RESOLUTION

RESOLUTION COUNCIL SERIES NO. C-1032

COUNCIL SPONSOR: BRISTER / BOND COUNSEL PROVIDED BY: BOND COUNSEL

    A resolution approving the issuance of not exceeding $7,500,000 of General Obligation Refunding Bonds, Series 2004 of Recreation District No. 1 of the Parish of St. Tammany, State of Louisiana.

    WHEREAS, the Board of Commissioners of Recreation District No. 1 of the Parish of St. Tammany, State of Louisiana (the "District"), adopted on January 28, 2004, a resolution giving preliminary approval to the issuance of not exceeding Seven Million Five Hundred Thousand Dollars ($7,500,000) of General Obligation Refunding Bonds, Series 2004, for the purpose of refunding its outstanding General Obligation Bonds, Series 1996 (the “Outstanding Bonds”) and paying the costs of issuance thereof; and

    WHEREAS, in compliance with the terms and provisions of Article VI, Section 15 of the Constitution of the State of Louisiana of 1974, it is now the desire of this Parish Council to approve said borrowing;

    THE PARISH OF ST. TAMMANY HEREBY RESOLVES:
    SECTION 1. In compliance with the provisions of Article VI, Section 15 of the Constitution of the State of Louisiana of 1974, and in accordance with the request of the Board of Commissioners of Recreation District No. 1 of the Parish of St. Tammany, State of Louisiana (the “District”), this Parish Council hereby approves the issuance of Seven Million Five Hundred Thousand Dollars ($7,500,000) of General Obligation Refunding Bonds, Series 2004, for the purpose of refunding its outstanding General Obligation Bonds, Series 1996 (the “Outstanding Bonds”) and paying the costs of issuance thereof. The Bonds are to be payable from unlimited ad valorem taxes. Neither St. Tammany Parish nor this Parish Council shall in any way be liable for the payment of principal and/or interest on the Bonds.

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    THIS RESOLUTION HAVING BEEN SUBMITTED TO A VOTE, THE VOTE THEREON WAS AS FOLLOWS:
MOVED FOR ADOPTION BY _________________, SECONDED BY _______________:
YEAS:    
NAYS:     
ABSTAIN:     
ABSENT:     
    THIS RESOLUTION WAS DECLARED ADOPTED ON THE 4^TH DAY OF MARCH, 2004, AT A REGULAR MEETING OF THE PARISH COUNCIL, A QUORUM OF THE MEMBERS BEING PRESENT AND VOTING.
                
            
             PATRICIA BRISTER, COUNCIL CHAIRMAN
ATTEST:

DIANE HUESCHEN, COUNCIL CLERK

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STATE OF LOUISIANA
PARISH OF ST. TAMMANY
    I, the undersigned Council Clerk of the Parish Council of the Parish of St. Tammany, State of Louisiana, do hereby certify that the foregoing _____ (__) pages constitute a true and correct copy of a resolution adopted by said Parish Council on March 4, 2004, approving the issuance of $7,500,000 of General Obligation Refunding Bonds, Series 2004 of Recreation District No. 1 of the Parish of St. Tammany, State of Louisiana.
    IN FAITH WHEREOF, witness my official signature and the impress of the official seal of said Parish on this, the 4^th day of March, 2004.

             
(SEAL)        Council Clerk