority" means the Parish School Board of the Parish of Vernon, State of Louisiana, or its successor in function.
"Government Securities" means direct general obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, which 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 March 1, 2020.
"Issuer" means Leesville School District No. 16 of Vernon Parish, Louisiana.
"Outstanding", when used with reference to the Bonds, means, as of any date, all Bonds theretofore issued under the Bond Resolution, except:
(a) Bonds theretofore cancelled by the Paying Agent or delivered to the Paying Agent for cancellation;
(b) Bonds for the payment of which sufficient Defeasance Obligations have been deposited with the Paying Agent or an escrow agent in trust for the owners of such Bonds as provided in Section hereof;
(c) Bonds in exchange for or in lieu of which other Bonds have been registered and delivered pursuant to the Bond Resolution; and
(d) Bonds alleged to have been mutilated, destroyed, lost, or stolen which have been paid as provided in the Bond Resolution or by law.
"Owner" or "Owners" means the Person reflected as registered owner of any of the Bonds on the registration books maintained by the Paying Agent.
"Paying Agent" means Hancock Whitney Bank in the City of Baton Rouge, Louisiana, as paying agent and registrar hereunder, until a successor Paying Agent shall have become such pursuant to the applicable provisions of the Bond 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 JP Morgan Chase Bank, NA in Baton Rouge, Louisiana, the original purchaser of the Bonds.
"Record Date" means, with respect to an Interest Payment Date, the fifteenth day of the calendar month next preceding such Interest Payment Date, whether or not such day is a Business Day.
"Refunded Bonds" means the Issuer's outstanding General Obligation School Bonds, Series 2010, consisting of those Series 2010 Bonds maturing March 1, 2021 to March 1, 2024, inclusive, as more fully described in Exhibit A hereto, which are being refunded by the Bonds.
"State" means the State of Louisiana.
SECTION1.2 Interpretation. In this Bond Resolution, unless the context otherwise requires, (a) words importing the singular include the plural and vice versa, and (b) words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders.
ARTICLE II
AUTHORIZATION AND ISSUANCE OF BONDS
SECTION 2.1 Authorization of Bonds; Refunding of Refunded Bonds. (a) This Bond Resolution creates a series of Bonds of the Issuer designated "General Obligation School Refunding Bonds, Series 2019, of Leesville School District No. 16 of Vernon Parish, Louisiana”, and provides for the full and final payment of the principal of and interest on all the Bonds.
(b) The Bonds shall be issued for the purpose of refunding the Refunded Bonds
through the escrow of a portion of the proceeds of the Bonds, together with other available moneys of the Issuer in Government Securities, in accordance with the terms of the Escrow Agreement, in order to provide for the payment of the principal of and interest on the Refunded Bonds through their redemption, as provided in Section hereof.
(c) Provision having been made for the orderly payment until redemption of all the Refunded Bonds, in accordance with their terms, it is hereby recognized and acknowledged that as of the date of delivery of the Bonds under this Bond Resolution, provision will have been made for the performance of all covenants and agreements of the Issuer incidental to the Refunded Bonds, and that accordingly, and in compliance with all that is herein provided, the Issuer is expected to have no future obligation with reference to the Refunded Bonds, except to assure that the Refunded Bonds are paid from the Government Securities and funds so escrowed in accordance with the provisions of the Escrow Agreement.
(d) The Escrow Agreement is hereby approved by the Issuer and the Executive Officers are hereby authorized and directed to execute and deliver the Escrow Agreement on behalf of the Issuer substantially in the form of Exhibit B hereof, with such changes, additions, deletions or completions deemed appropriate by such signing officials, and it is expressly provided and covenanted that all of the provisions for the payment of the principal of and interest on the Refunded Bonds from the special trust funds created under the Escrow Agreement shall be strictly observed and followed in all respects.
SECTION 2.2Bond Resolution to Constitute Contract. In consideration of the purchase and acceptance of the Bonds by those who shall own the same from time to time, the provisions of this Bond Resolution shall be a part of the contract of the Issuer with the Owners and shall be deemed to be and shall constitute a contract between the Issuer and the Owners from time to time of the Bonds. The provisions, covenants and agreements herein set forth to be performed by or on behalf of the Issuer shall be for the equal benefit, protection and security of the Owners of any and all of the Bonds, each of which Bonds, regardless of the time or times of its issue or maturity, shall be of equal rank without preference, priority or distinction over any other thereof except as expressly provided in this Bond Resolution.
