BUDGET HEARING: 4:15 p.m.
Karl Bruchhaus, Chief Financial Officer, opened the Budget Hearing at 4:15 p.m.There were no questions or discussion from anyone present and the hearing was closed at 4:20 p.m.
DATE, TIME, PLACE OF MEETING
The Calcasieu Parish School Board met in the cafeteria of John F. Kennedy Elementary School, located at 2001 Russell Street, Lake Charles, Louisiana, on Tuesday, August 8, 2006, 4:45 p.m. The meeting was called to order by Ed Stephens, President. The prayer was led by R.L. Webb; Jay Duhon led the Pledge of Allegiance.
ROLL CALL
The roll was called and the following members were present:
Dale B. Bernard, Clara F. Duhon, Jay L. Duhon, Rev. J.L. Franklin, James W. Karr, Sr., Bryan LaRocque, Sheral A. LaVergne, James W. Pitre, Dr. Edward Stephens, and R.L. Webb.
MINUTES APPROVED
On a motion by Mr. Karr, seconded by Mr. Duhon and unanimously carried, the minutes of the regular meeting of July 11, 2006, were approved as presented.
Supplemental Agenda
By general consent, the Supplemental Agenda was included as part of the regular agenda.
PRESENTATIONS
Dr. Ed Stephens introduced Faye Medlow, a special education aide at Molo Middle School. Ms. Medlow was presented a certificate for being chosen the Outstanding Support Personnel at the middle school level. The winners at the elementary and high school levels were presented certificates at the July meeting.
The Majestics, a musical group of three students that each plays the violin, entertained the Board with two selections. Reverend Franklin introduced the group: Jairus Daigle
Megan Polk
Mia Polk
COMMITTEE REPORTS
R.L. Webb, Chairman of the Curriculum and Instruction Committee, reported that the committee met on July 13, 2006 and the following motions were made by the committee to the full Board. Mr. Pitre asked that the Minutes for the C&I Committee report reflect that he was present for the meeting.
Mr. Webb made a motion to accept the recommendation by committee to accept the Pupil Progression Plan as presented. Upon a vote, the motion carried.
Mr. Webb reported that Pat Deaville, Consultant for High Schools, gave a report on High School ReDesign. A suggestion was made at committee for a future meeting with the Board, elected officials, and our BESE Board member. This item was for information only.
Mr. Webb reported that the committee discussed plans for low performing schools. No action was required; the report was for information only.
The next item discussed at committee was the F.K. White Technology Enhancement Program. Information was given to Mrs. Duhon, as she requested, and it was decided to not address the item further at committee, at this time.
Reverend Franklin said he would like to see the Board come together and unify and take a serious approach to begin a process for a plan for low performing schools. Mrs. Duhon requested a copy of the plan for the F.K. White Technology Enhancement Program and a copy of the budget. Mr. Duhon said that regarding the low performing schools, the Board needs to not eliminate any of the options to help the low performing schools. Reverend Franklin said that all of the Lake Charles-Boston parents should have a copy of the scholastic audit. Mr. Savoy, Superintendent, said that a copy is available upon request.
Mary Morris, a member of the community, requested to speak to the Board, regarding what information is listed in the Minutes. Mr. Spruel, Legal Counsel for the Board, explained the regulations of information necessary for official Minutes.
Mrs. Duhon thanked Mr. Savoy for having copies of the Lake Charles-Boston audit available to the public.
Jay Duhon, Chairman of the Budget and Fiscal Management Committee, reported that the committee met on July 20, 2006 and the following motions were made by the committee to the full Board.
Mr. Duhon moved to adopt the 2006 millage rates on behalf of the committee. Upon a vote, the motion passed.
The next item was the revised 2006-2007 proposed revenues and other sources of funds. A motion was made by Mr. Duhon to accept the recommendation by the staff that the revised 2006-2007 projected revenues for the General Fund be approved as presented in the amount of $207,798,638. Upon a vote, the motion passed.
