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HomeMy Public PortalAbout14793 SRF Fee Reduction Amendment - Subordinate Wastewater System Revenue Bonds Series 2013AORDINANCE NO. 14793 AN ORDINANCE, amending Ordinance No. 13731, adopted October 10, 2013, authorizing the issuance of not to exceed $52,000,000 principal amount of Subordinate Wastewater System Revenue Bonds (State of Missouri – Direct Loan Program) Series 2013A of The Metropolitan St. Louis Sewer District. WHEREAS, Ordinance No. 13731, adopted October 10, 2013, authorized the issuance of not to exceed $52,000,000 principal amount of Subordinate Wastewater System Revenue Bonds (State of Missouri – Direct Loan Program) Series 2013A (the “Bonds”); and WHEREAS, the Board of Trustees hereby finds it necessary, desirable and in the best interest of the District to amend certain provisions of Ordinance No. 13731. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, AS FOLLOWS: Section One. Section 101 of Ordinance No. 13731 is hereby amended by deleting the existing definition of “Administrative Fee” and inserting the following in substitution thereof: “Administrative Fee” means (a) for the period from the Closing Date to December 31, 2017, the semiannual administrative fee of DNR equal to 0.50% of the aggregate amount of the Bonds Outstanding as of each Administrative Fee Calculation Date and (b) for the period from January 1, 2018 and thereafter, the semiannual administrative fee of DNR equal to 0.25% of the aggregate amount of the Bonds Outstanding as of each Administrative Fee Calculation Date (including the final maturity date of the Bonds) payable to the Paying Agent within 30 days after the District’s receipt of a statement from the Paying Agent for deposit to the Administrative Expense Fund and subsequent transfers to DNR as described in Section 9 of the Escrow Agreement.” Section Two. Except as otherwise amended by this Ordinance, all provisions of Ordinance 13731 are hereby ratified, approved and confirmed. [FORM OF OPINION OF PROGRAM BOND COUNSEL] _____________________, 2017 Metropolitan St. Louis Sewer District Missouri Department of Natural Resources Jefferson City, Missouri UMB Bank, N.A., as Paying Agent St. Louis, Missouri RE: Subordinate Wastewater System Revenue Bonds (State of Missouri – Direct Loan Program) Series 2013A of the Metropolitan St. Louis Sewer District Ladies and Gentlemen: The above-captioned bonds (the “Bonds”) have been issued pursuant to Ordinance No. 13731 (the “Bond Ordinance”) adopted on October 10, 2013 by the Board of Trustees of Metropolitan St. Louis Sewer District (the “District”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Bond Ordinance. On _______________________________, 2017, the Board of Trustees of the District, with the consent of the Missouri Department of Natural Resources, approved Ordinance No. ___________ (the “Amending Ordinance”) amending the Bond Ordinance to provide for the reduction of the semiannual administrative fee of the Missouri Department of Natural Resources charged in connection with the Bonds. Section 1101 of the Bond Ordinance provides that before any amendment to the Bond Ordinance becomes effective there shall have been delivered to the Owners and the Paying Agent an opinion of Bond Counsel stating that the amendment is permitted by the Bond Ordinance and the Act, complies with their respective terms and is valid and binding upon the District in accordance with its terms. We have examined the Bond Ordinance, the Amending Ordinance, and such other certificates and proceedings as we deem appropriate in connection with this opinion, including the written consent of the Missouri Department of Natural Resources. Based upon the foregoing, we are of the opinion as of the date hereof that the amendment of the Bond Ordinance by the Amending Ordinance is permitted by the Bond Ordinance and the Act complies with their respective terms, and the Bond Ordinance, as amended by the Amending Ordinance, will be valid and binding upon the District in accordance with its terms. This opinion is limited solely to the matters set forth herein and no other opinion is to be inferred or implied from this opinion. This opinion may not be used or relied upon by or published or communicated to any other party for any purpose whatsoever without our prior written approval in each instance. Very truly yours, SWC/mas The foregoing ordinance was adopted on October 12, 2017.