Council Meeting Minutes (Special Session) - 2008-07-29
Document Date:
Tuesday, July 29, 2008
Special Session
PROCEEDINGS OF THE COUNCIL OF THE CITY OF ALEXANDRIA, LOUISIANA, STATE OF LOUISIANA, TAKEN AT A SPECIAL MEETING HELD JULY 29, 2008.
The Council of the City of Alexandria, Louisiana, met in special meeting session at its regular meeting place, on Tuesday, July 29, 2008 at 11:00 A.M. There were present the Honorable Everett C. Hobbs, Louis Marshall, Chuck Fowler, Harry B. Silver, Roosevelt Johnson, Myron K. Lawson and Charles F. Smith, Jr. Also present were Mayor Jacques M. Roy, City Attorney Chuck Johnson and City Clerk Nancy L. Thiels.
The Council of the City of Alexandria, State of Louisiana, was duly convened as the governing authority of said City by the Honorable Louis J. Marshall, who stated that the Council was ready for the transaction of business.
$15 MILLION LIMITED TAX REVENUE BONDS
Mr. Grant Schlueter with Foley & Judell was present to speak to the Council on these items.
The following resolution was offered by Mr. Fowler and seconded by Mr. Smith:
RESOLUTION NO. 8447-2008
A resolution providing for the tabulation of the sealed or electronic bids received for the purchase of Fifteen Million Dollars ($15,000,000) of Limited Tax Revenue Bonds, Series 2008 of the City of Alexandria, 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.
BE IT RESOLVED by the City Council of the City of Alexandria, State of Louisiana, acting as the governing authority of the City of Alexandria, State of Louisiana, acting as the governing authority of said City, that:
SECTION 1. The City Council of the City of Alexandria, State of Louisiana (the “Governing Authority”)of the City of Alexandria, State of Louisiana (the “City”)does now proceed in open and public session to tabulate the sealed or electronic bids received for the purchase of Fifteen Million Dollars ($15,000,000) of Limited Tax Revenue Bonds, Series 2008 of the City of Alexandria, State of Louisiana (the "Bonds"), authorized and duly advertised for sale by virtue of a resolution adopted on June 17, 2008.
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 Mayor and Clerk 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:
Member Yea Nay Absent Abstaining
Roosevelt Johnson x _____ _____ _____
Myron K. Lawson x _____ _____ _____
Louis Marshall x _____ _____ _____
Everett Hobbs x _____ _____ _____
Charles F. Smith, Jr. x _____ _____ _____
Harry B. Silver x _____ _____ _____
Chuck Fowler, Jr. x _____ _____ _____
And the resolution was declared adopted on this, the 29th day of July, 2008.
/s/ Nancy Thiels /s/ Louis Marshall
Clerk President
The bids received on July 29, 2008, for the purchase of Fifteen Million Dollars ($15,000,000) of Limited Tax Revenue Bonds, Series 2008 (the "Bonds") of the City of Alexandria, State of Louisiana (the "City"), 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 proceedings, said bids being as follows, towit:
BIDDERS TIC
Morgan Keegan & Company, Inc. 3.846485%
Coastal Securities, Inc. 3.916128
Merrill Lynch & Co. 4.133465
Bernardi Securities, Inc. 4.558055
The following resolution was offered by Mr. Fowler and seconded by Mr. Johnson:
RESOLUTION NO. 8448-2008
A resolution accepting the bid of Morgan Keegan & Company, Inc., of Memphis, Tennessee, for the purchase of Fifteen Million Dollars ($15,000,000) of Limited Tax Revenue Bonds, Series 2008, of the City of Alexandria, State of Louisiana.
