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  • ST. TAMMANY PARISH SCHOOL BOARD

    M I N U T E S

    April 12, 2012

    he Parish School Board of the Parish of St. Tammany, State of Louisiana, met in special

    session at the Robert C. Brooks, Jr. Educational Complex on Thursday, April 12, 2012

    following the Committee As A Whole meeting which began at 7:00 p.m. (Central

    Daylight Savings Time) pursuant to the provisions of the following written notice given to

    each and every member thereof and duly posted in the manner required by law, viz:

    DATE: March 28, 2012 (Revised April 4, 2012) TO: All Board Members and the General Public Notice is hereby given that a special meeting of the Parish School Board of the Parish of St. Tammany, State of Louisiana, will be held at the Robert C. Brooks, Jr. Educational Complex on Thursday, April 12, 2012 following the Committee As A Whole meeting which begins at 7:00 p.m., for the following purposes, to-wit: 1. To consider and take action with respect to adopting a resolution providing for the issuance

    of $18,900,000 of General Obligation School Refunding Bonds, Series 2012A, of St. Tammany Parish Wide School District No. 12 of the Parish of St. Tammany, State of Louisiana; prescribing the form, fixing the details and providing for the rights of the owners thereof; providing for the payment of the principal of and interest on such bonds and the application of the proceeds thereof to the refunding of certain bonds of said School District; and providing for other matters in connection therewith.

    2. Consideration of bids for the new Pupil Appraisal Facility, STPSB Project No. 1012. 3. To consider and transact any and all other business which may be properly brought before

    the Parish School Board. This will be an important meeting, and all Board members are urged to attend.

    BY ORDER OF THE PRESIDENT W. L. “TREY” FOLSE, III

    Superintendent

    I. OPENING

    A. Roll Call

    There were present: President Stephen J. “Jack” Loup, III and Board Members, Neal M.

    Hennegan, Elizabeth B. Heintz, Michael J. Dirmann, Charles T. Harrell, Roanne V. Tipton,

    Peggy H. Seeley, Robin P. Mullett, Ronald “Ron” Bettencourtt, Robert R. "Bob" Womack,

    James “Ronnie” Panks, Sr., John C. Lamarque, Ray A. Alfred and Mary K. Bellisario.

    There was absent: Willie B. Jeter.

    B. Invocation

    C. Pledge of Allegiance

    President Loup dispensed with the Invocation and Pledge of Allegiance since it had been given at the previous meeting.

    II. PUBLIC COMMENTS

    A. Three Minutes - None.

    III. AGENDA ITEMS

    T

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    A. To consider and take action with respect to adopting a resolution providing for

    the issuance of $18,900,000 of General Obligation School Refunding Bonds,

    Series 2012A, of St. Tammany Parish Wide School District No. 12 of the

    Parish of St. Tammany, State of Louisiana; prescribing the form, fixing the

    details and providing for the rights of the owners thereof; providing for the

    payment of the principal of and interest on such bonds and the application of

    the proceeds thereof to the refunding of certain bonds of said School District;

    and providing for other matters in connection therewith.

    President Loup called on Mr. C. Grant Schlueter, Bonding Attorney, Foley & Judell, L.L.P.

    Mr. Schlueter said this was the refinancing of the 2004 Bond Issue.

    Superintendent Folse said per Standard and Poor’s rating service the St. Tammany Parish

    School Board was assigned a AA rating.

    The following Resolution was offered by Mr. Bettencourtt, seconded by Mrs. Mullett:

    RESOLUTION

    A resolution providing for the issuance of Eighteen Million

    Nine Hundred Thousand Dollars ($18,900,000) of General

    Obligation School Refunding Bonds, Series 2012A, of St.

    Tammany Parish Wide School District No. 12 of the Parish of

    St. Tammany, State of Louisiana; prescribing the form, fixing

    the details and providing for the rights of the owners thereof;

    providing for the payment of the principal of and interest on

    such bonds and the application of the proceeds thereof to the

    refunding of certain bonds of said School District; and

    providing for other matters in connection therewith.