SECTION2.3 Obligation of Bonds. The Bonds shall constitute general obligations of the Issuer, and the full faith and credit of the Issuer is hereby pledged for their payment and for the payment of all the interest thereon. The Issuer is bound under the terms and provisions of law and this Bond Resolution to impose and collect annually, in excess of all other taxes, a tax on all the property subject to taxation within the territorial limits of the Issuer, sufficient to pay the principal of and 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. All ad valorem taxes levied by the Issuer in each year for the payment of the Bonds shall, upon their receipt, be transferred to the Governing Authority, which shall have responsibility for the deposit of such receipts and for the investment and reinvestment of such receipts and the servicing of the Bonds and any other general obligation school bonds of the Issuer.
SECTION 2.4 Authorization and Designation. Pursuant to the provisions of the Act, there is hereby authorized the issuance of not exceeding Four Million Four Hundred Ten Thousand Dollars ($4,410,000) principal amount of Bonds of the Issuer to be designated "General Obligation School Refunding Bonds, Series 2019, of Leesville School District No. 16 of Vernon Parish, Louisiana", for the purpose of refunding the Refunded Bonds. The Bonds shall be in substantially the form set forth as Exhibit C hereto, with such necessary or appropriate variations, omissions and insertions as are required or permitted by the Act and this Bond Resolution.
This Governing Authority hereby finds and determines that upon the issuance of the Bonds, the total outstanding amount of general obligation school bonds of the Issuer issued and deemed to be outstanding will not exceed the Issuer's general obligation bond limit.
SECTION 2.5 Denominations, Dates, Maturities and Interest. The Bonds shall be issued as a single fully registered Bond, numbered R-1, shall be dated the date of delivery thereof and shall be in the denomination of $4,410,000.
The outstanding principal of the Bond shall bear interest at the rate of 1.789% per annum payable on each Interest Payment Date or from the most recent Interest Payment Date interest has been paid or duly provided for.
The principal of the Bond is payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts at the principal corporate trust office of the Paying Agent, upon presentation and surrender thereof. Interest on the Bonds is payable by check mailed on or before the Interest Payment Date by the Paying Agent to the Owner thereof (determined as of the close of business on the Record Date) at the address of such Owner as it appears on the registration books of the Paying Agent maintained for such purpose.
Except as otherwise provided in this Section, Bonds shall bear interest from date thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, provided, however, that if and to the extent that the Issuer shall default in the payment of the interest on any Bonds due on any Interest Payment Date, then all such Bonds shall bear interest from the most recent Interest Payment Date to which interest has been paid on the Bonds, or if no interest has been paid on the Bonds, from their dated date.
The person in whose name any Bond is registered at the close of business on the Record Date with respect to an Interest Payment Date shall in all cases be entitled to receive the interest payable on such Interest Payment Date notwithstanding the cancellation of such Bond upon any registration of transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date.
ARTICLE III
GENERAL TERMS AND PROVISIONS OF THE BONDS
SECTION 3.1 Exchange of Bonds; Persons Treated as Owners. The Issuer shall cause to be kept books for the registration and for the registration of transfer of the Bonds as provided in this Bond Resolution to be kept by the Paying Agent at its principal corporate trust office, and the Paying Agent is hereby constituted and appointed the registrar for the Bonds. At reasonable times and under reasonable regulations established by the Paying Agent said list may be inspected and copied by the Issuer or by the Owners (or a designated representative thereof) of 15% of the outstanding principal amount of the Bonds.
The Bonds may be transferred, registered and assigned only on the Bond Register and only by the execution of the assignment form on the Bonds being transferred and registration shall be at the expense of the Issuer.
The Bonds may be transferred, registered and assigned only on the Bond Register and only by the execution of the assignment form on the Bonds being transferred and registration shall be at the expense of the Issuer. A new Bond or Bonds may, upon request, 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 or Bonds to be transferred in proper form. Such new Bond shall be in an authorized denomination. The Paying Agent shall not be required to issue, register the transfer of, or exchange any Bond during a period beginning at the opening of business on a Record Date and ending at the close of business on the interest payment date.
