HomeMy Public PortalAbout15329 2020 Bond Authorization Ordinance1
ORDINANCE NO. 15329
AN ORDINANCE calling a Bond Election to be held on April 7, 2020 in The
Metropolitan St. Louis Sewer District on the proposition whether to issue Five Hundred Million
Dollars ($500,000,000) principal amount of sewer revenue bonds.
WHEREAS, Section 7.170 of the Charter (Plan) (the “Charter”) 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
Charter, issued its Rate Recommendation Report dated August 16, 2019 (the “Rate Commission
Report”) recommending that the District submit for approval by the voters of the District a
proposition authorizing the issuance of Five Hundred Million Dollars ($500,000,000) principal
amount of sewer revenue bonds to pay a portion of the cost of the Capital Improvement and
Replacement Program (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 April 7, 2020 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 One. The Board of Trustees of the District finds it necessary and hereby
declares its intent to borrow Five Hundred Million Dollars ($500,000,000) for the purpose of
designing, constructing, improving, renovating, repairing, replacing and equipping new and
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existing sewer and drainage facilities and systems, including sewage treatment and disposal
plants, sanitary sewers, and acquisition of easements and real property related thereto, and to
evidence such borrowing by the issuance of sewer revenue bonds of the District in the amount of
Five Hundred Million Dollars ($500,000,000) (the “Bonds”). The authorization of the Bonds will
authorize the District to fix, establish, maintain and collect rates and charges for the services
provided by the District through its wastewater 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 wastewater
sewer system and the principal of and interest on the Bonds as they become due, and to provide
for the establishment of reasonable reserves therefor.
Section Two. A bond election is hereby ordered to be held in the District on
Tuesday, April 7, 2020 for the purpose of submitting the following proposition to the qualified
voters of the District:
PROPOSITION __________
To comply with federal and state clean water requirements, shall The
Metropolitan St. Louis Sewer District (MSD) issue its sewer revenue bonds in
the amount of Five Hundred Million Dollars ($500,000,000) for the purpose
of designing, constructing, improving, renovating, repairing, replacing and
equipping new and existing MSD sewer and drainage facilities and systems,
including sewage treatment and disposal plants, sanitary sewers, and
acquisition of easements and real property related thereto, the cost of
operation and maintenance of said facilities and systems 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 wastewater sewer system,
including all future extensions and improvements thereto?
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Section Three. The form of the Notice of Bond Election for said bond election, a
copy of which is attached hereto as Exhibit A and incorporated herein by reference, is hereby
approved.
Section Four. The Secretary-Treasurer of the District 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 January 28, 2020, 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 Charter.
Section Five. The District expects to make expenditures after the date of adoption
of this Ordinance for the purposes identified in Section One, the District intends to reimburse
itself for such expenditures with proceeds of the Bonds. The maximum principal amount of
Bonds expected to be issued is Five Hundred Million Dollars ($500,000,000).
Section Six. This Ordinance shall be governed by and construed and enforced in
accordance with the laws of the State of Missouri and the Charter.
The foregoing Ordinance was adopted on December 12, 2019.
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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 bond election to be held in the
District on Tuesday, April 7, 2020, commencing at 6:00 a.m. and closing at 7:00 p.m., on the
proposition contained in the following sample ballot:
OFFICIAL BALLOT
BOND ELECTION
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
APRIL 7, 2020
PROPOSITION __________
To comply with federal and state clean water requirements, shall The
Metropolitan St. Louis Sewer District (MSD) issue its sewer revenue bonds in
the amount of Five Hundred Million Dollars ($500,000,000) for the purpose
of designing, constructing, improving, renovating, repairing, replacing and
equipping new and existing MSD sewer and drainage facilities and systems,
including sewage treatment and disposal plants, sanitary sewers, and
acquisition of easements and real property related thereto, the cost of
operation and maintenance of said facilities and systems 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 wastewater 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.”
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The election will be held at the following polling places in The Metropolitan
St. Louis Sewer District:
PRECINCT POLLING PLACE
_________________________ ___________________________
_________________________ ___________________________
DATED THIS _____ DAY OF ____________, 2020.
BOARD OF ELECTION COMMISSIONERS
OF THE CITY OF ST. LOUIS, MISSOURI
BY: _______________________________
BOARD OF ELECTION COMMISSIONERS
OF ST. LOUIS COUNTY, MISSOURI
BY: _______________________________