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Public Notices: Thursday, September 2nd, 2010
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|Public Notices Published Thursday, September 2nd, 2010The following Ordinance having been introduced on July 19, 2010, notice of introduction having been published in the official journal on August 11, 2010, and a public hearing thereon having been held on August 16, 2010, was offered for final adoption by Mahoney and seconded by McCarthy:|
ORDINANCE NO. 941
An Ordinance providing for the incurring of debt and issuance of not to exceed One Million and 00/100 Dollars ($1,000,000) of Sewer Revenue Bonds, Series 2010, of the City of Winnsboro, 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; providing for the acceptance of an offer for the purchase of said Bonds; and providing for other matters in connection therewith.
WHEREAS, the United States of America, pursuant to the Clean Water Act of 1972, as amended by the Water Quality Act of 1987, specifically Subchapter VI, Chapter 26 of Title 33 of the United States Code (the “Federal Act”), is authorized to make capitalization grants to states to be used for the purpose of establishing a water pollution control revolving fund for providing assistance (i) for construction of treatment works (as defined in Section 1292 of the Federal Act) which are publicly owned, (ii) for implementing a management program under Section 1329 of the Federal Act and (iii) for developing and implementing a conservation and management plan under Section 1330 of the Federal Act; and
WHEREAS, in order to be eligible to receive such capitalization grants, a state must establish a water pollution control revolving loan fund to be administered by an instrumentality of the state with such powers and limitations as may be required to operate such fund in accordance with the requirements and objectives of the Federal Act; and
WHEREAS, the State of Louisiana (the “State”), pursuant to Subchapter II, Chapter 14 of Title 30 of the Louisiana Revised Statues of 1950, as amended, specifically La. R.S. 30:2301, et seq. (the “State Act”), has established Clean Water State Revolving Fund (the “State Revolving Fund”) in the custody of the Louisiana Department of Environmental Quality (the “Department”) to be used for the purpose of providing financial assistance for the improvement of wastewater treatment facilities in the State, as more fully described in Section 2303 of the State Act, and has authorized the Department to administer the State Revolving Fund in accordance with applicable federal and state law; and
WHEREAS, the City of Winnsboro, State of Louisiana (the “Issuer”), has made application to the Department for a loan from the State Revolving Fund for the purpose of financing the acquisition, construction and installation of improvements and extensions to the Issuer’s wastewater collection, treatment and disposal system (the “Project”), and for paying the costs of issuance of the Bonds; and
WHEREAS, in accordance with Section 1383(g) of the Federal Act, the Department has established a priority list under Section 1296 of the Federal Act, and the Project is on such list; and
WHEREAS, the Department has approved the Issuer’s application for a loan from the State Revolving Fund to finance the Project; and
WHEREAS, pursuant to Part XIII, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 39:1011, et seq.), La. R.S. 30:2304, and other constitutional and statutory authority (the “Authorizing Legislation”), it is now the desire of this Mayor and Board of Aldermen to adopt this Ordinance in order to provide for the issuance from time to time, and in one or more series, of revenue bonds of the Issuer (the “Bonds”), for the purpose of providing additions and improvements to the System, for refunding bonds and/or for providing for a reserve and paying the costs of issuance thereof; and
WHEREAS, it is now desired to fix the details necessary with respect to the issuance of the Bonds, and to provide for the authorization, issuance and sale thereof, as hereinafter provided.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Aldermen of the City of Winnsboro, State of Louisiana (the “Governing Authority”), acting as the governing authority of the City of Winnsboro, State of Louisiana (the “Issuer”), that:
SECTION 1. Definitions. Capitalized terms used herein shall have the meanings ascribed to such terms as set forth in Exhibit A attached hereto, unless the context otherwise requires.
SECTION 2. Authorization of Bonds; Maturities. Pursuant to the Authorizing Legislation, the Issuer is hereby authorized to incur debt for the purpose of acquiring, constructing and installing improvements, extensions and additions to the sewerage system of the Issuer (the “Project”), and to represent said indebtedness, the Issuer shall issue its Sewer Revenue Bonds, Series 2010, in an amount not exceeding One Million Dollars ($1,000,000) (the “Bonds”). The Bonds shall be in fully registered form, shall be dated as of the date of delivery thereof and shall be issued in the form of a single fully registered Bond in the denomination of $1,000,000 and 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, payable semi-annually on September 1 and March 1 of each year (each an “Interest Payment Date”), commencing March 1, 2011, at an interest rate of not to exceed forty-five hundredths of one percent (0.45%) per annum.