No service charge to the Owners shall be made by the Paying Agent for any exchange or registration of transfer of Bonds. The Paying Agent may require payment by the person requesting an exchange or registration of transfer of Bonds of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto.
The Issuer and the Paying Agent shall not be required to issue, register the transfer of or exchange any Bond during a period beginning at the opening of business on a Record Date or any date of selection of Bonds to be redeemed and ending at the close of business on the Interest Payment Date.
All Bonds delivered upon any registration of transfer or exchange of Bonds shall be valid obligations of the Issuer, evidencing the same debt and entitled to the same benefits under this Bond Resolution as the Bonds surrendered.
Prior to due presentment for registration of transfer of any Bond, the Issuer and the Paying Agent, and any agent of the Issuer or the Paying Agent may deem and treat the person in whose name any Bond is registered as the Owner thereof for all purposes, whether or not such Bond shall be overdue, and shall not be bound by any notice to the contrary.
SECTION 3.2 Bonds Mutilated, Destroyed, Stolen or Lost. In case any Bond shall become mutilated or be improperly cancelled, or be destroyed, stolen or lost, the Issuer may in its discretion adopt a resolution and thereby authorize the issuance and delivery of a new Bond in exchange for and substitution for such mutilated or improperly cancelled Bond, or in lieu of and substitution for the Bond destroyed, stolen or lost, upon the Owner (i) furnishing the Issuer and the Paying Agent proof of his ownership thereof and proof of such mutilation, improper cancellation, destruction, theft or loss satisfactory to the Issuer and the Paying Agent, (ii) giving to the Issuer and the Paying Agent an indemnity bond in favor of the Issuer and the Paying Agent in such amount as the Issuer may require, (iii) complying with such other reasonable regulations and conditions as the Issuer may prescribe and (iv) paying such expenses as the Issuer and the Paying Agent may incur. All Bonds so surrendered shall be delivered to the Paying Agent for cancellation pursuant to Section 3.4 hereof. If any Bond shall have matured or be about to mature, instead of issuing a substitute Bond, the Issuer may pay the same, upon being indemnified as aforesaid, and if such Bond be lost, stolen or destroyed, without surrender thereof.
Any such duplicate Bond issued pursuant to this Section shall constitute an original, additional, contractual obligation on the part of the Issuer, whether or not the lost, stolen or destroyed Bond be at any time found by anyone. Such duplicate Bond shall be in all respects identical with those replaced except that it shall bear on its face the following additional clause:
"This Bond is issued to replace a lost, cancelled or destroyed bond under the authority of R.S. 39:971 through 39:974."
Such duplicate Bond may be signed by the facsimile signatures of the same officers who signed the original Bonds, provided, however, that in the event the officers who executed the original Bonds are no longer in office, then the new Bonds may be signed by the officers then in office. Such duplicate Bonds shall be entitled to equal and proportionate benefits and rights as to lien and source and security for payment as provided herein with respect to all other Bonds hereunder, the obligations of the Issuer upon the duplicate Bonds being identical to its obligations upon the original Bonds and the rights of the Owner of the duplicate Bonds being the same as those conferred by the original Bonds.
SECTION 3.3 Cancellation of Bonds. All Bonds paid, together with all Bonds purchased by the Issuer, shall thereupon be promptly cancelled by the Paying Agent. The Paying Agent shall thereupon promptly furnish to the Secretary of the Governing Authority an appropriate certificate of cancellation.
SECTION 3.4 Execution. The Bonds shall be executed in the name and on behalf of the Issuer by the manual or facsimile signatures of the Executive Officers, and the corporate seal of the Issuer (or a facsimile thereof) shall be thereunto affixed, imprinted, engraved or otherwise reproduced thereon. In case any one or more of the officers who shall have signed or sealed any of the Bonds shall cease to be such officer before the Bonds so signed and sealed shall have been actually delivered, such Bonds may, nevertheless, be delivered as herein provided, and may be issued as if the person who signed or sealed such Bonds had not ceased to hold such office. Said officers shall, by the execution of the Bonds, adopt as and for their own proper signatures their respective facsimile signatures appearing on the Bonds or any legal opinion certificate thereon, and the Issuer may adopt and use for that purpose the facsimile signature of any person or persons who shall have been such officer at any time on or after the date of such Bond, notwithstanding that at the date of such Bond such person may not have held such office or that at the time when such Bond shall be delivered such person may have ceased to hold such office.
