OFFICIAL PROCEEDINGS OF THE

RICHLAND PARISH SCHOOL BOARD

Special Session

 

The Richland Parish School Board met at its offices in Rayville, Louisiana, on Tuesday, June 21, 2016, at 11:00 a.m.

 

 

Agenda        Prayer and Pledge of Allegiance

Item 1

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Agenda       Members present:  Mr. Joe Chapman, Mr. Kevin Eppinette, Ms. Alece Copeland, Ms. Connie Dove, Ms. Marie Lewis

Item 2         

                  Members absent:  Mr. Keith Pruitt, Mr. Eugene Young, Jr., Mr. Moses Wilkins, Mr. Billy Calvert

           

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Agenda       Ms. Lewis moved, seconded by Mr. Chapman to approve and take action with respect to adopting a resolution providing for the opening and tabulation of the sealed and electronic bids received for the purchase

Item 3         of $12,000,000 of General Obligation School Bonds, Series 2016 of School District No. 4 of the Parish of Richland, State of Louisiana.

 

RESOLUTION

A resolution providing for the opening and tabulation of the sealed and electronic bids received for the purchase of Twelve Million Dollars ($12,000,000) of General Obligation School Bonds, Series 2016 of School District No. 4 of the Parish of Richland, State of Louisiana, approving the Official Notice of Bond Sale and Official Statement in connection therewith, and authorizing the President and the Secretary of the Parish School Board to sign copies thereof as evidence of the approval thereof.

BE IT RESOLVED by the Parish School Board of the Parish Richland, State of Louisiana, acting as the governing authority of School District No. 4 of the Parish of Richland, State of Louisiana (the "District"): SECTION 1. This Parish School Board (the "Governing Authority") does now proceed in open and public session to open the sealed and electronic bids received for the purchase of Twelve Million Dollars ($12,000,000) of General Obligation School Bonds, Series 2016, of School District No. 4 of the Parish of Richland, State of Louisiana, authorized and duly advertised for sale by virtue of a resolution adopted on May 10, 2016.

SECTION 2. The official Notice of Bond Sale and Official Statement prepared in connection with the sale of the aforementioned Bonds, and the information contained therein, are hereby approved by this Governing Authority and the President and the Secretary of the Governing Authority are hereby authorized, empowered and directed to sign copies thereof as evidence of the approval of the District.

 

The bids received on June 21, 2016, for the purchase of Twelve Million Dollars ($12,000,000) of General Obligation School Bonds, Series 2016, of School District No. 4 of the Parish of Richland, State of Louisiana, were thereupon opened and read in public session of the 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, to-wit:

 

                                    Bidder                                                  TIC

            Fidelity Capital Markets                                                 2.629%

            Robert W. Baird & Co., Inc.                                           2.698%

 

                                    ROLL CALL VOTE:        

                    Yeas:        Ms. Copeland, Mr. Chapman,    Ms. Dove, Mr. Eppinette, Ms. Lewis

                    Nays:        None

                   Abstain:      None

                    Absent:      Mr. Wilkins, Mr. Young, Mr. Pruitt, Mr. Calvert

 

                                                                      Motion Carried

           

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Agenda Mr. Chapman moved, seconded by Ms. Lewis to approve and take action with respect to adopting a resolution accepting the bid received from Fidelity Capital Markets for the purchase o f$12,000,000 of General

Item 4         Obligation School Bonds at a rate of 2.62%, Series 2016 of School District No. 4 of the Parish of Richland, State of Louisiana.

 

 

RESOLUTION

A resolution accepting the bid of Fidelity Capital Markets, a division of National Financial Services, LLC, of Boston, Massachusetts, for the purchase of Twelve Million Dollars ($12,000,000) of General Obligation School Bonds, Series 2016, of School District No. 4 of the Parish of Richland, State of Louisiana.

WHEREAS, pursuant to the provisions of a Notice of Bond Sale dated May 10, 2016, published in the manner required by law, and pursuant to the provisions of a resolution adopted by the Parish School Board of the Parish Richland, State of Louisiana, the governing authority of School District No. 4 of the Parish of Richland, State of Louisiana (the "Issuer") on May 10, 2016, bids were solicited for the purchase of Twelve Million Dollars ($12,000,000) of General Obligation School Bonds, Series 2016, of the Issuer (the "Bonds"), on June 21, 2016; and

WHEREAS, two (2) bids were received for the purchase of the Bonds; and

WHEREAS, this Parish School Board has found and determined and does hereby find and determine that the bid submitted by Fidelity Capital Markets, a division of National Financial Services, LLC, of Boston, Massachusetts, (the "Purchaser"), complies with all terms and conditions prescribed by the Notice of Bond Sale and Official Statement; and

WHEREAS, this Parish School Board 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 Parish School Board of the Parish Richland, State of Louisiana (the "Governing Authority"), acting as the governing authority of School District No. 4 of the Parish of Richland, State of Louisiana (the "Issuer"), 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. In accordance with the provisions of the Preliminary Official Statement, the acceptance and award of each bid is conditioned on the receipt by wire on or before 3:30 p.m. tomorrow of an amount equal to 1% of the principal amount of the Bonds described in such bid. In the event a good faith deposit for the issue of Bonds is not received timely, this acceptance of such bid and award of the sale of such Bonds shall be void. 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 Twelve Million Dollars ($12,000,000), plus the stipulated premium, if any, and accrued interest to the date of delivery, less a credit of $120,000 for the amount of the good faith deposit described above.

