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october 2015


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EAST ASCENSION CONSOLIDATED GRAVITY DRAINAGE DISTRICT No. 1 BOARD OF COMMISSIONERS SPECIAL MEETINGrnrnThe Special Meeting of the East Ascension Consolidated Gravity Drainage District No. 1 Commission Meeting was held on Monday, October 5, 2015 at 5:30 P. M. in the Council Meeting Room, Courthouse East, Gonzales, Louisiana.rnrnCouncilman Kent Schexnaydre called the meeting to order.rnrn The invocation was given by Councilman Randy Clouatre and the Pledge of Allegiance was recited by all present.rnrn Members Present: Chris Loar, Randy Clouatre, Daniel Satterlee, Bryan Melancon, Todd Lambert, Terri Casso and Kent Schexnaydrernrn Members Absent: Travis Turner, Dempsey Lambert and Benny Johnson.rnrn Agenda Item #3 Public Comments Period / Addition to AgendarnrnThere were no comments or additions at this time rnrnAgenda Item #4 –Resolution – Authorizing East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, LA (The District) to proceed with a not to exceed $18,000,000 financing through the Louisiana Local Government Environmental Facilities and Community Development Authority (Bond Counsel) rnrnMalcom Dugas spoke briefly. Parish President Tommy Martinez spoke briefly. There was a discussion. rnrn Motion was made by Councilman Randy Clouatre and seconded by Councilman Chris Loar to adopt the motion as presented and attached. No objections. Motion Passed. rnrn rnrnThere being no further business to come before this Commission, a motion was made by Councilman Todd Lambert and seconded by Councilman Randy Clouatre to adjourn. No objections. Motion carried. The meeting adjourned at 5:42 PM. rn rnEAST ASCENSION CONSOLIDATED GRAVITY DRAINAGE DISTRICT NO. 1rnOF THE PARISH OF ASCENSION, LOUISIANArnrnThe following resolution was offered by ________________ and seconded by ___________________:rnrnRESOLUTION rnrnA resolution authorizing East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “District”) to proceed with a not to exceed $18,000,000 financing through the Louisiana Local Government Environmental Facilities and Community Development Authority (the “Authority); authorizing and ratifying the District’s request of the Authority to issue the Bonds; authorizing the borrowing by the District of the proceeds from the sale thereof; approving and ratifying within certain parameters the terms of the sale of the Bonds; authorizing the form and execution of the Loan Agreement and Trust Indenture; authorizing the form of and execution of an agreement for the purchase of the Bonds and ancillary financing documents; amending the preliminary resolution to modify the underwriter of the Bonds; and otherwise providing with respect thereto.rnWHEREAS, the Authority is authorized by the Act, among other things, to assist in financing and refinancing the construction and acquisition of public infrastructure and public works of all types and to assist political subdivisions in constructing public works and financing the construction of public infrastructure and public works, including, but not limited to, roads, bridges and related infrastructure, all as defined in La. R.S. 33:4548.1 through 33:4548.16 (the “Act”), in the State of Louisiana (the “State”); and rnWHEREAS, pursuant to the Act, and in order to encourage the construction of such infrastructure and improvements by political subdivisions who become members of the Authority, which the Authority believes to be in the public interest and for the benefit of the wealth, health and safety of the citizens of the State, the Authority is authorized to issue its revenue bonds and loan the proceeds of the revenue bonds to such political subdivisions, including, but not limited to, the District; and rnWHEREAS, the District is a participating political subdivision of the Authority in accordance with the Act; andrnrnWHEREAS, the District, acting through its governing authority, the Board of Commissioners of East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “Governing Authority”), has determined that it is in the District’s best interest to request the Authority, established pursuant to the Act, to authorize, sell and issue the Authority’s not to exceed $18,000,000 Revenue Bonds (East Ascension Consolidated Gravity Drainage District No. 1 Project), in one or more series (the “Bonds”), the proceeds of which will be loaned by the Authority to the District (the “Loan”) pursuant to the provisions of a loan agreement by and between the Authority and the District (the “Loan Agreement”), which Loan proceeds will be used by the District to (i) finance drainage improvements in the District, including the Laurel Ridge Levee Extension (the “Project”); (ii) fund a reserve fund or purchasing a reserve fund surety, if necessary; and (iii) pay the costs of issuance of the Bonds, including the cost of a bond insurance policy, if necessary; rnrnNOW THEREFORE, BE IT RESOLVED by the Governing Authority, that:rnrnSECTION 1. The District hereby requests the Authority to authorize and deliver the Bonds, in an aggregate principal amount not to exceed $18,000,000. The proceeds of the Bonds will be loaned by the