Gulf Opportunity Zone Advance Refunding
Bond Allocation — Port of New Orleans
WHEREAS, PL 109-135, also known as the Gulf Opportunity Zone Act of 2005 (hereafter "the Act"), was enacted to provide tax incentives to assist in the recovery and rebuilding efforts in certain areas affected by Hurricanes Katrina, Rita, and Wilma, and requires the governor of the state of Louisiana (hereafter "the State") to designate any advance refunding bonds as bonds issued pursuant to Section 1400(N) of the Act;
WHEREAS, the Port of New Orleans (hereafter "the Issuer") proposes to issue twenty million ($20,000,000) dollars of its Revenue and Refunding Bonds, Series 2006 (hereafter "the Bonds") for the purpose of advance refunding a portion of the Issuer's outstanding Port Facility Revenue Bonds, Series 2001, Port Facility Revenue Bonds, Series 2002, Port Facility Revenue Bonds, Series 2003, which would otherwise not be able to be refunded on a tax exempt basis; and
WHEREAS, pursuant to the Act and Executive Order No. BJ 2008-16, issued on April 21, 2008, the governor of the state of Louisiana is required to designate such Bonds as Advance Refunding Bonds under the Ceiling;
NOW THEREFORE, I, BOBBY JINDAL, Governor of the state of Louisiana, by virtue of the authority vested by the Constitution and laws of the state of Louisiana, do hereby order and direct as follows:
SECTION 1: The bond issue, as described in this Section, shall be and is hereby granted an allocation from the 2008 Ceiling as Advance Refunding Bonds in the amount shown:
Amount of Allocation
Name of Issuer
Name of Project
Port of New Orleans
Port Facility Refunding Revenue Bonds Series 2008
SECTION 2: The allocation granted herein shall be used only for the bond issue described in Section 1 of this Order.
SECTION 3: The allocation granted herein shall be valid and in full force and effect for 240 days from issuance of this Order.
SECTION 4: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.
SECTION 5: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.
IN WITNESS WHEREOF, I have set my hand officially and caused to be affixed the Great Seal of Louisiana, at the Capitol, in the city of Baton Rouge, on this 23rd day of May, 2008.
Secretary of State