The Franklin Sun
Today is Tuesday, May 21st, 2013Subscribe Today!
Home · News · Columns · Editorials · Sports · Community · Arrests · Obituaries · Public Notices
Main Menu
• Home
• Links of Interest
• Photo Gallery
• Polls & Surveys
• Public Notices
• Read Our E-Edition
• Recommend Us
• RSS Feeds
• Search Our Site
• Site Statistics
• Story Archives
• Top 5 Most Popular
• Contact Us

Ads by Google

Current Poll
Are you keeping your New Year's resolutions?
Yes
No
Never had any

View Results
Public Notices: Monday, December 14th, 2009

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



Public Notices Published Monday, December 14th, 2009
Winnsboro, Louisiana
November 2, 2009
The Franklin Parish School Board met for its regular scheduled meeting on Monday, November 2, 2009 at 5:30 p.m. in the Franklin Parish School Board Complex board room.
Present for the meeting were Mr. Tim Eubanks, Mrs. Dorothy Brown Mr. Eddie Ray Bryan, Mr. Ronnie Hatton, Mr. Jesse Young and Mr. Richard Kelly.
Mrs. Louise Johnson was absent from the meeting.
President Eddie Ray Bryan called the meeting to order, Mr. Richard Kelly led in prayer and President Bryan led in the Pledge of Allegiance
FINAL AGENDA APPROVED
ORDINANCE # 2009-11-0001
BE IT ORDAINED, ETC., that the Franklin Parish School Board approves the final agenda for the November 2, 2009 regular meeting as listed.
FRANKLIN PARISH SCHOOL BOARD COMPLEX
7293 PRAIRIE ROAD
WINNSBORO, LA 71295
AGENDA FOR
November 2, 2009 at 5:30 P.M. Meeting
CALL TO ORDER: President
INVOCATION: Chaplain
PLEDGE OF ALLEGIANCE: President
I. Approval of Agenda
II. Approval of minutes from October 5 and 27, 2009 meetings.
III. Recognition of Visitors
Agricultural Extension Office Speaker
Teacher of the Year (McClary)
IV. Business
A. Pam McBroom, Head Start Report
B. A resolution providing for the incurring of debt and issuance of One million Five Hundred Thousand Dollars ($1,500,000) of Revenue Bonds (Taxable QSCB), Series 2009, of the Parish School Board of the Parish of Franklin, State of Louisiana; prescribing the form, terms and conditions of such Bonds and providing for the payment thereof; and providing for others matters in connection therewith. (Johnson)
C. Consider resolution for adoption of the Franklin Parish School Board Flexible Benefits Plan. (Whitten)
D. Consider adopting resolution for Franklin State Bank. (Johnson)
E. Consider adopting resolution for Schools Test Scores. (Johnson)
F. Consider payment of monthly invoices. (Whitten)
G. Consider awarding bids for sale of portable buildings. (Johnson)
V Superintendent’s Report
VI. President’s Report
VII. Approval of Personnel
A. Consider instructional and support personnel matters.
VIII. Adjourn
MOTION: Mrs. Dorothy Brown SECOND: Mr. Tim Eubanks
All members present approved.
MOTION TO APPROVE MINUTES FROM OCTOBER 5 AND 27, 2009 MEETINGS
ORDINANCE # 2009-11-0002
BE IT ORDAINED, ETC., that the Franklin Parish School Board approve the minutes from the October 5 & 27, 2009 meetings.
MOTION: Mrs. Dorothy Brown SECOND: Mr. Jesse Young
All members present approved.
AGRICULTURE EXTENSION OFFICE SPEAKER
Mrs. Laura Bradley gave an update on the projects and activities of the Agriculture Extension Office.
