HomeMy Public PortalAboutR2546RESOLUTION NO. 2546
WHEREAS, based on preliminary election results, on
February 3, 2004, the voters of St. Louis City and St. Louis County have
authorized The Metropolitan St. Louis Sewer District to issue Five
Hundred Million Dollars ($500,000,000.00) in Sanitary Revenue Bonds,
and
WHEREAS, the District is desirous of issuing said Revenue
Bonds in a timely manner, and
WHEREAS, the District is further desirous of providing fair
and equitable user rates to its customers,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF
TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT,
That with respect to the issuance of Five Hundred Million Dollars
($500,000,000.00) in Sanitary Revenue Bonds, the District pursue a plan
to initially issue Fixed Rate Debt with a maximum maturity of 30 years,
maximize the use of low-cost State Revolving Fund (SRF) Debt, and
accept the recommendations made by the Financing Team regarding the
Bond Covenants. The Finance Team is also directed to further analyze
the timing and amounts of debt issued to attain the lowest borrowing
cost and report those results to the Finance Committee and the Board of
Trustees for their consideration.
The foregoing Resolution was adopted February 12, 2004.