Qualified Energy Conservation Bond Allocation--Louisiana Stadium and Exposition District
WHEREAS, Federal law established volume cap authorization for Qualified Energy Conservation Bonds (“QECB”) that may be issued by each state, of which the State of Louisiana (the “State”) was granted a maximum allocation in the amount of $45,759,000; and
WHEREAS, the State was granted a direct QECB allocation of $17,282,462, and an indirect QECB allocation of $28,476,538 to sub-allocate to qualified large local governmental entities; the State allocated $28,476,538 to qualified large local governmental entities, of which $20,986,830 was returned to the State for allocation, resulting in a total State QECB allocation of $38,269,292; and
WHEREAS, $30,318,244 of the QECB volume cap allocation granted to the State has been previously utilized by any political subdivision or governmental agency within the State, resulting in a total remaining State QECB allocation of $15,440,756; and
WHEREAS, the Louisiana Stadium and Exposition District (“LSED”) has requested and applied for an allocation of the available QECB authority granted to the State, in the amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000), to undertake a QECB qualifying project to install capital improvements and upgrades at various facilities throughout the LSED.
NOW THEREFORE, I, BOBBY JINDAL, Governor of the State of Louisiana, by virtue of the authority vested in me by the Constitution and Laws of the State of Louisiana, do hereby order and direct as follows:
SECTION 1: The LSED shall be and is hereby granted an allocation of the available Qualified Energy Conservation Bond volume cap authorization issued to the State of Louisiana in the amount of $7,500,000, to be utilized by for the benefit of the LSED pursuant to a Master Lease Agreement.
SECTION 2: The allocation granted herein shall be used only by the LSED, and the proceeds of the Master Lease Agreement shall be used for the general purpose of constructing, acquiring and improving energy facilities throughout the LSED as submitted by the LSED in connection with the request for the allocation granted herein.
SECTION 3: The allocation granted herein shall be valid in full force and effect through December 31, 2015, provided that said bonds are delivered to the initial purchasers thereof on or before December 31, 2015.
SECTION 4: This Order is effective upon signature and shall remain in effect as set forth in Section 3 hereof 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 November, 2015.
Secretary of State