SECTION 4. The 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 President and Secretary of the Governing Authority are 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.

 

                                    ROLL CALL VOTE:        

                    Yeas:        Ms. Copeland, Mr. Chapman,    Ms. Dove, Mr. Eppinette, Ms. Lewis

                    Nays:        None

                   Abstain:      None

                    Absent:     Mr. Wilkins, Mr. Young, Mr. Pruitt, Mr. Calvert

 

                                                                      Motion Carried

           

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Agenda        Mr. Chapman moved, seconded by Ms. Copeland to approve and take action with respect to adopting a resolution authorizing the incurring of debt and issuance of $12,000,000 of General Obligation

Item 5          School Bonds, Series 2016, of School District No. 4 of the Parish of Richland, State of Louisiana; and providing for other matters in connection therewith.

 

RESOLUTION

A resolution authorizing the incurring of debt and issuance of Twelve Million Dollars ($12,000,000) of General Obligation School Bonds, Series 2016, of School District No. 4 of the Parish of Richland, 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 Richland, State of Louisiana, acting as the governing authority of School District No. 4 of the Parish of Richland, State of Louisiana, that:

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

"Agreement" means the agreement to be entered into between the Issuer and the Paying Agent pursuant to this Resolution.

"Bond" means any Bonds of the Issuer authorized to be issued by this Resolution, whether initially delivered or issued in exchange for, upon transfer of, or in lieu of any Bond previously issued.

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

"Bonds" means the Issuer's General Obligation School Bonds, Series 2016, authorized by this Resolution in the total aggregate principal amount of Twelve Million Dollars ($12,000,000), authorized at a special election held on April 9, 2016.

"Code" means the Internal Revenue Code of 1986, as amended.

"Defeasance Obligations" means cash or Government Securities.

"Executive Officers" means, collectively, the President and the Secretary of the Governing Authority. "Governing Authority" means the Parish School Board of the Parish Richland, State of Louisiana.

"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.

“Insurer” means, with respect to the Bonds, Assured Guaranty Municipal Corp. (“AGM”), a New York stock insurance company, or any successor thereto or assigned thereof.

"Interest Payment Date" means March 1 and September 1 of each year during the period the Bonds are outstanding, commencing March 1, 2017.

"Issuer" means School District No. 4 of the Parish of Richland, State of Louisiana.

“Municipal Bond Insurance Policy” or “Insurance Policy” shall mean the municipal bond insurance policy issued by the Insurer guaranteeing the scheduled payment of the principal of and interest on the Bonds when due as provided therein.

"Outstanding" when used with respect to Bonds means, as of the date of determination, all Bonds theretofore issued and delivered under this Resolution, except:

1. Bonds theretofore canceled by the Paying Agent or delivered to the Paying Agent for cancellation;

2. Bonds for payment or redemption of which sufficient Defeasance Obligations have been theretofore deposited in trust for the owners of such Bonds, provided that if such Bonds are to be redeemed, irrevocable notice of such redemption has been duly given or provided for pursuant to this Resolution or waived;

3. Bonds in exchange for or in lieu of which other Bonds have been registered and delivered pursuant to this Resolution; and

4. Bonds alleged to have been mutilated, destroyed, lost or stolen which have been paid as provided in this Resolution or by law.

"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" means Argent Trust Company, in the City of Ruston, 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.

"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 Fidelity Capital Markets, a division of National Financial Services, LLC, of Boston, Massachusetts, the original purchaser of the Bonds.

"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" means this resolution authorizing the issuance of the Bonds, as it may be supplemented and amended.

SECTION 2. Authorization of Bonds; Maturities. In compliance with the terms and 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, and being authorized at a special election held on April 9, 2016, there is hereby authorized the incurring of an indebtedness of Twelve Million Dollars ($12,000,000) for, on behalf of, and in the name of the Issuer, for the purpose of acquiring and/or improving lands for building sites and playgrounds, including construction of necessary sidewalks and streets adjacent thereto; purchasing, erecting and/or improving school buildings and other school related facilities within and for the District and acquiring the necessary equipment and furnishings therefor, title to which shall be in the public, and paying the costs of issuance thereof. To represent said indebtedness, this Governing Authority does hereby authorize the issuance of Twelve Million Dollars ($12,000,000) of General Obligation School Bonds, Series 2016, of the Issuer. The Bonds shall be in fully registered form, shall be dated the date of delivery, shall be issued in the denomination of Five Thousand Dollars ($5,000) or any integral multiple thereof within a single maturity and shall be numbered from 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 March 1, 2017, at the following rates of interest and shall mature serially on March 1 of each year as follows:

YEAR         PRINCIPAL            INTEREST RATE         YEAR       PRINCIPAL INTEREST RATE

(MAR. 1) MATURING   PER ANNUM                (MAR. 1) MATURING   PER ANNUM

2017           $ 170,000               3.00%                           2027         $ 610,000                             4.00%

2018           425,000                  3.00                              2028         635,000                                2.00

2019           440,000                  3.00                              2029         660,000                                2.00

2020           460,000                  4.00                              2030         685,000                                4.00

2021           480,000                  4.00                              2031         715,000                                4.00

2022           500,000                  4.00                              2032         740,000                                4.00

2023           515,000                  4.00                              2033         770,000                                4.00

2024           540,000                  4.00                              2034         805,000                                3.00

2025           560,000                  4.00                              2035         835,000                                3.00

2026           585,000                  4.00                              2036         870,000                                3.00

The principal of the Bonds, upon maturity or redemption, shall be payable at the principal corporate trust 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.