Authority to the District pursuant to the Loan Agreement and used for the purposes of: (i) financing the Project; (ii) funding a reserve fund or purchasing a reserve fund surety, if necessary; and (iii) paying the costs of issuance of the Bonds, including the cost of a bond insurance policy, if necessary.rnrnSECTION 2. The Bonds shall be issued and sold by the Authority only as fully registered bonds in the denominations not less than $5,000 or any integral multiple thereof. The Bonds shall mature no later than thirty (30) years from their date of issuance and shall bear interest at a rate not to exceed five percent (5.00%) per annum. rnrnSECTION 3. The prior approval of the District shall be amended to remove Crews & Associates, Inc., as underwriter and to select D.A. Davidson & Co. (the “Purchaser”) as underwriter in connection with the issuance and sale of the Bonds, provided that the Purchaser’s proposal does not exceed the parameters set forth in Section 2 above, and the Chairman, and/or the Secretary of the Governing Authority are hereby authorized to execute a Bond Purchase Agreement in order to evidence such approval. rnrnSECTION 4. The form and terms of the Loan Agreement, the Bond Purchase Agreement and all other ancillary documents are hereby approved substantially in the forms approved by bond counsel to the Authority. The Loan Agreement shall obligate the District to pay to the Authority amounts necessary from the revenues received by the District from (i) a five (5) mill ad valorem tax currently being levied and assessed by the District (the “Ad Valorem Tax Revenues”) and (ii) revenues from the one-half of one percent (½%) sales and use tax currently being levied and collected by the District (the “Sales Tax Revenues” and together with the Ad Valorem Tax Revenues, the “Tax Revenues”) and, in the event the Tax Revenues are insufficient, from Lawfully Available Funds (as defined in the Loan Agreement) to allow the Authority to make principal and interest payments on the Bonds and to secure the payment thereof. The execution and delivery of a Preliminary Official Statement and an Official Statement, in the forms approved by bond counsel to the Authority, is hereby ratified and approved.rnrnSECTION 5. The Chairman and Secretary of the Governing Authority are hereby authorized to execute and deliver the Loan Agreement, the Bond Purchase Agreement and any and all other ancillary documents related thereto and necessary for the consummation of the transaction as contemplated by the Loan Agreement and/or the Bond Purchase Agreement.rnrnSECTION 6. The Chairman and the Secretary of the Governing Authority are hereby authorized and directed to take all further action necessary or reasonably required to effect the loan from the Authority evidenced by the Loan Agreement and are specifically authorized to approve any changes to the Loan Agreement and all other ancillary documents approved by bond counsel to the Authority, such approval to be conclusively evidenced by its execution thereof.rnrnSECTION 7. The Authority is hereby requested to take all actions necessary to issue and sell the Bonds.rnrnSECTION 8. The Chairman and the Secretary of the Governing Authority are hereby authorized and directed to execute such documents, certificates and instruments as are deemed necessary to effect the transactions contemplated by this Resolution and to assist the Authority in carrying out its functions in connection with the financing.rnrnSECTION 9. This Resolution shall become effective immediately.rnrnrn[Remainder of this page intentionally left blank]rnrnrn rnThis Resolution having been submitted to a vote, the vote thereon was as follows rnNAYS: rnABSENT: rn And the Resolution was declared adopted on this 5th day of October, 2015.rnrnrnrnrn ________________________________rn Dempsey Lambert, ChairmanrnATTEST:rnrnrnrn___________________________rnHeather Clifton, Secretaryrnrnrnrnrnrnrnrnrnrnrnrnrn rnSTATE OF LOUISIANArnPARISH OF ASCENSIONrnI, the undersigned Secretary of the Board of Commissioners of East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “Governing Authority”), do hereby certify that the foregoing constitutes a true and correct copy of a Resolution adopted by the Governing Authority on October 5, 2015, authorizing East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “District”) to proceed with a not to exceed $18,000,000 financing through the Louisiana Local Government Environmental Facilities and Community Development Authority (the “Authority); authorizing and ratifying the District’s request of the Authority to issue the Bonds; authorizing the borrowing by the District of the proceeds from the sale thereof; approving and ratifying within certain parameters the terms of the sale of the Bonds; authorizing the form and execution of the Loan Agreement and Trust Indenture; authorizing the form of and execution of an agreement for the purchase of the Bonds and ancillary financing documents; amending the preliminary resolution to modify the underwriter of the Bonds; and otherwise providing with respect thereto.rnrnIN FAITH WHEREOF, witness my official signature on this 5th day of October, 2015.rnrnrnrnrn rnHeather