2016 School Board Meetings

MonthDatesNotes
January13thOnly one meeting due to holidays
February3rd & 17th 
March2nd & 16th 
April6th & 20th 
May4th & 18th 
June1st & 15th 
July20th one meeting due to Superintendent's Leadership Conference
August3rd & 17th 
September7th & 21st 
October5th & 19th 
November2nd & 16th 
December7th & 21st 

All meetings are held the first and third Wednesday of every month at 7 p.m. in the Assumption Parish School Board Media Center @ 4901 Highway 308 Napoleonville unless otherwise noted.
*Any changes in meeting dates or times are posted on the outside of the school board building.


April 6, 2016
Wednesday, April 6th, 2016

PROCEEDINGS OF THE ASSUMPTION PARISH SCHOOL BOARD

Assumption Parish Media Center 

Napoleonville, Louisiana

April 6, 2016

The Assumption Parish School Board met in Regular Session on Wednesday, April 6, 2016, at 1:00 p.m. at Assumption Media Center, Napoleonville, LA with President, Doris Dugas, presiding.

PRESENT:Honoray Lewis, Ward 1, Lee Meyer, Ward 2, Electa Fletcher Mickens, Ward 4, Larry Howell, Ward 5, Daniel Washington, Ward 6, John Beck, Ward 7, Jessica Ourso, Ward 8, Doris Dugas, Ward 9

                     

ABSENT:Andrea Barras, Ward 3

 

The meeting was opened in prayer led by Daniel Washington, Executive Committee Meeting followed by the Pledge of Allegiance led by Honoray Lewis, Vice President.  

 

Adoption of Agenda

On motion of Mr. Howell, seconded by Ms. Ourso and unanimously carried the Board adopted the agenda as amended. 

   

Consent Agenda

a)Approve minutes of  March 16, 2016 board meeting

b)Approve addendum items

On motion of Mr. Beck, seconded by Mr. Lewis unanimously carried the Board adopted the consent agenda. 

Budget 

a)On motion of Mr. Meyer, seconded by Mr. Washington and unanimously carried the Board approved the cost of crossing guards and school resource officers in the amount of $186,203.00.

Andrea Barras entered the meeting at 1:09 p.m.

b)A motion was made by Mr. Lewis and seconded by Mr. Beck to consider and take action with respect to adopting a resolution providing for the review and tabulation of the sealed and electronic bids received for the purchase of Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016 of the Parish School Board of the Parish of Assumption, State of Louisiana, approving the Official Notice of Bond Sale and Official Statement in connection therewith, and authorizing certain officials to sign copies thereof as evidence of the approval thereof.  The motion passed with the following vote taken:

YEAS:  Barras, Beck, Dugas, Fletcher Mickens, Howell, Lewis, Meyer, Ourso, Washington 

NAYS:  None

ABSENT:  None

The following resolution was offered by Lewis and seconded by Beck:

¬RESOLUTION

A resolution providing for the tabulation of the sealed or electronic bids received for the purchase of Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016 of the Parish School Board of the Parish of Assumption, State of Louisiana, approv¬ing the Official Notice of Bond Sale and Official Statement in connection therewith, and autho¬rizing certain officials to sign copies thereof as evidence of the approval thereof.

BE IT RESOLVED by the Parish School Board of the Parish of Assumption, State of Louisiana, acting as the governing authority of said Parish for school purposes, that:

SECTION 1. The Parish School Board of the Parish of Assumption, State of Louisiana (the AGoverning Authority@ or AIssuer@) does now proceed in open and public session to tabulate the sealed or electronic bids received for the purchase of Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016 of the Parish School Board of the Parish of Assumption, State of Louisiana (the "Bonds"), authorized and duly advertised for sale by virtue of a resolution adopted on February 17, 2016.

SECTION 2. The official Notice of Bond Sale and Official Statement prepared in connection with the sale of the Bonds, and the information contained therein, are hereby approved by this Governing Authority and the President and Secretary are hereby authorized, empowered and directed to sign copies thereof as evidence of its approval. 

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

        YEAS: Barras, Beck, Dugas, Fletcher Mickens, Howell, Lewis, Meyer, Ourso, Washington

        NAYS: None

        ABSENT: None

And the resolution was declared adopted on this, the 6th day of April, 2016.

/s/ Earl T. Martinez/s/ Doris Dugas

SecretaryPresident

The bids received on April 6, 2016 for the purchase of Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016 (the "Bonds") of the Parish School Board of the Parish of Assumption, State of Louisiana (the "Issuer"), were thereupon opened and read in public session of this Governing Authority, said bids being based upon the maturity schedule set out in the Official Statement and hereinafter set out in these proceed¬ings, said bids being as follows, to wit:

       BIDDERS         TIC

Crews & Associates, Inc.      2.633055% 

Raymond James & Associates, Inc.                          2.655834%   

FTN Financial Capital Markets     2.699684%

Robert W. Baird & Co., Inc.     2.778623%

           Stifel, Nicolaus & Co., Inc.             2.869378%

c)A motion was made by Mr. Howell, seconded by Mr. Meyer to consider and take action with respect to adopting a resolution accepting the lowest and best bid received for the purchase of $5,000,000 of Limited Tax Revenue Bonds, Series 2016 of the Parish School Board of the Parish of Assumption, State of Louisiana, and providing for other matters in connection therewith.  The motion passed with the following vote taken:

YEAS:  Barras, Beck, Dugas, Fletcher Mickens, Howell, Lewis, Meyer, Ourso, Washington

NAYS:  None 

ABSENT:  None 

The following resolution was offered by Howell and seconded by Meyer:

RESOLUTION

A resolution accepting the bid of Crews & Associates, Inc., for the purchase of Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016, of the Parish School Board of the Parish of Assumption, State of Louisiana.