During any period after the initial delivery of the Bonds in book-entry-only form when the Bonds are delivered in multiple certificates form, upon request of a registered owner of at least $1,000,000 in principal amount of Bonds outstanding, all payments of principal, premium, if any, and interest on the Bonds will be made by wire transfer in immediately available funds to an account designated by such registered owner; CUSIP number identification with appropriate dollar amounts for each CUSIP number will accompany all payments of principal, premium, and interest, whether by check or by wire transfer.

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. Book-Entry Registration of Bonds. The Bonds shall be initially issued in the name of Cede & Co., as nominee for The Depository Trust Company ("DTC"), as registered owner of the Bonds, and held in the custody of DTC. The Secretary of the Issuer or any other officer of the Issuer is authorized to execute and deliver a Letter of Representation to DTC on behalf of the Issuer with respect to the issuance of the Bonds in "book-entry only" format. The Paying Agent is hereby directed to execute said Letter of Representation. The terms and provisions of said Letter of Representation shall govern in the event of any inconsistency between the provisions of this Resolution and said Letter of Representation. Initially, a single certificate will be issued and delivered to DTC for each maturity of the Bonds. The Beneficial Owners will not receive physical delivery of Bond certificates except as provided herein. Beneficial Owners are expected to receive a written confirmation of their purchase providing details of each Bond acquired. For so long as DTC shall continue to serve as securities depository for the Bonds as provided herein, all transfers of beneficial ownership interest will be made by book-entry only, and no investor or other party purchasing, selling or otherwise transferring beneficial ownership of Bonds is to receive, hold or deliver any Bond certificate.

Notwithstanding anything to the contrary herein, while the Bonds are issued in book-entry-only form, the payment of principal of, premium, if any, and interest on the Bonds may be payable by the Paying Agent by wire transfer to DTC in accordance with the Letter of Representation.

For every transfer and exchange of the Bonds, the Beneficial Owner may be charged a sum sufficient to cover such Beneficial Owner's allocable share of any tax, fee or other governmental charge that may be imposed in relation thereto.

Bond certificates are required to be delivered to and registered in the name of the Beneficial Owner under the following circumstances:

(a) DTC determines to discontinue providing its service with respect to the Bonds. Such a determination may be made at any time by giving 30 days' notice to the Issuer and the Paying Agent and discharging its responsibilities with respect thereto under applicable law; or

(b) The Issuer determines that continuation of the system of book-entry transfer through DTC (or a successor securities depository) is not in the best interests of the Issuer and/or the Beneficial Owners.

The Issuer and the Paying Agent will recognize DTC or its nominee as the Bondholder for all purposes, including notices and voting.

Neither the Issuer nor the Paying Agent are responsible for the performance by DTC of any of its obligations, including, without limitation, the payment of moneys received by DTC, the forwarding of notices received by DTC or the giving of any consent or proxy in lieu of consent.

Whenever during the term of the Bonds the beneficial ownership thereof is determined by a book entry at DTC, the requirements of this Resolution of holding, delivering or transferring the Bonds shall be deemed modified to require the appropriate person to meet the requirements of DTC as to registering or transferring the book entry to produce the same effect.

If at any time DTC ceases to hold the Bonds, all references herein to DTC shall be of no further force or effect. SECTION 4. Redemption Provisions. The Bonds maturing on March 1, 2027, and thereafter, will be callable for redemption by the Issuer in full or in part at any time on or after March 1, 2026, and if less than a full maturity, then by lot within such maturity, 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. 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. Bonds are not required to be redeemed in inverse order of maturity. 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 5. 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 (i) any Bond during a period beginning at the opening of business on a Record Date and ending at the close of business on the Interest Payment Date, or (ii) any Bond called for redemption prior to maturity during a period beginning at the opening of business fifteen (15) days before the date of the mailing of a notice of redemption of such Bond and ending on the date of such redemption.

SECTION 6. Form of Bonds. The Bonds and the endorsements to appear thereon shall be in substantially the following forms, respectively, to-wit: 

(FORM OF BOND)

Unless this Bond is presented by an authorized representative of the Depository Trust Company, a New York corporation ("DTC"), to the Issuer or their agent for registration of transfer, exchange, or payment, and any Bond issued is registered in the name of CEDE & CO. or in such other name as is requested by an authorized representative of DTC (and any payment is made to CEDE & CO. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, CEDE & CO., has an interest herein. As provided in the Resolution referred to herein, until the termination of the system of bookentry-only transfers through DTC and notwithstanding any other provision of the Resolution to the contrary, this Bond may be transferred, in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC or a nominee of DTC, or by DTC or a nominee of DTC to any successor securities depository or any nominee thereof.

