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HomeMy Public PortalAbout12633 ORDINANCE NO. 12633 AN ORDINANCE CALLING A BOND ELECTION TO BE HELD ON AUGUST 5, 2008 IN THE METROPOLITAN ST. LOUIS SEWER DISTRICT ON THE PROPOSITION WHETHER TO ISSUE $275,000,000 PRINCIPAL AMOUNT OF SEWER REVENUE BONDS, WITH AN EMERGENCY CLAUSE. WHEREAS, Section 7.170 of the Plan (the "Plan") of The Metropolitan St. Louis Sewer District (the "District") authorizes the District to issue District-wide revenue bonds with the assent of a simple majority of the voters of the District; and WHEREAS, the Rate Commission of The Metropolitan St. Louis Sewer District, being duly established by the Board of Trustees of the District pursuant to Section 7.040 of the Plan, issued its Rate Recommendation Report dated March 21, 2008 (the "Rate Commission Report") recommending that the District submit for approval by the voters of the District a proposition authorizing the issuance of $275,000,000 aggregate principal amount of revenue bonds to pay the cost of a Capital Investment and Replacement Plan (as defined in the Rate Commission Report); and WHEREAS, the Board of Trustees of the District, after due deliberation and consideration of the Rate Commission Report, has determined that it is necessary and in the best interest of the District that an election be held in the District on August 5, 2008 on the proposition set forth below; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, AS FOLLOWS: Section 1. The Board of Trustees of the District finds it necessary and hereby declares its intent to borrow $275,000,000 for the purpose of designing, constructing, improving, renovating, repairing, replacing and equipping new and existing MSD sewer facilities and system, including sewer disposal and treatment plants, sanitary and combined sanitary and stormwater sewers, and acquisition of easements and real property related thereto, and to evidence such borrowing by the issuance of sewer system revenue bonds of the District in the amount of $275,000,000. Section 2. A special election is hereby ordered to be held in the District on Tuesday, August 5, 2008 for the purpose of submitting the following proposition to the qualified voters of the District: PROPOSITION 'Y' To comply with federal and state clean water requirements, shall The Metropolitan St. Louis Sewer District (MSD) issue its sewer system revenue bonds in the amount of Two Hundred Seventy-five Million Dollars ($275,000,000) for the purpose of designing, constructing, improving, renovating, repairing, replacing and equipping new and existing MSD sewer facilities and system, including sewer disposal and treatment plants, sanitary and combined sanitary and stormwater sewers, and acquisition of easements and real property related thereto, the cost of operation and maintenance of said sewer system and the principal of and interest on said revenue bonds to be payable solely from the -2- revenues derived by MSD from the operation of its sanitary sewer system, including all future extensions and improvements thereto? The authorization of said bonds will authorize the District to fix, establish, maintain and collect rates and charges for the services provided by the District through its sanitary sewer system, including all extensions and improvements thereto hereafter constructed or acquired by the District, in addition to the other rates and charges for such services provided by law, as will produce income and revenues sufficient to provide funds to pay the costs of operation and maintenance of said sewer system and the principal of and interest on said bonds as they become due, and to provide for the establishment of reasonable reserves therefor. Section 3. The form of the Notice of Bond Election for said special election, a copy of which is attached hereto as Exhibit A and incorporated herein by reference, is hereby approved. Section 4. The Secretary-Treasurer of the Board of Trustees is hereby authorized and directed to notify the Board of Election Commissioners of the City of St. Louis, Missouri and the Board of Election Commissioners of St. Louis County, Missouri of the adoption of this Ordinance no later than 5:00 p.m. on May 27, 2008, and to include in said notification all of the terms and provisions required by the Comprehensive Election Act, Chapter 115 of the Revised Statutes of Missouri, as amended, and by Section 10.010 of the Plan. Section 5. The election hereinabove ordered to be held on August 5, 2008 is necessary for the issuance of revenue bonds to fund the District's Capital Investment and Replacement Plan in order to preserve the public health and welfare and must proceed immediately, thus creating an emergency within the meaning of the Plan. Accordingly, this ordinance shall take effect immediately upon its enactment. * * * A-1 EXHIBIT A NOTICE OF BOND ELECTION THE METROPOLITAN ST. LOUIS SEWER DISTRICT Notice is hereby given to the qualified voters of The Metropolitan St. Louis Sewer District, that the Board of Trustees of the District has called a special election to be held in the District on Tuesday, August 5, 2008, commencing at 6:00 a.m. and closing at 7:00 p.m., on the proposition contained in the following sample ballot: OFFICIAL BALLOT SPECIAL BOND ELECTION THE METROPOLITAN ST. LOUIS SEWER DISTRICT AUGUST 5, 2008 PROPOSITION 'Y' To comply with federal and state clean water requirements, shall The Metropolitan St. Louis Sewer District (MSD) issue its sewer system revenue bonds in the amount of Two Hundred Seventy-five Million Dollars ($275,000,000) for the purpose of designing, constructing, improving, renovating, repairing, replacing and equipping new and existing MSD sewer facilities and system, including sewer disposal and treatment plants, sanitary and combined sanitary and stormwater sewers, and acquisition of easements and real property related thereto, the cost of operation and maintenance of said sewer system and the principal of and interest on said revenue bonds to be payable solely from the revenues derived by MSD from the operation of its sanitary sewer system, including all future extensions and improvements thereto? YES NO INSTRUCTIONS TO VOTERS: If you are in favor of the proposition, place an X in the box opposite "YES." If you are opposed to the proposition, place an X in the box opposite "NO." The authorization of said bonds will authorize the District to fix, establish, maintain and collect rates and charges for the services provided by the District through its sanitary sewer system, including all extensions and improvements thereto hereafter constructed or acquired by the District, in addition to the other rates and charges for such services provided by law, as will produce income and revenues sufficient to provide funds to pay the costs of operation and maintenance of said sewer system and the principal of and interest on said bonds as they become due, and to provide for the establishment of reasonable reserves therefor. A-2 The election will be held at the following polling places in The Metropolitan St. Louis Sewer District: PRECINCT POLLING PLACE _________________________ ______________________ _________________________ ______________________ DATED THIS _____ DAY OF ____________, 2008. BOARD OF ELECTION COMMISSIONERS OF THE CITY OF ST. LOUIS, MISSOURI By: BOARD OF ELECTION COMMISSIONERS OF ST. LOUIS COUNTY, MISSOURI By: The forgoing Ordinance was adopted May 23, 2008.