WHEREAS, pursuant to the provisions of a Notice of Bond Sale dated February 17, 2016, published in the manner required by law, and pursuant to the provisions of a resolution adopted by the Parish School Board of the Parish of Assumption, State of Louisiana (the AGoverning Authority@ or AIssuer@) on February 17, 2016, sealed bids were solicited for the purchase of Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016, of the Issuer (the "Bonds"), on April 6, 2016; and

WHEREAS, five (5) bids were received for the purchase of the Bonds; and

WHEREAS, this Governing Authority has found and deter¬mined and does hereby find and determine that the bid submitted by Crews & Associates, Inc. (the "Purchaser"), complies with all terms and conditions prescribed by the Notice of Bond Sale and Official Statement; and

WHEREAS, this Governing Authority desires to accept said bid and to take such action as may be necessary to accomplish the delivery of the Bonds to the Purchaser;

WHEREAS, the Financial Advisor has recommended the acceptance of the lowest and best offer.

NOW, THEREFORE, BE IT RESOLVED by the Parish School Board of the Parish of Assumption, State of Louisiana, acting as the governing authority of said Parish for school purposes, that:

SECTION 1.  The bid of the Purchaser for the purchase of the Bonds, a copy of which is annexed hereto as Exhibit A, is hereby accepted and the Bonds are hereby awarded in compli¬ance with the terms of the bid.

SECTION 2.  In accordance with the provisions of the Preliminary Official Statement, the acceptance and award of each bid is conditioned on the receipt by wire on or before 3:30 p.m. tomorrow of an amount equal to 1% of the principal amount of the Bonds described in such bid.   In the event a good faith deposit for the issue of Bonds is not received timely, this acceptance of such bid and award of the sale of such Bonds shall be void. The amount of the good faith deposit shall be deposited and credited towards the purchase price of the Bonds without regard to any interest earnings thereon.

SECTION 3.  When the Bonds have been properly prepared, this Governing Authority is hereby autho¬rized to deliver the Bonds to the Purchaser upon the payment of Five Million Dollars ($5,000,000), plus the stipulated premium, if any, and accrued interest to the date of delivery, less a credit of $50,000 for the amount of the good faith deposit described above.

SECTION 4. This Governing Authority hereby finds that due diligence has been exercised in preparing the Bonds for sale and in preparing the Official Statement pertaining to the Bonds, and in view of that fact, the Secretary of the Governing Authority is hereby authorized and directed to execute and deliver to the successful bidder, as set forth herein, at the time of closing, a certificate which shall be substantially in the form of the certificate annexed hereto as Exhibit B.

SECTION 5. The foregoing resolution shall take effect immediate¬ly upon its adoption.

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

YEAS: Barras, Beck, Dugas, Fletcher Mickens, Howell, Lewis, Meyer, Ourso, Washington 

       NAYS: None

       ABSENT: None

And the resolution was declared adopted on this, the 6th day of April, 2016.

/s/ Earl T. Martinez/s/ Doris Dugas

SecretaryPresident

EXHIBIT "A"

(COPY OF SUCCESSFUL BID)

EXHIBIT "B"

OFFICIAL STATEMENT CERTIFICATE

I, the undersigned Secretary of the Parish School Board of the Parish of Assumption, State of Louisiana (the AGoverning Authority@ or AIssuer@), with respect to the Official Statement (the "Official Statement") issued regarding the sale of Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016 of the Parish School Board of the Parish of Assumption, State of Louisiana (the "Bonds"), DO HEREBY CERTIFY:

THAT, at the time of payment for and delivery of the Bonds and at the date hereof, (i) the descriptions and statements, including financial data, of or pertaining to the Issuer on the date of the Preliminary Official Statement, on the date of the Official Statement, on the date of the sale of the Bonds and on the date of the delivery thereof, were and are true in all material respects, and, insofar as such matters are concerned, the Official Statement did not and does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circum¬stances under which they are made, not mislead¬ing, and (ii) insofar as the descriptions and statements, including financial data, of or pertaining to govern-mental and/or non govern¬mental entities other than the Issuer and their activi¬ties, contained in the Official Statement are con¬cerned, such descrip¬tions, statements and data have been obtained from sources which the governing authority of the Issuer believes to be reliable and the said governing authority has no reason to believe that they are untrue or incomplete in any material respect, and (iii) there has been no adverse material change in the affairs of the Issuer between the date of the delivery of the Official Statement and the date of delivery of the Bonds.

THE PARISH SCHOOL BOARD OF THE PARISH OF ASSUMPTION, STATE OF LOUISIANA

DATED: (Date of Delivery)By: ________________________

                Secretary, Parish School Board

STATE OF LOUISIANA

PARISH OF ASSUMPTION

I, the undersigned Secretary of the Parish School Board of the Parish of Assumption, State of Louisiana, do hereby certify that the foregoing pages consti¬tute a true and correct copy of the proceedings taken on April 6, 2016, (i) providing for the tabulation of the sealed or electronic bids received for the purchase of $5,000,000 of Limited Tax Revenue Bonds, Series 2016 of the Parish School Board of the Parish of Assumption, State of Louisiana and (ii) accepting the lowest and best bid received for said issue.

IN FAITH WHEREOF, witness my official signature on this, the 6th day of April, 2016.

