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R1724 R E S O L U T I O N NO. 1724 RESOLUTION OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT AUTHORIZING THE PUBLIC SALE OF $8,600,000 PRINCIPAL AMOUNT OF ADJUSTABLE RATE LIMITED TENDER OPTION CLEAN WATER REVENUE BONDS, SERIES A 1985; FIXING A DATE FOR THE SALE OF THE BONDS; APPROVING THE FORM OF NOTICE OF BOND SALE RELATING TO THE BONDS; APPROVING THE FORM OF PRELIMINARY OFFICIAL STATEMENT RELATING TO THE BONDS; AUTHORIZING THE USE OF SUCH NOTICE OF BOND SALE AND PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE SALE OF THE BONDS; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE SALE OF THE BONDS. WHEREAS, The Metropolitan St. Louis Sewer District, a body corporate, a municipal corporation and a political subdivision of the State of Missouri (herein called the "District"), now owns and operates a revenue producing sewerage system serving the District and its inhabitants; and WHEREAS, the District is subject to the provisions of the Federal Water Pollution Control Act, as amended, 33 U.S.C. 466 et seq., commonly referred to as the Clean Water Act (the "Clean Water Act") the stated objective of which is to restore and maintain the chemical, physical and biological integrity of the nation's waters; and WHEREAS, the District desires to make extensions and improvements to its sewerage system to bring the District into compliance with the Clean Water Act; and WHEREAS, the District is authorized under the provisions of Article VI, Section 30 of the Missouri Constitution and the Plan of the District adopted by the voters within the District for its government (the "Plan"), to issue and sell revenue bonds for the purpose of paying all or part of the cost of acquiring, constructing, improving or extending sewer or drainage facilities (collectively the "sewerage system" or "system") of the District, provided that the cost of operation and maintenance thereof and the principal of and interest on such revenue bonds shall be payable solely from the revenues derived by the District from the operation of such system; and WHEREAS, pursuant to such authority, a special election was duly held in the District in the manner provided by law on Tuesday, August 7, 1984, for the purpose of submitting to the qualified electors of the District the question whether to issue the Clean Water Revenue Bonds of the District in the amount of $60,000,000 for the purpose of extending and improving the sewerage system of the District, the cost of operation and maintenance of said system and the principal of and interest on said revenue bonds to be payable solely from the revenues derived by the District from the operation of its sewerage system, including all future extensions and improvements thereto; and WHEREAS, said special election was duly held in the District on Tuesday, August 7, 1984, in accordance with the Plan of the District and the Constitution and laws of the State of Missouri and it was found and determined that more than four-sevenths of the qualified electors of the District voting on the question had voted in favor of the issuance of said sewerage system revenue bonds for the purpose of aforesaid, the vote on said question having been 154,168 votes for said question to 81,764 votes against said question; and WHEREAS, the Board of Trustees of the District has caused plans for a five year capital improvement program to be prepared to bring the District into compliance with the Clean Water Act (the "Clean Water Capital Improvement Program"); and WHEREAS, the estimated cost of the first phase of the Clean Water Capital Improvement Program is $99,350,000, to be funded $45,551,000 from federal grants, $17,922,000 from state grants and $35,877,000 from funds to be provided by the District; and WHEREAS, none of the bonds so authorized by the voters of the District have heretofore been issued, and it is hereby found and determined that it is necessary that the District issue and deliver forthwith its Adjustable Rate Limited Tender Option Clean Water Revenue Bonds in the principal amount of $8,600,000 for the purpose of paying a portion of the cost of said Clean Water Capital Improvement Program; and BE IT RESOLVED BY THE METROPOLITAN ST. LOUIS SEWER DISTRICT, AS FOLLOWS: Section 1. That The Metropolitan St. Louis Sewer District (the "District"), shall offer at competitive public sale $8,600,000 principal amount of Adjustable Rate Limited Demand Purchase Option Clean Water Revenue Bonds, Series A 1985 (the "Bonds"), and sealed bids for the Bonds shall be received by the District on Wednesday, March 13, 1985, at the office of Mr. William R. Stamm, Secretary-Treasurer of The Metropolitan St. Louis Sewer District, 2000 Hampton Avenue, St. Louis, Missouri 63139, until 11:00 o'clock A.M. (Central Standard Time), upon the terms and conditions set forth in the Notice of Bond Sale attached hereto as Exhibit A. Section 2. That the Bonds shall be dated April 1, 1985, shall bear interest at an adjustable rate as described in the Notice of Bond Sale with the initial rate to be determined when the Bonds are sold, said interest being payable semiannually on February 15 and August 15 in each year, beginning August 15, 1985, and shall mature on February 15, 2005, shall be subject to redemption at such times, shall be in such denominations and shall be payable at the place set forth in the Notice of Bond Sale. 3 Section 3. That the Notice of Bond Sale is hereby approved in substantially the form attached hereto as Exhibit A, and the appropriate officers and representatives of the District are hereby authorized to use such Notice of Bond Sale in connection with the sale of the Bonds. Section 4. That the Preliminary Official Statement relating to the Bonds is hereby approved in substantially the form attached hereto as Exhibit B, and the appropriate officers and representatives of the District are hereby authorized to use such Preliminary Official Statement in connection with the sale of the Bonds. Section 5. That notice of said bond sale is hereby authorized and directed to be given by mailing copies of the Notice of Bond Sale and Preliminary Official Statement to investment banking firms and banks and other financial institutions located throughout the United States which in the opinion of the District's financial advisors, A. G. Edwards & Sons, Inc. may be interested in the purchase of the Bonds. The Notice of Bond Sale shall also be published by the Secretary-Treasurer of the District, at least once in one or more newspapers of general circulation; published in the District, such publication to be made at least ten days prior to the date of sale. Section 6. That this Resolution shall be in full force and effect from and after its adoption by the District. ADOPTED by The Metropolitan St. Louis Sewer District this ______ day of ___________, 1985. ______________________________ Chairman (Seal) ATTEST: ______________________________ Secretary-Treasurer of the District I, the undersigned, William R. Stamm, Secretary-Treasurer of The Metropolitan St. Louis Sewer District, hereby certify that the above and foregoing is a true and correct copy of the Resolution of the Metropolitan St. Louis Sewer District passed and adopted by the District on __________________, 1985, authorizing the sale of the District's Adjustable Rate Limited 4 Demand Purchase Option Clean Water Revenue Bonds, Series A 1985, in the principal amount of $8,600,000, as the same appears in the records of the District, and that said Resolution has not been modified, amended or repealed and that the same remains in full force and effect as of the date hereof. WITNESS my hand and seal of the District this ______ day of ___________, 1985. ______________________________ William R. Stamm, Secretary-Treasurer of The Metropolitan St. Louis Sewer District The foregoing Resolution was adopted February 27, 1985.