Mr. Duhon made a motion that the projected 2006-2007 General Fund budget for expenditures and other uses be approved as presented to the committee in the amount of $212,648,507. Upon a vote, the motion passed, with one nay vote from Reverend Franklin.
Mr. Duhon made a motion that the Special Revenue Fund budget for 2006-2007 be approved as presented to the committee, as balanced at $42,074,689. Upon a vote, the motion passed.
The last item presented was an update of the riverboat Capital Projects Fund. This item was for informational purposes only and no action was necessary.
Clara Duhon gave the report from the Pupil Personnel Committee that met on Thursday, August 3, 2006. The committee recommended that the Hospital/Homebound Policies and Procedures Manual be approved on an emergency basis. A motion was made by Mr. Duhon to suspend the rules, seconded by Mrs. Duhon, regarding this policy. A motion was made by Mr. Duhon, seconded by Mr. Pitre, to accept this policy on an emergency basis. The motion carried.
TAKE APPROPRIATE ACTION
Adoption of Millage Rates for 2006
NOTICE OF PUBLIC HEARING
The Calcasieu Parish School Board will adopt millage rates for the year 2006 at its meeting of August 8, 2006, at 4:45 p.m.at John F. Kennedy Elementary School, 2001 Russell Street, Lake Charles, Louisiana in the cafeteria. At the time of the agenda item, Adoption of 2006 Millage Rates, the public will be invited to comment in proper format through the public hearing process.
Posted: August 3, 2006 (3 working days prior to Board
Meeting along with Board Agenda)
2001 Russell Street - Cafeteria of J.F. Kennedy
Elementary School
1732 Kirkman Street - Board Meeting Room
AFFIDAVIT STATE OF Louisiana PARISH OF CALCASIEU
BEFORE ME, the undersigned Notary Public, duly commissioned
and qualified within and for the aforesaid parish and state,
personally came and appeared:
Dr. Edward Stephens who, after first being duly sworn, did depose and say:
That he is the duly authorized presiding officer of the Calcasieu Parish School Board;
That a public meeting was held in accordance with the open
meetings law at R.S. 42:1, et seq. to adopt the millage rates for the 2006 tax year;
That public written notice of the agenda, date, time, and place of the hearing was posted on the building where the meetings of this taxing authority are usually held at least 24 hours before the meeting.
A quorum of the total membership of the taxing authority was
Physically present and voting at the public meeting, which was held on the 8th day of August, 2006 at 4:45 p.m. at 2001 Russell Street, Lake Charles, Louisiana. The meeting was conducted in accord with the prior noticed agenda. Matters not included on the agenda were not discussed without the approval of two-thirds of the members present.
Copies of all required notices and agenda are attached hereto and incorporated herein by reference. ,
Calcasieu Parish School Board
Dr. Edward Stephens
Presiding Officer
SWORN TO AND SUBSCRIBED Before Me, this
, 2006 at Lake Charles, Louisiana.
day of
NOTARY PUBLIC
CALCASIEU PARISH SCHOOL BOARD
RESOLUTION
BE IT RESOLVED, by the Calcasieu Parish School Board of the Parish of Calcasieu, Louisiana, in public hearing held on August 8, 2006, which hearing conducted in accordance with the open meetings law and the additional requirements of Article VII, Section 23(C of the Constitution, that the following adjusted millage rate(s) be and are hereby levied upon the dollar of the assessed valuation of all property subject to ad valorem taxation within said Parish for
the year 2006, for the purpose of raising revenue:
General Fund (Parishwide)
Constitutional Tax 5.57 Mills
Special School Maintenance & Operations Taxes 13.15 Mills
MT #1 (9.52 Mills)
MT #2 (3.63 Mills)
Bond Sinking Funds
School District No. 21 13.6 Mills
School District No. 22 10.0 Mills
School District No. 23 6.4 Mills
School District No. 24 19.0 Mills
School District No. 25 31.5 Mills
School District No. 26 34.3 Mills
School District No. 27 O Mills
School District No. 28 17.0 Mills
School District No. 30 25.7 Mills
School District No. 31 25.5 Mills
School District No. 33 22.25 Mills
School District No. 34 16.5 Mills
School District No. 34 (Stadium) 1.0 Mills
Renewable Taxes
School District No. 28 9.87 Mills
BE IT FURTHER RESOLVED that the Assessor of the Parish of
Calcasieu, State of Louisiana, shall extend upon the
assessment roll for the year 2006 the taxes herein
levied, and the tax collector of said Parish shall collect and remit the same to said taxing authority in accordance with the law.
