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| 505 Travis Street P.O. BOX 31109 SHREVEPORT, LOUISIANA 71130 | ||||
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FACT SHEET TITLE DATE ORIGINATING DEPARTMENT A RESOLUTION OF NOVEMBER 10, 2009 DEPARTMENT OF THE CITY COUNCIL OF OPERATIONAL SERVICES THE CITY OF SHREVEPORT ACCEPTING THE FINDINGS OF A PUBLIC HEARING AS A RESULT OF THE NOTICE OF INTENTION TO ISSUE, SELL AND DELIVER NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000) TAXABLE WATER AND SEWER BONDS (DHH WATER PROJECT) SERIES 2009C FOR THE PURPOSE OF FINANCING THE COST OF ACQUISITION AND CONSTRUCTION OF IMPROVEMENTS, EXTENSIONS AND REPLACEMENTS TO THE DRINKING WATER PORTION OF THE UTILITY SYSTEM, APPROVING PUBLICATION OF THE MINUTES OF SUCH PUBLIC HEARING; SEEKING FINAL APPROVAL FROM THE LOUISIANA STATE BOND COMMISSION FOR SUCH PURPOSE; SPONSOR AND FURTHER PROVIDING FOR OTHER MATTERS WITH RESPECT THERETO SAME PURPOSE This resolution will take the place of the resolution previously passed on October 13, 2009, and rescinded by action of the City Council today. This resolution will accept the findings of the November 10, 2009 Public Hearing held today pursuant to the Notice of Intention to issue, sell and deliver Taxable Water and Sewer Bonds (DHH Water Project) Series 2009C, in an amount not to exceed $15,000,000 for the purpose of financing the cost of acquisition and construction of improvements, extensions and replacements to the drinking water portion of the utility system; approve publication of the minutes of such public hearing, seek final approval from the Louisiana State Bond Commission for such purpose; and further provide for other matters related thereto. _____________________________________________________________________________ BACKGROUND INFORMATION DHH requested a minor change in the wording of the Public Hearing Notice, specifically the language including the administrative fee with the interest rate. This has nothing to do with the calculations and the interest rate will not exceed 2.95%, as originally stated. However, this slight change required the City to re-advertise and hold a new public hearing just like the public hearing held on October 13th. According to DHH, this will not delay funding. The City made the requested change, re-advertised and held a new public hearing. ADDITIONAL INFORMATION The City of Shreveport applied for and on September 17, 2009 received preliminary approval and permission from the Louisiana State Bond Commission to publish its Notice of Intention to issue Taxable Water and Sewer Bonds (DHH Water Project) Series 2009C in an amount not to exceed $15,000,000. This resolution will accept the findings of the November 10, 2009 Public Hearing held pursuant to the Notice of Intention to issue, sell and deliver Taxable Water and Sewer Bonds (DHH Water Project) Series 2009C, in an amount not to exceed $15,000,000 for the purpose of financing the cost of acquisition and construction of improvements, extensions and replacements to the drinking water portion of the utility system; approve publication of the minutes of such public hearing; seek final approval from the Louisiana State Bond Commission for such purpose; and further provide for other matters related thereto. TIMETABLE Introduction and Final Passage - November 10, 2009 PROCEDURAL REQUIREMENTS None ALTERNATIVES 1. Adopt the Resolution as presented. 2. Deny the Resolution. CONCLUSION Alternative Number 1 is recommended. FACT SHEET PREPARED BY: Terri Anderson-Scott City Attorney RESOLUTION NO. _____ OF 2009
BY: WHEREAS, the City of Shreveport, State of Louisiana (the “City”), applied for and on September 17, 2009, received preliminary approval and permission from the Louisiana State Bond Commission (“SBC”) to publish its Notice of Intention (the “Notice of Intention”) to issue not to exceed FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000) Taxable Water and Sewer Bonds (DHH Water Project) Series 2009C (the “Bonds”); and WHEREAS, on the date hereof, to-wit, November 10, 2009, a public hearing was held pursuant to the Notice of Intention (the “Public Hearing”) and at such hearing, no petition of opposition thereof was filed which would prohibit the issuance of the Bonds without an election and the City desires the SBC to deliver its final approval for the issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of Shreveport, State of Louisiana, acting as governing authority of said City (the “Governing Authority”), that: SECTION 1. Public Hearing. Pursuant to and in compliance with the provisions of the Louisiana Revised Statutes of 1950, as amended, and other Constitutional and statutory authority, the Governing Authority does hereby accept the findings of the Public Hearing held pursuant to that Notice of Intention to issue not to exceed FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000) Taxable