No. R-_____                                                                                         Principal Amount $_________

UNITED STATES OF AMERICA

STATE OF LOUISIANA

PARISH OF RICHLAND

 

GENERAL OBLIGATION SCHOOL BOND, SERIES 2016

OF SCHOOL DISTRICT NO. 4

OF THE PARISH OF RICHLAND, STATE OF LOUISIANA

 

Maturity Date                Interest Rate                 Bond Date                                CUSIP Number

March 1, ______           ______%                      _________, 2016           __________

SCHOOL DISTRICT NO. 4 OF THE PARISH OF RICHLAND, STATE OF LOUISIANA (the "Issuer"), promises to pay to:

REGISTERED OWNER: CEDE & CO. (Tax Identification #13-2555119)

PRINCIPAL AMOUNT: ____________________________ DOLLARS

or registered assigns, on the Maturity Date set forth above, the Principal Amount set forth above, together with interest thereon from the Bond Date set forth above or the most recent interest payment date to which interest has been paid or duly provided for, payable on March 1 and September 1 of each year, commencing March 1, 2017 (each an "Interest Payment Date"), at the Interest Rate per annum set forth above until said Principal Amount is paid, unless this Bond shall have been previously called for redemption and payment shall have been duly made or provided for. The principal of and premium, if any, on this Bond, upon maturity or redemption, shall be payable at the principal corporate trust office of Argent Trust Company, in the City of Ruston, Louisiana, or successor thereto (the "Paying Agent") upon presentation and surrender hereof. Interest on this Bond is payable by check of the Paying Agent mailed by the Paying Agent to the registered owner at the address as shown on the registration books of the Paying Agent maintained for such purpose. The interest so payable on any Interest Payment Date will be paid to the person in whose name this Bond (or one or more predecessor Bonds) is registered at the close of business on the Record Date (which is the 15th calendar day of the month next preceding an Interest Payment Date). Any interest not punctually paid or duly provided for shall be payable as provided in the Resolution (hereinafter defined).

During any period after the initial delivery of the Bonds in book-entry-only form when the Bonds are delivered in multiple certificates form, upon request of a registered owner of at least $1,000,000 in principal amount of Bonds outstanding, all payment of principal, premium, if any, and interest on the Bonds will be paid by wire transfer in immediately available funds to an account designated by such registered owner; CUSIP number identification with appropriate dollar amounts for each CUSIP number must accompany all payments of principal, premium, and interest, whether by check or by wire transfer.

FOR SO LONG AS THIS BOND IS HELD IN BOOK-ENTRY FORM REGISTERED IN THE NAME OF CEDE & CO. ON THE REGISTRATION BOOKS OF THE ISSUER KEPT BY THE PAYING AGENT, AS BOND REGISTRAR, THIS BOND, IF CALLED FOR PARTIAL REDEMPTION IN ACCORDANCE WITH THE RESOLUTION, SHALL BECOME DUE AND PAYABLE ON THE REDEMPTION DATE DESIGNATED IN THE NOTICE OF REDEMPTION GIVEN IN ACCORDANCE WITH THE RESOLUTION AT, AND ONLY TO THE EXTENT OF, THE REDEMPTION PRICE, PLUS ACCRUED INTEREST TO THE SPECIFIED REDEMPTION DATE; AND THIS BOND SHALL BE PAID, TO THE EXTENT SO REDEEMED, (i) UPON PRESENTATION AND SURRENDER HEREOF AT THE OFFICE SPECIFIED IN SUCH NOTICE OR (ii) AT THE WRITTEN REQUEST OF CEDE & CO., BY CHECK MAILED TO CEDE & CO. BY THE PAYING AGENT OR BY WIRE TRANSFER TO CEDE & CO. BY THE PAYING AGENT IF CEDE & CO. AS BOND OWNER SO ELECTS. IF, ON THE REDEMPTION DATE, MONEYS FOR THE REDEMPTION OF BONDS OF SUCH MATURITY TO BE REDEEMED, TOGETHER WITH INTEREST TO THE REDEMPTION DATE, SHALL BE HELD BY THE PAYING AGENT SO AS TO BE AVAILABLE THEREFOR ON SUCH DATE, AND AFTER NOTICE OF REDEMPTION SHALL HAVE BEEN GIVEN IN ACCORDANCE WITH THE RESOLUTION, THEN, FROM AND AFTER THE REDEMPTION DATE, THE AGGREGATE PRINCIPAL AMOUNT OF THIS BOND SHALL BE IMMEDIATELY REDUCED BY AN AMOUNT EQUAL TO THE AGGREGATE PRINCIPAL AMOUNT THEREOF SO REDEEMED, NOTWITHSTANDING WHETHER THIS BOND HAS BEEN SURRENDERED TO THE PAYING AGENT FOR CANCELLATION.

This Bond is one of an authorized issue aggregating in principal the sum of Twelve Million Dollars ($12,000,000) (the "Bonds"), all of like tenor and effect except as to number, denomination, interest rate and maturity, the Bonds having been issued by the Issuer pursuant to a resolution adopted by its governing authority on June 21, 2016 (the "Resolution"), for the purpose of acquiring and/or improving lands for building sites and playgrounds, including construction of necessary sidewalks and streets adjacent thereto; purchasing, erecting and/or improving school buildings and other school related facilities within and for the District and acquiring the necessary equipment and furnishings therefor, title to which shall be in the public, and paying the costs of issuance thereof, under the authority conferred by 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, being the final emission of bonds authorized at a special election held on April 9, 2016, the result of which election has been duly promulgated in accordance with law.

The Bonds are issuable only as fully registered bonds in the denomination of $5,000 principal amount or any integral multiple thereof, exchangeable for an equal aggregate principal amount of bonds of the same maturity of any other authorized denomination.

