HomeMy Public PortalAbout12656O R D I N A N C E NO. 12656
AN ORDINANCE AUTHORIZING REPAYMENT OF A TAX AND
REVENUE ANTICIPATION NOTE IN CONNECTION WITH THE
FINANCING OF CAPITAL IMPROVEMENTS IN SUBDISTRICT NO.
SEVEN OF THE RIVER DES PERES WATERSHED (WELLSTON
AREA) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT.
WHEREAS, The Metropolitan St. Louis Sewer District (the “District”), a body corporate,
a municipal corporation and a political subdivision duly organized and existing under the
Constitution and laws of the State of Missouri and the District’s Charter (Plan), as amended,
approved by the voters for its government (the “Charter”), owns and operates a revenue
producing sanitary sewer system.
WHEREAS, the District desires to make certain additions, extensions and improvements
in Subdistrict No. Seven of the River Des Peres Watershed (Wellston Area) of the District, and is
authorized under the provisions of the Charter to borrow money in anticipation of the collection
of taxes and revenues for the fiscal year, provided that the amount of such loan shall at no time
exceed ninety percent of the remaining available revenue.
WHEREAS, the District adopted Ordinance No. 12558 on December 13, 2007 which
authorized a short-term loan of One Hundred Fifty-five Thousand Dollars ($155,000.00) from
UMB Bank to partially fund improvements in the Wellston Subdistrict, and this loan including
interest at the rate of 3.70% per annum is to be repaid on June 26, 2008 for a total repayment of
One Hundred Fifty-eight Thousand Fifty-eight and 67/100 Dollars ($158,058.67).
WHEREAS, the District adopted Ordinance No. 12560 on December 13, 2007 which
authorized a new set of user charges to fund Stormwater operating costs and capital costs that
went into effect on March 1, 2008; it is contemplated that these charges will replace the taxes
levied in the various operation, maintenance, and construction improvement subdistricts,
including those in the Wellston Subdistrict.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. The Board of Trustees hereby appropriates the sum of Ninety Thousand
Dollars ($90,000.00) from Subdistrict No. Seven of the River Des Peres Watershed (Wellston
Area) of the District for the purpose of repaying a portion of the borrowing of One Hundred
Fifty-five Thousand Dollars ($155,000.00) pursuant to a promissory note titled “Tax and Revenue
Anticipation Note, Series 2007-A” and appropriates Sixty-eight Thousand Fifty-eight and 67/100
Dollars ($68,058.67) from the General Fund for the purpose of repaying the remainder of the
borrowing of One Hundred Fifty-five Thousand Dollars ($155,000.00) pursuant to a promissory
note titled “Tax and Revenue Anticipation Note, Series 2007-A”
Section Two. This Ordinance shall be governed by and construed and enforced in
accordance with the laws of the State of Missouri and the Charter.
Section Three. This ordinance, being an appropriation ordinance, shall take effect
immediately upon its enactment.
The foregoing Ordinance was adopted June 12, 2008.