TEACHER OF THE YEAR RECOGNITION, WILEY MCCLARY
Mr. Wiley McClary recognized and introduced the school’s Teacher of the Year and the Franklin Parish Teachers of the Year. A plaque and monetary award was presented to the Parish Teachers of the Year. The school’s elementary Teacher of the Year were, Julia Rogers, Baskin School, Ann Wallace, Crowville School, and Janee Hillard, Gilbert School. Middle School Teachers of the year were Belinda McHenry, Baskin School, Pam Ashley, Crowville School and Sandra Englerth, Gilbert School. The parish winners were Julia Rogers, elementary Teacher of the Year, Pam Ashley, middle school Teacher of the Year and Karen Newman, high school Teacher of the Year. The monetary award was donated by Kelly Martin of Martin Brothers and refreshments for the teacher recognition service were donated by Michael McIntosh of Horace Mann Insurance.
PAM MCBROOM, HEAD START REPORT
Mrs. McBroom reported on the activities of Head Start. Things are going well at Head Start. Daily average attendance is at 92%. Mrs. McBroom gave Board members September financial report.
MOTION TO APPROVE A RESOLUTION PROVIDING FOR THE INCURRING OF DEBT AND ISSUANCE OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) OF REVENUE BONDS (TAXABLE QSCB), SERIES 2009, OF THE PARISH SCHOOL BOARD OF THE PARISH OF FRANKLIN, STATE OF LOUISIANA; PRESCRIBING THE FORM, TERMS AND CONDITIONS OF SUCH BONDS AND PROVIDING FOR THE PAYMENT THEREOF; AND PROVIDING FOR OTHERS MATTERS IN CONNECTION THEREWITH.
ORDINANCE # 2009-11-0003
BE IT ORDAINED, ETC., that the Franklin Parish School Board approve the resolution providing for the incurring of debt and issuance of one million five hundred thousand dollars ($1,500,000) of revenue bonds (taxable QSCB), Series 2009, of the parish school board of the parish of Franklin, State of Louisiana; prescribing the forms, terms and conditions of such bonds and providing for the payment thereof; and providing for others matters in connection therewith.
Resolution
A resolution providing for the incurring of debt and issuance of One Million Five Hundred Thousand Dollars ($1,500,000) of Revenue Bonds (Taxable QSCB), Series 2009, of the Parish School Board of the Parish of Franklin, State of Louisiana; prescribing the form, terms and conditions of such Bonds and providing for the payment thereof; and providing for other matters in connection therewith.
WHEREAS, the Parish School Board of the Parish of Franklin, State of Louisiana (the “Issuer”) is authorized by the State Constitution to levy a special tax of four and fifty-three hundredths (4.53) mills (such rate being subject to adjustment from time to time due to reassessment) in each year (the “Tax”); and
WHEREAS, the Issuer has no outstanding indebtedness of any kind payable from a pledge or dedication of the avails or proceeds of the Tax; and
WHEREAS, Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended authorizes the Issuer to make and enter into contracts dedicating the pledge and dedication of the funds to be derived by the Issuer from the Tax; and
WHEREAS, the Issuer, on September 8, 2009, authorized the issuance of the hereinafter defined Bonds by private placement to one or more institutions, provided the details are in accordance with the provisions set forth in said resolution; and
WHEREAS, pursuant to said authorization on September 8, 2009, the Bonds were sold to Franklin State Bank and Trust Co. (the “Purchaser”) on October 16, 2009, when the Superintendent duly executed the Commitment Letter with the Purchaser; and
WHEREAS, the Issuer now desires to incur debt and issue One Million Five Hundred Thousand Dollars ($1,500,000) of its Revenue Bonds (Taxable QSCB), Series 2009 (the “Bonds”), in the manner authorized and provided by the aforesaid sections of the Louisiana Revised Statutes of 1950, as hereinafter provided, for the purpose of construction, rehabilitation or repair of public school facilities, including equipping of school facilities improved with Bond proceeds, and paying the costs of issuance of the Bonds; and
WHEREAS, it is the desire of the Issuer to fix the details necessary with respect to the issuance of the Bonds and to provide for the authorization and issuance thereof; and
WHEREAS, it is the further desire of the Issuer to provide for the sale of the Bonds to the Purchaser at the price and in the manner hereinafter provided; and
WHEREAS, the Issuer further desires to qualify said Bonds under Section 54F of the Internal Revenue Code of 1986, as amended, as Qualified School Construction Bonds; and
WHEREAS, the Department of Education has reserved for the Issuer an allocation of $1,500,000 of the national qualified school construction bond limitation pursuant to the QSCB Regulations and the policies and procedures of the Department of Education (herein defined);
NOW, THEREFORE, BE IT RESOLVED by the Parish School Board of the Parish of Franklin, State of Louisiana, acting as the governing authority of the Parish of Franklin, State of Louisiana, for school purposes, that:
SECTION Definitions. As used herein, the following terms shall have the following meanings, unless the context otherwise requires:
“Act” means Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority.
