Details for RESOLUTION DECLARING THE INTENTION OF THE BOARD OF COMMISSIONERS

Updated

RESOLUTION DECLARING THE

INTENTION OF THE BOARD OF

COMMISSIONERS OF THE

DIAMONDHEAD WATER AND SEWER DISTRICT TO ISSUE WATER AND SEWER REVENUE BOND(S) AND/OR TO BORROW FUNDS BY ENTERING INTO A LOAN WITH THE MISSISSIPPI

DEVELOPMENT BANK, IN A TOTAL AMOUNT NOT TO EXCEED TWELVE MILLION FIVE HUNDRED THOUSAND DOLLARS ($12,500,000) TO RAISE

MONEY FOR THE PURPOSE OF THE FINANCING OF CONSTRUCTING,

ACQUIRING, RECONSTRUCTING,

IMPROVING, BETTERING OR EXTENDING THE FACILITIES OF THE DIAMONDHEAD WATER & SEWER DISTRICT; AND FOR RELATED

PURPOSES; AND FOR OTHER

AUTHORIZED PURPOSES UNDER

MISSISSIPPI CODE SECTIONS 19-5-151 ET SEQ.; AND DIRECTING

PUBLICATION OF NOTICE OF SUCH INTENTION.

WHEREAS, the Board of Commissioners (the “Board”) of the Diamondhead Water & Sewer District (the “District”), acting for and on behalf of the District, hereby finds,

determines, adjudicates and declares, as follows:

1. The Board and the District are authorized by Sections 19-5-151 et seq., Mississippi Code of 1972, as amended (the “Act”) and Sections 31-25-1 et seq., Mississippi Code of 1972, as amended (the “Bank Act”) to issue revenue bond(s) hereunder proposed to be issued and/or to enter into a loan with the Mississippi Development Bank (the “Bank”) for the purposes and amounts set forth in paragraph 2.

2. It is necessary and in the public interest to issue revenue bond(s) of the District and/or to borrow funds by entering into a loan with the Bank, all in the principal amount of not to exceed Twelve Million Five Hundred

Thousand Dollars ($12,500,000) to raise funds for the purpose of financing the

constructing, acquiring, reconstructing,

improving, bettering or extending the

facilities of the District including upgrading water & sewer infrastructure, including but not limited to: water system line

improvements, a second water tower for meeting fire flow demands, pumps for sewer lift stations, relining sewer pipe,

improvements to well systems, and

identifiable sewer basins that need updating and other authorized purposes under the Act and the Bank Act, including paying the costs of issuing the revenue bond(s) and entering into a loan with the Bank (the “Project”).

3. The District reasonably expects that it will incur expenditures prior to the issuance of the revenue bond(s) or entering into the loan with the Bank, which it intends to reimburse with the proceeds of the revenue bond(s) upon the issuance thereof or the date of entering into the loan. This declaration of official intent to reimburse expenditures made prior to the issuance of the revenue bond(s) or to enter into the loan is made pursuant to Department of Treasury regulations Section 1.150-2 (the Reimbursement Regulations). The Project for which such expenditures are made is the same as described hereinabove. The maximum principal amount of debt expected to be issued for the Project is the amount hereinabove set forth.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD, ACTING FOR AND ON BEHALF OF THE DISTRICT, AS FOLLOWS:

SECTION 1. The Board hereby declares its intention to issue the revenue bond(s) or enter into the loan with the Bank all in the principal amount not to exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000) pursuant to the Act or the Act and the Bank Act to raise money for the

purpose of providing funds for the Project. The revenue bond(s) and/or loan from the Bank may be issued in one or more series and with the obligations of the District payable as to principal and interest out of and secured by an irrevocable pledge of the legally available revenues of the District.

SECTION 2. Should the loan be entered into by the District with the Bank for the purposes hereinabove set forth, then such loan, together with interest thereon, shall be payable from legally available revenues of the District.

SECTION 3. The Board proposes to direct the issuance of the revenue bond(s) or

authorize the loan with the Bank in the amounts, for the purposes and secured as aforesaid at the Board’s regular meeting place in the District’s office at 4425 Park Ten Drive, Diamondhead, Mississippi at the hour of 4:00 p.m. on April 8, 2021.

SECTION 4. If on or before 4:00 p.m., on April 8, 2021, twenty percent (20%) or one hundred fifty (150) of the qualified electors of the District, whichever is the lesser, shall file a written petition for an election upon the question of issuance with the Board

regarding the revenue bond(s) pursuant to the Act, then the issuance of the revenue bond(s) for such purposes shall not be authorized

unless authorized at an election on the question of the issuance of such revenue bond(s) to be called and held as provided by law. If no such petition is filed at or before 4:00 p.m. on April 8, 2021, then the revenue bond(s) may be issued without an election on the question of the issuance thereof in one or more series at any time within a period of two (2) years after the date specified in Section 3 hereof.

SECTION 5. If at or before 4:00 p.m., on April 8, 2021, fifteen percent (15%) of the qualified electors of the District or fifteen hundred (1500), whichever is the lesser, shall file a written protest with the Board against the authorization of the loan with the Bank pursuant to the Bank Act, then the issuance of the loan for such purposes shall not be authorized unless authorized at an election on the question of the authorization of the loan to be called and held as provided by law. If no protest is filed at or before 4:00 p.m., on April 8, 2021, against the authorization of the loan, then the loan may be authorized in one or more series without an election on the question or the authorization thereof at any time within a period of two (2) years after the date specified in Section 3 hereof.

SECTION 6. This resolution shall be published one (1) time per week for at least three (3) consecutive weeks in The Sea Coast Echo, a newspaper having a general

circulation in the District, and qualified under the provisions of Section 13-3-31, Mississippi Code of 1972, as amended. The first publication of this resolution shall be made not less than twenty-one (21) days prior to the date fixed herein for the issuance of the revenue bond(s) or the authorization of the loan and the last publication shall not be made not more than seven (7) days prior to such date.

SECTION 7. The Secretary of the Board of the District shall be and is hereby directed to procure from the publishers of the aforesaid newspaper the customary proof of publication of this resolution and have the same before the Board on the date and hour specified in Section 3 hereof.

SECTION 8. The District reasonably expects that it will incur expenditures prior to the issuance of the revenue bond(s) or entering into the loan with the Bank, which it intends to reimburse with the proceeds of the revenue bond(s) upon the issuance hereof or the date of entering into the loan. This declaration of official intent to reimburse expenditures made prior to the issuance of the revenue bond(s) or the authorization of the loan in anticipation of the issuance of the revenue bond(s) or to entering into the loan is made pursuant to the Department of Treasury regulations Section 1.150-2 (the Reimbursement Regulations). The Project for which such expenditures are made is the same as described hereinabove. The maximum principal amount of debt expected to be issued or borrowed for the Project is the amount hereinabove set forth.

SECTION 9. If any one or more of the

provisions of this resolution shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any of the other provisions of this resolution, but this resolution shall be construed and

enforced as if such illegal or invalid

provision or provisions had not been

contained herein.

The motion having received the affirmative vote of a majority of the members present, the Chairman of the Board declared the motion carried and the resolution adopted, this the 11th day of March, 2021.

DIAMONDHEAD WATER & SEWER DISTRICT

03/17/21, 03/24/21, 03/31/21, 04/07/21

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