If the Louisiana Department of Environmental Quality (the “Department”), is the registered owner of the Bonds, the Issuer will additionally pay an Administrative Fee to the Department at the annual rate of one-half of one percent (0.50%) on the outstanding principal amount of the Bonds, payable on each Interest Payment Date. In the event (i) the Department owns the Bonds or the Department has pledged or assigned the Bonds in connection with its Clean Water Revolving Loan Fund Program and (ii) the Administrative Fee payable to the Department is declared illegal or unenforceable by a court or an administrative body of competent jurisdiction, then the interest rate borne by the Bonds shall be increased by one-half of one percent (0.5%) per annum, effective as of the date declared to be the date from which the Administrative Fee is no longer owed because of such illegality or unenforceability. Interest and Administrative Fee on the Bonds shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.
The Bonds shall mature no later than twenty (20) installments of principal, payable annually on each April 1, and each annual installment shall be the applicable percentage shown in the following table, rounded to the nearest $1,000, of the outstanding principal amount of the Bonds on the day before the applicable Principal Payment Date:
Date Percentage Date Percentage
(April 1) of Principal (April 1) of Principal
2012 4.564% 2022 9.580%
2013 4.827 2023 10.696
2014 5.120 2024 12.090 2015 5.448 2025 13.884
2016 5.817 2026 16.275 2017 6.235 2027 19.624 2018 6.712 2028 24.647
2019 7.264 2029 33.019
2020 7.907 2030 49.764
2021 8.667 2031 100.000
(d) The principal and interest on the shall be payable by check mailed to the registered owner of the Bonds (determined as of the Interest Payment Date) at the address shown on the registration books kept by the Paying Agent for such purpose, provided that payment of the final installment of principal on the Bonds shall be made only upon presentation and surrender of the Bonds to the Paying Agent. Each Bond delivered under this Ordinance 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.
No Bond shall be entitled to any right or benefit under this Ordinance, 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 Ordinance, executed by the Issuer by manual signature.
SECTION 3. Sale of Bonds. Pursuant to the Authorizing Legislation and La. R.S. 39:1426(B), the Issuer has determined to sell the Bond at a private sale without the necessity of publishing any notice of sale. Accordingly, the Bond is hereby sold to the Louisiana Department of Environmental Quality, Clean Water State Revolving Fund (the “Department”). The Bonds shall be delivered to the Department upon payment of the initial installment of the purchase price of the Bonds.
SECTION 4. Redemption Provisions.
(a) Optional Redemption. The principal installments of the Bonds are subject to prepayment at the option of the City at any time, in whole or in part, at a prepayment price of par plus accrued interest and accrued Administrative Fee, if any, to the prepayment date and in such case the remaining principal of the Bonds shall continue to mature in installments calculated using the percentages shown in Section 2 above.
(b) Procedure/Notice of Optional Redemption. Official notice of optional 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 at the Owner’s address as shown on the Bond Register.
SECTION 5. Registration. The Issuer shall cause the Bond Register to be kept by the Issuer. 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 Issuer. A new Bond will be delivered by the Issuer to the last assignee (the new Owners) in exchange for such transferred and assigned Bond after receipt of the Bond to be transferred in proper form.
SECTION 6. Form of Bond. The Bonds and the endorsements to appear thereon shall be in substantially the form of Exhibit B attached hereto.
SECTION 7. Authorization of Officers; Execution of Bonds. The Bonds shall be signed by the Mayor and Clerk for, on behalf of, in the name of and under the corporate seal impression of the Issuer, which signatures and corporate seal may be either manual or facsimile.
The Executive Officers are each hereby empowered, authorized and directed to do any and all things necessary and incidental to carry out all of the provisions of this Bond Ordinance, to execute and deliver the Loan Agreement, and to cause the Bonds to be prepared and/or printed, to issue, execute and seal the Bonds and to effect delivery thereof as herein provided. In connection with the issuance and sale of the Bonds, the Executive Officers and the Chief Financial Officer of the City are each authorized, empowered and directed to execute on behalf of the City such additional documents, certificates and instruments as they may deem necessary, upon the advice of bond counsel, to effect the transactions contemplated by this Bond Ordinance. The signatures of said on such documents, certificates and instruments shall be conclusive evidence of the due exercise of the authority granted hereunder.