BE IT FURTHER RESOLVED that the foregoing resolution was read in full, the roll was called on the adoption thereof, and the resolution was adopted by the following votes:
YEAS:
NAYS:
ABSTAINED:
ABSENT:
CERTIFICATE
I hereby certify that the foregoing is a true and exact copy of a resolution adopted at a regular board meeting held on August 8, 2006 at which time a quorum was present and voting.
Lake Charles, Louisiana, this _ day of . 2006.
Wayne Savoy, Secretary
Calcasieu Parish School Board
On a motion by Mr. Duhon to accept, seconded by Mrs. LaVergne, the motion carried.
Adoption of General Fund and Special Revenue Fund Budgets 2006-2007
RESOLUTION
A resolution adopting the 2006-2007 General Fund and Special
Revenue Fund budgets.
WHEREAS, the proposed General Fund and Special Revenue
Fund budgets for fiscal year 2006-2007 have been previously
submitted to the Budget/Fiscal Management Committee and
reviewed at the public hearing held prior to the Board
meeting, and WHEREAS, the proposed budget provides necessary funding to continue an adequate level of services for public elementary and secondary schools in Calcasieu Parish, and
WHEREAS, the authority to revise the budget is set forth in
File: DCI of the Calcasieu Parish School Board Policy Manual
which provides in part that:"Line items in the budget may be changed, with Board approval,at any time during the fiscal year, provided such change is consistent with existing laws and regulations of the State of Louisiana. Any request for modification of a budgetary line item shall be approved by appropriate supervisory personnel and submitted to the Superintendent for consideration. The Superintendent may submit requests for budgetary line item changes to the Board as deemed appropriate. The Superintendent may approve transfers from one budget line item to another for amounts less than $10,000. Any such changes shall be ratified by the Board.
Amounts of $10,000 or more shall be submitted to the Board
for approval."
THEREFORE, BE IT RESOLVED that the following budgets for
fiscal year 2006-2007 be adopted:
GENERAL FUND
Revenues and Other Sources:
Local Revenues $ 94,611,257
State Revenues 109,397,381
Federal Revenues 85,000
Other Sources 3,705,000
Total General Fund Revenues & Other Sources $ 207,798,638
Expenditures:
Instructional $ 154,929,278
Support Services 57,719,229
Total Expenditures & other Uses $212,648,507
SPECIAL REVENUE FUNDS
Revenues& Other Sources:
Local $ 2,112,041
State 382,848
Federal 37,391,800
Transfers from General Fund 2,188,000
Total Revenues & Other Sources $ 42,074,689
Expenditures & Other Uses:
Instructional $ 25,518,942
Support Services 16,555,747
Total Expenditures & Other Uses $ 42,074,689
On a motion by Mr. Duhon to accept, seconded by Mr. Karr, the motion passed.