WHEREAS, pursuant to the provisions of a Notice of Bond Sale dated June 17, 2008, published in the manner required by law, and pursuant to the provisions of a resolution adopted by the City Council of the City of Alexandria, State of Louisiana (the “Governing Authority”) of the City of Alexandria, State of Louisiana (the “Issuer”) on June 17, 2008, sealed bids were solicited for the purchase of Fifteen Million Dollars ($15,000,000) of Limited Tax Revenue Bonds, Series 2008, of the Issuer (the "Bonds"), on July 29, 2008; and
WHEREAS, four (4) bids were received for the purchase of the Bonds; and
WHEREAS, this Governing Authority has found and determined and does hereby find and determine that the bid submitted by Morgan Keegan & Company, Inc., of Memphis, Tennessee (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;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Alexandria, State of Louisiana, acting as the governing authority of the City of Alexandria, State of Louisiana, acting as the governing authority of said City, 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 compliance with the terms of the bid.
SECTION 2. The good faith deposit in the amount of $150,000 accompanying said bid is hereby accepted in accordance with and subject to said Official Notice of Bond Sale. 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 authorized to deliver the Bonds to the Purchaser upon the payment of the purchase price thereof and accrued interest to the date of delivery, less a credit of $150,000 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 Clerk of the Issuer 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 immediately upon its adoption.
This resolution having been submitted to a vote, the vote thereon was as follows:
Member Yea Nay Absent Abstaining
Roosevelt Johnson x _____ _____ _____
Myron K. Lawson x _____ _____ _____
Louis Marshall x _____ _____ _____
Everett Hobbs x _____ _____ _____
Charles F. Smith, Jr. x _____ _____ _____
Harry B. Silver x _____ _____ _____
Chuck Fowler, Jr. x _____ _____ _____
And the resolution was declared adopted on this, the 29th day of July, 2008.
/s/ Nancy Thiels /s/ Louis Marshall
Clerk President
EXHIBIT "A"
(COPY OF SUCCESSFUL BID)
EXHIBIT "B"
OFFICIAL STATEMENT CERTIFICATE
I, the undersigned City Clerk of the City of Alexandria, State of Louisiana, with respect to the Official Statement (the "Official Statement") issued regarding the sale of Fifteen Million Dollars ($15,000,000) of Limited Tax Revenue Bonds, Series 2008 of the City of Alexandria, 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 City of Alexandria, State of Louisiana (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 circumstances under which they are made, not misleading, and (ii) insofar as the descriptions and statements, including financial data, of or pertaining to governmental and/or nongovernmental entities other than the Issuer and their activities, contained in the Official Statement are concerned, such descriptions, 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 CITY OF ALEXANDRIA, STATE OF LOUISIANA
DATED: ______, 2008 By:_________________________________
(Date of Delivery) City Clerk
$25 MILLION SALES TAX BONDS
The following resolution was offered by Mr. Fowler and seconded by Mr. Johnson:
RESOLUTION NO. 8449-2008
A resolution providing for the tabulation of the sealed or electronic bids received for the purchase of Twenty Five Million Dollars ($25,000,000) of Sales Tax Bonds, Series 2008 of the City of Alexandria, 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.
BE IT RESOLVED by the City Council of the City of Alexandria, State of Louisiana, acting as the governing authority of the City of Alexandria, State of Louisiana, acting as the governing authority of said City, that:
SECTION 1. The City Council of the City of Alexandria, State of Louisiana (the “Governing Authority”)of the City of Alexandria, State of Louisiana (the “City”)does now proceed in open and public session to tabulate the sealed or electronic bids received for the purchase of Twenty Five Million Dollars ($25,000,000) of Sales Tax Bonds, Series 2008 of the City of Alexandria, State of Louisiana (the "Bonds"), authorized and duly advertised for sale by virtue of a resolution adopted on June 17, 2008.
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 Mayor and Clerk 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:
Member Yea Nay Absent Abstaining
Roosevelt Johnson x _____ _____ _____
Myron K. Lawson x _____ _____ _____
Louis Marshall x _____ _____ _____
Everett Hobbs x _____ _____ _____
Charles F. Smith, Jr. x _____ _____ _____
Harry B. Silver x _____ _____ _____
Chuck Fowler, Jr. x _____ _____ _____
And the resolution was declared adopted on this, the 29th day of July, 2008.