Subject to the limitations of and upon payment of the charges provided in the Resolution, the transfer of this Bond may be registered on the registration books of the Paying Agent upon surrender of this Bond at the principal corporate trust office of the Paying Agent as registrar, accompanied by a written instrument of transfer in form and with guaranty of signature satisfactory to the Paying Agent, duly executed by the registered owner or his attorney duly authorized in writing, and thereupon a new bond or bonds of the same maturity and of authorized denomination or denominations, for the same aggregate principal amount, will be issued to the transferee. Prior to due presentment for registration of transfer of this Bond, the Issuer and the Paying Agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for all purposes, whether or not this Bond shall be overdue and neither the Issuer nor the Paying Agent shall be bound by any notice to the contrary.

The Bonds maturing on March 1, 2027, and thereafter, will be callable for redemption by the Issuer in full or in part at any time on or after March 1, 2026, and if less than a full maturity, then by lot within such maturity, 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. 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. Bonds are not required to be redeemed in inverse order of maturity. 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.

The Resolution permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Issuer and the rights of the owners of the Bonds at any time by the Issuer with consent of the owners of two-thirds (2/3) of the aggregate principal amount of all Bonds issued under the Resolution, to be determined in accordance with the Resolution.

This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the certificate of registration hereon shall have been signed by the Paying Agent.

This Bond and the issue of which it forms a part constitute general obligations of the Issuer, and the full faith and credit of the Issuer is pledged for the payment of this Bond and the issue of which it forms a part. Said Bonds are secured by a special ad valorem tax to be imposed and collected annually in excess of all other taxes on all the property subject to such taxation within the territorial limits of the Issuer, under the Constitution and laws of Louisiana, sufficient in amount to pay the principal of this Bond and the issue of which it forms a part and the interest thereon as they severally mature.

This Bond and the issue of which it forms a part have been duly registered with the Secretary of State of the State of Louisiana as provided by law.

It is hereby certified, recited and declared that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Bond and the issue of which it forms a part to constitute the same legal, binding and valid obligations of the Issuer have existed, have happened and have been performed in due time, form and manner as required by law, and that the indebtedness of the Issuer, including this Bond and the issue of which it forms a part, does not exceed the limitations prescribed by the Constitution and statutes of the State of Louisiana. It is certified that this Bond is authorized by and is issued in conformity with the requirements of the Constitution and statutes of this State.

 IN WITNESS WHEREOF, School District No. 4 of the Parish of Richland, State of Louisiana, has caused this Bond to be executed in its name by the manual or facsimile signatures of the President and Secretary of its governing authority, the Parish School Board of the Parish Richland, State of Louisiana, and the corporate seal of said governing authority to be impressed hereon.

SCHOOL DISTRICT NO. 4 OF THE PARISH OF

RICHLAND, STATE OF LOUISIANA

                  (facsimile)                          (facsimile)

_______________________________ _______________________________

            Secretary                                             President

 

(SEAL)

 

* * * * * * * *

(FORM OF SECRETARY OF STATE ENDORSEMENT – TO BE PRINTED ON ALL BONDS)

 

OFFICE OF SECRETARY OF STATE

STATE OF LOUISIANA

 

This Bond secured by a tax. Registered on this the ____ day of ________, 2016.

 

_________________________________

Secretary of State

 

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(FORM OF PAYING AGENT'S CERTIFICATE OF REGISTRATION – TO BE PRINTED ON ALL BONDS)

 

This Bond is one of the Bonds referred to in the within-mentioned Resolution.

                                                                                    ARGENT TRUST COMPANY,

                                                                                    as Paying Agent

Date of Registration: _____________                 By:_______________________________________

                                                                                    Authorized Officer

 

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(FORM OF ASSIGNMENT)

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ______________________________________________________________________________

___________________________

Please Insert Social Security

or other Identifying Number of Assignee

 

the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________________________ _____________________________________________ attorney or agent to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated: ___________________                           _______________________________________

NOTICE: The signature to this assignment must correspond with the name as it appears

upon the face of the within Bond in every

                                                particular, without alteration or enlargement or

                                                any change whatever.

 

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(FORM OF LEGAL OPINION CERTIFICATE –

TO BE PRINTED ON ALL BONDS)

I, the undersigned Secretary of the Parish School Board of the Parish Richland, State of Louisiana, do hereby certify that the following is a true copy of the complete legal opinion of Foley & Judell, L.L.P., the original of which was manually executed, dated and issued as of the date of payment for and delivery of the original Bonds of the issue described therein and was delivered to Fidelity Capital Markets, a division of National Financial Services, LLC, of Boston, Massachusetts, the original purchaser thereof:

(Bond Printer Shall Insert Legal Opinion)

I further certify that an executed copy of the above legal opinion is on file in my office, and that an executed copy thereof has been furnished to the Paying Agent for this Bond.

(facsimile)

 

 _______________________________

Secretary

 

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STATEMENT OF INSURANCE

(TO BE INSERTED IN BONDS)

Assured Guaranty Municipal Corp. ("AGM"), New York, New York, has delivered its municipal bond insurance policy (the "Policy") with respect to the scheduled payments due of principal of and interest on this Bond to Argent Trust Company, Ruston, Louisiana, or its successor, as paying agent for the Bonds (the “Paying Agent”). Said Policy is on file and available for inspection at the principal office of the Paying Agent and a copy thereof may be obtained from AGM or the Paying Agent. All payments required to be made under the Policy shall be made in accordance with the provisions thereof. By its purchase of these Bonds, the owner acknowledges and consents to the subrogation and all other rights of AGM as more fully set forth in the Policy.