Water and Sewer Bonds (DHH Water Project) Series 2009C (the “Bonds”) and, due to the fact that no petition of opposition was presented objecting to the issuance of the Bonds, the Governing Authority desires to proceed with the issuance of the Bonds. Said Bonds shall be dated the date of delivery and shall bear interest from the date thereof at a rate or rates not to exceed two and ninety-five hundredths per centum (2.95%) per annum and shall become due and payable and mature at such time or times, not to exceed twenty-two (22) years from the date of issuance. SECTION 2. State Bond Commission. Application be and the same is hereby formally made to the Louisiana State Bond Commission in Baton Rouge, Louisiana for final approval for the issuance of the Bonds. SECTION 3. Publication. The minutes of the Public Hearing shall be published as soon as possible in the official journal of the City. For a period of thirty (30) days from the date of such publication, any person in interest may contest the legality of this resolution, any provision of the Bonds to be issued pursuant hereto, and the provisions made for the security and payment of the Bonds and the validity of all other provisions and proceedings relating to the authorization and issuance of the Bonds. After said thirty (30) days, no person may contest the regularity, formality, legality or effectiveness of this resolution, any provisions of the Bonds to be issued pursuant hereto, the provisions for the security and payment of the Bonds and the validity of all other provisions and proceedings relating to their authorization and issuance, for any cause whatsoever. Thereafter, it shall be conclusively presumed that the Bonds are legal and that every legal requirement for the issuance of the Bonds has been complied with. No court shall have authority to inquire into any of these matters after said thirty (30) days. SECTION 4. Ordinance. The Bonds will be issued and authorized pursuant to an ordinance to be adopted by the Governing Authority. SECTION 5. Costs of Issuance. The Governing Authority acknowledges that it has received from co-bond counsel a report of the estimated costs of issuance of the Bonds required by LSA-R.S. 39:1405.4(A). SECTION 6. SBC Swap Approval. By virtue of Issuer’s application for, acceptance and utilization of the benefits of the Louisiana State Bond Commission’s approval resolved and set forth herein, it resolves that it understands and 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. BE IT FURTHER RESOLVED, that the Governing Authority hereby authorizes and directs its Mayor, Chief Administrative Officer, Director of Finance, Clerk and such other officials of the City individually and/or collectively to do any and all things necessary and incidental to carry out the provisions of this resolution. BE IT FURTHER RESOLVED, that if any provision or item of this resolution or the application thereof is held invalid, such invalidity shall not affect other provisions, items or applications of this resolution which can be given effect without the invalid provisions, items or applications, and to this end, the provisions of this resolution are hereby declared to be severable. BE IT FURTHER RESOLVED, that all resolutions in conflict herewith are hereby repealed. APPROVED AS TO LEGAL FORM: ________________________________ City Attorney’s Office
THUS DONE AND SIGNED at Shreveport, Louisiana, on this, the 10th day of November, 2009. ____________________________________ Cedric B. Glover, Mayor ____________________________ Arthur G. Thompson, Clerk RESOLUTION NO. _____ OF 2009 November_____, 2009 Read by title and as read motion by Councilman _________________ seconded by Councilman _____________________ for adoption. Approved by the following vote: Ayes: Councilmen: __________________________________ __________________________________ __________________________________ __________________________________ __________________________________ __________________________________ __________________________________ Nays: Councilmen: __________________________________ __________________________________ __________________________________ Absent: Councilmen: __________________________________ __________________________________ __________________________________ Abstaining: Councilmen: __________________________________ __________________________________ __________________________________ ________________________________________ Ronald Webb, Chairman Approved: ___________________________________ Cedric B. Glover, Mayor Approved by the City Council _____________________ Approved by the Mayor ____________________________ And Effective On __________________________________ At 12:01 O'Clock A.M. _______________________________________________ Arthur G. Thompson, Clerk of Council |
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