WHEREAS, pursuant to the Tax Reform Act of 1986 and Act 51 of the 1986 Regular Session of the Louisiana Legislature, Executive Order No. MJF 96-25, as amended by Executive Order No. MJF 2000-15, was issued to establish:
(1) a method for allocating bonds subject to private activity bond volume limits, including the method of allocating bonds subject to the private activity bond volume limits for the calendar year of 2004 (hereafter "the 2004 Ceiling");
(2) the procedure for obtaining an allocation of bonds under the 2004 Ceiling; and
(3) a system of central record keeping for such allocations;
WHEREAS, the Louisiana Public Facilities Authority has requested an allocation from the 2004 Ceiling to finance student loans which, if the student meets certain timely payment requirements, will have interest rates below the interest rates established by the United States Department of Education and which
(1) have been made
(a) to residents of the state of Louisiana attending a post-secondary school located within or without the state of Louisiana, or
(b) to an out-of-state resident attending a post-secondary school located within the state of Louisiana;
(2) are guaranteed;
(3) are "eligible student loans" within the meaning of the Higher Education Act of 1965; and
(4) meet certain additional requirements under the financing documents, in accordance with the provisions of Section 146 of the Internal Revenue Code of 1986, as amended;
WHEREAS, the governor is committed to making education available to all Louisiana citizens throughout their lifetime and is working to establish a comprehensive statewide lifelong learning program in partnership with Louisiana Public Facilities Authority (hereafter "LPFA") and other organizations; and
WHEREAS, it is expected that, as the lifelong learning program is developed, a portion of the LPFA's SuperTop student loan program will be used to offer low interest or no interest loans as part of said program, in addition to the other benefits currently offered to borrowers by the LPFA;
NOW THEREFORE, I, KATHLEEN BABINEAUX BLANCO, Governor of the state of Louisiana, by virtue of the authority vested by the Constitution and the 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 2004 Ceiling in the amount shown:
Name of Issuer
Name of Project
Louisiana Public Refunding Bonds
SECTION 2: The allocation granted herein shall be used only for the bond issue described in Section 1 and for the general purpose set forth in the "Application for Allocation of a Portion of the State of Louisiana Private Activity Bond Ceiling" submitted in connection with the bond issue described in Section 1.
SECTION 3: The allocation granted herein shall be valid and in full force and effect through December 31, 2004, provided that such bonds are delivered to the initial purchasers thereof on or before September 24, 2004.
SECTION 4: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.
SECTION 5 : The undersigned certifies, under penalty of perjury, that the allocation granted herein was not made in consideration of any bribe, gift, or gratuity, or any direct or indirect contribution to any political campaign. The undersigned also certifies that the granted allocation meets the requirements of Section 146 of the Internal Revenue Code of 1986, as amended.
SECTION 6: 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 28th day of June, 2004.
Kathleen Babineaux Blanco
Secretary of State