 

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SECTION 7. Execution of Bonds. The Bonds shall be signed by the Executive Officers for, on behalf of, in the name of and under the corporate seal of the Issuer, and the Legal Opinion Certificate shall be signed by the Secretary of the Governing Authority, which signatures and corporate seal may be either manual or facsimile. SECTION 8. Registration of Bonds. The Bonds shall be registered with the Secretary of State of the State of Louisiana as provided by law and shall bear the endorsement of the Secretary of State in substantially the form set forth herein, provided that such endorsement shall be manually signed only on the Bonds initially delivered to the Purchaser, and Bonds subsequently exchanged therefor as permitted in this Resolution may bear the facsimile signature of said Secretary of State.

SECTION 9. 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 10. 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 and no other moneys whatsoever (other than investment earnings thereon). The depository for the Sinking Fund shall transfer from the Sinking Fund to the Paying Agent at least two (2) 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 Owners 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 11. 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 in a 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 12. Bonds Legal Obligations. The Bonds shall constitute legal, binding and valid obligations of the Issuer, and shall be the only representations of the indebtedness as herein authorized and created.

SECTION 13. Resolution a Contract. The provisions of this Resolution shall constitute a contract between the Issuer and its successors, and the Owner or Owners from time to time of the Bonds and any such Owner or Owners may at law or in equity, by suit, action, mandamus or other proceedings, enforce and compel the performance of all duties required to be performed by the Governing Authority or the Issuer as a result of issuing the Bonds.

No material modification or amendment of this Resolution, or of any resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the Owners of two-thirds (2/3) of the aggregate principal amount of the Bonds then outstanding; provided, however, that no modification or amendment shall permit a change in the maturity or redemption provisions of the Bonds, or a reduction in the rate of interest thereon, or in the amount of the principal obligation thereof, or affecting the obligation of the Issuer to pay the principal of and the interest on the Bonds as the same shall come due from the revenues appropriated, pledged and dedicated to the payment thereof by this Resolution, or reduce the percentage of the Owners required to consent to any material modification or amendment of this Resolution, without the consent of the Owners of the Bonds. Any amendment or supplement to the Bond Resolution shall be subject to the prior written consent of the Insurer. Any rating agency rating the Bonds must receive notice of each amendment and a copy thereof at least fifteen (15) days in advance of its execution or adoption. The Insurer shall be provided with a full transcript of all proceedings relating to the execution of any such amendment or supplement.

A supplemental resolution, upon the filing with the Paying Agent of a certified copy thereof, shall become fully effective in accordance with its terms.

SECTION 14. Severability; Application of Subsequently Enacted Laws. In case any one or more of the provisions of this Resolution or of the Bonds shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provisions of this Resolution or of the Bonds, but this Resolution and the Bonds shall be construed and enforced as if such illegal or invalid provisions had not been contained therein. Any constitutional or statutory provisions enacted after the date of this Resolution which validate or make legal any provision of the Resolution and/or the Bonds which would not otherwise be valid or legal, shall be deemed to apply to this Resolution and to the Bonds.

SECTION 15. Recital of Regularity. This Governing Authority having investigated the regularity of the proceedings had in connection with the Bonds herein authorized and having determined the same to be regular, the Bonds shall contain the following recital, to-wit:

            "It is certified that this Bond is authorized by and is issued in

            conformity with the requirements of the Constitution and statutes

            of this State."

SECTION 16. Effect of Registration. The Issuer, the Paying Agent, and any agent of either of them may treat the Owner in whose name any Bond is registered as the Owner of such Bond for the purpose of receiving payment of the principal (and redemption price) of and interest on such Bond and for all other purposes whatsoever, and to the extent permitted by law, neither the Issuer, the Paying Agent, nor any agent of either of them shall be affected by notice to the contrary.

SECTION 17. Notices to Owners. Wherever this Resolution provides for notice to Owners of Bonds of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Owner of such Bonds, at the address of such Owner as it appears in the Bond Register. In any case where notice to Owners of Bonds is given by mail, neither the failure to mail such notice to any particular Owner of Bonds, nor any defect in any notice so mailed, shall affect the sufficiency of such notice with respect to all other Bonds. Where this Resolution provides for notice in any manner, such notice may be waived in writing by the Owner or Owners entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Owners shall be filed with the Paying Agent, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

SECTION 18. Cancellation of Bonds. All Bonds surrendered for payment, redemption, transfer, exchange or replacement, if surrendered to the Paying Agent, shall be promptly canceled by it and, if surrendered to the Issuer, shall be delivered to the Paying Agent and, if not already canceled, shall be promptly canceled by the Paying Agent. The Issuer may at any time deliver to the Paying Agent for cancellation any Bonds previously registered and delivered which the Issuer may have acquired in any manner whatsoever, and all Bonds so delivered shall be promptly canceled by the Paying Agent. All canceled Bonds held by the Paying Agent shall be disposed of as directed in writing by the Issuer.