Clifton, SecretaryrnrnrnrnrnEAST ASCENSION CONSOLIDATED GRAVITY DRAINAGE DISTRICT No. 1 BOARD OF COMMISSIONERS SPECIAL MEETINGrnrnThe Special Meeting of the East Ascension Consolidated Gravity Drainage District No. 1 Commission Meeting was held on Monday, October 5, 2015 at 5:30 P. M. in the Council Meeting Room, Courthouse East, Gonzales, Louisiana.rnrnCouncilman Kent Schexnaydre called the meeting to order.rnrn The invocation was given by Councilman Randy Clouatre and the Pledge of Allegiance was recited by all present.rnrn Members Present: Chris Loar, Randy Clouatre, Daniel Satterlee, Bryan Melancon, Todd Lambert, Terri Casso and Kent Schexnaydrernrn Members Absent: Travis Turner, Dempsey Lambert and Benny Johnson.rnrn Agenda Item #3 Public Comments Period / Addition to AgendarnrnThere were no comments or additions at this time rnrnAgenda Item #4 –Resolution – Authorizing East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, LA (The District) to proceed with a not to exceed $18,000,000 financing through the Louisiana Local Government Environmental Facilities and Community Development Authority (Bond Counsel) rnrnMalcom Dugas spoke briefly. Parish President Tommy Martinez spoke briefly. There was a discussion. rnrn Motion was made by Councilman Randy Clouatre and seconded by Councilman Chris Loar to adopt the motion as presented and attached. No objections. Motion Passed. rnrn rnrnThere being no further business to come before this Commission, a motion was made by Councilman Todd Lambert and seconded by Councilman Randy Clouatre to adjourn. No objections. Motion carried. The meeting adjourned at 5:42 PM. rn rnEAST ASCENSION CONSOLIDATED GRAVITY DRAINAGE DISTRICT NO. 1rnOF THE PARISH OF ASCENSION, LOUISIANArnrnThe following resolution was offered by ________________ and seconded by ___________________:rnrnRESOLUTION rnrnA resolution authorizing East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “District”) to proceed with a not to exceed $18,000,000 financing through the Louisiana Local Government Environmental Facilities and Community Development Authority (the “Authority); authorizing and ratifying the District’s request of the Authority to issue the Bonds; authorizing the borrowing by the District of the proceeds from the sale thereof; approving and ratifying within certain parameters the terms of the sale of the Bonds; authorizing the form and execution of the Loan Agreement and Trust Indenture; authorizing the form of and execution of an agreement for the purchase of the Bonds and ancillary financing documents; amending the preliminary resolution to modify the underwriter of the Bonds; and otherwise providing with respect thereto.rnWHEREAS, the Authority is authorized by the Act, among other things, to assist in financing and refinancing the construction and acquisition of public infrastructure and public works of all types and to assist political subdivisions in constructing public works and financing the construction of public infrastructure and public works, including, but not limited to, roads, bridges and related infrastructure, all as defined in La. R.S. 33:4548.1 through 33:4548.16 (the “Act”), in the State of Louisiana (the “State”); and rnWHEREAS, pursuant to the Act, and in order to encourage the construction of such infrastructure and improvements by political subdivisions who become members of the Authority, which the Authority believes to be in the public interest and for the benefit of the wealth, health and safety of the citizens of the State, the Authority is authorized to issue its revenue bonds and loan the proceeds of the revenue bonds to such political subdivisions, including, but not limited to, the District; and rnWHEREAS, the District is a participating political subdivision of the Authority in accordance with the Act; andrnrnWHEREAS, the District, acting through its governing authority, the Board of Commissioners of East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “Governing Authority”), has determined that it is in the District’s best interest to request the Authority, established pursuant to the Act, to authorize, sell and issue the Authority’s not to exceed $18,000,000 Revenue Bonds (East Ascension Consolidated Gravity Drainage District No. 1 Project), in one or more series (the “Bonds”), the proceeds of which will be loaned by the Authority to the District (the “Loan”) pursuant to the provisions of a loan agreement by and between the Authority and the District (the “Loan Agreement”), which Loan proceeds will be used by the District to (i) finance drainage improvements in the District, including the Laurel Ridge Levee Extension (the “Project”); (ii) fund a reserve fund or purchasing a reserve fund surety, if necessary; and (iii) pay the costs of issuance of the Bonds, including the cost of a bond insurance policy, if necessary; rnrnNOW THEREFORE, BE IT RESOLVED by the Governing Authority, that:rnrnSECTION 1. The District hereby requests the Authority to authorize and deliver the Bonds, in an aggregate principal amount not to exceed $18,000,000. The proceeds of the Bonds will be loaned by the Authority to the District pursuant to the Loan Agreement and used for the purposes of: (i) financing the