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THE FOLLOWING resolution was offered by Barmore and seconded by Jones: RESOLUTION

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THE FOLLOWING resolution was offered by Barmore and seconded by Jones:
RESOLUTION
Aresolution giving preliminary approval to the issuance of not exceeding Seven Million Dollars ($7,000,000) of General Obligation School Refunding Bonds, of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana; making application to the State Bond Commission for approval of said Bonds; and providing for other matters in connection therewith.
WHEREAS, pursuant to the provisions of Article VI, Section 33 of the Constitution of the State of Louisiana of 1974, Sub-Part A, Part III, Chapter 4, of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority, Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana (the "Issuer") has heretofore issued $10,000,000 of General Obligation School Bonds, Series 2005, dated March 1, 2005 (the "Series 2005 Bonds"); and WHEREAS, in order to provide debt service savings to the taxpayers of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana, the Issuer desires to refund all or any portion of the callable maturities of the Issuer’s outstanding Series 2005 Bonds, pursuant to the provisions of Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority (the "Act"), through the issuance of its refunding bonds; and WHEREAS, pursuant to the Act, and subject to the approval of the State Bond Commission, the Issuer desires to accomplish the refunding by authorizing the issuance of not exceeding Seven Million Dollars ($7,000,000) of its General Obligation School Refunding Bonds (the "Bonds"), to be payable from unlimited ad valorem taxes; and WHEREAS, the Issuer desires to make formal application to the State Bond Commission for approval of the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED by the Parish School Board of the Parish of Lincoln, State of Louisiana (the "Governing Authority"), acting as the governing authority of Ruston School District No. 1 of the Parish of Lincoln, State of Louisiana (the "Issuer"), that:
SECTION 1. Preliminary Approval of the Bonds. Preliminary approval is given to the issuance of not exceeding Seven Million Dollars ($7,000,000) of General Obligation School Refunding Bonds (the "Refunding Bonds"), of the Issuer, to be issued for the purpose of refunding
all or any portion of the Issuer’s outstanding General Obligation School Bonds, Series 2005, dated March 1, 2005, and paying the costs of issuance of the Refunding Bonds, said Refunding Bonds to be payable from and secured by unlimited ad valoremtaxes now being levied and collected annually in excess of all other taxes on all the property subject to taxation within the territorial limits of the Issuer. The Refunding Bonds shall bear interest at a rate or rates not to exceed four percent (4%) per annum, to be determined by subsequent resolution of thisGoverningAuthority at the time of the sale of the Refunding Bonds, and shall mature in annual installments due no later than March 1, 2025. The Refunding 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, and shall have such additional terms and provisions as may be determined by this Governing Authority.
SECTION 2. Employment of Bond Counsel. This Governing Authority finds and determines that a real necessity exists for the employment of special counsel in connection with the issuance of the Bonds, and accordingly, Foley & Judell, LLP, of New Orleans, Louisiana, as Bond Counsel, is hereby employed to do and perform work of a traditional legal nature as bond counsel with respect to the issuance and sale of said Bonds. Said Bond Counsel shall prepare and submit to this Governing Authority for adoption all of the proceedings incidental to the authorization, issuance, sale and delivery of such Bonds, shall counsel and advise this Governing Authority as to the issuance thereof and shall furnish their opinions covering the legality of the issuance of the Bonds. The fee of Bond Counsel for each series of said bonds shall be fixed at a sum not exceeding the fee allowed by the AttorneyGeneral's fee guidelines for such bond counselwork in connection with the issuance of revenue bonds and based on the amount of said bonds actually issued, sold, delivered and paid for, plus "out-of-pocket" expenses, said fees to be contingent upon the issuance, sale and delivery of said bonds. A certified copy of this resolution shall be submitted to the Attorney General of the State of Louisiana for his written approval of said employment and of the fees herein designated, and the Secretary 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.
SECTION3. StateBondCommission. Application is hereby made to the State Bond Commission, Baton Rouge, Louisiana, for approval of the issuance and sale of the Refunding Bonds and for consent and authority to proceed with the issuance and sale of the Refunding Bonds as provided above, and Bond Counsel is directed to make application to the State Bond Commission in accordance with the foregoing on behalf of the Governing Authority. 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 ofDerivative 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. The foregoing resolution having been submitted to a vote, the vote thereon was as follows:
Members Yea
Mattie Harrison
Eddie Milton Jones
Michael Barmore
Danny Hancock
Joe Mitcham
Trott Hunt
Lisa Best
Otha Anders
George Mack
Debbie Abrahm
Nay
Absent
Curtis Dowling
Lynda Henderson
Abstaining
And the resolution was declared adopted on this, the 8th day of January, 2013.
Secretary President
STATE OF LOUISIANA
PARISH OF LINCOLN
I, the undersigned Secretary of the Parish School Board of the Parish of Lincoln, State of Louisiana, do hereby certify that the foregoing pages constitute a true and correct copy of a resolution adopted by the Parish School Board of the Parish of Lincoln, State of Louisiana, on January 8, 2013, giving preliminary approval to the issuance of not exceeding Seven MillionDollars ($7,000,000) ofGeneral Obligation School RefundingBonds, of Ruston School District No. 1 of the Parish of Lincoln, State ofLouisiana;making application to the State Bond Commission for approval of said Bonds; and providing for other matters in connection therewith. IN FAITH WHEREOF, witness my official signature on this, the 8th day of January, 2013.
Secretary
President
1td: January 23, 2013

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