HomeMy Public PortalAbout1599th Board Journal 12-5-2017 SpecialEdited 12/7/17 Pg. 1
JOURNAL OF THE (1599th) MEETING OF THE BOARD OF TRUSTEES THE METROPOLITAN ST. LOUIS SEWER DISTRICT December 5, 2017 at 5:00 p.m.
The Trustees of the District met in Room 109 at 2350 Market on the above date. Present at the meeting were:
Board of Trustees Staff Members
J.P. Faul, Chair(absent) B.L. Hoelscher, Executive Director
Rev. R. Bobo, Vice Chair T.R. Snoke, Secretary-Treasurer (phone)
A.K. Mandel S.M. Myers, General Counsel
M.E. Yates, Chair(absent) M. M. Gee, Director of Finance
R.L. Bonner R.L. Unverferth, Director of Engineering
J. Singer
Also present were:
Trustee Bobo called the meeting to order at 5:01 p.m. Trustee Bobo asked for roll call. General Counsel, Susan Myers, performed roll call. Trustee Bobo, Mandel, Singer and Bonner were
present. Trustees Faul and Trustee Yates were absent. Trustee Bobo then asked for comments from the public.
Comments from the Public: None
The Secretary-Treasurer, Tim Snoke, called in to provide the Board with a presentation and
further update regarding the bond deal via conference call. Tim Snoke was joined on the call by representatives from PFM (Public Financial Management), IPA (Independent Public Advisors)
and Barclays, which led the deal. Present for the meeting was Jason Terry and Jenni Brooks, Bond Counsel from Gilmore & Bell.
The sale on December 5, 2017 was well received. MSD received orders of almost $2.5 billion dollars for a $316.2 million par value bond issue. The issuance was oversubscribed (7) seven times, with many new investors submitting purchase requests. Because of strong subscription,
MSD was able to bring in pricing, so it was offered very tight to the Municipal Market Data index.
Bethany Pugh, with PFM, congratulated the district on their performance and the General
Counsel asked if the Board had any questions. Trustee Singer asked for further explanation of the ordinance and what it entailed. Tim Snoke turned further explanation over to Jason Terry,
Bond Counsel.
Mr. Terry summarized the ordinance content, terms and how the bonds are issued and sold.
Trustee Bobo asked for explanation regarding the percentage changes related to different bond
maturities. Ms. Pugh explained the percentage changes related to bond purchase options geared towards institutional investors or retail investors.
Mr. Terry mentioned that the legal documents would be sent on December 14th, once the transaction closes.
Trustee Bonner asked if there were any factors that contributed to the higher subscription rate. Tim Snoke stated that the tax bills, currently in the House and Senate, would eliminate advance
refunding, which created a high demand for the sale.
Tamara Clinton MSD Jason Terry Gilmore and Bell Jon Sprague MSD Todd Loretta MSD
Vicki Taylor Edwards MSD Jenni Brooks Gilmore and Bell Todd Loretta MSD Dorothy White-Coleman WCA
Susie McFarland WCA
Edited 12/7/17 Pg. 2
CONSENT AGENDA:
General Counsel asked if there were any other questions. Hearing none, the Consent Agenda was
read and there was a motion for adoption. ORDINANCES
Adoption of Proposed Ordinance No. 14835 - $200,000,000 Wastewater System Improvement
and Refunding Revenue Bonds Series 2017A (the “Series 2017A Bonds”)
AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY
OF WASTEWATER SYSTEM IMPROVEMENT AND REFUNDING REVENUE BONDS, SERIES 2017A, OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT; PRESCRIBING
THE FORM AND DETAILS OF SAID BONDS; AND AUTHORIZING CERTAIN ACTIONS AND
DOCUMENTS AND PRESCRIBING OTHER MATTERS RELATING THERETO.
Trustee Bobo motioned to adjourn the meeting at 5:21pm
Secretary-Treasurer
Motion was made by Trustee Mandel, seconded by Trustee Bonner, that
The consent agenda ordinance no. 14835 be Adopted.
Motion passed - 4 ayes – 0 nays Poll taken: R. Bobo-aye; A. Mandel-aye; J. Singer-aye; R Bonner-aye