“Additional Parity Obligations” means any additional pari passu bonds which may hereafter be issued, pursuant to Section 8 hereof, on a parity with the Bonds.
“Agreement” means the agreement to be entered into between the Issuer and the Paying Agent pursuant to this Resolution.
“Bonds” means the Issuer’s Revenue Bonds (Taxable QSCB), Series 2009, authorized by this Resolution in the total aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000), 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 office in which registration of the Bonds and transfers of the Bonds shall be made as provided herein.
“Bond Year” means the one-year period ending on each Principal Account Deposit Date, provided that the initial bond year may be a period shorter than one year.
“Cash” means cash and cash equivalents.
“Code” means the Internal Revenue Code of 1986, as amended.
“Commitment Letter” shall mean the offer to purchase by the Purchaser attached hereto as Exhibit A.
“Coupon Rate” means one-half of one percent per annum (0.50%).
“Credit Allowance Date” means with respect to the Bonds, each March 15, June 15, September 15 and December 15 on which any portion of the principal amount of the Bonds remains unpaid, and includes the last day on which the Bonds are outstanding.
“Credit Rate” means six and eighteen hundredths per centum (6.18%) per annum, the rate designated by the Secretary of the United States Treasury on the date of this Resolution, which is the date of the Issuer’s acceptance of the Commitment Letter of the Purchaser which Commitment Letter is a binding, written contract for the sale or exchange of the Bonds.
“Date of Issuance” means the date the Issuer receives payment for the Bonds, which is anticipated to be November 13, 2009.
“Department of Education” means the Louisiana Department of Education.
“Event of Default” means the occurrence of any of the following events unless waived in writing by the Owners:
1. a failure to pay the principal of or interest or premium, if any, on any Bond when the same shall become due and payable whether at maturity, upon redemption, or otherwise and such failure continues for two (2) days after the Issuer’s receipt of written notice from the Owner or the Paying Agent;
2. a failure of the Issuer to make the Principal Account Deposit Requirement on any Principal Account Deposit Date and such failure continues for two (2) days after the Issuer’s receipt of written notice from the Owner or the Paying Agent;
3. a failure of the Issuer to pay any other amount payable hereunder or with respect to any Bond (other than those specified in (1) and (2) above) when the same shall become due and payable and such failure continues for seven (7) days after the Issuer’s receipt of written notice from the Owner or the Paying Agent;
4. an Event of Insolvency shall occur with respect to the Issuer;
5. a failure by the Issuer in the performance or observance of any other of the covenants, agreements or conditions on its part in this Resolution or in the Bonds, and such failure continues for thirty (30) days after the Issuer’s receipt of written notice from the Owner or the Paying Agent unless the Issuer has instituted corrective actions satisfactory to the Owners within such 30-day period and diligently pursues such actions until such default is remedied.