Joint Services Agreement
STATE OF LOUISIANA }
JOINT SERVICES AGREEMENT
PARISH OF CALCASIEU }
BE IT KNOWN, that before the undersigned Notaries Public, duly commissioned and qualified in and for their respective localities as hereinafter stated, on the dates hereinafter set forth, and in the presence of the competent witnesses hereinafter named and undersigned,
PERSONALLY CAME AND APPEARED:
CALCASIEU PARISH SCHOOL BOARD (the “School Board”) herein represented by Dr. Edward Stephens, President, duly authorized,
RECREATION DISTRICT NO. 1 OF WARD 4 (the “Recreation District”), a political subdivision of the State of Louisiana represented by Lori Peterson, Chairperson, duly authorized,
Each of whom being duly sworn, did acknowledge and agree that:
Section 1. AUTHORITY
This Agreement is entered into by the parties under the authority of the Constitution and laws of the State of Louisiana, including but not limited to Article 6, Section 20, Article 7, Section 14 of the 1974 Louisiana Constitution, and The Local Services Law of the State of Louisiana (R.S. 33:1321, et seq).
The School Board and the Recreation District hereby find and declare that they are each authorized by general and special laws to perform the activities herein contemplated and to exercise all powers that may be necessary for completion of the undertaking herein described.
Section 2. JOINT SERVICE EFFORT
The parties hereby agree to engage in a joint effort to promote and enhance sports and recreation in general, and football in particular, within the boundaries of Calcasieu Parish.
Section 3. RECREATION DISTRICT CONTRIBUTION
The Recreation District hereby agrees to provide equipment and manpower for the maintenance and care of sports facilities and grounds at schools in the Calcasieu Parish School System.
Section 4. SCHOOL BOARD
The School Board agrees to reimburse the Recreation District for the reasonable costs of fuel and manpower, as determined by the Executive Director of the Recreation District.
Section 5. LIMITATIONS
It is expressly understood and agreed that the individual schools will be responsible for the reimbursement set forth in section 4. It is further expressly and agreed understood that the Recreation District reserves the right to limit or terminate this Agreement should the same interfere with discharge of its statutory and/or constitutional mandate.
Section 6. AMENDMENTS
The parties hereto may amend this Joint Services Agreement at any time by mutual consent, to modify, clarify, add or remove any term or provision. No change or amendment shall be effective unless in writing and signed by duly authorized representatives of both parties hereto.
Section 7. INVALIDITY
If any provision, item, application , or part of this Agreement is held invalid, such invalidity shall not effect other provisions, items, applications, or parts of this Agreement which can be given effect without the invalid provision, item, application or part, and to this end the provisions of the Agreement are hereby declared to be severable.
THUS DONE AND PASSED in duplicate original at Westlake, Louisiana, in the presence of the undersigned competent witnesses, and me, Notary, on the _______ day of July, 2006.
WITNESSES: RECREATION DISTRICT #1 OF WARD 4
___________________________ BY:___________________________________
LORI PETERSON, Chairperson
___________________________________
NOTARY PUBLIC
THUS DONE AND PASSED in duplicate original at Lake Charles, Louisiana, in the presence of the undersigned competent witnesses, and me, Notary, on the _________ day of
____________________, 2006.
WITNESSES: CALCASIEU PARISH SCHOOL BOARD
___________________________
BY:_______________________________
___________________________ DR. EDWARD STEPHENS, President
____________________________________
NOTARY PUBLIC
S:\Cg4\RD1\Agreement-CPSB and RECDIST.wpd
On a motion to accept the agreement by Mr. Bernard and seconded by Mr. Duhon, the motion passed.
Final Approval of Diabetic Student Field Trip Protocol
Policy/Protocol on Field Trips for Student with Diabetes
Diabetes is a serious chronic disease that impairs the body's ability to use food properly due to the inability of the pancreas to make insulin (the hormone which helps the body convert food into energy) or to use insulin properly. Without insulin, glucose (sugar), the body's main energy source, builds up in the blood. Diabetic students may manage their illness by using injectable or infused insulin, oral hypoglycemic agents, and/or dietary modifications. In the school setting, and outside the normal school routine, blood glucose levels can become too high (hyperglycemia) or too low (hypoglycemia) and require monitoring through glucose testing.
