The Franklin Sun: Public Notices: Monday, October 13th, 2008



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Public Notices: Monday, October 13th, 2008

Public & Legal Notices may be submitted to us at legals@franklinsun.com.

Public Notices Published Monday, October 13th, 2008

The following ordinance, having been introduced at a meeting held on September 22, 2008, and notice of its introduction having been published in the official journal and a public hearing having been held in connection therewith on this date, was offered for final adoption by Mr. Thomas Moore and seconded by Ms. Nettie B. Brown:
ORDINANCE
An ordinance authorizing the issuance of Three Hundred Sixty-Seven Thousand Dollars ($367,000) of Water Revenue Bonds, Series 2008, of the Town of Wisner, State of Louisiana, prescribing the form, fixing the details and providing for the payment thereof, confirming the sale thereof and entering into certain other covenants and agreements in connection with the security and payment of said Bonds; and providing for other related matters.
WHEREAS, the Town of Wisner, State of Louisiana (the “Issuer”), now owns and operates a waterworks system (the “System”); and
WHEREAS, the Issuer now desires to acquire and construct improvements and renovations to the System, including appurtenant equipment, accessories and properties, both personal and real, a work of public improvement for the Issuer (the “Project”), and to finance a portion of the cost thereof through the issuance of revenue bonds of the Issuer payable as to principal and interest from a dedication and pledge of the income and revenues derived or to be derived from the operation of the System, pursuant to the provisions of Part VII, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950, as amended (the “Act”), and other constitutional and statutory authority; and
WHEREAS, pursuant to the authority of the Act, and other constitutional and statutory authority, this Mayor and Board of Aldermen on August 10, 2006 gave notice of its intention to issue Water Revenue Bonds of the Issuer in an amount not exceeding $460,000 without the necessity of the holding of an election thereon, held a public hearing pursuant to said notice on November 9, 2006, and no objections were made to the issuance of such bonds and no petitions were filed requesting an election thereon; and
WHEREAS, it is now the desire of this Mayor and Board of Aldermen to issue Three Hundred Sixty-Seven Thousand Dollars ($367,000) of said Water Revenue Bonds, Series 2008, pursuant to said public hearing of November 9, 2006, and in accordance with the terms and provisions of the Act and for the purposes set forth above; and
WHEREAS, the Issuer presently has no outstanding bonded indebtedness payable from the income and revenues of the System; except its outstanding (i) Utility Revenue Bond, dated November 1, 1989, issued in the original principal amount of $706,000 pursuant to a resolution adopted on April 20, 1989 by this Mayor and Board of Alderman and (ii) Utility Revenue Bond, dated February 27, 1992, issued in the principal amount of $350,000 pursuant a resolution adopted on May 9, 1991, by this Mayor and Board of Alderman (collectively, the “Prior Lien Bonds”) which Prior Lien Bonds are payable from a pledge of the revenues of both the System and the sewerage system of the Issuer,
WHEREAS, Consolidated Farmers Home Administration Act of 1961 provides that the United States of America may make loans to political subdivisions when such subdivisions are unable to obtain other credit to meet their needs within reasonable rates and terms; and
WHEREAS, the Issuer is not able to sell the aforementioned issue of Bonds in the private market at reasonable rates and terms and now desires to exercise its option to sell the bonds herein authorized to the United States of America and to issue said bonds pursuant to the terms of a loan agreement entered into by and between the Issuer and the Government, and to represent said indebtedness, to issue the Water Revenue Bonds of the Issuer as hereafter provided; and
WHEREAS, it is now desired to fix the details necessary with respect to the issuance of the aforesaid Bonds and to provide for the authorization and issuance thereof;
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Aldermen of the Town of Wisner, State of Louisiana, acting as the governing authority of said Town, that:
SECTION 1. The following terms as used in this ordinance shall have the following respective meanings, such definitions to be equally applicable to both the singular and plural sense of any of such terms:
1. “Bonds” or “Bond” means the Water Revenue Bonds, Series 2008, of the Town of Wisner, State of Louisiana, authorized to be issued by this ordinance in the aggregate principal amount of $367,000.