            __________________________

            Secretary

(SEAL)

d)A motion was made by Mr. Howell, seconded by Mr. Meyer to consider and take action with respect to adopting a resolution incurring of debt and issuance of $5,000,000 of Limited Tax Revenue Bonds, Series 2016 of the Parish School Board of the Parish of Assumption, State of 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; and providing for other matters in connection therewith.  The motion passed with the following vote taken:

YEAS:  Barras, Beck, Dugas, Fletcher Mickens, Howell, Lewis, Meyer, Ourso, Washington

NAYS:  None

ABSENT:  None 

The following resolution was offered by Howell and seconded by Meyer:

RESOLUTION 

A resolution providing for the incurring of debt and issuance of Five Million Dollars ($5,000,000)¬ of Limited Tax Revenue Bonds, Series 2016, of the Parish School Board of the Parish of Assumption, State of Louisiana¬; pre¬scribing the form, terms and condi¬tions of said Bonds; designating the date, denomination and place of payment of said Bonds; pro¬vid¬ing for the pay¬ment there¬of in principal and interest; authoriz¬ing the agreement with the Paying Agent; and provid¬ing for other matters in connec¬tion there¬with.

WHEREAS, the Parish School Board of the Parish of Assumption, State of Louisiana (the "Issuer") is authorized to levy a special tax of five and forty-nine hundredths (5.49) mills (such rate being subject to adjustment from time to time due to reassess¬ment) in each year (the "Constitutional Tax") and a 1/2% sales and use tax by virtue of an election held on July 16, 2005 (the "Sales Tax") (collectively, the "Tax"); and

WHEREAS, the ¬Issuer now desires to incur debt and issue its Limited Tax Revenue Bonds, Series 2016, in the principal amount of Five Million Dollars ($5,000,000)¬ (the "Bonds"), pursuant to Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended and other constitutional and statutory authority, for the purpose of acquiring, constructing, and improving public school facilities, including sites, furnishings and equipment, title to which shall be in the public, and paying the costs of issuance of the Bonds; and

 WHEREAS, the Issuer has no outstanding indebtedness of any kind payable from a pledge or dedication of the avails or proceeds of the Tax, EXCEPT for $8,100,000 of Revenue Bonds (Taxable QSCB), Series 2011, dated March 10, 2011 (the "Series 2011 Bonds" or "Outstanding Parity Bonds"); and

WHEREAS, under the terms and conditions of the resolution adopted by the Issuer authorizing the issuance of the Outstanding Parity Bonds (the "Outstanding Parity Bond Resolution"), the Issuer has authority to issue additional parity Limited Tax Revenue Bonds on a parity with the Outstanding Parity Bonds under the terms and conditions provided therein; and

WHEREAS, the Issuer has determined that all the terms and conditions specified in the Outstanding Parity Bond Resolution have been or will be complied with prior to the delivery of the Bonds, and it is the express desire and intention of the Issuer that the Bonds be issued on a parity with the Outstanding Parity Bonds; and

WHEREAS, the budgeted income from the levy of the Sales Tax in Fiscal Year 2015-2016 is $5,401,810 and the budgeted income from the levy of the Constitutional Tax in Fiscal Year 2015-2016 is $1,164,457 and the maximum amount of principal and interest due in any year on the Bonds and the Outstanding Parity Bonds does not exceed seventy-five percent (75%) of said estimated income; and

WHEREAS, it is the desire of the Issuer to fix the details necessary with respect to the issuance of the Bonds and to provide for the authorization and issuance thereof; 

NOW, THEREFORE, BE IT RESOLVED by the Parish School Board of the Parish of Assumption, State of Louisiana, that:

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

"Act" means Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other ap¬plicable constitutional and statutory authority. 

"Additional Parity Bonds" means any additional pari passu bonds which may hereafter be issued, pursuant to Section 9 hereof, on a parity with the Bonds.

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

"Bond" means any bond 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 trust office in which registration of the Bonds and transfers of the Bonds shall be made as provided herein.

"Bonds" means the Issuer's Limited Tax Revenue Bonds, Series 2016, autho¬rized by this Resolution, in the total aggregate principal amount of Five Million Dollars ($5,000,000)¬.

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

" Constitutional Tax" means the irrevocable pledge and dedication of the funds to be derived by the Issuer from the levy and collection of a special tax of 5.49 mills (such rate being subject to adjustment from time to time due to reassessment) which the Issuer is authorized to impose and collect each year.

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

"Fiscal Year" means the twelve-month accounting period commencing on the first day of July or any other twelve-month accounting period determined by the Governing Authority as the fiscal year of the Issuer.

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

"Government Securities" means direct obligations of, or obliga¬tions the principal of and interest on which are uncondi¬tion¬ally 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 in which the Bonds are outstanding, commenc¬ing September 1, 2016.

"Issuer" means the Parish School Board of the Parish of Assumption, State of Louisiana¬.

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

1.Bonds theretofore canceled by the Paying Agent or delivered to the Paying Agent for cancella¬tion;

2.Bonds for which payment suffi¬cient 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 deliv¬ered pursuant to this Resolution;

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

5.Bonds for the payment of the principal of and interest on which money or Government Securi¬ties or both are held in trust with the effect specified in this Resolution.

"Outstanding Parity Bonds" means the Issuer's $8,100,000 of Revenue Bonds (Taxable QSCB), Series 2011, dated March 10, 2011.

"Outstanding Parity Bond Resolution" means the resolution adopted by the Governing Authority on January 28, 2011, authorizing the issuance of the Outstanding Parity Bonds.

