HomeMy Public PortalAbout11638O R D I N A N C E NO. 11638
AN ORDINANCE, authorizing the execution and delivery of
certain documents by and on behalf of The Metropolitan St. Louis Sewer
District (the "District") in connection with financing of sewer
improvements for Subdistrict No. 91112 (Ozark & Tablerock) through a
loan from the Missouri Department of Natural Resources (the “MDNR”),
and authorizing certain other actions pursuant thereto.
WHEREAS, the District was created pursuant to a Plan (the
"Plan") adopted by the voters of the City of St. Louis, Missouri and of St.
Louis County, Missouri, at a special election held on February 9, 1954,
and the governing plan was amended on November 7, 2000, all as
provided and authorized by Sections 30(a) and (b) of Article VI of the
Constitution of the State of Missouri; and
WHEREAS, pursuant to Article 9 of the Plan, the District is
authorized to make sewer improvements in special benefit subdistricts,
to be paid for by the levying of special benefit assessments against the
real property benefited by the construction of such improvements; and
WHEREAS, Subdistrict No. 91112 (Ozark & Tablerock) (the
"Subdistrict") was formed by Ordinance No. 10871, adopted on December
14, 2000, following submission of a petition from interested property
owners in March 2000; and
WHEREAS, the District has undertaken the planning,
acquisition, construction, improvement, repair, rehabilitation and
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extension of sewer improvements within Subdistrict No. 91112 (Ozark &
Tablerock) including related appurtenances and facilities and extensions,
improvements, additions and enlargements made or acquired by the
District (the "Project"), and has applied for a loan from MDNR in the
principal amount not to exceed Three Hundred Eighty Thousand Dollars
($380,000.00) (the "Loan") to finance a portion of the costs of the Project;
and
WHEREAS, on March 8, 2001, the District adopted
Ordinance No. 10928 providing procedures for the levying of special
benefit assessments against real property benefited by the construction
of sewer improvements to be paid by such special benefit assessments;
and
WHEREAS, on March 8, 2001, the District adopted
Resolution No. 2399 declaring the necessity of an improvement
consisting of the construction of lateral sanitary sewers in an area
designated Subdistrict No. 91112 (Ozark & Tablerock), and provided that
the cost of such improvement shall be paid for by Special Tax Bills or
other evidence of special benefit assessments levied on all land benefited
by such construction, whether public or private, exclusive of streets,
roads and alleys within said Subdistrict; and
WHEREAS, on April 12, 2001, the District adopted
Resolution No. 2403 declaring the Project to be in the public interest and
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directed the Subdistrict to proceed to construction at the expense of the
Subdistrict; and
WHEREAS, final construction drawings and specifications
have been prepared, and the District awarded the construction contract
on December 13, 2002, by Ordinance No. 11375; and
WHEREAS, it is the desire and intent of the District to
authorize the execution and delivery of certain agreements and other
documents necessary to evidence such loan from MDNR to provide for
the financing for the Project;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF
TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. The District does hereby authorize and
approve the execution and delivery of all documents necessary or
desirable in connection with evidencing the Loan from MDNR in
connection with the Project, including but not necessarily limited to, the
following:
a. Financing Agreement dated as of the first day of the
month in which the Loan is closed (the "Dated Date"),
between the District and MDNR in substantially the
form attached hereto as Exhibit A with such changes
therein not inconsistent with the provisions of this
Ordinance and which are approved by the officers of
the District executing the Financing Agreement, such
officers' signatures thereon being conclusive evidence
of their approval thereof.
b. Escrow Trust Agreement dated as of the Dated Date,
between the District and the Escrow Agent appointed
in Section 5, in substantially the form attached hereto
as Exhibit B with such changes therein not
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inconsistent with the provisions of this Ordinance and
which are approved by the officers of the District
executing the Escrow Trust Agreement, such officers'
signatures thereon being conclusive evidence of their
approval thereof.
Section Two. The Loan shall bear interest at an annual rate
equal to 30% of the 25 Revenue Bond Index as published in the most
recent edition of The Bond Buyer immediately prior to the closing of the
Loan, rounded to the nearest 0.1% (computed on the basis of a 360-day
year of twelve 30-day months) and shall be payable in installments as
more fully described in the Financing Agreement. The Loan shall not
constitute an indebtedness of the District, the City of St. Louis, Missouri,
St. Louis County, Missouri or the State of Missouri within the meaning of
any constitutional, statutory or charter debt limitation or restriction.
The obligation of the District to make payments under the Financing
Agreement is subject to annual appropriation as provided therein.
Section Three. The Acting Executive Director of the District
is hereby authorized to execute and deliver, for and on behalf of and as
the act and deed of the District, the Financing Agreement and the Escrow
Trust Agreement and to execute such other documents, certificates and
instruments as may be necessary or desirable to carry out and comply
with the intent of this Ordinance. The Secretary-Treasurer of the District
is hereby authorized to attest to the execution of, and to affix the
District's official seal to, the Financing Agreement, the Escrow Trust
Agreement and any other documents, certificates and instruments as
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may be necessary or desirable to carry out and comply with the intent of
this Ordinance.
Section Four. The District shall, and the Acting Executive
Director and the Secretary-Treasurer are hereby authorized to, take such
further actions and execute such other documents as may be necessary
or desirable to carry out and comply with the intent of this Ordinance,
and to carry out, comply with and perform the duties of the District with
respect to the Financing Agreement, the Escrow Trust Agreement and all
other documents, certificates and instruments in connection with the
Loan.
Section Five. The District hereby appoints the Hardwick Law
Firm, L.L.C. and Gilmore & Bell, P.C. as special co-counsel in connection
with this financing and appoints Commerce Bank, National Association
as the Escrow Agent to administer funds under the Escrow Trust
Agreement.
The foregoing Ordinance was adopted December 11, 2003 by the
following vote –
Ayes – M.A. Rhodes, C. Brown, D. Joyce-Hayes, J.M. Swartz, and R.J.
Baer.
Nays – None.
Secretary-Treasurer