2. “Executive Officers” means, collectively, the Mayor and the Clerk of the Town of Wisner, State of Louisiana.
3. “Governing Authority” means the Mayor and Board of Aldermen of the Town of Wisner, State of Louisiana, or any legal successor thereto.
4. “Government” means the United States of America, acting through Rural Development, or any successor entity thereto.
5. “Issuer” means the Town of Wisner, State of Louisiana.
6. “Prior Lien Bonds” means the Issuer(s outstanding (i) Utility Revenue Bond, dated November 1, 1989 and (ii) Utility Revenue Bond, dated February 27, 1992, as more fully described in the preamble hereto.
7. “System” means the waterworks system of the Issuer, as now existing and as constructed, acquired, extended and improved with the proceeds of the Bond or as said system shall hereafter be improved, extended or supplemented from any source whatsoever while any of the Bonds remain outstanding, including, specifically, all properties of every nature owned by the Issuer and used or useful in the operation of said system, including real estate, personal and intangible properties, contracts, franchises, leases and choses in action.
SECTION 2. Subject to the approval of the Louisiana State Bond Commission and for the purpose of financing a portion of the cost of acquiring and constructing improvements and renovations to the System, including appurtenant equipment, accessories and properties, both personal and real, a work of public improvement for the Issuer, and in compliance with and under the authority of Part VII, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950, as amended (the “Act”), and other constitutional and statutory authority, there is hereby authorized the incurring of an indebtedness of Three Hundred Sixty-Seven Thousand Dollars ($367,000) for, on behalf of and in the name of the Issuer, and to represent said indebtedness, this Governing Authority does hereby authorize the issuance of Three Hundred Sixty-Seven Thousand Dollars ($367,000) of Water Revenue Bonds, Series 2008, of the Issuer. The Bonds shall be issued in the form of a single, fully registered bond of the Issuer, which shall be dated as of the date of delivery thereof, shall be in the denomination and principal amount of Three Hundred Sixty-Seven Thousand Dollars ($367,000) and shall be numbered R-1. The unpaid principal of the Bond shall bear interest at the rate of four and one-half per centum (4-1/2%) per annum from date of delivery until paid (or, with the consent of the Government, such lower rate of interest which the Government may have in effect for community program loans at the time of delivery of the Bond to the Government). Principal and interest on the Bond shall be payable over a forty (40) year period, with the first payment consisting of interest only which shall fall due on the first anniversary date of the Bond. Commencing one month after the first anniversary date of the Bond and continuing monthly thereafter over the life of the Bond, the payments shall be equal in amount and consist of fully amortized monthly installments of principal and interest. Each payment shall be applied, first, to the payment of accrued interest and, second, to the payment of principal.
SECTION 3. The Issuer may prepay the whole or any part of the principal amount of any installment at any time in inverse chronological order at the principal amount thereof and accrued interest to the date fixed for prepayment. Each prepayment shall be noted on such Bond, and interest on the amount of principal so prepaid shall cease from and after the date of prepayment.
SECTION 4. Payments of principal and interest on the Bond shall be made by check or draft mailed to the registered owner at the address shown on the Bond Registration Book of the Issuer, or by electronic debit acceptable to said owner, without (except for final payment) presentation and surrender of said Bond; and all such payments shall fully discharge the obligations of the Issuer in respect of the Bond to the extent of the payments so made. Said payments shall be noted on the Payment Record made a part of each Bond, and written notice of the making of such notations shall be promptly sent to the Issuer.
SECTION 5. The Bond shall be fully registered as to principal and interest by the Clerk of the Issuer, and no transfer or assignment shall be valid unless made on the Bond Registration Book and similarly noted on the back of such Bond. Upon such transfer or assignment, the transferor or assignor shall surrender the Bond for transfer on said registration records and verifications of endorsements made on such Bond.
SECTION 6. The Bond shall be in substantially the following form:
* * * *
UNITED STATES OF AMERICA
STATE OF LOUISIANA
PARISH OF FRANKLIN

