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;
WHEREAS, The State suballocated $28,476,538 to qualified large local governmental entities, of which $23,169,224 was returned to the State for reallocation, resulting in a total State QECB allocation of $40,451,686; and
WHEREAS, To date, according to records of the Division of Administration, $37,198,244 of the State’s QECB volume cap allocation has been previously utilized by political subdivisions and/or governmental agencies within the State, resulting in a total remaining State QECB allocation of $3,253,442; and
WHEREAS, The Louisiana Stadium and Exposition District (“LSED”) has requested and applied for an allocation of the State’s available QECB authority, in the amount of, and not exceeding, three million two hundred fifty-three thousand four hundred forty-two dollars ($3,253,442), to undertake a QECB qualifying project to install capital improvements and upgrades at facilities controlled by the LSED.
NOW THEREFORE, I, JOHN BEL EDWARDS, Governor of the State of Louisiana, by virtue of the authority vested by the Constitution and laws of the State of Louisiana, do hereby certify that based on the facts and circumstances as of the Request Date 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 $3,253,442, to be utilized for the benefit of the LSED pursuant to a lease-purchase agreement for energy efficiency improvements, as approved by the Louisiana State Bond Commision on December 15, 2016, pursuant to Application No. S16-043.
SECTION 2: The allocation granted herein shall be used only by the LSED and 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 the term of the lease-purchase agreement described in Section 1, provided that said lease-purchase agreement is executed and delivered on or before June 30, 2017.
SECTION 4: This Order is effective upon signature and shall remain in effect, subject to the condition in Section 3, unless and until amended, modified, terminated or rescinded by me, 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 31st day of January, 2017.
John Bel Edwards
Secretary of State