“Event of Insolvency” means, with respect to the Issuer, the occurrence of one or more of the following events:
1. the issuance, under the laws of any state or under the laws of the United States of America, of an order of rehabilitation, liquidation or dissolution of the Issuer;
2. the commencement by or against the Issuer of a case or other proceeding seeking liquidation, reorganization or other relief with respect to the Issuer or its debts under any bankruptcy, insolvency or other similar state or federal law now or hereafter in effect, including, without limitation, the appointment of a trustee, receiver, liquidator, custodian or other similar official for the Issuer or there shall be appointed or designated with respect to it, an entity such as an organization, board, commission, authority, agency or body to monitor, review, oversee, recommend or declare a financial emergency or similar state of financial distress with respect to it or there shall be declared or introduced or proposed for consideration by it or by any legislative or regulatory body with competent jurisdiction over it, the existence of a state of financial emergency or similar state of financial distress in respect of it;
3. the inability or failure of the Issuer to generally pay its debts as they become due;
4. the declaration of a moratorium with respect to the payment of the debts of the Issuer;
5. an authorized Executive Officer of the Issuer shall admit in writing its inability to pay its debts when due; or
6. the initiation of any action in furtherance of or to authorize any of the foregoing by or on behalf of the Issuer.
“Executive Officers” means, collectively, the President and the Secretary of the Issuer.
“Final Maturity Date” means November 1, 2018.
“Fiscal Year” means the one-year accounting period beginning July 1 of each year, or such other period as may be designated by the Governing Authority as the fiscal year of the Issuer.
“Governing Authority” means the Parish School Board of the Parish of Franklin, State of Louisiana, and any successor thereto.
“Government Securities” means noncallable direct general obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, which may be United States Treasury Obligations such as the State and Local Government Series or which may consist of specified portions of interest thereon, such as those securities commonly known as CATS, TIGRS, and STRPS, and may be in book-entry form; provided, however, that no Government Security shall mature or be payable (in whole or in part) after the Final Maturity Date.
“Interest Payment Date” shall mean November 1 of each year the Bonds are Outstanding, beginning November 1, 2010. Interest will accrue on a 30/360 day basis.
“Issuer” or “School Board” means the Parish School Board of the Parish of Franklin, State of Louisiana.
“Maximum Annual Debt Service” means the highest amount of principal and interest due on an obligation in any Fiscal Year, provided that if there is outstanding any balloon indebtedness subject to mandatory sinking fund payments or redemptions, such balloon indebtedness shall be calculated as amortizing on the dates and in the amounts such mandatory sinking fund payments or redemptions are required rather than on the date such indebtedness matures.
“Outstanding” when used with respect to the Bonds means, as of the date of determination, any Bond theretofore issued and delivered under this Resolution, except:
1. Any Bond theretofore canceled by the Paying Agent or delivered to the Paying Agent for cancellation;
2. Any Bond for which payment or redemption sufficient funds have been theretofore deposited in trust for the owners of such Bond with the effect specified in this Resolution or by law, provided that if such Bond is to be redeemed prior to maturity, irrevocable notice of such redemption has been duly given or provided for pursuant to this Resolution or waived;
3. Any Bond in exchange for or in lieu of which another Bond has been registered and delivered pursuant to this Resolution; and
4. Any Bond alleged to have been mutilated, destroyed, lost or stolen which may have been paid as provided in this Resolution or by law.
“Owner” when used with respect to any Bond means the Person or Persons constituting a taxpayer in whose name(s) such Bond is registered in the Bond Register.
“Paying Agent” means Argent Trust, a division of National Independent Trust Company, 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.
“Principal Account Deposit Date” means November 1st of each year, beginning November 1, 2010 and ending on November 1, 2018.
“Principal Account Deposit Requirement” means on each Principal Account Deposit Date, a cash deposit, together with any amounts in the Principal Account of the Sinking Fund not presently invested in Government Securities, in an amount sufficient to meet the Required Principal Account Value for such Principal Account Deposit Date.
“Principal Account Value” shall have the meaning given in Section 9 hereof.
“Principal Amount” means $1,500,000, less any amount redeemed as a result of mandatory redemption required pursuant to Section 3(a) of this Resolution.
“Purchaser” means Franklin State Bank and Trust Co., Winnsboro, Louisiana.