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

"Parish" means the Parish of Assumption, State of Louisiana.

"Paying Agent" means Whitney Bank, in the City of Baton Rouge, ¬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, partner¬ship, joint venture, association, joint stock company, trust, unincorpo¬rated organization or government or any agency or political subdivision thereof.

"Purchaser" means Crews & Associates, Inc., of Little Rock, AR, ¬the original purchaser of the Bonds. 

"Record Date" for the interest payable on any Interest Payment Date means the 15th 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.

"Sales Tax" means the 1/2% sales and use tax levied and collected in the Issuer by virtue of an election held on July 16, 2005, subject only to the prior payment of the reasonable and necessary costs and expenses of collecting and administering the Sales Tax.

"Tax" means collectively, the Constitutional Tax and Sales Tax.

SECTION 2. Authorization of Bonds; Maturities. In compliance with the terms and provisions of the Act, and other constitu¬tional and statutory authority, there is hereby authorized the incurring of an indebted¬ness of not exceeding Five Million Dollars ($5,000,000)¬ for, on behalf of, and in the name of the Issuer, for the purpose of acquiring, constructing, and improving public school facilities, including sites, furnishings and equipment, title to which shall be in the public, and paying the costs of issuance of the Bonds and to represent said indebted¬ness, this Govern¬ing Authority does hereby authorize the issuance of Five Million Dollars ($5,000,000)¬ of Limited Tax Revenue Bonds, Series 2016¬, of the Issuer. The Bonds shall be in fully registered form, shall be dated the date of delivery, shall be issued in the denomination of Five Thousand Dollars ($5,000) or any integral multiple thereof within a single 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, commenc¬ing September 1, 2016, at the follow¬ing rates of interest and shall mature serial¬ly on March 1 of each year as follows:

YearPrincipal  Interest RateYearPrincipalInterest Rate

 (March 1) Maturing Per Annum  (March 1) Maturing Per Annum  

2017             $165,000               2.00%          2027                      $250,000              3.00%

2018               175,000               2.002028260,0003.00

2019               180,000               2.002029270,0003.00

2020               185,000               2.002030280,0003.00

2021                195,000               2.002031290,0003.00

2022                205,000              2.002032305,0003.00

2023                210,000               2.002033315,0003.00

2024                 220,000              2.002034330,0003.00

2025                230,000              2.002035340,0003.00

2026                 240,000              2.002036355,0003.00

The principal of the Bonds, upon maturity or redemption, shall be payable at the principal office of the Paying Agent, upon presentation and surrender thereof, and interest on the Bonds shall be payable by check of the Paying Agent 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.

During any period after the initial delivery of the Bonds in book-entry-only form when the Bonds are delivered in multiple certificates form, upon request of a registered owner of at least $1,000,000 in principal amount of Bonds outstanding, all payments of principal, premium, if any, and interest on the Bonds will be made by wire transfer in immediately available funds to an account designated by such registered owner; CUSIP number identification with appropriate dollar amounts for each CUSIP number will accompany all payments of principal, premium, and interest, whether by check or by wire transfer.

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

The Bonds are hereby issued on a parity with the Outstanding Parity Bonds, and the Bonds shall rank equally with and enjoy complete parity of lien with the Outstanding Parity Bonds on the revenues pledged to the payment therefor or other funds specially applicable to the payment of said Outstanding Parity Bonds, including funds established under the Outstanding Parity Bond Resolution authorizing the issuance of the Outstanding Parity Bonds. 

SECTION 3. Book-Entry Registration of Bonds. The Bonds shall be initially issued in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), as registered owner of the Bonds, and held in the custody of DTC. The Secretary of the Governing Authority or any other officer of the Issuer is authorized to execute and deliver a Letter of Representation to DTC on behalf of the Issuer with respect to the issuance of the Bonds in "book-entry only" format. The Paying Agent is hereby directed to execute said Letter of Representation. The terms and provisions of said Letter of Representation shall govern in the event of any inconsistency between the provisions of this Resolution and said Letter of Representation. Initially, a single certificate will be issued and delivered to DTC for each maturity of the Bonds. The Beneficial Owners will not receive physical delivery of Bond certificates except as provided herein. Beneficial Owners are expected to receive a written confirmation of their purchase providing details of each Bond acquired.  For so long as DTC shall continue to serve as securities depository for the Bonds as provided herei¬n, all transfers of beneficial ownership interest will be made by book-entry only, and no investor or other party purchasing, selling or otherwise transferring beneficial ownership of Bonds is to receive, hold or deliver any Bond certificate.

Notwithstanding anything to the contrary herein, while the Bonds are issued in book-entry-only form, the payment of principal of, premium, if any, and interest on the Bonds may be payable by the Paying Agent by wire transfer to DTC in accordance with the Letter of Representation.

For every transfer and exchange of the Bonds, the Beneficial Owner may be charged a sum sufficient to cover such Beneficial Owner's allocable share of any tax, fee or other governmental charge that may be imposed in relation thereto.

Bond certificates are required to be delivered to and registered in the name of the Beneficial Owner under the following circumstances:

(a)  DTC determines to discontinue providing its service with respect to the Bonds.  Such a determination may be made at any time by giving 30 days' notice to the Issuer and the Paying Agent and discharging its responsibilities with respect thereto under applicable law; or

b)  The Issuer determines that continuation of the system of book-entry transfer through DTC (or a successor securities depository) is not in the best interests of the Issuer and/or the Beneficial Owners.