SECTION 19. Mutilated, Destroyed, Lost or Stolen Bonds. If (a) any mutilated Bond is surrendered to the Paying Agent, or the Issuer and the Paying Agent receive evidence to their satisfaction of the destruction, loss or theft of any Bond, and (b) there is delivered to the Issuer and the Paying Agent such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer or the Paying Agent that such Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its request the Paying Agent shall register and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of the same maturity and of like tenor, interest rate and principal amount, bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Bond has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Bond, pay such Bond. Upon the issuance of any new Bond under this Section, the Issuer may require the payment by the Owner of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Paying Agent) connected therewith. Every new Bond issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen bond shall constitute a replacement of the prior obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Bond shall be at any time enforceable by anyone and shall be entitled to all the benefits of this Resolution equally and ratably with all other Outstanding Bonds. Any additional procedures set forth in the Agreement, authorized in this Resolution, shall also be available with respect to mutilated, destroyed, lost or stolen Bonds. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement and payment of mutilated, destroyed, lost or stolen Bonds. SECTION 20. Discharge of Resolution; Defeasance. If the Issuer shall pay or cause to be paid, or there shall otherwise be paid to the Owners, the principal (and redemption price) of and interest on the Bonds, at the times and in the manner stipulated in this Resolution, then the pledge of the money, securities, and funds pledged under this Resolution and all covenants, agreements, and other obligations of the Issuer to the Owners of the Bonds shall thereupon cease, terminate, and become void and be discharged and satisfied, and the Paying Agent shall pay over or deliver all money held by it under this Resolution to the Issuer. Bonds or interest installments for the payment or redemption of which money shall have been set aside and shall be held in trust (through deposit by the Governing Authority of funds for such payment or redemption or otherwise) at the maturity or redemption date thereof shall be deemed to have been paid within the meaning and with the effect expressed above in this Section. Bonds shall be deemed to have been paid, prior to their maturity, within the meaning and with the effect expressed above in this Section if they have been defeased pursuant to Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended, or any successor provisions thereto.

SECTION 21. Successor Paying Agent; Paying Agent Agreement. The Issuer will at all times maintain a Paying Agent meeting the qualifications hereinafter described for the performance of the duties hereunder for the Bonds. The designation of the initial Paying Agent in this Resolution is hereby confirmed and approved. The Issuer reserves the right to appoint a successor Paying Agent by (a) filing with the Person then performing such function a certified copy of a resolution or ordinance giving notice of the termination of the Agreement and appointing a successor and (b) causing notice to be given to each Owner. Every Paying Agent appointed hereunder shall at all times be a bank or trust company organized and doing business under the laws of the United States of America or of any State, authorized under such laws to exercise trust powers, and subject to supervision or examination by Federal or State authority. The Executive Officers are hereby authorized and directed to execute an appropriate Agreement with the Paying Agent for and on behalf of the Issuer in such form as may be satisfactory to said officers, the signatures of said officers on such Agreement to be conclusive evidence of the due exercise of the authority granted hereunder. The Insurer shall be furnished with written notice of the resignation or removal of the Paying Agent and the appointment of any successor thereto. SECTION 22. Non-Arbitrage. The Issuer covenants and agrees that, to the extent permitted by the laws of the State of Louisiana, it will comply with the requirements of the Code in order to establish, maintain and preserve the exclusion from "gross income" of interest on the Bonds under the Code. The Issuer further covenants and agrees that it will not take any action, fail to take any action, or permit any action within its control to be taken, or permit at any time or times any of the proceeds of the Bonds or any other funds of the Issuer to be used directly or indirectly in any manner, the effect of which would be to cause the Bonds to be "arbitrage bonds" or would result in the inclusion of the interest on any of the Bonds in gross income under the Code, including, without limitation, (i) the failure to comply with the limitation on investment of Bond proceeds, (ii) the failure to pay any required rebate of arbitrage 30 earnings to the United States of America or (iii) the use of the proceeds of the Bonds in a manner which would cause the Bonds to be "private activity bonds".SECTION 23. Post-Issuance Compliance. The Executive Officers and/or their designees are directed to establish written procedures to assist the Issuer in complying with various State and Federal statutes, rules and regulations applicable to the Bonds and are further authorized to take any and all actions as may be required by said written procedures to ensure continued compliance with such statutes, rules and regulations throughout the term of the Bonds.

SECTION 24. Not Qualified Tax-Exempt Obligations. The Bonds are not designated as "qualified tax-exempt obligations" within the meaning of Section 265(b)(3) of the Code.

SECTION 25. Execution of Documents. In connection with the issuance and sale of the Bonds, the Executive Officers are each authorized, empowered and directed to execute on behalf of the Issuer such documents, certificates and instruments as they may deem necessary, upon the advice of bond counsel, to effect the transactions contemplated by this Resolution, the signatures of such persons on such documents, certificates and instruments to be conclusive evidence of the due exercise of the authority granted hereunder.

SECTION 26. Publication. A copy of this Resolution shall be published immediately after its adoption in one issue of the official journal of the Issuer.