SECTION 3.5 Registration by Paying Agent. No Bond shall be valid or obligatory for any purpose or entitled to any security or benefit under this Bond Resolution unless and until a certificate of registration on such Bond substantially in the form set forth in Exhibit C hereto shall have been duly executed on behalf of the Paying Agent by a duly authorized signatory, and such executed certificate of the Paying Agent upon any such Bond shall be conclusive evidence that such Bond has been executed, registered and delivered under this Bond Resolution.
ARTICLE IV
SINKING FUND; PAYMENT OF BONDS
SECTION4.1 Sinking Fund. (a) For the payment of the principal of and the interest on the Bonds, the Issuer will maintain a special fund held by the regularly designated fiscal agent of the Issuer (the "Sinking Fund"), into which the Issuer will deposit the proceeds of the aforesaid tax described in Section hereof. 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.
(b) All moneys deposited with the regularly designated fiscal agent bank or banks of the Issuer or the Paying Agent under the terms of this Bond 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.
(c) 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.
SECTION 4.2 Payment of Bonds. The Issuer shall duly and punctually pay or cause to be paid as herein provided, the principal of every Bond and the interest thereon, at the dates and places and in the manner stated in the Bonds according to the true intent and meaning thereof.
ARTICLE V
REDEMPTION PROVISIONS
SECTION 5.1 Bonds Not Subject to Optional Redemption. The principal of the Bond is not callable prior to its maturity.
SECTION 5.2 Mandatory Redemption. The Bond is subject to mandatory sinking fund redemption on March 1 of the years and in the principal amounts plus accrued interest thereon as follows:
Year Principal
(March 1) Amounts
2020 $ 57,000
2021 1,056,000
2022 1,077,000
2023 1,099,000
2024 1,121,000
ARTICLE VI
APPLICATION OF BOND PROCEEDS
SECTION 6.1 Application of Bond Proceeds. As a condition of the issuance of the Bonds, the Issuer hereby binds and obligates itself to:
(a) Deposit irrevocably in trust with the Escrow Agent under the terms and conditions of the Escrow Agreement, as hereinafter provided, an amount of the proceeds derived from the issuance and sale of the Bonds, together with additional moneys of the Issuer, as will enable the Escrow Agent to purchase Government Obligations described in the Escrow Agreement, which shall mature in principal and interest in such a manner as to provide at least the required cash amount on or before each payment date for the Refunded Bonds (said amounts being necessary on each of the designated dates to pay and retire or redeem the Refunded Bonds, payable upon redemption). The moneys so deposited with the Escrow Agent shall constitute a trust fund irrevocably dedicated for the use and benefit of the owners of the Refunded Bonds.
(b) Deposit in the Expense Fund established with the Escrow Agent such amount of the proceeds of the Bonds as will enable the Escrow Agent to pay the Costs of Issuance and the costs properly attributable to the establishment and administration of the Escrow Fund on behalf of the Issuer.
ARTICLE VII
SUPPLEMENTAL BOND RESOLUTIONS
SECTION 7.1 Supplemental Resolutions Effective Without Consent of Owners. For any one or more of the following purposes and at any time from time to time, a resolution supplemental hereto may be adopted, which, upon the filing with the Paying Agent of a certified copy thereof, but without any consent of Owners, shall be fully effective in accordance with its terms:
(a) to add to the covenants and agreements of the Issuer in the Bond Resolution other covenants and agreements to be observed by the Issuer which are not contrary to or inconsistent with this Bond Resolution as theretofore in effect;
(b) to add to the limitations and restrictions in this Bond Resolution other limitations and restrictions to be observed by the Issuer which are not contrary to or inconsistent with this Bond Resolution as theretofore in effect;
(c) to surrender any right, power or privilege reserved to or conferred upon the Issuer by the terms of this Bond Resolution, but only if the surrender of such right, power or privilege is not contrary to or inconsistent with the covenants and agreements of the Issuer contained in this Bond Resolution;
(d) to cure any ambiguity, supply any omission, or cure or correct any defect or inconsistent provision of this Bond Resolution; or
(e) to insert such provisions clarifying matters or questions arising under the Bond Resolution as are necessary or desirable and are not contrary to or inconsistent with this Bond Resolution as theretofore in effect.