The Issuer and the Paying Agent will recognize DTC or its nominee as the Bondholder for all purposes, including notices and voting.

Neither the Issuer or the Paying Agent are responsible for the performance by DTC of any of its obligations, including, without limitation, the payment of moneys received by DTC, the forwarding of notices received by DTC or the giving of any consent or proxy in lieu of consent.

Whenever during the term of the Bonds the beneficial ownership thereof is determined by a book entry at DTC, the requirements of this Resolution of holding, delivering or transferring the Bonds shall be deemed modified to require the appropriate person to meet the requirements of DTC as to registering or transferring the book entry to produce the same effect.

If at any time DTC ceases to hold the Bonds, all references herein to DTC shall be of no further force or effect.

SECTION 4. Redemption Provisions. The Bonds maturing March 1, 2027, and thereafter, will be callable for redemption by the Issuer in full or in part at any time on or after March 1, 2026, and if less than a full maturity, then by lot with¬in such maturity, at the principal amount thereof and accrued interest to the date fixed for redemption. In the event a Bond is of a denomination larger than $5,000, a portion of such Bond ($5,000 or any multiple thereo¬f) may be redeemed. Bonds are not required to be redeemed in inverse order of maturity.

Official notice of such call of any of the Bonds for redemption will be given by first class mail, postage prepaid, by notice deposited in the United States mails not less than thirty (30) days prior to the redemption date addressed to the registered owner of each Bond to be redeemed at his address as shown on the registra¬tion books of the Paying Agent.

SECTION 5. 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 registra¬tion 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 instru¬ments of transfer and assignment accept¬able to the Paying Agent. A new Bond or Bonds will be delivered by the Paying Agent to the last assignee (the new Owner) in exchange for such transferred and assigned Bonds after receipt of the Bonds to be transferred in proper form. Such new Bond or Bonds shall be in the denomination of $5,000 or any integral multiple thereof within a single maturity. Neither the Issuer nor the Paying Agent shall 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.

SECTION 6. Form of Bonds. The Bonds and the endorsements to appear thereon shall be in substantially the following forms, respectively, to wit:

(FORM OF BOND)

NO. R-___________PRINCIPAL AMOUNT $___________

Unless this Bond is presented by an authorized representative of the Depository Trust Company, a New York corporation ("DTC"), to the Issuer or their agent for registration of transfer, exchange, or payment, and any Bond issued is registered in the name of CEDE & CO. or in such other name as is requested by an authorized representative of DTC (and any payment is made to CEDE & CO. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, CEDE & CO., has an interest herein.

As provided in the Bond Resolution referred to herein, until the ter¬mination of the system of book-entry-only transfers through DTC and notwithstanding any other provision of the Bond Resolution to the contrary, this Bond may be transferred, in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC or a nominee of DTC, or by DTC or a nominee of DTC to any successor securities depository or any nominee thereof.

      UNITED STATES OF AMERICA

    STATE OF LOUISIANA

PARISH OF ASSUMPTION

LIMITED TAX REVENUE BOND, SERIES 2016

OF THE

PARISH SCHOOL BOARD OF THE 

PARISH OF ASSUMPTION, STATE OF LOUISIANA

   Bond   Maturity  InterestCUSIP

   Date    Date    Rate   Number  

        _______, 2016  March 1, ____   _______% _________

THE PARISH SCHOOL BOARD OF THE PARISH OF ASSUMPTION, STATE OF LOUISIANA (the "Issu¬er"), promises to pay, but solely from the source and as hereinafter provided, to: 

REGISTERED OWNER:  CEDE & CO. (Tax Identification #13-2555119)

PRINCIPAL AMOUNT: ____________________________ DOLLARS

 

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 on March 1 and September 1 of each year, commenc¬ing September 1, 2016 (each an "Interest Payment Date"), at the Inter¬est Rate per annum set forth above until said Principal Amount is paid, unless this Bond shall have been previously called for redemption and payment shall have been duly made or provided for. The principal of this Bond, upon maturity or redemption, is payable in lawful money of the United States of America at the principal office of Whitney Bank, in the City of Baton Rouge, 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 (deter¬mined as of the close of business on the 15th calendar day of the month next preced¬ing each Interest Payment Date) at the address as shown on the registra¬tion books of the Paying Agent.

During any period after the initial delivery of the Bonds in book-entry-only form when the Bonds are delivered in multiple certificates form, upon request of a registered owner of at least $1,000,000 in principal amount of Bonds outstanding, all payment of principal, premium, if any, and interest on the Bonds will be paid by wire transfer in immediately available funds to an account designated by such registered owner; CUSIP number identification with appropriate dollar amounts for each CUSIP number must accompany all payments of principal, premium, and interest, whether by check or by wire transfer.