SECTION 8. Pledge and Dedication of Revenues. The Bonds shall be secured by and payable solely from the revenues and receipts derived or to be derived from operation of the System, including user fee revenues, and other monies which, by law or contract, may be made available to the Issuer, all as permitted under the Authorizing Legislation (collectively, “Revenues”). Until the Bonds shall have been paid in full in principal and interest, the Governing Authority does hereby obligate the Issuer, itself and its successors in office, to budget annually a sum of money sufficient to pay the Bonds and the interest thereon as they respectively mature, including any principal and/or interest theretofore matured and then unpaid, and to collect other revenues within limits prescribed by law, sufficient to pay the principal of and interest on the Bonds.
SECTION 9. Representations, Warranties and Covenants With Respect to Revenues.
(a) Issuer represents and warrants to the Department that, other than for the payment of the Bonds as set forth in this Ordinance, the Revenues have not in any manner been dedicated or pledged to the payment of any debt or obligation of the Issuer.
(b) Issuer further covenants that no further or additional pledges or dedications of the Revenues shall be made which shall have priority or parity with the pledge and dedication of such Revenues herein made except as provided in Section 10 hereof.
SECTION 10. Issuance of Additional Parity Obligations; Parity Requirements. The Issuer hereby covenants that after the issuance of the Bonds hereunder, it shall issue no other bonds hereunder or otherwise, or obligations of any kind or nature payable from or enjoying a lien on any part of the Revenues having priority over or parity with any of the Bonds (“Additional Parity Obligations”), except that Additional Parity Obligations may be issued hereunder and hereafter if the following conditions are met:
(a) If any outstanding bonds of the Issuer are proposed to be refunded with reduced annual debt service in each Bond Year and no extension of the final maturity date, then the Issuer may issue refunding bonds to effect such refunding, and such refunding bonds shall enjoy complete equality of lien with any portion of the Bonds that is still outstanding; or
(b) Additional Parity Obligations may also be issued if all of the following conditions are met:
(i) The average Net Revenues for the two (2) completed Fiscal Years immediately preceding the issuance of the Additional Parity Obligations must have been not less than 125% of the highest annual debt service requirements of the Bonds and any Additional Parity Obligations theretofore issued and then outstanding and any other bonds or obligations whatsoever then outstanding which are payable from the Revenues (but not including Bonds which have been refunded or provisions otherwise made for their full and complete payment and prepayment), and the Additional Parity Obligations so proposed to be issued; provided, however, that if Additional Parity Obligations are being issued as Variable Rate Bonds, this calculation shall be made assuming interest on said bonds at historical levels of the applicable variable rate during the previous three (3) years as determined by a nationally recognized underwriter experienced in handling bonds with similar variable rates; and provided further that this limitation may be waived or modified by the written consent of the owners of any bonds then outstanding. If a rate increase has been effected prior to the issuance of the Additional Parity Obligations, then the coverage calculations for the preceding two Fiscal Years immediately preceding the issuance of the Additional Parity Obligations may be made as if such rate increase had been in effect during such period. For purposes of this calculation, if any outstanding Bonds or the Additional Parity Obligations are issued as “Build America Bonds” then the interest rate reimbursement received by the Issuer from the federal government with respect to any of the Bonds may be taken into account in the foregoing calculation, either as a component of Revenues or by way of an adjustment to the annual debt service requirements of the Bonds (but not both).
(ii) The payments required to be made into the funds and accounts described in Section 12 must be current;
(iii) The existence of the facts required by paragraphs (i) and (ii) above must be determined and certified to by an independent firm of certified public accountants who have previously audited the books of the Issuer, or such successors thereof as may have been employed for that purpose;
(c) The proceeds of the Additional Parity Obligations must be used solely for the making of improvements, extensions, renewals, replacements or repairs to the System or to refund any outstanding revenue bonds payable from a pledge of the Revenues issued for such purposes; and
(d) The Issuer must certify that all conditions prescribed in this Section have been met.
SECTION 11. Project Fund. The Issuer hereby establishes and shall maintain with the fiscal agent bank of the Issuer a special fund known and designated as the “Series 2010 Project Fund” (the “Project Fund”) into which shall be deposited the proceeds from the sale of the Bonds. Monies in the Project Fund shall be used by the Issuer for (i) the payment of all costs incurred in connection with the Project; and (ii) costs of issuance of the Bonds (“Costs of Issuance”).