WATER REVENUE BOND, SERIES 2008,
OF THE
TOWN OF WISNER,
STATE OF LOUISIANA
No. R-1 $367,000
KNOW ALL MEN BY THESE PRESENTS that the Town of Wisner, State of Louisiana (the “Issuer”), for value received hereby promises to pay to the registered owner, or its successor (the “Payee”), or its registered assigns, but solely from the revenues hereinafter recited, the sum of Three Hundred Sixty-Seven Thousand Dollars ($367,000), together with interest on the unpaid principal at the rate of four and one-half per centum (4-1/2 %) per annum from date hereof or the most recent interest payment date to which interest has been paid. This bond shall be payable over a forty (40) year period, with the first payment consisting of interest only which shall fall due on ________, 2009, and thereafter, commencing on __________, 20__ and continuing on the ____ day of each month thereafter to and through __________, 2048, and the payments shall consist of fully amortized monthly installments of principal and interest in the amount of $1,666.18 each, unless the principal amount hereof is prepaid in whole or in part in accordance with the terms set forth herein and the hereinafter defined Bond Ordinance. Each payment shall be applied, first, to the payment of accrued interest and, second, to the payment of principal.
The purchase price of this bond will be paid by periodic advances thereof by the purchaser to the Issuer until the total principal amount of this bond shall have been paid to the Issuer. Interest will accrue only upon the amounts of principal advanced by the purchaser to the Issuer from the respective dates of such advances.
Payments of principal and interest, including prepayments of principal, shall be noted on the appropriate payment record made a part of this bond as provided by the ordinance authorizing its issuance.
The Issuer shall have the right to prepay the whole or any part of the principal amount of any installment at any time in inverse chronological order at par plus accrued interest to the date fixed for prepayment. When any such prepayment has been made, interest on the amount of principal so prepaid shall cease to accrue from and after the date of prepayment.
This bond represents the entire series of bonds designated “Water Revenue Bonds, Series 2008, of the Town of Wisner, State of Louisiana”, and this bond is issued under and by virtue of the authority conferred by Part VII, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950 as amended, and other constitutional and statutory authority, pursuant all requirements therein specified, and were specially authorized by an ordinance adopted by the governing authority of the Issuer on October 9, 2008 (the “Bond Ordinance”), for the purpose of financing a portion of the cost of acquiring and constructing improvements and renovations to the waterworks system of the Issuer, including appurtenant equipment, accessories and properties, both personal and real, a work of public improvement for the Issuer.
This bond is payable as to principal and interest solely from the income and revenues derived or to be derived from the operation of the waterworks system of the Issuer (the “System”), after provision has been made for payment therefrom of the reasonable and necessary expenses of operating and maintaining the System and making such payments as required by the Issuer’s outstanding (i) Utility Revenue Bonds, dated November 1, 1987 and (ii) Utility Revenue Bonds, dated February 27, 1992 (collectively, the “Prior Lien Bonds”), which Prior Lien Bonds are payable from a pledge of the revenues of both the System and the sewerage system of the Issuer. This bond constitutes a borrowing solely upon the credit of said revenues of the System, and neither this bond nor the debt it represents constitute an indebtedness or pledge of the general credit of the Issuer, within the meaning of any constitutional or statutory limitation of indebtedness.
The Issuer has duly covenanted and obligated itself and by this bond declares that it will fix, establish and maintain rates and collect charges for all services and facilities to be rendered by the System sufficient to provide for the payment of the reasonable and necessary expenses of operating and maintaining the System, to provide for the payment of the Prior Lien Bonds to the extent paid from the System and this bond, together with interest thereon, to provide a reserve therefor, and all other obligations or indebtedness payable out of the revenues of the System, and to provide a reasonable depreciation and contingency fund to care for depreciation, extensions, additions, improvements and replacements necessary to properly operate the System. For a more complete statement of the revenues from which and conditions under which this bond is issued, including the authority to issue additional pari passu bonds, under certain terms and conditions, reference is hereby made to the Bond Ordinance.
As provided in R.S. 39:832, this bond shall not constitute an indebtedness of the State of Louisiana.
This bond may be assigned and upon such assignment the assignor shall promptly notify the Issuer by registered mail, and the assignor shall surrender the same to the Issuer for transfer on the registration records and verification of the endorsements made hereon, and every such assignee shall take this bond subject to such condition.
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.
It is further 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 necessary to constitute the same a legal, binding and valid obligation of the Issuer, have existed, have happened and have been performed in due time, form and manner as required by law, and that a sufficient amount of income and revenues to be derived from the operation of the System has been duly pledged and will be set aside for the payment of the principal of and the interest on this bond and the issue of which it forms a part.
IN WITNESS WHEREOF, the Mayor and Board of Aldermen of the Town of Wisner, State of Louisiana, acting as the governing authority of the Issuer, has caused this bond to be signed by the Mayor and attested by the Clerk of the Issuer, the corporate seal of the Issuer to be hereon impressed and this bond to be dated as of the date of delivery hereof, , 2008.
TOWN OF WISNER, STATE OF LOUISIANA
ATTEST: Mayor
Clerk
(PROVISIONS FOR REGISTRATION)
This Bond has been registered as to principal and interest in the name of the registered owner hereof on the books of the Clerk of the Town of Wisner, State of Louisiana, as Registrar, as follows:
Date of
Registration
Name of
Registered Owner
Address of
Registered Owner
Signature of Registrar
(FORM OF ASSIGNMENT)
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ___________________________________________________________________

Please Insert Social Security Number
or other Identifying Number of Assignee _____________________________________________________________________________________

the within Water Revenue 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.
(CERTIFICATE OF DELIVERY)
I, the undersigned Clerk of the Town of Wisner, State of Louisiana, do hereby certify that this Bond was delivered to the purchaser therefor and payment duly received therefor on the date and in the amount hereinafter shown:
Amount of
Date Principal Payment Signature of Clerk
_____________________________________________________________
(10 spaces)
PAYMENT RECORD
WATER REVENUE BOND, SERIES 2008
TOWN OF WISNER,
STATE OF LOUISIANA
DUE DATE
PRINCIPAL
PAYMENT
PRINCIPAL
BALANCE DUE
INTEREST PAYMENT
(4- 1/2%)
DATE PAID
SIGNATURE OF AUTHORIZED
OFFICIAL AND TITLE

(469 principal and/or interest due dates)
SCHEDULE “A”
WATER REVENUE BOND, SERIES 2008
TOWN OF WISNER,
STATE OF LOUISIANA
Principal Installments on which payments have been made prior to maturity.
Principal Pay-
ment Date
Amount
Due
Principal Amount
Actually Paid
Date
Paid
Signature of Authorized
Official and Title
(continued)

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