/s/ Nancy Thiels /s/ Louis Marshall Clerk President
The bids received on July 29, 2008, for the purchase of Twenty Five Million Dollars ($25,000,000) of Sales Tax Bonds, Series 2008 (the "Bonds") of the City of Alexandria, State of Louisiana (the "City"), 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 proceedings, said bids being as follows, towit:
BIDDERS TIC
Morgan Keegan & Company, Inc. 4.624356%
Coastal Securities, Inc. 4.661502
Merrill Lynch & Co. 4.901520
The following resolution was offered by Mr. Fowler and seconded by Mr. Silver:
RESOLUTION NO. 8450-2008
A resolution accepting the bid of Morgan Keegan & Company, Inc., of Memphis, Tennessee, for the purchase of Twenty Five Million Dollars ($25,000,000) of Sales Tax Bonds, Series 2008, of the City of Alexandria, State of Louisiana.
WHEREAS, pursuant to the provisions of a Notice of Bond Sale dated June 17, 2008, published in the manner required by law, and pursuant to the provisions of a resolution adopted by the City Council of the City of Alexandria, State of Louisiana (the “Governing Authority”) of the City of Alexandria, State of Louisiana (the “Issuer”) on June 17, 2008, sealed bids were solicited for the purchase of Twenty Five Million Dollars ($25,000,000) of Sales Tax Bonds, Series 2008, of the Issuer (the "Bonds"), on July 29, 2008; and
WHEREAS, three (3) bids were received for the purchase of the Bonds; and
WHEREAS, this Governing Authority has found and determined and does hereby find and determine that the bid submitted by Morgan Keegan & Company, Inc., of Memphis, Tennessee (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;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Alexandria, State of Louisiana, acting as the governing authority of the City of Alexandria, State of Louisiana, acting as the governing authority of said City, 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 compliance with the terms of the bid.
SECTION 2. The good faith deposit in the amount of $250,000 accompanying said bid is hereby accepted in accordance with and subject to said Official Notice of Bond Sale. 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 authorized to deliver the Bonds to the Purchaser upon the payment of the purchase price thereof and accrued interest to the date of delivery, less a credit of $250,000 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 Clerk of the Issuer 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 immediately upon its adoption.
This resolution having been submitted to a vote, the vote thereon was as follows:
Member Yea Nay Absent Abstaining
Roosevelt Johnson x _____ _____ _____
Myron K. Lawson x _____ _____ _____
Louis Marshall x _____ _____ _____
Everett Hobbs x _____ _____ _____
Charles F. Smith, Jr. x _____ _____ _____
Harry B. Silver x _____ _____ _____
Chuck Fowler, Jr. x _____ _____ _____
And the resolution was declared adopted on this, the 29th day of July, 2008.
/s/ Nancy Thiels /s/ Louis Marshall
Clerk President
EXHIBIT "A"
(COPY OF SUCCESSFUL BID)
EXHIBIT "B"
OFFICIAL STATEMENT CERTIFICATE
I, the undersigned City Clerk of the City of Alexandria, State of Louisiana, with respect to the Official Statement (the "Official Statement") issued regarding the sale of Twenty Five Million Dollars ($25,000,000) of Sales Tax Bonds, Series 2008 of the City of Alexandria, 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 City of Alexandria, State of Louisiana (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 circumstances under which they are made, not misleading, and (ii) insofar as the descriptions and statements, including financial data, of or pertaining to governmental and/or nongovernmental entities other than the Issuer and their activities, contained in the Official Statement are concerned, such descriptions, 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 CITY OF ALEXANDRIA, STATE OF LOUISIANA
DATED: ______, 2008 By:_________________________________
(Date of Delivery) City Clerk
There being no further business to come before the Council, on motion properly seconded, the meeting was adjourned.
____________________________
President
ATTEST:
______________________
City Clerk
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