Appropriate diabetes care and management on field trips is necessary for the student's immediate safety, long-term well being and optimal academic performance.
It is important that a student's diabetic care be managed and accommodated on field trip through collaboration with the student, parent/family, licensed care providers, school administrator, school nurse, classroom teacher, specialists, and any other staff who may have contact with the student.
To minimize the possibility of a diabetes related emergency when a diabetic student goes on a field trip, and the parent or guardian does not attend the field trip, the following are required:
1. A contracted registered nurse or licensed practical nurse will accompany the student( s).
2. An Individualized Diabetic Health Care Plan (IDHCP) will be developed for each diabetic student and shared with all staff involved with the field trip to facilitate appropriate care. The IDHCP shall include an Emergency Diabetic Care Plan (EDCP) for each diabetic student.
3. Physician orders for blood glucose monitoring.
4. Physician orders for the method (pump, pen, syringe) of insulin administration and the amount of insulin to be administered.
5. Physician orders for Glucagon administration (if required).
6. Proper considerations for the storage of medication (e.g. refrigeration, sharps container, locked storage).
7. Physician orders for carbohydrate counting, which can only be monitored by a registered nurse.
8. Proper scheduling of meals and snacks.
9. Physician orders for recommended snacks.
10. Appropriate access to water and bathroom facilities.
11. Appropriate arrangements dictated by the frequency and distance of travel for field trips, and by whether the field trip is overnight.
On a motion to accept the final policy approval by Mr. Bernard and seconded by Mr. Duhon, the motion passed.
Authorization to Negotiate Hurricane Rita Settlement Claim
TO: Board Members
FROM: Karl Bruchhaus
DATE: August 3,2006
SUBJECT: Rita Insurance Closure
The Hurricane Rita property insurance claim for the Calcasieu Parish School Board is nearing closure. We will hopefully arrive at settlement and payout by mid-September. Staff requests permission for Superintendent Savoy to
negotiate final settlement and have authorization to sign all documents necessary for claim closure.
KB:bjd
On a motion by Mr. Webb to authorize, seconded by Mrs. LaVergne, the motion carried.
Resolution Authorizing Sale of Excess Revenue Certificates
Lake Charles, Louisiana
September 5, 2006
The Parish School Board of Calcasieu Parish, Louisiana, met in regular public session at 4:45 o’clock p.m. on Tuesday, September 5, 2006, at the regular meeting place of said Board in the Calcasieu Parish School Board Office, Lake Charles, Louisiana, pursuant to the provisions of written notice given to each and every member thereof and duly posted in the manner required by law.
President, Dr. Edward Stephens, called the meeting to order and on roll call, the following members were present:
ABSENT:
Wayne R. Savoy, Board Secretary, also attended. The meeting was called to order and the roll called with the above results.Thereupon, the following resolution was introduced, and pursuant to a motion made by _____________ and seconded by ________________, was adopted by the following vote:
YEAS:
NAYS:
ABSENT:
NOT VOTING:
CERTIFICATE RESOLUTION
A RESOLUTION AUTHORIZING ISSUANCE, SALE AND DELIVERY OF THREE MILLION AND NO/100 ($3,000,000) DOLLARS EXCESS REVENUE CERTIFICATES OF INDEBTEDNESS OF THE CALCASIEU PARISH SCHOOL BOARD (SAM HOUSTON HIGH SCHOOL PROJECT), SERIES 2006, CONFIRMING THE SALE, PRESCRIBING THE FORM AND FIXING THE DETAILS THEREOF; PROVIDING FOR SECURITY AND PAYMENT OF SAID CERTIFICATES IN PRINCIPAL AND INTEREST; AND CERTAIN OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, it is projected that the general fund budget of the Calcasieu Parish School Board, Lake Charles, Louisiana (the “Issuer”) for the fiscal year ending June 30, 2006, will show an estimated excess of revenues over statutory, necessary and usual charges and all other expenses for such fiscal year in the total amount in excess of $21 million, as will more fully appear by reference to said budget;
