HomeMy Public PortalAbout14796 SRF Fee Reduction Amendment - Subordinate Wastewater System Revenue Bonds Series 2011AORDINANCE NO. 14796
AN ORDINANCE, amending Ordinance No. 13327, adopted November 21,
2011, authorizing the issuance of not to exceed $39,769,300 principal amount of Subordinate
Wastewater System Revenue Bonds (State of Missouri – Direct Loan Program) Series 2011A
(the “Bonds”) of The Metropolitan St. Louis Sewer District.
WHEREAS, Ordinance No. 13327, adopted November 21, 2011, authorized the
issuance of not to exceed $39,769,300 principal amount of Subordinate Wastewater System
Revenue Bonds (State of Missouri – Direct Loan Program) Series 2011A (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. 13327.
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. 13327 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 13327 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 2011A of the Metropolitan St. Louis Sewer District
Ladies and Gentlemen:
The above-captioned bonds (the “Bonds”) have been issued pursuant to Ordinance No. 13327 (the
“Bond Ordinance”) adopted on November 21, 2011 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.