Council Meeting Minutes (Special Session) - 2012-07-16
PROCEEDINGS OF THE COUNCIL OF THE CITY OF ALEXANDRIA, LOUISIANA, STATE OF LOUISIANA, TAKEN AT A SPECIAL MEETING HELD JULY 16, 2012.
The Council of the City of Alexandria, Louisiana, met in special meeting session at its regular meeting place, on Monday, July 16, 2012 at 3:30 P.M. in the City Council Chambers.
There were present the Honorable Roosevelt L. Johnson, Chuck Fowler, Harry B. Silver, Ed Larvadain, Jerry Jones and Mitzi Gibson. Also present were the Council Staff. City Attorney Chuck Johnson and Mayor Jacques Roy. Ms. Karen Carter Peterson, Bond Attorney was also in attendance.
The Council of the City of Alexandria, State of Louisiana, was duly convened as the governing authority of said City by the Honorable Harry B. Silver, who stated that the Council was ready for the transaction of business.
Ms. Gibson moved for the adoption of the following resolution which was seconded by Mr. Fowler, to wit:
RESOLUTION NO. 9083-2012
A RESOLUTION RESCINDING RESOLUTION
NO. 9078-2012 CONCERNING ISSUANCE OF
NOT TO EXCEED TEN MILLION DOLLARS
TAXABLE REFUNDING CERTIFICATES OF
INDEBTEDNESS.
The President called for any discussion. There being no further discussion, a vote was called for and resulted as follows:
YEAS: Gibson, Johnson, Larvadain, Jones, Fowler, Silver.
NAYS: None.
ABSENT: Villard.
The resolution was thereupon declared adopted on this the 16th day of July, 2012.
The following resolution was offered by Mr. Fowler and seconded by Ms. Gibson:
RESOLUTION NO. 9084 -2012
A resolution giving preliminary approval to the issuance of not
exceeding Ten Million Dollars ($10,000,000) of Taxable Limited Tax Bonds, Series 2012, of the City of Alexandria, State of Louisiana for the purpose of refunding all or any portion of the City’s Taxable Refunding Certificates of Indebtedness, Series 1998C; providing certain terms of said bonds; making application to the State Bond Commission for approval of said Bonds; and providing for other matters in connection therewith.
WHEREAS, the City of Alexandria, State of Louisiana (the “Issuer”) desires to incur debt and issue not exceeding Ten Million Dollars ($10,000,000) of its Taxable Limited Tax Bonds, Series 2012 (the "Bonds"), pursuant to Chapter 14-A and Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority, for the purpose of refunding all or any portion of the Issuer’s outstanding Taxable Refunding Certificates of Indebtedness, Series 1998C, and paying the costs of issuance of the Bonds, said Bonds to be payable from an irrevocable pledge and dedication of the funds to be derived by the Issuer from the levy and collection of a special tax of six and eighty three hundredths (6.83) 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 (the “Tax”) within the boundaries of the Issuer pursuant to Article VI, Section 27 of the Louisiana State Constitution, to mature no later than June 1, 2021, and to bear interest at a rate or rates not to exceed four per centum (4%) per annum; and
WHEREAS, the Issuer is not now a party to any contract pledging or dedicating the Tax; and
WHEREAS, the Issuer desires to make formal application to the State Bond Commission for approval of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Alexandria, State of Louisiana (the “Governing Authority”), acting as the governing authority of the City of Alexandria, State of Louisiana (the “Issuer”), that:
SECTION 1. Preliminary approval is given to the issuance of not exceeding $10,000,000 aggregate principal amount of Taxable Limited Tax Bonds of the Issuer (the "Bonds"), pursuant to Chapter 14-A and Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority, to be issued for the purpose of refunding all or any portion of the Issuer’s outstanding Taxable Refunding Certificates of Indebtedness, Series 1998C, and paying the costs of issuance of the Bonds, said Bonds to be payable from an irrevocable pledge and dedication of the funds to be derived by the Issuer from the levy and collection of a special tax of six and eighty three hundredths (6.83) 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 (the “Tax”) within the corporate boundaries of the Issuer pursuant to Article VI, Section 27 of the Louisiana State Constitution. The Bonds shall bear interest at a rate or rates not to exceed four per centum (4%) per annum, to be determined by subsequent proceedings of this Governing Authority at the time of the sale of the Bonds, and shall mature no later than June 1, 2021. The Bonds shall be issued in fully registered form, shall be sold to the purchasers thereof at a price of not less than 97% of par, plus accrued interest, if any, and shall have such additional terms and provisions as may be determined by this Governing Authority.