WHEREAS, after carefully investigating and studying the actual revenues and expenditures and all matters in connection therewith for that portion of the fiscal year ending June 30, 2006, the Issuer has found and does hereby find and determine that the actual surplus for said fiscal year will, in all probability, be in excess of the amount reflected in the aforesaid budget;
WHEREAS, the estimates contained in the aforesaid budget are also deemed reasonable and conservative in view of the operating experience over the past several years, as reflected by the official audits, over the general fund revenues and expenditures;
WHEREAS, Sections 2922 to 2923, inclusive, of Title 33 of the Louisiana Revised Statutes of 1950, as amended, the (the “Act”) authorize the Issuer to make and enter into contracts dedicating the excess of annual revenues of subsequent years above statutory, necessary and usual charges to the payment of that portion of the cost of public improvements which is to be borne by the Issuer under such contacts, provided all such dedications do not exceed the estimated excess of revenues over said statutory, necessary and usual charges of the year in which the contract is made;
WHEREAS, the Issuer desires to incur debt and issue not exceeding THREE MILLION AND NO/100 ($3,000,000) DOLLARS in Excess Revenue Certificates of Indebtedness in the manner authorized and provided by the Act and as hereinafter provided, to provide ready funds to pay the costs of construction of certain improvements at Sam Houston High School, Moss Bluff, Louisiana, title to which shall be in the public;
WHEREAS, it has been determined by the Issuer that after meeting statutory, necessary and usual charges, there will remain ample undedicated funds to pay debt service on the Excess Revenue Certificates of Indebtedness herein authorized;
WHEREAS, the Issuer acquired approval of the Louisiana State Bond Commission on August 17, 2006, for approval of the issuance, sale and delivery of not to exceed THREE MILLION AND NO/100 ($3,000,000) DOLLARS of Excess Revenue Certificates of Indebtedness of the Issuer, to be used for the purpose of financing the construction and installation of certain school improvements Sam Houston High School, Moss Bluff, Louisiana, and which Certificates are to be secured by and payable from the excess of annual revenues accruing to the budget of the Issuer for the ten (10) year period during which the Certificates are outstanding, above statutory, necessary and usual charges;
WHEREAS, sale of the Certificates has been negotiated with Crews & Associates, Inc., Little Rock, Arkansas, at a price of _______% of par and accrued interest to date of delivery; and
WHEREAS, the Issuer now desires to provide for issuance of the Certificates in the original principal amount of THREE MILLION AND NO/100 ($3,000,000) DOLLARS of its Excess Revenue Certificates of Indebtedness (Sam Houston High School Project), Series 2006 (the “Certificates”) to finance construction and installation of certain school improvements at Sam Houston High School, Moss Bluff, Louisiana, said Certificates to be secured by and payable from the excess of annual revenues accruing to the budget of the Issuer for the ten (10) year period during which the Certificates are outstanding, above statutory, necessary and usual charges;
NOW THEREFORE, BE IT RESOLVED by the Calcasieu Parish School Board, as follows:
SECTION 1. Definitions. As used herein the following terms shall have the following meanings, unless the context otherwise requires:
“Agreement” means the agreement to be entered into between the Issuer and the Paying Agent pursuant to this Resolution.
“Bond Counsel” means Joseph A. Delafield, A Professional Corporation, Lake Charles, Louisiana.
“Bond Register” means the record kept by the Paying Agent at its principal corporate office in which registration of the Certificates and transfers of the Certificates shall be made as provided herein.
“Business Day” means a day of the year other than a day on which banks in the city in which the Paying Agent is located are required or authorized to remain closed or the New York Stock Exchange is closed.
“Calcasieu Parish School System” means the public school system available to the members of the general public at large, administered and maintained by the Governing Authority.