“Qualified Purposes” means construction, rehabilitation and repair of public school facilities within the jurisdiction of the Issuer, including equipping of school facilities improved with Bond proceeds.
“QSCB Code Provision” means Section 54F of the Code and applicable portions of Section 54A of the Code.
“QSCB Disqualification Event” has the meaning given it in Section 3 of this Resolution.
“QSCB Regulations” means IRS Notice 09-35, dated April 3, 2009.
“Required Principal Account Value” means for each Principal Account Deposit Date the corresponding value required as set forth in Section 9 of this Resolution.
“Resolution” means this resolution authorizing the issuance of the Bonds, as it may be supplemented and amended.
“School System” means the Franklin Parish School System.
“Sinking Fund” means the “Parish School Board of the Parish of Franklin, State of Louisiana, Revenue Bonds (Taxable QSCB), Series 2009, Sinking Fund” established pursuant to Section 9 herein.
“State” means the State of Louisiana.
“State Constitution” means the Louisiana Constitution of 1974, as amended.
“Superintendent” means the Superintendent of the School Board.
“Tax” means the special ad valorem tax of four and fifty-three hundredths (4.53) mills (such rate being subject to adjustment from time to time due to reassessment), and authorized by the State Constitution to be levied and collected annually by the Issuer in each year.
SECTION 2. Authorization of Bond; Maturity. In compliance with the terms and provisions of the Act, the QSCB Code Provision, the QSCB Regulations, other constitutional and statutory authority, and the policies and procedures of the Department of Education, there is hereby authorized the incurring of indebtedness of One Million Five Hundred Thousand Dollars ($1,500,000) for, on behalf of, and in the name of the Issuer, for the purpose of construction, rehabilitation or repair of public schools facilities, including equipping of school facilities improved with Bond proceeds, and paying the costs of issuance thereof. Costs of issuance shall not exceed two percent (2.00%) of the proceeds of the Bonds. To represent said indebtedness, this Governing Authority does hereby authorize the issuance of Revenue Bonds (Taxable QSCB), Series 2009, of the Issuer, in the amount of One Million Five Hundred Thousand Dollars ($1,500,000). Any Bond issued hereby shall be in the form of a fully registered bond, shall be dated the Date of Issuance, and shall be numbered R-1. 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, at the Coupon Rate, payable on each Interest Payment Date, commencing November 1, 2010. Subject to the provisions of Section 3, the Bonds shall become due and payable and mature on the Final Maturity Date.
(b) Payment of Bonds. The principal of the Bonds upon maturity or redemption shall be payable by check of the Paying Agent mailed or delivered by the Paying Agent to the Owner thereof (determined as of the close of business on the day before the Final Maturity Date) at the address shown on the Bond Register upon presentation and surrender of the Bonds at the principal corporate trust office of the Paying Agent. Any Bond delivered under this Resolution upon transfer of, in exchange for or in lieu of any other Bond shall carry all the rights which were carried by such other Bond.
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.
(c) Designation as Qualified School Construction Bond. In accordance with the QSCB Code Provision, the Issuer hereby designates the Bonds as Qualified School Construction Bonds.
SECTION 3. Redemption Provisions. The Bonds are not subject to redemption or prepayment by the Issuer prior to their stated maturity except as specified in this section as follows:
(a) To the extent that less than 100% of the “available project proceeds” of the Bonds (as defined in the QSCB Regulations) are expended for Qualified Purposes by the close of the 3-year period beginning on the Date of Issuance (or if an extension of such expenditure period has been received by the Issuer from the Secretary of the United States Treasury Department, by the close of the extended period) the Issuer shall redeem all of the non-qualified Bonds within 90 days after the end of such period; and
(b) The Issuer may elect to redeem the Bonds in whole but not in part prior to maturity at its option upon a final, non-appealable determination by the Internal Revenue Service or a court of competent jurisdiction over the matter that the bond does not qualify as a “qualified school construction bond” pursuant to Section 54F of the Code (a “QSCB Disqualification Event”). Redemption of the Bonds by the Issuer pursuant to this Section 3(b) shall occur not later than the 180th day following the QSCB Disqualification Event.