FOR SO LONG AS THIS BOND IS HELD IN BOOK-ENTRY FORM REGISTERED IN THE NAME OF CEDE & CO. ON THE REGISTRATION BOOKS OF THE ISSUER KEPT BY THE PAYING AGENT, AS BOND REGISTRAR, THIS BOND, IF CALLED FOR PARTIAL REDEMPTION IN ACCORDANCE WITH THE RESOLUTION, SHALL BECOME DUE AND PAYABLE ON THE REDEMPTION DATE DESIGNATED IN THE NOTICE OF REDEMP¬TION GIVEN IN ACCORDANCE WITH THE RESOLUTION AT, AND ONLY TO THE EXTENT OF, THE REDEMPTION PRICE, PLUS ACCRUED INTEREST TO THE SPECIFIED REDEMPTION DATE; AND THIS BOND SHALL BE PAID, TO THE EXTENT SO RE¬DEEMED, (i) UPON PRESENTATION AND SURRENDER HEREOF AT THE OFFICE SPECIFIED IN SUCH NOTICE OR (ii) AT THE WRITTEN REQUEST OF CEDE & CO., BY CHECK MAILED TO CEDE & CO. BY THE PAYING AGENT OR BY WIRE TRANSFER TO CEDE & CO. BY THE PAYING AGENT IF CEDE & CO. AS BOND OWNER SO ELECTS.  IF, ON THE REDEMPTION DATE, MONEYS FOR THE REDEMPTION OF BONDS OF SUCH MATURITY TO BE REDEEMED, TOGETHER WITH INTEREST TO THE REDEMPTION DATE, SHALL BE HELD BY THE PAYING AGENT SO AS TO BE AVAILABLE THEREFOR ON SUCH DATE, AND AFTER NOTICE OF REDEMPTION SHALL HAVE BEEN GIVEN IN ACCORDANCE WITH THE RESOLUTION, THEN, FROM AND AFTER THE REDEMPTION DATE, THE AGGREGATE PRINCIPAL AMOUNT OF THIS BOND SHALL BE IMMEDIATE¬LY REDUCED BY AN AMOUNT EQUAL TO THE AGGREGATE PRINCIPAL AMOUNT THEREOF SO REDEEMED, NOTWITHSTANDING WHETHER THIS BOND HAS BEEN SURRENDERED TO THE PAYING AGENT FOR CANCELLATION.

This Bond is one of an authorized issue aggregat¬ing in principal the sum of                 Five Million Dollars ($5,000,000) of Limited Tax Revenue Bonds, Series 2016, of the Issuer (the "Bonds") all of like date, 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 April 6, 2016 (the "Resolution"), for the purpose of acquiring, constructing, and improving public school facilities, including sites, furnishings and equipment, title to which shall be in the public, and paying the costs of issuance of the Bonds, under the authority conferred by Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended (R.S. 39:1430), and other constitutional and statutory authority.

The Bonds are issued on a parity with the Issuer's outstanding Revenue Bonds (Taxable QSCB), Series 2011 (the "Outstanding Parity Bonds"). It is certified that the Issuer, in issuing this Bond, has complied with all the terms and conditions set forth in the resolutions authorizing the issuance of the Outstanding Parity Bonds. 

The Bonds maturing March 1, 2027, and thereafter, will be callable for redemption by the Issuer in full or in part at any time on or after March 1, 2026, and if less than a full maturity, then by lot within such maturity, at the principal amount thereof and accrued interest to the date fixed for redemption. In the event a Bond is of a denomination larger than $5,000, a portion of such Bond ($5,000 or any multiple thereof) may be redeemed. Bonds are not required to be redeemed in inverse order of maturity. 

 Official notice of such call of any of the Bonds for redemption will be given by first class mail, postage prepaid, by notice deposited in the United States mails not less than thirty (30) days prior to the redemption date addressed to the registered owner of each Bond to be redeemed at his address as shown on the registra¬tion books of the Paying Agent.

The Issuer shall cause to be kept at the principal 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 registra¬tion 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 or Bonds will be deliv¬ered by the Paying Agent to the last assignee (the new registered owner) in exchange for this trans¬ferred and assigned Bond after receipt of this Bond to be transferred in proper form. Such new Bond or Bonds shall be in the denomination of $5,000 or any integral multiple thereof within a single maturity. Neither the Issuer nor the Paying Agent shall be required to issue, register the transfer of, or exchange any Bond¬ during a period beginning at the opening of business on the 15th calendar day of the month next preceding an Interest Payment Date and ending at the close of business on the Interest Payment Date.

This Bond is secured by and payable from an irrevocable pledge and dedication of the funds to be derived by the Issuer from the levy and collection of (i) a special tax of five and forty-nine hundredths (5.49) mills (such rate being subject to adjustment from time to time due to reassess¬ment), which the Issuer is authorized to impose and collect in each year (the "Constitutional Tax") and (ii) a 1/2% sales and use tax authorized at an election held on July 16, 2005 (the "Sales Tax")(collectively, the "Tax"). Said Constitutional Tax has been authorized to be levied on all the property subject to taxation within the corporate boundaries of the Issuer. Said Sales Tax is a Parishwide tax now being levied and collected by the Issuer pursuant to Article VI, Section 29 of the Constitution of the State of Louisiana of 1974 and other constitutional and statutory authority, and in compliance with the election, subject only to the prior payment of the reasonable and necessary costs and expenses of collecting and administering the Sales Tax. For a more complete statement of the Tax revenues from which and conditions under which this Bond is issued, reference is hereby made to the Resolution. The Issuer, in the Resolution, has also entered into certain other covenants and agreements with the registered owner of this Bond, including provisions for the issuance of additional bonds payable from the proceeds of the Tax on a parity with this Bond for the terms of which reference is made to the Resolution. 

This Bond shall not be valid or become obligato¬ry 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 Constitu¬tion and statutes of this State. It is further certified, recited and declared that all acts, conditions and things re¬quired 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 Constitu-tion and statutes of the State of Louisiana.

IN WITNESS WHEREOF, the Parish School Board of the Parish of Assumption, State of Louisiana, has caused this Bond to be executed in its name by the facsimile or manual signatures of the President and the Secretary of the Governing Authority of the Issuer, and a facsimile or manual of the corporate seal of the Issuer to be imprinted hereon.