“Certificate” means any Series 2006 Certificate of Indebtedness of the Issuer authorized to be issued by this Resolution, whether initially delivered or issued in exchange for, upon transfer of, or in lieu of any certificate previously issued.
“Certificates” means the Calcasieu Parish School Board Excess Revenue Certificates of Indebtedness (Sam Houston High School Project), Series 2006, authorized by this Resolution, in the total aggregate principal amount of Three Million Dollars ($3,000,000).
“Code” means the Internal Revenue Code of 1986, as amended.
“Defeasance Obligations” shall mean (a) cash, or (b) non-callable Government Securities.
“Executive Officers” means, collectively, the President and Secretary of the Governing Authority.
“Federal” means the United States of America.
“Governing Authority” means the Calcasieu Parish School Board.
“Government Securities” means direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which are non-callable prior to their maturity, and may be United States Treasury obligations such as the State and Local Government Series and may be in book-entry form.
“Insurer” means, with respect to the Certificates, ________________________, or its successor and assigns.
“Interest Payment Dates” means April 1 and October 1 in each year commencing April 1, 2007.
“Issuer” means the Parish School Board of Calcasieu Parish, Louisiana.
“Municipal Bond Insurance Policy” means the municipal bond new issue insurance policy issued by the Insurer insuring the payment when due of the principal of and interest on the Certificates as provided therein.
“Outstanding” when used with respect to the Certificates means, as of the date of determination, all Certificates theretofore issued and delivered under this Resolution, except:
1. Certificates theretofore cancelled by the Paying Agent or delivered to the Paying Agent for cancellation.
2. Certificates for which payment or redemption sufficient funds have been theretofore deposited in trust for the Owners of such Certificates, provided that, if such Certificates are to be redeemed, irrevocable notice of such redemption has been duly given or provided for pursuant to this Resolution or waived.
3. Certificates in exchange for or in lieu of which other Certificates have been registered and delivered pursuant to this Resolution.
4. Certificates alleged to have been mutilated, destroyed, lost, or stolen, which have been paid as provided in this Resolution or by law.
5. Certificates for the payment of principal (or redemption price, if any) of and interest on which money or Government Securities or both are held in trust with the effect specified in this Resolution.
“Owner” or “Owners” or “Registered Owner” when used with respect to any Certificate means the Person in whose name such Certificate is registered in the Bond Register, as herein provided. Notwithstanding any provision of this Resolution to the contrary, the Insurer shall, at all times, be deemed an owner of all the Certificates for the purposes of consenting to any resolution supplementing or amending this Resolution, and shall be notified in advance of the adoption of any resolution supplemental or amendatory hereto whether or not the consent of the Owners is required.
“Paying Agent” means Argent Trust, a Division of National Independent Trust Company, in Ruston, Louisiana, until a successor Paying Agent shall have been appointed pursuant to the applicable provisions of this Resolution, and thereafter “Paying Agent” shall mean such successor Paying Agent.
“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof.
“Project” means certain improvements to Sam Houston High School, Moss Bluff, Louisiana, within the Calcasieu Parish School System.
“Purchaser” means Crews & Associates, Inc., Little Rock, Arkansas, the original purchaser or purchasers of the Certificates.
“Qualified Investments” means (i) cash, (ii) Government Securities, and (iii) time certificates of deposit of state banks organized under the laws of the State and national banks having their principal office in the State which are fully collateralized by government securities as provided by Louisiana law, or any other investment security which may be permitted by Louisiana law and approved in writing by the Insurer with notice to Standard & Poor’s Corporation.
“Record Date” for the interest payable on any Interest Payment Date means the 15th calendar day of the month next preceding an Interest Payment Date, whether or not such day is a Business Day.
“Resolution” means this Resolution authorizing issuance of the Certificates.
“Sinking Fund” shall have the meaning ascribed to such term in Section 15 hereof.
“State” means the State of Louisiana.