WATER DISTRICT NO. 11
May 28, 2020
There was a regular meeting of the Board of Commissioners of Water District No. 11 at 6:00 p.m., Monday, May 28, 2020, at the Grand Lake Waterworks office.
PRESENT: Carl Granger, Grace Robideaux, Wayne Hebert
ABSENT: Gerald Richard
The meeting was called to order by Board President Carl Granger.
On motion of Grace Robideaux, seconded by Wayne Hebert and carried unanimously, the minutes from the April 20, 2020 regular meeting were approved as previously mailed out.
Jay Delafield addressed the board to discuss refunding the district’s existing loan to obtain a lower interest rate.
On motion of Grace Robideaux, seconded by Wayne Hebert and carried unanimously the following resolution was adopted:
A RESOLUTION AUTHORIZING WATERWORKS DISTRICT NO. 11 OF THE PARISH OF CAMERON, LOUISIANA (THE “DISTRICT”), TO PROCEED WITH DEVELOPMENT OF A REFUNDING OF CERTAIN OUTSTANDING BONDS OF THE DISTRICT; AUTHORIZING ISSUANCE BY THE DISTRICT OF NOT EXCEEDING $840,000 OF WATER REVENUE REFUNDING BONDS; MAKING APPLICATION TO THE STATE BOND COMMISSION AND PROVIDING FOR OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, Waterworks District No. 11 of the Parish of Cameron, Louisiana (the “Issuer” or “District”), after examining available data, has determined that there is substantial need within the Issuer for currently refunding certain outstanding Water Refunding Revenue Bonds by the Issuer, in accordance with the provisions of Section 531 of Title 39 of the Louisiana Revised Statutes of 1950, as amended, and Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended; and
WHEREAS, issuance of certain revenue refunding bonds of the Issuer will assist in alleviating such need;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, governing authority of Waterworks District No. 11 of the Parish of Cameron, Louisiana, as follows:
SECTION 1. The statements of fact expressly contained within the preamble to this Resolution have been specifically reviewed by the Issuer’s Board of Commissioners and are found to be factually true and correct and are made resolutions of the District.
SECTION 2. Waterworks District No. 11 of the Parish of Cameron, Louisiana, is hereby authorized to proceed with a current refunding of the Issuer’s outstanding Water Revenue Refunding Bonds, Series 2014, dated March 20, 2014 on original issue, involving the proposed issuance by Waterworks District No. 11 of the Parish of Cameron, Louisiana, of not exceeding $840,000 Water Revenue Refunding Bonds, Series 2020 (the “Bonds”), to mature not later than September 1, 2029, at an interest rate or rates not exceeding 2.75% per annum.
SECTION 3. Application is hereby formally made to the Louisiana State Bond Commission, pursuant to the provisions of Section 531 of Title 39 of the of the Louisiana Revised Statutes of 1950, as amended, and Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 39:1444, et seq.), for consent, approval and authority to issue, sell and deliver the bonds herein authorized, to be secured by and payable 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.
By virtue of the Issuer’s application for, acceptance and utilization of the benefits of the Louisiana State Bond Commission’s approval(s) resolved and set forth herein, it resolves that it understands and agrees that such approval(s) are expressly conditioned upon, and it further resolves that it understands, agrees and binds itself, its successors and assigns to, full and continuing compliance with the “State Bond Commission Policy on Approval of Proposed Use of Swaps, or other forms of Derivative Products Hedges, Etc.,” adopted by the Commission on July 20, 2006, as to the borrowing(s) and other matter(s) subject to the approval(s), including subsequent application and approval under said Policy of the implementation or use of any swap(s) or other product(s) or enhancement(s) covered thereby.
SECTION 4. The Secretary is empowered, authorized and requested to forward to the Louisiana State Bond Commission a certified copy of this resolution which shall constitute a formal application as herein provided.
SECTION 5. There being a real public necessity for the retention and employment of legal counsel to provide specialized legal services in connection with issuance of the Bonds by the Issuer, and it appearing that the public interest requires obtaining of such specialized legal services, Joseph A. Delafield, A Professional Corporation, of Lake Charles, Louisiana (“Bond Counsel”), is hereby employed for such purposes. The fee for the work to be performed by Bond Counsel is contingent upon the issuance, sale and delivery of the Bonds, and shall be in accordance with the maximum fee schedule of the Attorney General of the State of Louisiana for comprehensive legal and coordinate professional work of bond attorneys and bond counsel in the issuance of revenue bonds.
SECTION 6. Government Consultants, Inc., Baton Rouge, Louisiana, is hereby appointed as Financial Advisor to the Issuer in connection with issuance, sale and delivery of the Bonds.
On motion of Grace Robideaux, seconded Wayne Hebert and carried unanimously, the district will resume late charges and disconnects in June of 2020 as per our normal operating procedures.
There was a financial report given for the months ending April 30, 2020 by Helen Williams.
On motion of Grace Robideaux, seconded by Wayne Hebert and carried unanimously, the board voted to accept financial statements which reflect the budget comparison.
The Superintendent’s Report was presented by Craig Duhon.
On motion of Grace Robideaux, seconded by Wayne Hebert, and carried unanimously, all bills were approved for payment.
There being no further business, on motion of Grace Robideaux, seconded by Wayne Hebert and carried unanimously, the meeting was declared adjourned.
Carl Granger, President
Helen Williams, Secretary
RUN: July 16 (Jy 20)