THE PARISH SCHOOL BOARD OF THE PARISH OF ASSUMPTION, STATE OF LOUISIANA

(facsimile or manual)(facsimile or manual)

____________________________________________________________

Secretary, Parish School BoardPresident, Parish School Board 

(SEAL)

*   *   *   *   *   *

PAYING AGENT'S CERTIFICATE OF REGISTRATION

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

Whitney BankRuston, Louisiana

as Paying Agent

Date of Registration: _________________By:  

                                                                        Authorized Officer                                    

*   *   *   *   *   *   *

   ASSIGNMENTFOR VALUE RE¬CEIVED, 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 assign¬ment must corre¬spond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlarge¬ment or any change whatever.

*   *   *   *   *   *   *

LEGAL OPINION CERTIFICATE

I, the undersigned Secretary of the Parish School Board of the Parish of Assumption, State of Louisiana, do hereby certify that the following is a true copy of the complete legal opinion of Foley & Judell, L.L.P., Bond Counsel, the original of which was manually executed, dated and issued as of the date of payment for and delivery of the original bonds of the issue described therein and delivered to Crews & Associates, Inc., the original purchaser thereof:

(Bond Printer Shall Insert Legal Opinion)

I further certify that executed copies of the above legal opinion is on file in my office, and that executed copies thereof have been furnished to the Paying Agent for this Bond.

(facsimile or manual)

________________________

Secretary 

*   *   *   *   *   *   *

SECTION 7. 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, which signa¬tures and corporate seal may be either manual or facsimile.

SECTION 8. Pledge and Dedication of Revenues. The Bonds shall be secured by and payable solely from, equally with the Outstanding Parity Bonds, an irrevocable pledge and dedication of the avails or proceeds of the Tax. This Governing Authority does hereby obligate itself and its successors in office to impose and collect the Tax in each year, and does hereby irrevocably and irrepealably dedicate, appropriate and pledge the annual income to be derived from the assessment, levy and collec¬tion of the Tax in each year to the payment of the Bonds and the Outstanding Parity Bonds, so long as the Bonds and the Outstanding Parity Bonds are outstanding. The Issuer further covenants that it shall not lower the Tax rate to result in lower Tax revenues than were collected in the fiscal year prior to the proposed adjustment unless it shall deliver to the Owners of the Bonds and the Outstanding Parity Bonds, at least thirty (30) days prior to the date of any proposed adjustment, written evidence satisfactory to the Owners showing that the lower Tax revenues will be not less than 1.35 times the combined Maximum Annual Debt Service requirements for the Bonds and any Outstanding Parity Bonds (the "Debt Service Coverage Requirement"). In the event the Revenues in any one calendar year shall be insufficient to provide the required Debt Service Coverage Requirement in such calendar year the Issuer covenants to increase by rolling forward the millage rate and/or increasing the Sales Tax for such year to the extent allowed by law in an amount necessary to achieve the Debt Service Coverage Requirement.

 

SECTION 9. Additional Parity Bonds. The Issuer shall issue no other bonds or obligations of any kind or nature payable from or enjoying a lien on the revenues of the Tax having priority over or parity with the Bonds or the Outstanding Parity Bonds, except that additional bonds may hereafter be issued on a parity with the Bonds under the following conditions:

(i)  The Bonds herein authorized or any bonds issued on a parity therewith or any part thereof, including the interest thereon, may be refunded, and the refunding bonds so issued shall enjoy complete equality of lien with the portion of the bonds which is not refunded, if there be any, and the refunding bonds shall continue to enjoy whatever priority of lien over subsequent issues may have been enjoyed by the bonds refunded; provided, however, that if only a portion of the bonds outstanding is so refunded and the refunding bonds require total principal and interest payments during any year in excess of the principal and interest which would have been required in such year to pay the bonds refunded thereby, then such bonds may not be refunded without the consent of the owner of the unrefunded portion of the bonds issued hereunder (provid¬ed such consent shall not be required if such refunding bonds meet the requirements set forth in clause 2 of this Sec¬tion). 

(ii)  Additional bonds may be issued on a parity with the Bonds and the Outstanding Parity Bonds with respect to the revenues of the Tax, provided that the anticipated Tax revenues in the year in which the additional bonds are to be issued, as reflected in the budget adopted by the Issuer, must be at least 1.35 times the sum of the maximum combined (i) principal and interest requirements on the Bonds and the said additional bonds, and (ii) Principal Account Deposit Requirements on the Outstanding Parity Bonds.

     (iii)   Junior and subordinate bonds may be issued without restriction.

(iv)  The Issuer must be in full compliance with all covenants and undertakings in connection with the Bonds, and there must be no delinquencies in payments required to be made in connection there¬with.

 

In addition to the foregoing, while the Series 2011 Bonds are Outstanding, the Issuer shall not be permitted to issue Additional Parity Bonds unless it shall deliver to the Owner of the Series 2011 Bonds, at least thirty (30) days prior to the date of any proposed issuance of Additional Parity Bonds, written evidence satisfactory to such Owner showing that the Tax revenues during twelve (12) consecutive months of the previous eighteen (18) months would have been sufficient to produce revenues in an amount equal to 1.35 times the combined Maximum Annual Debt Service of the Bonds and all Outstanding Parity Bonds, including the proposed Additional Parity Bonds.

