THE FOLLOWING ordinance
THE FOLLOWING ordinance, having been previously introduced on December 6, 2011, and a public hearing having been held on this date, was offered for adoption by Alderman Pam Durrett and seconded by Alderman Tiffany Cole
An ordinance amending the ordinance adopted by the Mayor and Board of Aldermen of the Village of Simsboro, State of Louisiana on August 3, 2009, authorizing the issuance of Sewer Revenue Bond, Series 2009, in a principal amount not to exceed $100,000 to increase the authorized principal amount of said Bonds by $120,000 to not exceed $220,000. WHEREAS, the Mayor and Board of Aldermen of the Village of Simsboro, State of Louisiana (the “Governing Authority”), acting as the governing authority of the Village of Simsboro, State of Louisiana (the “Village”), adopted an ordinance on August 3, 2009, entitled “An ordinance authorizing the incurring of debt and issuance of a Sewer Revenue Bond, Series 2009, in an amount not to exceed One Hundred Thousand Dollars ($100,000), by the Village of Simsboro, State of Louisiana; making application to the State Bond Commission for approval of said bonds; employing bond counsel, and providing for other matters in connection therewith” (the “Bond Ordinance”). WHEREAS, the Louisiana Department of Environment Quality (the “Department”) has advised the Village that additional forgiveness loan money in the sum of up to $120,000 is available to the Village to be applied to the Village's sewerage system improvement project and that the principal amount of the Sewer Revenue Bonds, Series 2009 (the ”Bonds”), authorized in the Bond Ordinance should be increased from $100,000 to not exceeding $220,000. WHEREAS, this Governing Authority now wishes to increase the principal amount of the Bonds from $100,000 to not exceeding $220,000. NOW, THEREFOR, BE IT ORDAINED by the Mayor and Board of Aldermen of the Village of Simsboro, State of Louisiana, acting as the governing authority thereof, that
SECTION 1. Amendment of the Bond Ordinance and Loan Documents. The Bond Ordinance is hereby amended to provide that the principal amount of the Sewer Revenue Bonds, Series 2009, authorized by the Bond Ordinance shall not exceed $220,000 instead of the $100,000 set forth therein. Wherever the words “One Hundred Thousand Dollars” or the figure “$100,000” appear in the Bond Ordinance and the Loan Documents, said words and amount shall now read “Two Hundred Twenty Thousand Dollars” and “$220,000” respectively. The additional not exceeding $120,000 principal amount of the loan will be represented by Bond R-2 of said issue of Sewer Revenue Bonds, which Bond R-2 shall constitute an additional indebtedness of the Village issued pursuant to the Bond Ordinance, as amended hereby, and the Loan Documents, as the same are supplemented and amended. The Mayor and the Clerk are authorized to execute any supplements or amendments to the Loan Documents as may be required by the Department to carry out the intent of this ordinance.
SECTION 2. Ratification and Confirmation of the Bond Ordinance. The provisions of the Bond Ordinance, as amended by Section 1 hereof, are hereby ratified and confirmed.
SECTION 3. Acceptance of the Commission's Swap Policy. By virtue of Village's application for, acceptance and utilization of the benefits of the Louisiana State Bond Commission's approval(s) resolved and set forth herein, the Issuer 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 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. Publication; Peremption. A copy of this ordinance shall be published after its adoption in one issue of the official journal of the Village.
SECTION 5. Effective Date. This ordinance shall take effect immediately.
The foregoing ordinance having been submitted to a vote, the vote thereon was as follows:
And the ordinance was adopted on this, the 7th day of January, 2012.
/s/ Peggy Stewart
Presented to Mayor on January 7, 2012 for action as evidenced by his signature:
Approved: /s/ Willie Hendricks
Presented to Clerk on January 7, 2012.
1td: January 12, 2012