EXECUTIVE ORDER MJF 96-68

Series 1996 Bonds


WHEREAS: under the authority of Article XIV, Section 47 of the Louisiana Constitution of 1921, as amended, which was continued as a statute by Article XIV, Section 16, of the Louisiana Constitution of 1974, the Louisiana Stadium and Exposition District (hereafter "LSED") was created as a body politic and corporate of the State of Louisiana for the purpose of planning, financing, developing, maintaining, and operating facilities to be located within the LSED, an area composed of all of the territory in the Parishes of Orleans and Jefferson, to accommodate the holding of sports events, athletic contests, and other events of public interest;

WHEREAS: pursuant to Act 541 of the 1976 Regular Session of the Louisiana Legislature, as amended by Act 499 of the 1978 Regular Session the Louisiana Legislature, Act 449 of the 1980 Regular Session of the Louisiana Legislature, Act 927 of the 1981 Regular Session of the Louisiana Legislature, Act 476 of the 1984 Regular Session of the Louisiana Legislature, Act 259 of the 1989 Regular Session of the Louisiana Legislature, and Act 640 of the 1993 Regular Session of the Louisiana Legislature (hereafter "the Act"), the LSED adopted a General Bond Resolution on January 31, 1994 (hereafter "General Bond Resolution"), authorizing the issuance from time to time of its Hotel Occupancy Tax Bonds in series to pay the costs of projects authorized by the Act;

WHEREAS: pursuant to the Act and the General Bond Resolution, as amended and supplemented by the First Supplemental Resolution of the LSED adopted on March 28, 1994, the Second Supplemental Resolution of the LSED adopted on April 21, 1995, and the Third Supplemental Resolution of the LSED adopted on November 10, 1995, the LSED adopted a resolution on June 28, 1996, approving the issuance of LSED Hotel Occupancy Tax Bonds, Series 1996 (hereafter "Series 1996 Bonds") in an aggregate principal amount of $76,250,000 for the purpose of 1) paying the costs of construction of a multi-purpose arena in New Orleans; and 2) paying the costs of issuing the Series 1996 Bonds, including the purchase of a Reserve Fund Insurance Policy, paying the premium of the Bond Insurance Policy, and funding a deposit to the Reserve Fund;

WHEREAS: the resolution adopted by the LSED on June 28, 1996, demonstrates the LSED's intention to issue its Series 1996 Bonds on a parity with the outstanding Series 1994-A Bonds, the outstanding Series 1995-A Bonds, and the outstanding Series 1995-B Bonds it previously issued;

WHEREAS: the Series 1996 Bonds will not constitute an indebtedness, general or special, or a liability of the State of Louisiana or of the Parishes of Orleans and Jefferson, and is not and will not be considered a debt of the state or the parishes within the meaning of the Louisiana Constitution of 1974 or the laws of this state, and will not constitute a charge against the credit or taxing power of the state or the parishes, but will solely be an obligation of the LSED, which is obligated to pay the principal of, the premium, if any, and the interest on the Series 1996 bonds from the "Tax Revenues," as defined in the General Bond Resolution, as amended, which are derived from the collection of the "Hotel Occupancy Tax," as defined in the General Bond Resolution, as amended, and from other "Funds and Accounts" pledged pursuant to and defined in the General Bond Resolution, as amended; and

WHEREAS: Act 640 of the 1993 Regular Session of the Louisiana Legislature mandates that prior to the sale of LSED Hotel Occupancy Tax Bonds issued pursuant to its terms, an executive order of the governor approving the issuance of the bonds shall be filed with the LSED and the State Bond Commission;

NOW THEREFORE I, M.J. "MIKE" FOSTER, JR., Governor of the State of Louisiana, by virtue of the Constitution and laws of the State of Louisiana, do hereby order and direct as follows:

SECTION 1: Pursuant to the provisions of the Act and in accordance with the terms of the Resolution that the LSED approved on June 28, 1996, and the General Bond Resolution, as amended through the Third Supplemental Resolution adopted on November 10, 1995, the LSED is authorized to issue Series 1996 Bonds in an amount not exceeding $76,250,000.

SECTION 2: The General Bond Resolution shall be amended by an additional supplemental resolution which provides the details of the issuance and the terms of sale of the Series 1996 Bonds in an amount not exceeding $76,250,000.

SECTION 3: The provisions of this Order are 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 the State of Louisiana, at the Capitol, in the City of Baton Rouge, on this 20th day of November, 1996.

M.J. "Mike" Foster, Jr.
Governor

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State