TANGIPAHOA PARISH SCHOOL BOARD PROCEEDINGS

 

September 16, 2003

 

            The Tangipahoa Parish School Board met in regular session on Tuesday, September 16, 2003, at 6:30 p.m., in the School Board Meeting Room, School Board Office, 59656 Puleston Road, Amite, Louisiana, with President Robert Caves, Presiding.

 

MEMBERS PRESENT:           Robert Caves,  Al Link,  Carl Bardwell, Sandra Bailey-Simmons, Leonard Genco, Robert Potts,  Maxine Dixon, Jimmy A. Richardson, I, and Donnie Williams

 

MEMBERS ABSENT:             None

                                               

Mr. Darrell Fairburn, Principal – Sumner High School, gave the invocation and led the Pledge of Allegiance.

 

            Minutes of a regular meeting of the Parish School Board of the Parish of Tangipahoa, State of Louisiana, the governing authority of Consolidated School District No. 116 of the Parish of Tangipahoa, State of Louisiana, held 6:30 p.m., Tuesday, September 16, 2003 at the School Board office, 59656 Puleston Road, Amite, Louisiana, convened pursuant to notice duly posted in strict compliance with the Public Meeting Law of the State of Louisiana, with the following members present:

 

 

Present

 

Absent

Robert Caves, President

X

 

 

Carl Bardwell

X

 

 

Al Link

X

 

 

Sandra Simmons

X

 

 

Maxine Dixon

X

 

 

Robert Potts

X

 

 

Leonard Genco

X

 

 

Jimmy Richardson

X

 

 

Donnie Williams, Sr.

X

 

 

 

 

            The meeting was called to order and the roll called, with the above result.

 

            Also present was Louis Joseph, Superintendent of Schools and Secretary of the School Board.

 

            It was moved by Mr. Potts, seconded by Mr. Genco, to waive the rules to adopt a resolution to open the sealed bids for Consolidated School District No. 116. Hearing no objection, the motion was unanimously adopted.

 

            It was moved by Mr. Potts, seconded by Mr. Genco, to open the sealed bids for Consolidated School District No. 116. Hearing no objection, the motion was unanimously adopted.

 

            It was moved by Mr. Potts, seconded by Mr. Genco, to accept the low bid of Morgan Keegan and Company in the amount of $1,683.580.00. Hearing no objection, the motion was unanimously adopted.

 

                The president then announced that the next item on the agenda was to adopt a resolution authorizing the incurrence of debt and issuance of $3,400,000 of General Obligation School Improvement Bonds Series 2003 of Consolidated School District No. 116 of the Parish of

Tangipahoa, State of Louisiana.  Copies of said resolution were provided to members of the School Board and other interested persons.  In compliance with L.R.S. 42:5.1, the President then called for public comment on the proposed resolution to issue bonds.  After everyone who wished to speak had been heard, the following resolution was offered by Mr. Potts, seconded by Mr. Genco, and adopted by the following vote:

 

Yeas:                Robert Caves, Carl Bardwell, Al Link, Sandra Simmons, Maxine Dixon, Robert Potts, Leonard Genco, Jimmy Richardson and Donnie Williams, Sr.

 

Nays:               None.

 

Absent: None.

 

            And the Resolution provides as follows:

 

 

RESOLUTION

 

A resolution authorizing the incurring of debt and issuance of Three Million Four Hundred Thousand Dollars ($3,400,000) of General Obligation School Improvement Bonds, Series 2003 of Consolidated School District No. 116 of the Parish of Tangipahoa, 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.

 

            BE IT RESOLVED by the Parish School Board of the Parish of Tangipahoa, Louisiana (the “Governing Authority”), acting as the governing authority of Consolidated School District No. 116 of the Parish of Tangipahoa, State of Louisiana (the “Issuer”), that:

 

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

 

            “Act” means the applicable provisions of Article VI, Section 33 of the Constitution of the State of Louisiana of 1974, Sub-Part A, Part III, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950 as amended, and other constitutional and statutory authority supplemental thereto.

 

            “Bonds” means the Issuer’s General Obligation School Improvement Bonds, Series 2003, authorized by this Resolution, in the total aggregate principal amount of Three Million Four Hundred Thousand Dollars ($3,400,000).

 

            “Bond Register” means the records kept by the Paying Agent at its principal corporate office in which registration of the Bonds and transfers of the Bonds shall be made as provided herein.