Official notice of such call for redemption of the Bonds, or any portion thereof, shall be given by the Paying Agent by means of first class mail, postage prepaid, by notice deposited in the United States mails not less than ten (10) days prior to the redemption date addressed to the Owner of the Bonds to be redeemed at his address as shown on the Bond Register.
In the event the Bonds, or any portion thereof, are redeemed prior to the Final Maturity Date pursuant to this Section, the Issuer will pay to the Owner thereof the portion of the Principal Amount being redeemed that is held by such Owner, plus a “make-whole” amount to compensate the Owner for any reasonable losses or breakage fees related to such Owner’s cost of funds or other costs (including reasonable attorneys fees to the extent permitted by law) incurred by the Owner as a result of such redemption. Further, in the event of a QSCB Disqualification Event, the Issuer shall make, and so long as the Bonds remain Outstanding continue to make, to the Owner on each Interest Payment Date, additional payments to the Owner in an amount sufficient, after taking into consideration all penalties, fines, interest and additions to federal income tax (including lost tax credits) that are imposed on the Owner, to maintain the same after-tax yield that the Owner would have realized had such loss or reduction of tax credits not occurred.
SECTION 4. 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 Bonds 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 of the same maturity.
SECTION 5. Form of Bonds. The Bonds and the endorsements to appear thereon shall be in substantially the following forms, respectively, to-wit:

No. R -1 Principal Amount $1,500,000
UNITED STATES OF AMERICA
STATE OF LOUISIANA
PARISH OF FRANKLIN
REVENUE BOND
(TAXABLE QSCB), SERIES 2009
PARISH SCHOOL BOARD OF THE
PARISH OF FRANKLIN, STATE OF LOUISIANA
Bond Maturity Date of Credit Coupon
Date Date Issuance Rate Rate
_______, 2009 November 1, 2018 ____, 2009 6.18% 0.50%
The Parish School Board of the Parish of Franklin, State of Louisiana (the “Issuer”), promises to pay, but solely from the source and as hereinafter provided, to:
FRANKLIN STATE BANK AND TRUST CO.
or registered assigns, on the Maturity Date set forth above the Principal Amount, 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, at the Interest Rate per annum set forth above, payable annually on November 1 of each year, commencing November 1, 2010 (each an “Interest Payment Date”). The principal of this Bond, upon maturity or redemption, is payable in lawful money of the United States of America at the principal office of Argent Trust, a division of National Independent Trust Company, Ruston, Louisiana, or successor thereto (the “Paying Agent”), upon presentation and surrender hereof.
THIS BOND CONSTITUTES A QUALIFIED SCHOOL CONSTRUCTION BOND WITHIN THE MEANING OF SECTIONS 54A AND 54F OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). SUBJECT TO THE LIMITATIONS OF SECTION 54A(c), A TAXPAYER IS ENTITLED TO A TAX CREDIT AGAINST FEDERAL INCOME TAX (INCLUDING ALTERNATIVE MINIMUM TAX) IMPOSED ON SUCH TAXPAYER FOR THE TAXABLE YEAR THAT INCLUDES THE CREDIT ALLOWANCE DATE. THE TAX CREDIT UNDER SAID SECTIONS 54A AND 54F IS EQUAL TO 25% OF THE CREDIT RATE SPECIFIED HEREON MULTIPLIED BY THE PRINCIPAL AMOUNT OF THE BONDS HELD BY A TAXPAYER ON THE CREDIT ALLOWANCE DATE; PROVIDED, HOWEVER, THAT THE AMOUNT OF THE TAX CREDIT ALLOWED TO A TAXPAYER ON THE FIRST CREDIT ALLOWANCE DATE FOLLOWING THE ISSUANCE OF THIS BOND OR ON THE REDEMPTION OR MATURITY OF THIS BOND SHALL BE PRORATED AS PROVIDED IN SECTION 54A(b)(4) OF THE CODE.