SECTION 12. Funds and Accounts. All of income and revenues earned or derived from the operation of the System, shall be deposited daily as the same may be collected in the Issuer’s existing “Sewer Revenue Fund” (the “Revenue Fund”). Funds in the Revenue Fund shall be expended in the following order of priority and for the following express purposes:
(a) The payment of all reasonable and necessary expenses of operation and maintenance of the System as are not provided for from other lawfully available sources.
(b) In order that the principal of and the interest on the Bonds will be paid in accordance with their terms and for the other objects and purposes hereinafter provided, the Issuer will establish a “Sewer Revenue Bond Debt Service Fund” (the “Debt Service Fund”), sufficient in amount to pay promptly and fully the principal of and the interest on the Bonds, in the manner provided by this Bond Ordinance, as they severally become due and payable, by transferring to the Debt Service Fund from available Revenues, monthly in advance on or before the 20th day of each month of each year, a sum equal to one-sixth (1/6) of the interest falling due on the next Interest Payment Date and one-twelfth (1/12) of the principal falling due on the next principal payment date on the Bonds, together with such additional proportionate sum as may be required to pay said principal and interest as the same respectively become due. The principal and/or interest on the Bonds due on each Interest Payment Date shall be withdrawn by the Paying Agent and paid to the owner of the Bonds on or before each such Interest Payment Date.
(c) The Issuer will also establish a “Sewer Revenue Bond Reserve Fund” (the “Reserve Fund”), the money in the Reserve Fund to be retained solely for the purpose of paying the principal of and interest on bonds payable from the Debt Service Fund as to which there would otherwise be default. No proceeds of the Bonds shall be deposited to the Reserve Fund, however, commencing immediately upon the delivery of the Bonds, the Issuer will deposit at least 20% of the Reserve Fund Requirement into the Reserve Fund each Bond Year, so that the Reserve Fund is fully funded no later than five years after the Delivery Date. Moneys in the Reserve Fund shall be used solely for transfer to the Debt Service Fund in amounts required to prevent any default in the payment of the principal of and interest on the Bonds, and, at the option of the Issuer, for payment of the final principal and interest requirements of the Bonds. Upon the issuance of Additional Parity Obligations, the Issuer shall deposit, from the proceeds of such Additional Parity Bonds or otherwise, such amounts as shall be required to cause the Reserve Fund Requirement for the Bonds and such Additional Parity Bonds to be accumulated in the Reserve Fund within five (5) years after the issuance of such Additional Parity Bonds.
(d) The Issuer will also establish a “Depreciation and Contingency Fund” (the “Contingencies Fund”), to care for extensions, additions, improvements, renewals and replacements necessary to properly operate the System, by transferring from funds in the Revenue Fund after making the payments required by (a), (b) and (c) above to the Contingencies Fund monthly on or before the 20th day of each month of each year, a sum equal to five percent (5%) of the Net Revenues for the preceding month, provided that such sum is available after provision is made for the payments required under paragraphs (a), (b) and (c) above. Such payments into the Contingencies Fund shall continue until such time as there has been accumulated in the Contingencies Fund the sum of Fifty Thousand Dollars ($50,000), whereupon such payments may cease and need be resumed thereafter only if the total amount of money on deposit in said fund is reduced below the sum of Fifty Thousand Dollars ($50,000), in which event such payments shall be resumed and continue until said maximum amount is again accumulated. In addition to caring for extensions, additions, improvements, renewals and replacements necessary to properly operate the System, the money in the Contingencies Fund may also be used to pay the principal of and the interest on the Bonds for the payment of which there is not sufficient money in the Debt Service Fund and Reserve Fund described in paragraphs (b) and (c) above, but the money in said Contingencies Fund shall never be used for the making of improvements and extensions to the System or for payment of principal or interest on Bonds if the use of said money will leave in said Contingencies Fund for the making of emergency repairs or replacements less than the sum of Ten Thousand Dollars ($10,000).
(e) Any money remaining in the Revenue Fund after making the above-required payments may be used by the Issuer for the purpose of calling and/or purchasing and paying any bonds payable from the Revenues, or for such other lawful corporate purposes as the Governing Authority may determine.
