BOARD OF COMMISSIONERS
OF WARD FIVE OF
February 3, 2020
The Board of Commissioners of Waterworks District No. Fourteen of Ward Five of Calcasieu Parish, Louisiana, met in special public session at its regular meeting place at 4352 Highway 12, Starks, Louisiana 70661, at 6:30 o’clock p.m. on Monday, February 3, 2020, with the following members present: Brian Corbello, Greg Gillis, Jeremy Istre, George Miller, Ruth Sparks
The meeting was called to order and the roll called with the above results.
Thereupon, the following resolution was then introduced, and pursuant to motion made by Jeremy Istre and seconded by Brian Corbello, was adopted by the following vote:
YEAS: Brian Corbello, Greg Gillis, Jeremy Istre, George Miller, Ruth Sparks
A RESOLUTION AUTHORIZING WATERWORKS DISTRICT NO. FOURTEEN OF WARD FIVE OF CALCASIEU PARISH, LOUISIANA, TO PROCEED WITH A REFUNDING OF CERTAIN OUTSTANDING WATER REVENUE BONDS OF THE DISTRICT, INVOLVING ISSUANCE OF NOT TO EXCEED $2,400,000 OF WATER REVENUE REFUNDING BONDS OF WATERWORKS DISTRICT NO. FOURTEEN OF WARD FIVE OF CALCASIEU PARISH, LOUISIANA, SERIES 2020; MAKING APPLICATION TO THE STATE BOND COMMISSION, AND PROVIDING FOR OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, the Board of Commissioners, acting as the governing authority of Waterworks District No. Fourteen of Ward Five of Calcasieu Parish, Louisiana (the “Issuer”), after examining available data, has determined that there is substantial need within the Issuer for refunding certain outstanding maturities of the Issuer’s Water Revenue Bonds, Series 2010 dated March 9, 2010 on original issue (the “Refunded Bonds”), in accordance with the provisions of Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended; and
WHEREAS, issuance of not exceeding $2,400,000 Water Revenue Refunding Bonds of Waterworks District No. Fourteen of Ward Five will assist the Issuer in alleviating such need;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, the governing authority of Waterworks District No. Fourteen of Ward Five of Calcasieu Parish, Louisiana, as follows:
SECTION 1. The statements of fact expressly contained within the preamble to this Resolution have been specifically reviewed by the District’s Board of Commissioners and are found to be factually true and correct, and are made resolutions of the District.
SECTION 2. The Board does hereby authorize the Issuer to proceed with a plan for refunding certain outstanding bonds of the Issuer, involving the proposed issuance by the Issuer of not to exceed $2,400,000 Water Revenue Refunding Bonds of Waterworks District No. Fourteen of Ward Five of Calcasieu Parish, Louisiana, Series 2020, for the purpose of currently refunding certain outstanding Water Revenue Bonds, Series 2010, of the Issuer, to be issued and sold at such time as a savings acceptable to the Issuer can be achieved, said Refunding Bonds to mature not later than 28 years, at a rate or rates not exceeding 5.0% per annum.
SECTION 3. Application is hereby formally made to the Louisiana State Bond Commission, pursuant to the provisions of Subpart A of Part II, Chapter 4 of Subtitle II of Title 39 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 39:501 et seq.), for consent, approval and authority to issue, sell and deliver not to exceed $2,400,000 Water Revenue Refunding Bonds of Waterworks District No. Fourteen of Ward Five of Calcasieu Parish, Louisiana, to be secured by and payable from the income, revenues and receipts derived or to be derived from operation of the waterworks system of the Issuer after provision has been made for payment therefrom of the reasonable and necessary expenses of administering, operating and maintaining the waterworks system of the Issuer.
By virtue of the Issuer’s application for, acceptance and utilization of the benefits of the Louisiana State Bond Commission’s approval(s) resolved and set forth herein, the Issuer resolves that it understands and agrees that such approval(s) are expressly conditioned upon, and it further resolves that it understands, agrees and binds itself, its successors and assigns, to full and continuing compliance with the “State Bond Commission Policy on Approval of Proposed Use of Swaps, or other forms of Derivative Produces Hedges, Etc.,” adopted by the Commission on July 20, 2006, as to the borrowing(s) and other matter(s) subject to the approval(s), including subsequent application and approval under said Policy of the implementation or use of any swap(s) or other products(s) or enhancement(s) covered thereby.
SECTION 4. The Secretary is empowered, authorized and requested to forward to the Louisiana State Bond Commission a certified copy of this resolution which shall constitute a formal application as herein provided.
SECTION 5. There being a real public necessity for the retention and employment of legal counsel to provide specialized legal services in connection with issuance of the Bonds by the Issuer, and it appearing that the public interest requires obtaining of such specialized legal services, Joseph A. Delafield, A Professional Corporation, Lake Charles, Louisiana (“Bond Counsel”), is hereby employed for such purposes. The fee for the work to be performed by Bond Counsel is contingent upon the issuance, sale and delivery of the Bonds, and shall be in accordance with the maximum fee schedule of the Attorney General of the State of Louisiana for comprehensive legal and coordinate professional work of bond attorneys and bond counsel in the issuance of revenue bonds.
SECTION 6. The employment of Stifel, Nicolaus & Company, Incorporated, as Underwriter in connection with the Bonds is hereby approved. The compensation of the Underwriter shall be payable from the proceeds of the Bonds and shall be subject to the approval of the Issuer and the Louisiana State Bond Commission.
SECTION 7. The employment of Government Consultants, Inc., Baton Rouge, Louisiana, as Municipal Advisor in connection with the Bonds is hereby approved. The compensation of the Municipal Advisor shall be payable from the proceeds of the Bonds and shall be subject to the approval of the Board and the Louisiana State Bond Commission.
SECTION 8. A copy of this Resolution shall be published immediately after its adoption in one (1) issue of the official journal of the Issuer. For a period of thirty (30) days from the date of such publication, any person in interest shall have the right to contest the legality of this Resolution and of the Bonds to be issued pursuant hereto and the provisions hereof securing the Bonds. After the expiration of said thirty (30) days, no one shall have any right of action to contest the validity of the Bonds or the provisions of this Resolution, and the Bonds shall be conclusively presumed to be legal and no court shall thereafter have authority to inquire into such matters.
This Resolution was declared adopted on this 3rd day of February, 2020.
/s/ Greg Gillis
/s/ Catherine Barks
(Other business not pertinent to the above appears in the minutes of the meeting.)
Pursuant to motion duly made and carried, the meeting was adjourned.
/s/ Greg Gillis
/s/ Catherine Barks
STATE OF LOUISIANA
PARISH OF CALCASIEU
I, CATHERINE BARKS, certify that I am the duly qualified and acting Secretary of the Board of Commissioners, the governing authority of Waterworks District No. Fourteen of Ward Five of Calcasieu Parish, Louisiana.
I further certify that the above and foregoing is a true and correct copy of an excerpt from the minutes of a meeting of the District held on February 3, 2020, and of a resolution adopted at said meeting as said minutes and resolution appear officially of record in my possession.
IN FAITH WHEREOF, witness my official signature on behalf of Waterworks District No. Fourteen of Ward Five of Calcasieu Parish, Louisiana, on this 3rd day of February, 2020.
/s/ Catherine Barks
Run: February 19, 2020 (F-7)
BOARD OF COMMISSIONERS