Project; (ii) funding a reserve fund or purchasing a reserve fund surety, if necessary; and (iii) paying the costs of issuance of the Bonds, including the cost of a bond insurance policy, if necessary.rnrnSECTION 2. The Bonds shall be issued and sold by the Authority only as fully registered bonds in the denominations not less than $5,000 or any integral multiple thereof. The Bonds shall mature no later than thirty (30) years from their date of issuance and shall bear interest at a rate not to exceed five percent (5.00%) per annum. rnrnSECTION 3. The prior approval of the District shall be amended to remove Crews & Associates, Inc., as underwriter and to select D.A. Davidson & Co. (the “Purchaser”) as underwriter in connection with the issuance and sale of the Bonds, provided that the Purchaser’s proposal does not exceed the parameters set forth in Section 2 above, and the Chairman, and/or the Secretary of the Governing Authority are hereby authorized to execute a Bond Purchase Agreement in order to evidence such approval. rnrnSECTION 4. The form and terms of the Loan Agreement, the Bond Purchase Agreement and all other ancillary documents are hereby approved substantially in the forms approved by bond counsel to the Authority. The Loan Agreement shall obligate the District to pay to the Authority amounts necessary from the revenues received by the District from (i) a five (5) mill ad valorem tax currently being levied and assessed by the District (the “Ad Valorem Tax Revenues”) and (ii) revenues from the one-half of one percent (½%) sales and use tax currently being levied and collected by the District (the “Sales Tax Revenues” and together with the Ad Valorem Tax Revenues, the “Tax Revenues”) and, in the event the Tax Revenues are insufficient, from Lawfully Available Funds (as defined in the Loan Agreement) to allow the Authority to make principal and interest payments on the Bonds and to secure the payment thereof. The execution and delivery of a Preliminary Official Statement and an Official Statement, in the forms approved by bond counsel to the Authority, is hereby ratified and approved.rnrnSECTION 5. The Chairman and Secretary of the Governing Authority are hereby authorized to execute and deliver the Loan Agreement, the Bond Purchase Agreement and any and all other ancillary documents related thereto and necessary for the consummation of the transaction as contemplated by the Loan Agreement and/or the Bond Purchase Agreement.rnrnSECTION 6. The Chairman and the Secretary of the Governing Authority are hereby authorized and directed to take all further action necessary or reasonably required to effect the loan from the Authority evidenced by the Loan Agreement and are specifically authorized to approve any changes to the Loan Agreement and all other ancillary documents approved by bond counsel to the Authority, such approval to be conclusively evidenced by its execution thereof.rnrnSECTION 7. The Authority is hereby requested to take all actions necessary to issue and sell the Bonds.rnrnSECTION 8. The Chairman and the Secretary of the Governing Authority are hereby authorized and directed to execute such documents, certificates and instruments as are deemed necessary to effect the transactions contemplated by this Resolution and to assist the Authority in carrying out its functions in connection with the financing.rnrnSECTION 9. This Resolution shall become effective immediately.rnrnrn[Remainder of this page intentionally left blank]rnrnrn rnThis Resolution having been submitted to a vote, the vote thereon was as follows rnNAYS: rnABSENT: rn And the Resolution was declared adopted on this 5th day of October, 2015.rnrnrnrnrn ________________________________rn Dempsey Lambert, ChairmanrnATTEST:rnrnrnrn___________________________rnHeather Clifton, Secretaryrnrnrnrnrnrnrnrnrnrnrnrnrn rnSTATE OF LOUISIANArnPARISH OF ASCENSIONrnI, the undersigned Secretary of the Board of Commissioners of East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “Governing Authority”), do hereby certify that the foregoing constitutes a true and correct copy of a Resolution adopted by the Governing Authority on October 5, 2015, authorizing East Ascension Consolidated Gravity Drainage District No. 1 of the Parish of Ascension, Louisiana (the “District”) to proceed with a not to exceed $18,000,000 financing through the Louisiana Local Government Environmental Facilities and Community Development Authority (the “Authority); authorizing and ratifying the District’s request of the Authority to issue the Bonds; authorizing the borrowing by the District of the proceeds from the sale thereof; approving and ratifying within certain parameters the terms of the sale of the Bonds; authorizing the form and execution of the Loan Agreement and Trust Indenture; authorizing the form of and execution of an agreement for the purchase of the Bonds and ancillary financing documents; amending the preliminary resolution to modify the underwriter of the Bonds; and otherwise providing with respect thereto.rnrnIN FAITH WHEREOF, witness my official signature on this 5th day of October, 2015.rnrnrnrnrn rnHeather Clifton, Secretary


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