Whenever the amount in the Reserve Fund, together with the amount in the Debt Service Fund, is sufficient to pay in full all Outstanding Bonds in accordance with their terms (including principal or applicable premium and interest thereon), the funds on deposit in the Reserve Fund shall be transferred to the Debt Service Fund and shall be available to pay all Outstanding Bonds in accordance with their terms (including principal or applicable premium and interest thereon). Prior to said transfer, all investments held in the Reserve Fund shall be liquidated to the extent necessary in order to provide for the timely payment of principal and interest (or redemption premium) on the Bonds.
SECTION 13. 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 Ordinance, 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 shall be deposited by the Issuer in the Project Fund as provided in Section 10 hereof.
SECTION 14. Rates and Charges.; Rate Covenant; Covenants as to the Operation of the System.
(a) Operation of the System. The Issuer will maintain the System in good repair and operating condition and will cooperate with the Department in the observance and performance of the respective duties, covenants, obligations and agreements of the Issuer and the Department under the Loan Agreement.
(b) Sewer Charges and Connections. The Issuer shall take all action necessary to require every owner, tenant or occupant of each lot or parcel of land within the geographical boundaries of the Issuer which abuts upon a street or other public way containing a sewer line and upon which lots or parcels of a building shall have been constructed for residential, commercial or industrial use, to connect said building with the System and to cease to use any other method for the collection and disposal of sewage waste which can be handled by the System. All such connections shall be made in accordance with the rules and regulations to be adopted from time to time by the Issuer, which rules and regulations may provide for an inspection charge to assure the proper making of such connection.
The Issuer will not furnish or supply or cause to be furnished or supplied any use, capacity or service of the System free of charge to any person, firm, corporation (public or private), public agency or instrumentality.
In addition to all other rights and remedies available to be used for the enforcement of sewer charges and for the compelling of the making of sewer connections as aforesaid, the Issuer covenants that it shall exercise and enforce promptly and efficiently all rights given it under the laws of the State for the enforcement and collection of such charges.
(c) Rate Covenant. The Borrower will enact, maintain and enforce an ordinance or resolution imposing User Fees and will enact, maintain and enforce a sewer use ordinance or resolution or similar proceeding that satisfies the requirements of all applicable regulations.
So long as the Bonds are outstanding, the Issuer through its Governing Authority obligates itself to fix, establish, maintain, levy and collect such rates, fees, rents or other charges for services and facilities of the System and all parts thereof and to revise the same from time to time whenever necessary to always provide Revenues in each Fiscal Year sufficient to meet all requirements of this Ordinance and at least to pay:
(i) the reasonable and necessary expenses of operating and maintaining the System in each Fiscal Year,
(ii) the principal and interest and Administrative Fee, if any, falling due during the Fiscal Year;
(iii) all other payments required for such Fiscal Year by the Ordinance and the Loan Agreement; and
(iv) all other obligations or indebtedness payable out of the Revenues for such Fiscal Year,
and which in any event will provide Net Revenues, in an amount equal to at least one hundred twenty five percent (125%) of the required deposits in such Fiscal Year to the Debt Service Fund. Such rates, fees, rents or other charges shall not at any time be reduced so as to be insufficient to provide adequate Revenues for the foregoing purposes.
Notwithstanding the foregoing, at any time that the Department owns any of the Bonds, in making the calculations required in this Section 14 the Issuer may take into account any Other District Moneys as defined in the preceding paragraph, provided that as required by LAC 33:IX.2209(C)(1) the actual amount of User Fees must be sufficient to offset the costs of operation, maintenance, and replacement of equipment and debt repayment.
(d) Annual Review of User Fees. At least annually the Issuer shall review the adequacy of its User Fees to satisfy the requirements of Section 14(c) for the next succeeding Fiscal Year, in the manner provided by the Loan Agreement.
(e) Enforcement of User Fees. Except as provided herein, nothing in this Ordinance or in the Bonds shall be construed to prevent the Issuer from altering, amending or repealing from time to time as may be necessary any ordinance or resolution setting up and establishing a schedule or schedules of User Fees, said alterations, amendments or repeals to be conditioned upon the continued preservation of the rights of the Owners with respect to the Revenues, not alone for the payment of the principal of and interest on the Bonds, but to give assurance and insure that the Revenues, together with such other lawfully available funds as are used by the Issuer for such purposes, shall be sufficient at all times to meet and fulfill the other provisions stated and specified in Section 14(c) of this Ordinance.