   SECTION 10. Sinking Fund. For the payment of the principal of and the interest on the Bonds and any Additional Parity Bonds, there has been created a special fund known as "Parish School Board of the Parish of Assumption, State of Louisiana, Limited Tax Revenue Bonds, Series 2016, Sinking Fund," (the "Sinking Fund"), said Sinking Fund to be established and maintained with the regularly designated fiscal agent bank of the Issuer, which shall be maintained separately and apart from the "Parish School Board of the Parish of Assumption, State of Louisiana, Revenue Bonds (Taxable QSCB), Series 2011, Sinking Fund". The Issuer shall deposit in the Sinking Fund at least two (2) days in advance of the date on which each payment of principal and/or interest on the Bonds falls due, funds fully sufficient to promptly pay the maturing principal and/or interest so falling due on such date. The depository for the Sinking Fund shall transfer from the Sinking Fund to the Paying Agent funds fully sufficient to pay promptly the princi¬pal and interest falling due on such date.

It shall be specifical¬ly understood and agreed, however, and this provision shall be a part of this contract, that after the funds have been budgeted out of the revenues of the Tax for any year sufficient to pay the princi¬pal and interest on the Bonds and the Outstanding Parity Bonds for that period, and all required amounts for that period have been deposited in the afore¬said Sinking Fund estab¬lished for the Bonds and the Sinking Fund established for the Outstanding Parity Bonds, then any annual revenues of the Tax remaining in that year shall be free for expenditure by the Issuer for the purposes for which the Tax was authorized.

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 of the Bonds, 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 depos¬its 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 provi¬sions of the laws of the State of Louisiana. 

SECTION 11. Budget; Annual Financial Statements. As long as any of the Bonds are outstanding and unpaid in principal or interest, the Issuer shall prepare and adopt a budget prior to the begin¬ning of each Fiscal Year and shall furnish a copy of such budget to the Purchaser within thirty (30) days after its adoption. While any portion of the Bonds is Outstanding, the Issuer shall make available to the Owners its annual audited financial statements no later than 180 days after the applicable fiscal year-end of the Issuer. 

SECTION 12. Application of Proceeds. The Executive Officers are hereby empow¬ered, 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, except accrued interest, shall be used only for the purpose for which the Bonds are issued. 

SECTION 13. Bonds Legal Obligations. The Bonds shall constitute legal, binding and valid obliga¬tions of the Issuer and shall be the only representations of the indebted¬ness as herein authorized and created.

SECTION 14. 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 of the Bonds, 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 amend¬ment of this Resolution, or of any Resolution amendatory hereof or supple¬mental 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 modifica¬tion or amendment shall permit a change in the maturity 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 revenues appro¬priated, 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 the Owners of all of the outstanding bonds.

SECTION 15. 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 constitu¬tional or statutory provi¬sions enacted after the date of this Resolution which vali¬date 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.

SECTION 16. Recital of Regularity. This Governing Authority having investi¬gated the regularity of the proceedings had in connection with the Bonds 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."

 

SECTION 17. 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 regis¬tered as the Owner of such Bond for the purpose of receiv¬ing payment of the principal of and interest on such Bond and for all other purposes whatsoev¬er, 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.

SECTION 18. Notice to Owners. Wherever this Resolution pro¬vides for notice to Owners of Bonds 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 of such Bonds, at the address of such Owner as it appears in the Bond Register. In any case where notice to Owners of Bonds is given by mail, neither the failure to mail such notice to any particular Owner of Bonds, 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.

SECTION 19. Cancellation of Bonds. All Bonds surrendered for payment, transfer, exchange or replacement, if surrendered to the Paying Agent, shall be prompt¬ly 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.

SECTION 20. Mutilated, Destroyed, Lost or Stolen Bonds. If (1) any mutilated Bond is surrendered to the Paying Agent, or the Issuer and the Paying Agent receive evidence to their satisfac¬tion of the destruction, loss or theft of any Bond, and (2) there is delivered to the Issuer and the Paying Agent such security or indemnity as may be required by them to save each of them harm¬less, then, in the absence of notice to the Issuer or the Paying Agent that such Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its request the Paying Agent shall register and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of the same maturity and of like tenor, interest rate and principal amou¬nt, bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Bond has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Bond, pay such Bond. Upon the issuance of any new Bond under this Section, the Issuer may require the payment by the Owner of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Paying Agent) connected therewith. Every new Bond issued pursuant to this Section in lieu of any mutilated, de¬stroyed, lost or stolen bond shall constitute a replacement of the prior obligation of the Issuer, whether or not the mutilat¬ed, destroyed, lost or stolen Bond shall be at any time enforceable by anyone and shall be entitled to all the benefits of this Resolution equally and ratably with all other Outstanding Bonds. Any additional procedures set forth in the Agree¬ment, authorized in this Resolution, shall also be available with respect to mutilated, de¬stroyed, lost or stolen Bonds.  The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement and payment of mutilated, de¬stroyed, lost or stolen Bonds.

 

SECTION 21. Discharge of Resolution; Defeasance. If the Issuer shall pay or cause to be paid, or there shall other¬wise be paid to the Owners of all of the outstanding bonds, 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 cove¬nants, agree¬ments, 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 install¬ments 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 maturi¬ty date thereof shall be deemed to have been paid within the meaning and with the effect expressed above in this Section if they are defeased in the manner provided by Chapter 14 of Title 39 of the Louisiana Revised Statutes of 1950, as amended.  

SECTION 22. Successor Paying Agent; Paying Agent Agreement. The Issuer will at all times maintain a Paying Agent meeting the qualifica¬tions hereinafter described for the perfor¬mance of the duties hereunder for the Bonds. The designa¬tion of the initial Paying Agent in this Re


< Return to previous page