SECTION 27. Paying Agent Compliance as to Payments Pursuant to the Insurance Policy. As long as the Insurance Policy is in full force and effect, the Issuer and any Paying Agent agree to comply with the following provisions: (a) At least two (2) Business Days (as defined in the Insurance Policy) prior to each payment date on the Obligations (the “Interest Payment Date”), the Paying Agent, will determine whether there will be sufficient funds in the funds and accounts established under the Resolution to pay all principal of and interest on the Obligations due on such Interest Payment Date and shall immediately notify the Insurer or its designee (the “Fiscal Agent”) on the same Business Day by telephone or electronic mail, confirmed in writing by registered or certified mail, of the amount of any deficiency. Such notice shall specify the amount of the anticipated deficiency, the Obligations to which such deficiency is applicable and whether such Obligations will be deficient as to principal or interest or both. If the deficiency is made up in whole or in part prior to or on the Interest Payment Date, the Paying Agent shall so notify the Insurer or its designee. (b) The Paying Agent, shall after giving notice to the Insurer as provided above, make available to the Insurer and, at the Insurer’s direction, to any Fiscal Agent, the registration books of the Issuer maintained by the Paying Agent and all records relating to the funds maintained under the Resolution. (c) The Paying Agent shall provide the Insurer and any Fiscal Agent with a list of registered owners of Obligations entitled to receive principal or interest payments from the Insurer under the terms of the Policy, and shall make arrangements with the Insurer, the Fiscal Agent or another designee of the Insurer to (i) mail checks or drafts to the registered owners of Obligations entitled to receive full or partial interest payments from the Insurer and (ii) pay principal upon Obligations surrendered to the Insurer, the Fiscal Agent or another designee of the Insurer by the registered owners of Obligations entitled to receive full or partial principal payments from the Insurer. (d) The Paying Agent, shall, at the time it provides notice to the Insurer of any deficiency pursuant to (a) above, notify registered owners of Obligations entitled to receive the payment of principal or interest thereon from the Insurer (i) as to such deficiency and its entitlement to receive principal or interest, as applicable, (ii) that the Insurer will remit to them all or a part of the interest payments due on the related payment date upon proof of the Holder’s entitlement thereto and delivery to the Insurer or any Fiscal Agent, in form satisfactory to the Insurer, of an appropriate assignment of the registered owner’s right to payment, (iii) that, if they are entitled to receive partial payment of principal from the Insurer, they must surrender the related Obligations for payment first to the Paying Agent, which will note on such Obligations the portion of the principal paid by the Paying Agent and second to the Insurer or its designee, together with the an appropriate assignment, in form satisfactory to the Insurer, to permit ownership of such Obligations to be registered in the name of the Insurer, which will then pay the unpaid portion of principal, and (iv) that, if they are entitled to receive full payment of principal from the Insurer, they must surrender the related Obligations for payment to the Insurer or its designee, rather than the Paying Agent, together with an appropriate assignment, in form satisfactory to the Insurer, to permit ownership of such Obligations to be registered in the name of the Insurer. (e) In the event that the Paying Agent has notice that any payment of principal of or interest on a Bond which has become Due for Payment and which is made to a Holder by or on behalf of the Issuer has been deemed a preferential transfer and theretofore recovered from its registered owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with the final, non-appealable order of a court having competent jurisdiction, the Paying Agent shall, at the time the Insurer is notified pursuant to (a) above, notify all registered owners that in the event that any registered owner’s payment is so recovered, such registered owner will be entitled to payment from the Insurer to the extent of such recovery if sufficient funds are not otherwise available, and the Paying Agent shall furnish to the Insurer its records evidencing the payments of principal of and interest on the Obligations which have been made by the Paying Agent and subsequently recovered from registered owners and the dates on which such payments were made. (f) In addition to those rights granted to the Insurer under the Resolution and hereunder, the Insurer shall, to the extent it makes any payment of principal or interest on the Obligations, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Policy, and to evidence such subrogation (i) in the case of claims for past due interest, the Paying Agent shall note the Insurer’s rights as subrogee on the registration books of the Issuer maintained by the Paying Agent upon receipt from the Insurer of proof of payment of interest thereon to the registered holders of the Obligations, and (ii) in the case of claims for past due principal, the Paying Agent shall note the Insurer’s rights as subrogee on the registration books of the Issuer maintained by the Paying Agent upon surrender of the Obligations together with receipt of proof of payment of principal thereof.

SECTION 28. Continuing Disclosure. The Executive Officers are hereby empowered and directed to execute an appropriate Continuing Disclosure Certificate (substantially in the form set forth in Appendix H of the official statement issued in connection with the sale and issuance of the Bonds) pursuant to S.E.C. Rule 15c2-12(b)(5).

SECTION 29. Section Headings. The headings of the various sections hereof are inserted for convenience of reference only and shall not control or affect the meaning or construction of any of the provisions hereof. SECTION 30. Effective Date. This Resolution shall become effective immediately.

                                 

                                    ROLL CALL VOTE:        

                    Yeas:        Ms. Copeland, Mr. Chapman,    Ms. Dove, Mr. Eppinette, Ms. Lewis

                    Nays:        None

                   Abstain:     None

                    Absent:     Mr. Wilkins, Mr. Young, Mr. Pruitt, Mr. Calvert

 

                                                                      Motion Carried

           

                                                                          ********

 

 

              ~~Ms. Lewis moved, seconded by Ms. Copeland to adjourn the special session meeting~~

 

       VOTE:  Yeas:   All       Nays:  None     Absent:  Mr. Wilkins, Mr. Pruitt, Mr. Young, Mr. Calvert                 

 

____________________________________          _________________________________________

SHELDON JONES, SECRETARY                                 KEVIN EPPINETTE, presiding PRESIDENT

RICHLAND PARISH SCHOOL BOARD                    RICHLAND PARISH SCHOOL BOARD