 

            “Code” means the Internal Revenue Code of 1986, as amended.

 

            “Executive Officers” means, collectively, the President and the Secretary of the Governing Authority.

 

            “Governing Authority” means the Parish School Board of the Parish of Tangipahoa, State of Louisiana, in its capacity as governing authority of the Issuer, and any successor thereto.

 

            “Government Securities” means direct obligations of, or obligations the principal of and interest on which are unconditionally 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 May 1 and November 1 of each year during which the Bonds are outstanding, commencing May 1, 2004.

 

            “Issuer” means Consolidated School District No. 116 of the Parish of Tangipahoa, State of Louisiana.

 

            “Outstanding” when used with respect to the Bonds means, as of the date of determination, any bond theretofore issued and delivered under this Bond resolution, except:

 

(1)   Any Bond theretofore canceled by the Paying Agent or delivered to the Paying Agent for cancellation;

 

(2) Any Bond for which payment or redemption of sufficient funds or government securities, or both, have been theretofore deposited in trust for the owners of such Bond with the effect specified in this Resolution or by law;

 

(3) Any Bond in exchange for or in lieu of which another Bond or Bonds has been registered and delivered pursuant to this Resolution and

 

(4) Any Bond alleged to have been mutilated, destroyed, lost or stolen which may have been paid as provided in this Resolution or by law.

 

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

 

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

 

            “Paying Agent” shall mean Bank One Trust Company, N.A., in the City of New Orleans, Louisiana, 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.

 

            “Paying Agent Agreement” means the agreement to be entered into between the Issuer and the Paying Agent.

 

            “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

            “Purchaser” means Morgan Keegan & Company, Inc. in the City of New Orleans, Louisiana, or any successor entity thereto.

 

            “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” or “Bond Resolution” means this Resolution authorizing the issuance of the Bonds, as it may be supplemented and amended.

 

            “Supplemental Bond Resolution” means any resolution adopted by the Governing Authority of the Issuer from time to time providing the details of the Bonds or supplementing or amending the terms of this Resolution.

 

SECTION 2.  Authorization and Terms of Bonds.   In compliance with the terms and provisions of the Act, and being authorized at a special election held on  July 19, 2003,  there is hereby authorized the incurrence of an indebtedness of Three Million Four Hundred Thousand

Dollars ($3,400,000) for, on behalf of, and in the name of the Issuer, for the purpose of purchasing, constructing, acquiring, erecting and/or  improving school buildings and other school  related  facilities within and for the Issuer and acquiring the necessary equipment and furnishings therefor, including, but not limited to: a new middle school; renovations and improvements to the track and gymnasium at  Sumner High School;  re-roofing of buildings and facilities of Chesbrough Elementary School; and removal of old floors and roof and installation of new floors and roof of Spring Creek Elementary School, title to which shall be in the public.   To represent said indebtedness, this Governing Authority does hereby authorize the issuance of Three Million Four Hundred Thousand Dollars ($3,400,000) of General Obligation School Bonds, Series 2003 of the Issuer.  The Bonds shall be issued in the form of fully registered Bonds of the Issuer, shall be dated November 1, 2003, and shall be in the denomination of Five Thousand ($5,000) each, or any integral multiple thereof within a single maturity, and shall be numbered 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, commencing May 1, 2004, the rate or rates of interest fixed by the Issuer at the time of the sale of the Bonds, and shall mature on May 1st of each year in the principal amounts set out in the following schedule:

 

Bonds 

Maturing

(May 1)

 

 

 

Amou­nt

 

Interest

Rate Per

Annum

 

Bonds 

Maturing

(May 1)

 

 

 

Amount

 

Interest

Rate Per

Annum

 

2004

 

 

 

 $     95,000

 

 

6.000%

 

 

2014

 

  $165,000

 

 

3.600%

2005

 

      100,000

 

6.000%

 

2015

 

    175,000

 

3.700%

2006

 

      105,000

 

6.000%

 

2016

 

    185,000

 

3.800%

2007

 

      115,000

 

6.000%

 

2017

 

    195,000

 

4.000%

2008

 

      120,000

 

6.000%

 

2018

 

    205,000

 

4.000%

2009

 

      125,000

 

4.600%

 

2019

 

    220,000

 

4.100%

2010

 

      135,000

 