SECTION 2. The Mayor and City Clerk of the Issuer are each hereby further authorized and directed, for and on behalf of the Issuer, to execute, seal, attest and deliver all such documents and other instruments as are required in connection with the borrowing authorized herein, and to take such further action as may be appropriate or required by law in connection therewith.
SECTION 3. Application be and the same is hereby formally made to the State Bond Commission, Baton Rouge, Louisiana, for its consent and authority to issue and sell the aforesaid issue of Bonds, and a certified copy of this resolution shall be forwarded to the State Bond Commission on behalf of the Issuer, together with a letter requesting the prompt consideration and approval of this application. By virtue of applicant/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 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 Products 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 product(s) or enhancement(s) covered thereby.
SECTION 4. The Alexandria City Council herein finds a necessity exists for the employment of bond counsel in connection with the refunding and issuance of the Bonds and accordingly employs Davillier Law Group, LLC, to do and perform comprehensive legal and professional work. The fee of said bond counsel shall be fixed at a sum not exceeding the maximum fee allowed by the Attorney General’s fee schedule and paid, plus “out-of-pocket expenses,” said fees to be contingent upon completion of the refinance. A certified copy of this resolution shall be submitted to the Attorney General of the State of Louisiana for his written approval of said fees and expenses herein designated. The Director of Finance is hereby empowered and directed to issue vouchers in payment for the work herein provided for upon completion under the terms herein specified.
SECTION 5. Stephens Inc., of Baton Rouge, Louisiana (the “Underwriter”), is hereby appointed as investment banker/underwriter in connection with refunding the Series 1998C Certificates any compensation to be subsequently approved by the Issuer and to be paid from the proceeds of the Refunding Bonds and contingent upon the issuance of the Refunding Bonds; provided that no compensation shall be due to said investment banker/underwriter unless the Bonds are sold and delivered. Foley & Judell, L.L.P. shall serve as Underwriter’s Counsel. Pursuant to instructions from the Mayor, Underwriter’s Counsel shall cause to be prepared an official statement with respect to the sale of the Bonds and the costs of the preparation and printing of said official statement, as approved by the State Bond Commission, shall be paid from the proceeds of the issue for which it has been prepared. Said Official Statement may be submitted to one or more of the nationally recognized bond rating service or services, together with a request that an appropriate rating be assigned. Payment for all ratings shall be made by the Director of Finance upon presentation of appropriate statements from the particular rating service furnishing the ratings, and the Director of Finance is hereby empowered and directed to issue vouchers in payment for the work herein provided for upon completion of the work herein specified and under the conditions
herein enumerated.
This resolution having been submitted to a vote, the vote thereon was as follows:
MEMBERS: YEAS: NAYS: ABSENT: ABSTAINING:
Jim Villard _____ _____ __X___ __________
Roosevelt L. Johnson __X___ _____ _____ __________
Ed Larvadain, III ______ __X___ ______ __________
Mitzi Gibson __X___ _____ _______ ___________
Jerry W. Jones, Jr. __X___ _____ _______ ___________
Harry B. Silver __X___ _____ _______ ___________
Charles L. “Chuck” Fowler, Jr.
__X___ _____ _______ __________
Mr. Johnson, City Attorney was present to explain this item to the Council. After his discussion, Mayor Roy commented.
It was noted for the record that Councilman Fowler left the meeting at this time.
Ms. Karen Carter Peterson was next introduced and spoke a few words concerning the above item.
And the resolution was declared adopted on this, the 16th day of July, 2012.
/S/ NANCY L. THIELS /S/ HARRY B. SILVER
City Clerk President
There being no further business to come before the Council, the meeting was adjourned.
/S/ HARRY B. SILVER
PRESIDENT
ATTEST:
NANCY L. THIELS
CITY CLERK