    WHEREAS, pursuant to the 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

    special elections held on November 17, 2001 and April 14, 2004, the results of which were

    duly promulgated in accordance with law, St. Tammany Parish Wide School District No. 12 of

    the Parish of St. Tammany, State of Louisiana (the “Issuer”), acting through its governing

    authority, issued $30,000,000 of General Obligation School Bonds, Series 2004, dated July 1,

    2004, of which $21,760,000 is outstanding (the “Series 2004 Bonds”); and

    WHEREAS, the Issuer is authorized to borrow money and issue general obligation

    school bonds payable from ad valorem taxes to refund its outstanding general obligation

    school bonds, pursuant to Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950,

    as amended (the “Act”), and other constitutional and statutory authority; and

    WHEREAS, the Issuer has found and determined that the defeasance and advance

    refunding of $18,975,000 of the Series 2004 Bonds, consisting of those Series 2004 Bonds

    which mature March 1, 2015 to March 1, 2024, inclusive (the “Refunded Bonds”), would be

    financially advantageous to the Issuer and would result in a lower effective interest rate on

    such Refunded Bonds and debt service savings to the Issuer; and

    WHEREAS, pursuant to the Act and other constitutional and statutory authority, it is

    now the desire of the Issuer to adopt this resolution in order to provide for the issuance of

    Eighteen Million Nine Hundred Thousand Dollars ($18,900,000) principal amount of its

    General Obligation School Refunding Bonds, Series 2012A (the “Bonds”), for the purpose of

    refunding the Refunded Bonds, to fix the details of the Bonds and to sell the Bonds to the

    Underwriter thereof; and

    WHEREAS, the Parish School Board of the Parish of St. Tammany, State of Louisiana

    (the “Parish School Board”), acting as the governing authority of the Issuer, did on February 9,

    2012 authorize the issuance of the hereinafter defined Bonds and the sale thereof to the

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    Underwriter, at such time as the sale of the Bonds produces net present value savings (after

    payment of all costs) to 3% of the Refunded Bonds; and

    WHEREAS, pursuant to said authorization on February 9, 2012, the Bonds have been

    sold to the Underwriter with the required present value savings, and the Superintendent has

    duly executed the Bond Purchase Agreement with the Underwriter; and

    WHEREAS, it is necessary to provide for the application of the proceeds of the Bonds

    and to provide for other matters in connection with the payment or redemption of the

    Refunded Bonds; and

    WHEREAS, it is necessary that this Governing Authority prescribe the form and

    content of the Defeasance and Escrow Deposit Agreement providing for the payment of the

    principal and interest of the Refunded Bonds and authorize the execution thereof as hereinafter

    provided; and

    WHEREAS, in connection with the issuance of the Bonds, it is necessary that

    provision be made for the payment of the principal and interest of the Refunded Bonds

    described in Exhibit A hereto, and to provide for the call for redemption of the Refunded

    Bonds pursuant to a Notice of Defeasance and Call for Redemption; and

    WHEREAS, the Issuer desires to fix the details of the Bonds and the terms of the sale

    of the Bonds;

    NOW, THEREFORE, BE IT RESOLVED by the Parish School Board of the Parish of

    St. Tammany, State of Louisiana, acting as the governing authority of St. Tammany Parish

    Wide School District No. 12 of the Parish of St. Tammany, State of Louisiana, that:

    ARTICLE I

    DEFINITIONS AND INTERPRETATION

    SECTION 1.1 Definitions. The following terms shall have the following meanings

    unless the context otherwise requires:

    “Act” shall mean Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950,

    as amended, and other applicable constitutional and statutory authority.

    “Bond” or “Bonds” shall mean any or all of the General Obligation School Refunding

    Bonds, Series 2012A, of the Issuer, issued pursuant to the Bond Resolution, as the same may

    be amended from time to time, whether initially delivered or issued in exchange for, upon

    transfer of, or in lieu of any previously issued Bond.

    “Bond Obligation” shall mean, as of the date of computation, the principal amount of

    the Bonds then Outstanding.

    “Bond Resolution” shall mean this resolution, as it may amended and supplemented

    as herein provided.

    “Business Day” shall mean a day of the year other than a day on which banks located

    in New York, New York and the cities in