The Advocate, RESOLUTION On motion of Dr. Vinicio Madrigal, seconded by Mark Maddera, the following resolution was offered: JEDCO AMENDMENT AND SUPPLEMENT TO RESOLUTION TO INCUR DEBT WHEREAS, JEDCO desires to amend and supplement a resolution it adopted on April 30, 2015 to incur debt (the April 30 Resolution); and NOW, THEREFORE BE IT RESOLVED, by the Board of Commissioners of the Jefferson Parish Economic Development and Port District that: SECTION I. Section 1 of the April 30 Resolution is deleted in its entirety and replaced with the following: Pursuant to the authority of the Act and LA R.S. 39:1430, JEDCO does hereby declare its intent to finance the repayment of the outstanding Prior Loan, including funding a reserve fund, if necessary, and paying costs of issuance therefor and for the purpose of acquiring the Building, through the issuance of its revenue bonds or other form of debt instrument designated JEDCO Revenue Bonds (collectively, the "Bonds"), in one or more series, such Bonds to be in an aggregate principal amount not to exceed $2,500,000, to mature not later than 25 years from their date of issuance and to bear interest at a fixed rate or rates not exceeding seven per cent (7%) per annum. SECTION II. Section 12 shall be added to the April 30 Resolution, which shall read: The Bonds shall be payable from a pledge and dedication of all revenues of JEDCO, including but not limited to Payment in Lieu of Taxes (Pilot) administrative fee rental payments, occupational license fees collected by the Parish, and payments budgeted by Jefferson Parish and paid to JEDCO. In addition, if required by the purchaser of the Bonds, JEDCO may secure the Bonds with a mortgage on all or a portion of the Building and surrounding land owned by JEDCO. Further, as additional security for the Bonds, the Parish shall pledge its credit, payable out of generally available funds of the Parish, in an amount not to exceed $2,500,000 to secure the Bonds until their maturity. SECTION III. All provisions of the April 30 Resolution not amended herein shall remain in full force and effect. SECTION IV. This Resolution shall be published in one issue of the official journal of the Parish as soon as possible following its adoption. The Bonds herein authorized shall be incontestable in the hands of bona fide purchasers thereof for value and no court shall have authority or jurisdiction to inquire into the legality thereof if the validity of the Bonds and the security therefor is not raised within thirty (30) days of the publication of this Resolution. SECTION V. This Resolution shall take effect immediately upon adoption. The foregoing resolution having been submitted to a vote, the vote hereon was as follows: YEAS: 7 NAYS: 0 ABSENT: 4 The resolution was declared to be adopted on this the 30th day of July, 2015. Attested by: /s/Mario Bazile Mario Bazile, Secretary JEDCO 5163076-aug 6-1t - Legal Notices
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