“CREDIT ALLOWANCE DATE” AS USED HEREIN SHALL MEAN EACH MARCH 15, JUNE 15, SEPTEMBER 15 AND DECEMBER 15 ON WHICH THIS BOND IS OUTSTANDING. SUCH TERM SHALL ALSO INCLUDE THE LAST DAY ON WHICH THIS BOND IS OUTSTANDING.
NG.
This Bond represents the entire principal amount of an authorized issue aggregating in principal the sum of One Million Five Hundred Thousand Dollars ($1,500,000) of Revenue Bonds (Taxable QSCB), Series 2009 (the “Bonds”), of the Issuer, said Bonds having been issued by the Issuer pursuant to a resolution adopted on November 2, 2009 (the “Resolution”), for the purpose of construction, rehabilitation or repair of public school facilities within the jurisdiction of the Issuer, including equipping of school facilities improved with Bond proceeds, and paying the costs of issuance thereof, under the authority conferred by Section 1430 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and other constitutional and statutory authority.
This Bond is not subject to redemption by the Issuer prior to its stated Maturity Date except: (a) to the extent that less than 100% of the available project proceeds(as defined in the QSCB Regulations) of this Bond is expended for Qualified Purposes by the close of the 3-year period beginning on the date of this Bond (or if an extension of such expenditure period has been received by the Issuer from the Secretary of the United States Treasury Department, by the close of the extended period) the Issuer shall redeem all of the non-qualified Bonds within 90 days after the end of such period; and (b)the Issuer may elect to redeem this Bond in whole but not in part prior to maturity at its option upon a final, non-appealable determination by the Internal Revenue Service or a court of competent jurisdiction over the matter that the bond does not qualify as a “qualified school construction bond” pursuant to Section 54F of the Code “qualified school construction bonds” (a “QSCB Disqualification Event”); provided that redemption of this Bond by the Issuer pursuant to a QSCB Disqualification Event shall occur not later than the 180th day following such QSCB Disqualification Event.
Official notice of such call for redemption of this Bond, or any portion thereof, shall be given by the Paying Agent by means of first class mail, postage prepaid, by notice deposited in the United States mails not less than ten (10) days prior to the redemption date addressed to the Owner of this Bond at his address as shown on the Bond Register.
In the event this Bond, or any portion thereof, is redeemed prior to the Maturity Date pursuant to the Resolution, the Issuer will pay to the Owner thereof the portion of the principal amount being redeemed that is held by such Owner, plus a “make-whole” amount to compensate the Owner for any reasonable losses or breakage fees related to such Owner’s cost of funds or other costs (including reasonable attorneys fees to the extent allowed by applicable law) incurred by the Owner as a result of such redemption. Further, in the event of a QSCB Disqualification Event, the Issuer shall make, and so long as this Bond remains outstanding continue to make, to the Owner on each Principal Account Deposit Date, additional payments to the Owner in an amount sufficient, after taking into consideration all penalties, fines, interest and additions to federal income tax (including lost tax credits) that are imposed on the Owner, to maintain the same after-tax yield that the Owner would have realized had such loss or reduction of tax credits not occurred.
The Issuer shall cause to be kept at the principal corporate office of the Paying Agent a register (the “Bond Register”) in which registration of the Bonds and of transfers of the Bonds shall be made as provided in the Resolution. This Bond may be transferred, registered and assigned only on the Bond Register, and such registration shall be at the expense of the Issuer. This Bond may be assigned by the execution of the assignment form hereon or by other instrument of transfer and assignment acceptable to the Paying Agent. A new Bond will be delivered by the Paying Agent to the last assignee (the new registered owner) in exchange for this transferred and assigned Bond after receipt of this Bond to be transferred in proper form.
continued to #2
Search Our Site

Advertising

Local Weather
© 2002-2013 The Franklin Sun - All Rights Reserved
Web Site Design by Panther Networks, Inc.