Vinton Louisiana

                                                                                                                                                February 21, 2012

 

                                The Governing Authority of the Vinton Public Power Authority was convened in regular session in the Town Hall, Tuesday, February 21, 2012, at approximately 7:45 P.M. after full compliance as to notice and otherwise in respect to convening of said meeting with the following members present:

 

                                                                                Kenneth O. Stinson, President

                                                                                Bliss Bujard, Director

                                                                                Harold R. Douga, Director

                                                                                William “BB” Loyd, Director

                                                                                Kevin Merchant, Director

                                                                                Paul Patin, Director

                                                                                               

                                                ABSENT:               None

                                                                                               

                                 ALSO PRESENT:               Cade Cole, Board Attorney

                                                                                                                                                               

                                 President Stinson called the meeting to order.

 

                                It was moved by Director Douga to authorize the secretary to pay the bills for the month.  The motion was seconded by Director Bujard and carried.

 

                                It was moved by Director Douga and seconded by Director Loyd that the following Resolution be adopted:

 

RESOLUTION OF THE BOARD OF DIRECTORS

OF THE

VINTON PUBLIC POWER AUTHORITY

 

A RESOLUTION PROVIDING PARAMETERS WITH RESPECT TO THE AUTHORITY'S LOAN FROM THE LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES AND COMMUNITY DEVELOPMENT AUTHORITY; PROVIDING FOR OTHER MATTERS IN CONNECTION WITH THE FOREGOING.

 

            WHEREAS, the Vinton Public Power Authority, a political subdivision and body politic and corporate of the State of Louisiana (the "Authority"), was created by the Town of Vinton, State of Louisiana (the "Town"), to achieve greater economy and efficiency in the provision of electric power and energy services to the Town under the authority of Article VI, Section 20 and Article VII, Section 14(C) of the Louisiana Constitution of 1974, and Chapter 10, Part 1, Subpart A of Title 33 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 33:4170-4175, inclusive) and other constitutional and statutory authority;

            WHEREAS, on July 25, 2002 the Louisiana Local Government Environmental  Facilities and Community Development Authority (the “LCDA”), at the request of the Authority, issued its $18,290,000 Power Supply System Revenue Bonds (Vinton Public Power Authority/Town of Vinton Project) Series 2002 (the “Prior Bonds”) on behalf of the Authority, the proceeds of which were loaned to the Authority for the purpose of completing discharge of the Authority’s obligation to the Sam Rayburn Municipal Power Agency of which the Authority had been an all requirements power customer prior to discharge of the obligation (the “Prior Project”);

WHEREAS,  on September 9, 2011, the Authority adopted a resolution requesting the LCDA to issue revenue refunding bonds (the "Refunding Bonds") in an amount not to exceed $14,500,000, the proceeds of which to be loaned to the Authority for the purpose of (i) advance refunding all or a portion of the Prior Bonds, (ii) funding a reserve fund, if necessary and (iii) paying costs of issuance of the Refunding Bonds, including the premium for a bond insurance policy insuring the Refunding Bonds, if necessary.

WHEREAS, the Authority desires to set forth maximum parameters with respect to the Refunding Bonds and to authorize and ratify such other actions as may be necessary or appropriate to effect the issuance of the Refunding Bonds, including to authorize and approve the forms of and execution and delivery of certain other agreements and instruments required for the issuance and sale of the Refunding Bonds.

NOW, THEREFORE, be it resolved by the Board of Directors of the Vinton Public Power Authority, that:

SECTION 1.  Each of the President, Vice President, Secretary or Treasurer of the Board or any other member of the Board of Directors of the Authority so designated in writing by any of them is hereby designated an "Authorized Officer" (collectively, the "Authorized Officers"), for purposes of this Resolution and are hereby authorized to do all things necessary to carry out the purposes of this Resolution.

SECTION 2.  The Refunding Bonds shall be fully registered bonds without coupons in denominations of $5,000 or any integral multiple thereof, shall bear interest at fixed or variable rates not to exceed 5% per annum and shall mature no later than October 1, 2021.

SECTION 3.  The Authority hereby ratifies the request to the State Bond Commission with respect to approval of the Refunding Bonds.  By virtue of applicant/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 6.  This Resolution will be effective immediately upon publication.

This Resolution having been submitted to a vote and the vote recorded as follows:

                        YEAS:  Directors Bujard, Douga, Loyd, Merchant & Vice

                        NAYS:  None

                   ABSENT:  None

 

            And the Resolution was declared adopted on this, the 21st day of February, 2012.

 

                                                                                    VINTON PUBLIC POWER AUTHORITY

                                                                       

                                                                                    ___________________________________

                                                                                    Kenneth O. Stinson, President

Certified to be a true copy.

 

ATTEST:

 

____________________________________

Mary O. Vice, Secretary

 

 

                                There being no further business to come before the governing authority, it was moved

by Director Douga that the meeting be adjourned.  The motion was seconded by Director Bujard and carried.

                                                                                                                                _____________________________

                                                                                                                                Kenneth O. Stinson, President

ATTEST:

 

______________________________

Mary O. Vice, Treasurer