HomeMy Public PortalAbout11654O R D I N A N C E NO. 11654
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 the financing of certain sewer improvements
identified as the Lower Meramec Wastewater Treatment Plant Systems
Improvements (the “Project”) 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 Section 3.020 of the Plan, the District is
authorized to borrow money in anticipation of the collection of taxes and
revenues for the fiscal year; and
WHEREAS, the District has qualified for a Clean Water State
Revolving Fund Loan in the amount of Ninety-nine Million Two Hundred
Ninety-five Thousand Four Hundred Eighty Dollars ($99,295,480.00) under the
terms of the MDNR Fiscal Year 2004 Intended Use Plan; and
WHEREAS, the District has undertaken the planning, acquisition,
construction, improvement, repair, rehabilitation and extension of the Project
including related appurtenances and facilities and extensions, improvements,
additions and enlargements made or acquired by the District, and has applied
for a loan from the MDNR in the principal amount of Sixty-nine Million Five
Hundred Six Thousand Eight Hundred Thirty-six Dollars ($69,506,836.00) (the
“Loan”) to finance a portion of the costs of the Project; 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 the Loan from MDNR to finance a portion of the cost of
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, in substantially the form attached hereto as Exhibit B with
such changes therein not 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; or, if approved by the Missouri Clean
Water Commission, 30% of the One-Year Note Index, each 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.
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 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 Hardwick Law Firm,
L.L.C. and Gilmore & Bell, P.C. as special co-counsel in connection with this
financing; and authorizes the Secretary-Treasurer of the District to appoint the
Escrow Agent to administer funds under the Escrow Trust Agreement pursuant
to proposals received for said administration.
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