Resolution 3 of 2023 declaring the intention of the City of Jeanerette, State of Louisiana, to issue Sewer Revenue Bonds

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Resolution 3 of 2023 declaring the intention of the City of Jeanerette, State of Louisiana, to issue Sewer Revenue Bonds

Postby City Clerk » Thu Feb 23, 2023 1:10 pm

The following resolution was offered by Charlene Moore and seconded by Clarence Clark:

RESOLUTION
A resolution declaring the intention of the City of Jeanerette, State of Louisiana, to issue Sewer Revenue Bonds, in one or more series, in an amount not to exceed Five Million Four Hundred Thousand Dollars ($5,400,000), for the purpose of constructing, acquiring, extending and/or improving the Sewer System of the City and providing for other matters in connection therewith.
WHEREAS, the City of Jeanerette, State of Louisiana (the "Issuer") now owns and operates a sewer system (the "Sewer System") as a revenue-producing work of public improvement; and
WHEREAS, the Mayor and Board of Aldermen of the City of Jeanerette, State of Louisiana (the "Governing Authority"), acting as the governing authority of the Issuer, proposes that bonds will be issued by the Issuer for the purpose of constructing, acquiring, extending and/or improving the Sewer System in the manner prescribed by and under the authority of Part II of Chapter 4 of Subtitle II of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority (the "Act"), to be payable solely from the income and revenues derived or to be derived from the operation of the Sewer System, after provision has been made for payment therefrom of all reasonable and necessary expenses of operating and maintaining the Sewer System; and
WHEREAS, the Issuer has no outstanding bonds or other obligations of any kind or nature payable from or enjoying a lien on the revenues of the Sewer System herein pledged; and
WHEREAS, this Governing Authority now desires to give notice of intention pursuant to the Act to issue not exceeding $5,400,000 of sewer revenue bonds to finance improvements to the Sewer System; and
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Aldermen of the City of Jeanerette, State of Louisiana (the "Governing Authority"), acting as the governing authority thereof, that:

SECTION 1. Intent to Issue Revenue Bonds. Pursuant to and in compliance with the provisions of the Act, this Governing Authority does hereby declare its intention to issue not exceeding Five Million Four Hundred Thousand Dollars ($5,400,000) of Sewer Revenue Bonds (the "Bonds") in the name of the Issuer, in one or more series, the proceeds of which will be used to pay the cost of constructing, acquiring, extending and/or improving the Sewer System (the "Project").
SECTION 2. Terms of the Bonds. The Bonds shall be limited and special revenue bonds of the Issuer, shall be secured by and payable in principal, interest and redemption premium, if any, from the income and revenues derived or to be derived from the operation of the Issuer’s Sewer System, after provision has been made for payment therefrom of all reasonable and necessary expenses of operating and maintaining the Sewer System. The Bonds shall not be a charge on the other income and revenues of the Issuer, nor shall they constitute an indebtedness or pledge of the general credit of the Issuer. The Bonds shall be of such series, bear such dates, mature at such time or times, not to exceed thirty (30) years from their date of issuance, bear interest at such rate or rates not exceeding six percent (6%) per annum, be sold at such price or prices, be in such denomination or denominations, be in fully registered form, carry such registration privileges, be payable in such medium of payment and at such place or places, be subject to such terms of redemption and be entitled to such priorities on the income and revenues of the Sewer System as the Issuer may provide by ordinance(s) adopted at the time or times of issuance of the Bonds.
The Issuer will, in such ordinance(s), enter into such covenants with the future owner or owners of the Bonds as to the management and operation of the Sewer System, the imposition and collection of rates and charges for the services rendered thereby, the disposition of such fees and revenues, the issuance of future bonds and the creation of future liens and encumbrances against the Sewer System and the revenues therefrom, the carrying of insurance on the Sewer System and the disposition of the proceeds of insurance, the keeping of books and records, and other pertinent matters as may be deemed proper by this Governing Authority to assure the marketability of the Bonds, consistent with the provisions of the Act and other applicable laws and regulations. Such ordinance(s) will also include remedies in case of default, provision for the issuance of parity bonds, and such additional covenants, agreements and provisions as are judged advisable or necessary by the Issuer for the security of the owners of the Bonds, including sinking funds and reserves for the payment of principal and interest on the Bonds and an adequate depreciation fund for those repairs, extensions and improvements to the Sewer System as may be necessary to assure adequate and efficient service to the public, all as provided by the Act.
SECTION 3. Sale of Bonds. The Bonds may be sold at public or private sale all as provided for in the Act.
SECTION 4. Public Hearing. This Governing Authority will meet in open and public session, on MONDAY, APRIL 10, 2023 at SIX THIRTY O'CLOCK (6:30) P.M., at the Jeanerette City Hall, 1010 Main Street, Jeanerette, Louisiana, or at an earlier or later regular or special meeting of the Governing Authority to be determined by the Governing Authority, in consultation with bond counsel and duly advertised in the manner provided by law, to hear any objections to the proposed issuance of the Bonds; provided, however, if at such hearing a petition or petitions duly signed by the electors of the Issuer in an aggregate number not less than five percent (5%) of the number of the electors of the Issuer voting in the last special or general election held in the Issuer object to the issuance of the Bonds, then the Bonds shall not be issued until approved by a vote of a majority of the qualified electors of the Issuer who vote at a special election held for that purpose in the manner provided by law. Any such petition shall be accompanied by a certificate of the Iberia Parish Registrar of Voters certifying that the signers of the petition are registered electors of the Issuer and the number of signers amounts to not less than five percent (5%) of the registered voters that voted in the last tax election held in the Issuer, all as provided by the Act.
SECTION 5. Notice of Intention. The Issuer is hereby authorized, empowered and directed to publish an appropriate notice of the intention of the Issuer to issue the Bonds in accordance with the provisions of this resolution and the Act. Such notice of intention shall be published in four (4) consecutive weekly issues of the official journal of the Issuer, and shall be in substantially the following form, with any such changes as may be necessary upon the advice of bond counsel:

* * * * *
NOTICE OF INTENTION TO ISSUE
NOT EXCEEDING $5,400,000 OF
SEWER REVENUE BONDS OF THE
CITY OF JEANERETTE, STATE OF LOUISIANA
As provided by a resolution adopted by the Mayor and Board of Aldermen of the City of Jeanerette, State of Louisiana (the "Governing Authority"), acting as the governing authority of the City of Jeanerette, State of Louisiana (the "City"), on February 13, 2023, the City HEREBY DECLARES ITS INTENTION to issue up to Five Million Four Hundred Thousand Dollars ($5,400,000) of Sewer Revenue Bonds (the "Bonds"), for the purpose of constructing, acquiring, extending and/or improving the sewer system (the "Sewer System") of the City (the "Project").
The Bonds shall be limited and special revenue bonds of the City secured by and payable solely from the income and revenues derived or to be derived from the operation of the City’s sewer system (the "Sewer System"), after provision has been made for payment therefrom of all reasonable and necessary expenses of operating and maintaining the Sewer System. The Bonds will not be a charge on the other income and revenues of the City, nor shall they constitute an indebtedness or pledge of the general credit of the City. The Bonds will be issued pursuant to Part II of Chapter 4 of Subtitle II of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority (the "Act").
The Bonds will be issued in one or more series as authorized by ordinance(s) adopted by the Governing Authority, will mature not later than thirty (30) years from their date of issuance, will bear interest at rates not more than six percent (6%) per annum, and will be subject to prepayment anytime without penalty.
As provided by the Act, all of the other details of the Bonds will be set forth in the ordinance(s) authorizing their issuance, including the following: covenants relating to the management and operation of the Sewer System, the imposition and collection of rates and charges from the Sewer System's customers, the expenditure of such rates and charges, the issuance of future bonds and the creation of future liens and encumbrances against the Sewer System and all other pertinent matters as may be necessary to the authorization and issuance of the Bonds.
The Bonds are expected to be sold at a public or private sale, as provided for in the Act and other constitutional and statutory authority.
THE PUBLIC IS HEREBY NOTIFIED that the Governing Authority will meet in open and public session on MONDAY, APRIL 10, 2023 at SIX THIRTY O'CLOCK (6:30) P.M., at the at the Jeanerette City Hall, 1010 Main Street, Jeanerette, Louisiana, to hear any objections to the proposed issuance of the Bonds. If at such hearing a petition duly signed by electors of the City in a number not less than five percent (5%) of the number of such electors voting in the last special or general election object to the issuance of the Bonds, then the Bonds shall not be issued until approved at an election held for that purpose. Any such petition must be accompanied by a certificate of the Iberia Parish Registrar of Voters certifying that the signers of the petition(s) are registered electors of the City and the number of signers amounts to not less than five percent (5%) of the registered voters that voted in the last tax election held in the City, all as provided by the Act.
CITY OF JEANERETTE, STATE OF LOUISIANA
* * * * *
SECTION 6. State Bond Commission. Application is hereby made to the State Bond Commission, Baton Rouge, Louisiana, for approval of not to exceed $5,400,000 of Sewer Revenue Bonds of the Issuer (or such lesser amount as may be determined by the Governing Authority), to mature on or before thirty (30) years from the date thereof and to bear interest at a rate not to exceed six percent (6%) per annum, as described above. A certified copy of this resolution shall be submitted to the State Bond Commission, together with a request for prompt consideration and approval of this application.
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, it resolves that the Issuer 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 Products Hedges, Etc.", adopted by the State Bond 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 product(s) or enhancement(s) covered thereby.
SECTION 7. Employment of Bond Counsel. This Governing Authority finds and determines that a real necessity exists for the employment of special counsel in connection with the issuance of the Bonds, and accordingly, Foley & Judell, L.L.P., of New Orleans, Louisiana, as Bond Counsel, is hereby employed to do and perform work of a traditional legal nature as bond counsel with respect to the issuance and sale of said Bonds. Said Bond Counsel shall prepare and submit to this Governing Authority for adoption all of the proceedings incidental to the authorization, issuance, sale and delivery of such Bonds, shall counsel and advise this Governing Authority as to the issuance and sale thereof and shall furnish its opinions covering the legality of the issuance of the Bonds. The fee of Bond Counsel for each series of bonds shall be fixed at a sum not exceeding the fee allowed by the Attorney General=s fee guidelines for such bond counsel work in connection with the issuance of revenue bonds and based on the amount of said Bonds actually issued, sold, delivered and paid for, plus Aout-of-pocket@ expenses, said fees to be contingent upon the issuance, sale and delivery of said Bonds. The Mayor is hereby authorized and directed to execute, and this Governing Authority hereby agrees to and accepts the terms of, the engagement letter of Bond Counsel appended hereto. A certified copy of this resolution shall be submitted to the Attorney General of the State of Louisiana for his written approval of said employment and of the fees herein designated, and the Director of Finance is hereby empowered and directed to provide for payment of the work herein specified upon completion thereof and under the conditions herein enumerated without further approval of this Governing Authority.

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

Member Yea Nay Absent Abstaining
Clarence Clark X
Charlene Moore X
Garland Bourgeois X
Ray Duplechain X
Willie Ward X

And the resolution was declared adopted on this, the 13th day of February, 2023.

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