HomeMy Public PortalAboutR3623 SRF 2021B Bonds Reimbursement - STRESOLUTION NO. 3623
RESOLUTION of The Board of Trustee of The Metropolitan St. Louis Sewer
District Determining Its Intent to Reimburse Itself for Certain Capital Expenditures.
WHEREAS, federal tax regulations require that when a political subdivision and
tax-exempt entity seeks to reimburse itself for monies spent on capital projects from proceeds of
tax-exempt obligations, the capital projects need to be identified in advance of the expenditures;
and;
WHEREAS, the Board of Trustees of The Metropolitan St. Louis Sewer District
(the “District”) has determined that it is necessary and in the best interest of the District to make
certain capital expenditures described below and to reimburse itself for such expenditures with the
proceeds of subordinate wastewater system revenue bonds (“Bonds”).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT, AS FOLLOWS:
RESOLVED, that the District has made and expects to make capital expenditures
after the date of this Resolution for the purpose of acquiring, constructing, improving and
equipping the District’s wastewater facilities, further described as follows:
Public Inflow and Infiltration Reduction. Rehabilitation of sanitary sewers and
manholes using various methods, including cured in place pipe, to reduce inflow
and infiltration. In addition, all necessary appurtenances to complete the work and
have an operable system, including all changes agreed to in writing by the District
and the Missouri Department of Natural Resources.
BE IT FURTHER RESOLVED, that the District intends to reimburse itself for such
expenditures, to the extent permitted by law, with the proceeds of the Bonds which are expected
to be issued in an amount not to exceed $40,201,000.
The foregoing Resolution was adopted on December 10, 2020.