SECTION 7.2 Supplemental Resolutions Effective With Consent of Owners. Except as provided in Section 7.1, any modification or amendment of this Bond Resolution or of the rights and obligations of the Issuer and of the Owners, in any particular, may be made by a supplemental resolution, with the written consent of the Owners of a majority of the Bond Obligation at the time such consent is given. No such modification or amendment shall permit a change in the terms of maturity of the principal of any outstanding Bond or of any installment of interest thereon or a reduction in the principal amount thereof or in the rate of interest thereon without the consent of the Owner of such Bond, or shall reduce the percentages of Bonds, the consent of the Owners of which is required to effect any such modification or amendment, or change the obligation of the Issuer to levy and collect taxes for the payment of the Bonds as provided herein, without the consent of the Owners of all of the Bonds then outstanding, or shall change or modify any of the rights or obligations of either the Paying Agent or the Escrow Agent without its written assent thereto. For the purposes of this Section, Bonds shall be deemed to be affected by a modification or amendment of the Bond Resolution if the same adversely affects or diminishes the rights of the Owners of said Bonds.
ARTICLE VIII
TAX COVENANTS; CONTINUING DISCLOSURE
SECTION 8.1 Tax Covenants. 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 to in order to establish, maintain and preserve the exclusion from "gross income" of interest on the Bonds under the Code. The Issuer shall not take any action or fail to take any action, nor shall it 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, to acquire any securities or obligations the acquisition of which would cause any Bond to be an "arbitrage bond" as defined in the Code or would result in the inclusion of the interest on any Bond in "gross income" under the Code, including, without limitation, (i) the failure to comply with the limitation on investment of the proceeds of the Bonds, (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" under the Code.
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.
SECTION 8.2 Disclosure Under SEC Rule 15c2-12.
SECTION 8.3 Post-Issuance Compliance. The Executive Officers and/or their designees are directed to establish written procedures to assist the Issuer in complying withvarious State and Federal statutes, rules and regulations applicable to the Bonds and are furtherauthorized to take any and all actions as may be required by said written procedures to ensurecontinued compliance with such statutes, rules and regulations throughout the term of the Bonds.
SECTION 8.4 Bonds are “Qualified Tax-Exempt Obligations”. The Bonds are
designated as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the
the Code.
ARTICLE IX
REMEDIES ON DEFAULT
SECTION 9.1 Events of Default. If one or more of the following events (in this Bond Resolution called "Events of Default") shall happen, that is to say,
(a) if default shall be made in the due and punctual payment of the principal of any Bond when and as the same shall become due and payable, whether at maturity or otherwise (in determining whether a principal payment default has occurred); or
(b) if default shall be made in the due and punctual payment of any installment of interest on any Bond when and as such interest installment shall become due and payable (in determining whether an interest payment default has occurred); or
(c) if default shall be made by the Issuer in the performance or observance of any other of the covenants, agreements or conditions on its part in the Bond Resolution, any supplemental resolution or in the Bonds contained and such default shall continue for a period of forty-five (45) days after written notice thereof to the Issuer by any Owner; or
(d) if the Issuer shall file a petition or otherwise seek relief under any Federal or State bankruptcy law or similar law;
then, upon the happening and continuance of any Event of Default, the Owners shall be entitled to exercise all rights and powers for which provision is made under Louisiana law. All remedies shall be cumulative with respect to the Paying Agent and the Owners; if any remedial action is discontinued or abandoned, the Paying Agent and the Owners shall be restored to their former positions.
ARTICLE X
CONCERNING FIDUCIARIES
SECTION 10.1 Escrow Agent; Appointment and Acceptance of Duties. Hancock Whitney Bank, in the City of Baton Rouge, Louisiana, is hereby appointed Escrow Agent with respect to the Refunded Bonds. The Escrow Agent shall signify its acceptance of the duties and obligations imposed upon it by this Bond Resolution by executing and delivering the Escrow Agreement.