4.700%

 

2020

 

    230,000

 

4.200%

2011

 

      140,000

 

4.200%

 

2021

 

    245,000

 

4.300%

2012

 

      150,000

 

3.750%

 

2022

 

    260,000

 

4.350%

2013

 

      160,000

 

3.750%

 

2023

 

    275,000

 

4.400%

 

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

 

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

 

            SECTION 3.  Redemption.  Those Bonds maturing on May 1, 2014, and thereafter shall be callable for redemption by the Issuer in full at any time on or after May 1, 2013, or in part in the inverse order of their maturities, and if less than a full maturity then by lot within such maturity, on any Interest Payment Date on or after May 1, 2013, at the principal amount thereof, plus accrued interest from the most recent Interest Payment Date to which interest has been paid or duly provided for to the date fixed for redemption.  Bonds maturing on or before May 1, 2014, are not subject to redemption prior to maturity.

 

            In the event a Bond to be redeemed is of a denomination larger than $5,000, a portion of such Bond ($5,000 or any multiple thereof) may be redeemed.  Any Bond which is to be redeemed only in part shall be surrendered at the principal corporate office of the Paying Agent

and there shall be delivered to the Owner of such Bond a new Bond or Bonds of the same maturity and of any authorized denomination or denominations as requested by such Owner in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered.  Official notice of such call of any of the Bonds for redemption shall be given by means of 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 Owner of each Bond to be redeemed at his address as shown on the Bond Register.

 

            SECTION 4.  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 registration 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 instruments of transfer and assignment acceptable 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, transfer or exchange any Bond during a period beginning (i) at the opening of business on a Record Date and ending at the close of business on the Interest Payment Date or (ii) with respect to Bonds to be redeemed, at the opening of business fifteen (15) days before the date of the mailing of a notice of redemption of such Bonds and ending on the date of such redemption.

 

            SECTION 5.  Form of Bonds.  The Bonds shall be in substantially the form attached hereto as Exhibit A hereto.

 

            SECTION 6.  Execution.  The Bonds shall be signed by the Executive Officers for and on behalf of, in the name of and under the corporate seal of the Issuer, which signatures and corporate seal may be either manual or facsimile.

 

            SECTION 7.  Registration by Secretary of State.  The Bonds shall be registered with the Secretary of State of the State of Louisiana, provided the endorsement of the Secretary of State shall be manually signed only on the Bonds initially delivered to the Purchaser and any Bonds subsequently exchanged therefor as permitted by this Resolution may bear the facsimile signature of the Secretary of State.

 

            SECTION 8.  Pledge of Full Faith and Credit.  The Bonds shall constitute general obligations of the Issuer, and the full faith and credit of the Issuer is hereby pledged for their payment.  This Governing Authority does hereby obligate itself and is bound under the terms and provisions of law and the election authorizing the Bonds to impose and collect annually in excess of all other taxes a tax on all of the property subject to taxation within the territorial limits of the Issuer sufficient to pay the principal of and the interest on the Bonds falling due each year, said tax to be levied and collected by the same officers, in the same manner and at the same time as other taxes are levied and collected within the territorial limits of the Issuer.

 

            SECTION 9.  Sinking Fund.  For the payment of the principal of and the interest on the Bonds, the Issuer will establish a special fund, to be held by the regularly designated fiscal agent of the Issuer (the “Sinking Fund”), into which the Issuer will deposit the proceeds of the aforesaid special tax.  The depository for the Sinking Fund shall transfer from the Sinking Fund to the Paying Agent, or make available to the Paying Agent, at least three (3) days in advance of each Interest Payment Date, funds fully sufficient to pay promptly the principal and interest falling due on such date.

 

            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 Owner 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 deposits 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 provisions of the laws of the State of Louisiana, in which event all income derived from such investments shall be added only to the Sinking Fund.

 

            SECTION 10.  Application of Proceeds.  The Executive Officers are hereby empowered, 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 deposited by the Issuer with its fiscal agent bank or banks to be used only for the purpose for which the Bonds are issued.  Accrued interest, if any, derived from the sale of the Bonds shall be deposited in the Sinking Fund to be applied to the first interest payment.

 

            SECTION 11.  Legal Obligations.  The Bonds shall constitute legal, binding and valid obliga­tions of the Issuer and shall be the only representation of the indebtedness herein authorized and created.