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The following ordinance, having been previously introduced on September 2, 2021, notice of introduction having been published in the official journal of the Town on September 8, 2021, and a public hearing having been held thereon on September 14, 2021, was offered by Andrew D’Aquilla and seconded by James R. Leake:

SECOND SUPPLEMENTAL BOND ORDINANCE NO. 2021-7


A Second Supplemental Bond Ordinance amending the definition of “Gas Revenues”; providing for the consent to such amendment by the Owner of all of the Bonds Outstanding under the Bond Ordinance; and providing for other matters in connection therewith.

     WHEREAS, on December 8, 2015, the Mayor and Board of Aldermen of the Town of St. Francisville, State of Louisiana (the “Issuer” or the “Town”) passed Ordinance No. 2015-7 entitled “A General Bond Ordinance authorizing the issuance from time to time of Utilities Revenue Bonds of the Town of St. Francisville, State of Louisiana; prescribing the form, and certain terms and conditions of said Bonds; providing for the payment thereof in principal and interest; and providing for other matters in connection therewith” (the “General Bond Ordinance”) and Ordinance No. 2015-8 entitled “A Supplemental Bond Ordinance authorizing the issuance of not exceeding Eight Hundred Thousand Dollars ($800,000) of Utilities Revenue Bonds, Series 2015, of the Town of St. Francisville, State of Louisiana, in accordance with the terms of a General Bond Ordinance adopted on December 8, 2015; prescribing the form, and certain terms and conditions of said Bonds; and providing for other matters in connection therewith” (the “First Supplemental Ordinance” and, together with the General Bond Ordinance being referred to collectively herein as the “Bond Ordinance”), and initially-capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Bond Ordinance; and

     WHEREAS, on September 14, 2021, the Mayor and Board of Aldermen of the Town passed an ordinance entitled “An Ordinance of the Town of St. Francisville Establishing a Rate Schedule for Sales to Large Volume Industrial Customers” establishing terms and provisions for the Town to enter into gas supply contracts with industrial users that will purchase a monthly average of not less than 1,000 MMBtu per day of natural gas (“Large Volume Industrial Users”); and

     WHEREAS, in order for the Town to procure firm, reliable and economic gas supplies for sale to Large Volume Industrial Users from structured natural gas acquisition transactions, it is necessary for the payments made by Large Volume Industrial Users for gas supplies purchased from the Town to be deposited directly into specified accounts established under such transactions, and it is now necessary and desirable for the Town to amend certain provisions of the Bond Ordinance to permit such payments made by Large Volume Industrial Users to be so deposited; and

     WHEREAS, the Bank of St. Francisville is the sole Owner of all of the Bonds now Outstanding under the Bond Ordinance (the “Bondholder”) and the amendment to the Bond Ordinance set forth herein shall become effective only upon the consent of the Bondholder.

     NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Aldermen of the Town of St. Francisville, State of Louisiana, acting as the governing authority of the Issuer, that:
       
     Section 101.     Amendment of Definition of “Gas Revenues.”  The definition of the term “Gas Revenues” in and for all purposes of the Bond Ordinance is hereby amended to read as follows:

“Gas Revenues”  means the fees and charges levied and collected by the Town from the customers of the Gas System for the sale and distribution of gas by the Gas System; provided that Gas Revenues shall not include amounts payable by Large Volume Industrial Users for gas supply service that are required to be deposited into specified accounts established under a structured natural gas acquisition transaction in which the Town is a direct or an indirect participant; andprovided further that the amounts received by the Town from gas sales to a Large Volume Industrial User net of the Town’s cost of gas and all associated fees and expenses shall be deposited into the Gas Fund.

       
     Section 102.     Consent of Bondholder.  The foregoing amendment shall become effective only upon the consent of the Bondholder as provided in Section 8.02 of the Bond Ordinance.
       
     Section 103.     Bond Ordinance to Remain in Effect.  The Bond Ordinance, as amended by this First Supplement, is and shall remain in full force and effect.
       
     Section 104.     Publication.  This Second Supplemental Bond Ordinance shall be published one time in the official journal of the Town.
       
     Section 105.     Effective Date.  This Second Supplemental Bond Ordinance shall become effective immediately; provided that the amendment of the Bond
Ordinance shall become effective only upon receipt of the consent of the Bondholder as provided herein.

This Second Supplemental Bond Ordinance having been submitted to a vote, the vote thereon was as follows:

Member Yea Nay Absent Abstaining
Abby T. Cochran X      
Andrew D’Aquilla X      
James R. Leake X      
Al Lemoine     X  
Gigi Robertson     X  
         
 
Passed by a unanimous vote of the Town of St. Francisville Board of Alderman on September 14, 2021.
 
 
Attest:
 
 
/s/ Shannon Sturgeon                                                  /s/ Robert P. Leake
Shannon Sturgeon, Town Clerk                                 Robert P. Leake, Mayor