SECTION 10.2 Paying Agent; Appointment and Acceptance of Duties. The Issuer will at all times maintain a Paying Agent having the necessary qualifications for the performance of the duties described in this Bond Resolution. The designation of Hancock Whitney Bank, in the City of Baton Rouge, Louisiana, as the initial Paying Agent is hereby confirmed and approved. The Paying Agent shall signify its acceptance of the duties and obligations imposed on it by this Bond Resolution by executing and delivering to the Executive Officers a written acceptance thereof. The Governing Authority reserves the right to appoint a successor Paying Agent by filing with the Person then performing such function a certified copy of a resolution giving notice of the termination of the agreement and appointing a successor and causing notice to be given to each Owner. Furthermore, the Paying Agent may be removed by the Issuer at any time for any breach of its duties set forth herein, effective upon appointment of a successor Paying Agent as set forth above. Every Paying Agent appointed hereunder shall at all times be a trust company or bank 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.
ARTICLE XI
MISCELLANEOUS
SECTION 11.1 Defeasance. If the Issuer shall pay or cause to be paid to the Owners of all Bonds then outstanding, the principal and interest become due thereon, at the times and in the manner stipulated therein and in this Bond Resolution, then the covenants, agreements and other obligations of the Issuer to the Owners shall be discharged and satisfied. In such event, the Paying Agent shall, upon the request of the Issuer, execute and deliver to the Issuer all such instruments as may be desirable to evidence such discharge and satisfaction and the Paying Agent shall pay over or deliver to the Issuer all moneys, securities and funds held by them pursuant to this Bond Resolution which are not required for the payment of Bonds not theretofore surrendered for such payment.
(b) Bonds or interest installments for the payment 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 otherwise) at the maturity date thereof shall be deemed to have been paid within the meaning and with the effect expressed above in this Section. Bonds shall be deemed to have been paid, prior to their maturity, within the meaning and with the effect expressed above in this Section if they have been defeased pursuant to Chapter 14 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, or any successor provisions thereto.
SECTION 11.2 Evidence of Signatures of Owners and Ownership of Bonds. (a) Any request, consent, revocation of consent or other instrument which the Bond Resolution may require or permit to be signed and executed by the Owners may be in one or more instruments of similar tenor, and shall be signed or executed by such Owners in person or by their attorneys-in-fact appointed in writing. Proof of the execution of any such instrument, or of an instrument appointing any such attorney, or the ownership by any person of the Bonds shall be sufficient for any purpose of the Bond Resolution (except as otherwise therein expressly provided) if made in the following manner, or in any other manner satisfactory to the Paying Agent, which may nevertheless in its discretion require further or other proof in cases where it deems the same desirable:
1. the fact and date of the execution by any Owner or his attorney-in-fact of such instrument may be proved by the certificate, which need not be acknowledged or verified, of an officer of a bank or trust company or of any notary public or other officer authorized to take acknowledgments of deeds, that the person signing such request or other instrument acknowledged to him the execution thereof, or by an affidavit of a witness of such execution, duly sworn to before such notary public or other officer. Where such execution is by an officer of a corporation or association or a member of a partnership, on behalf of such corporation, association or partnership, such certificate or affidavit shall also constitute sufficient proof of his authority;
2. the ownership of Bonds and the amount, numbers and other identification, and date of owning the same shall be proved by the registration books of the Paying Agent.
(b) Any request or consent by the Owner of any Bond shall bind all future Owners of such Bond in respect of anything done or suffered to be done by the Issuer or the Paying Agent in accordance therewith.
SECTION 11.3 Moneys Held for Particular Bonds. The amounts held by the Paying Agent for the payment due on any date with respect to particular Bonds shall, on and after such date and pending such payment, be set aside on its books and held in trust by it, without liability for interest, for the Owners entitled thereto.
SECTION 11.4 Parties Interested Herein. Nothing in the Bond Resolution expressed or implied is intended or shall be construed to confer upon, or to give to, any Person or entity, other than the Issuer, the Paying Agent, the Escrow Agent and the Owners any right, remedy or claim under or by reason of the Bond Resolution or any covenant, condition or stipulation thereof; and all the covenants, stipulations, promises and agreements in the Bond Resolution contained by and on behalf of the Issuer shall be for the sole and exclusive benefit of the Issuer, the Paying Agent, the Escrow Agent, the Owners and the owners of the Refunded Bonds.
SECTION 11.5 No Recourse on the Bonds. No recourse shall be had for the payment of the principal of or interest on the Bonds or for any claim based thereon or on this Bond Resolution against any member of the Governing Authority or officer of the Issuer or any person executing the Bonds.
SECTION 11.6 Successors and Assigns. Whenever in this Bond Resolution the Issuer is named or referred to, it shall be deemed to include its successors and assigns and all the covenants and agreements in this Bond Resolution contained by or on behalf of the Issuer shall bind and enure to the benefit of its successors and assigns whether so expressed or not.
SECTION 11.7 Subrogation. In the event the Bonds, or any of them, should ever be held invalid by any court of competent jurisdiction, the Owner or Owners thereof shall be subrogated to all the rights and remedies against the Issuer had and possessed by the owner or owners of the Refunded Bonds.
SECTION 11.8 Severability. In case any one or more of the provisions of this Bond Resolution or of the Bonds issued hereunder shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this Bond Resolution or of the Bonds, but the Bond 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 provision enacted after the date of this Bond Resolution which validates or makes legal any provision of this Bond Resolution or the Bonds which would not otherwise be valid or legal shall be deemed to apply to this Bond Resolution and to the Bonds.
SECTION 11.9 Publication of Bond Resolution. This Bond Resolution shall be published one time in the official journal of the Issuer; however, it shall not be necessary to publish any exhibits hereto if the same are available for public inspection and such fact is stated in the publication.
SECTION 11.10 Execution of Documents. In connection with the issuance and sale of the Bonds, the Executive Officers are each authorized, empowered and directed to execute on behalf of the Issuer such documents, certificates and instruments as they may deem necessary, upon the advice of bond counsel, to effect the transactions contemplated by this Bond Resolution, the signatures of the Executive Officers on such documents, certificates and instruments to be conclusive evidence of the due exercise of the authority granted hereunder.
ARTICLE XII
SALE OF BONDS
SECTION 12.1 Sale of Bonds. The Bonds are awarded to the Purchaser at the price and under the terms and conditions set forth in this Bond Resolution subject to the terms of the Purchase Agreement being within the terms set forth in this Bond Resolution. Subject to the above, the Secretary of the Governing Authority is hereby authorized to accept the Offer to Purchase, substantially in the form attached hereto as Exhibit D, and to accept same on behalf of this Governing Authority. After their execution and authentication by the Paying Agent, the Bonds shall be delivered to the Purchaser or its agents or assigns, upon receipt by the Issuer of the agreed purchase price.
ARTICLE XIII
REDEMPTION OF REFUNDED BONDS
SECTION 13.1 Call for Redemption. Subject only to the actual delivery of the Bonds, the Refunded Bonds are hereby irrevocably called for redemption on March 1, 2020, at the principal amount thereof and accrued interest to the redemption date, in compliance with the resolution authorizing their issuance.
SECTION 13.2 Notice of Defeasance and Call for Redemption. In accordance with the resolution authorizing the issuance of the Refunded Bonds, a Notice of Defeasance and Call for Redemption in substantially the form attached hereto as Exhibit E shall be sent by the paying agent for the Refunded Bonds to the registered owners as the same appear on the registration books of said paying agent by means of first class mail not less than thirty (30) days prior to the date of redemption.
The foregoing resolution having been submitted to a vote, the vote thereon was as follows:
MEMBERS: YEAS: NAYS: ABSENT: ABSTAINING:
Doug Brandon x
Jim Seaman x
Steve Woods x
Jackie Self x
Robert Pynes, Jr. x
Angie Wise Davis x
David J. Detz x
William R. Martin x
Shad Stewart x
Vernon Travis, Jr. x
John Blankenbaker x
Lisa Thompson x
And the resolution was declared adopted on this, 7th day of November, 2019.
/s/ James Williams /s/ Vernon Travis, Jr.
Secretary President