HomeMy Public PortalAboutR3225RESOLUTION NO. 3225
WHEREAS, in order to preserve the right of The Metropolitan St. Louis Sewer
District (the “District”) to be reimbursed for project costs from a tax-exempt bond issue, the
United States Treasury Department requires that the District state its intent to reimburse itself for
said project costs with the proceeds of tax-exempt bonds; and
WHEREAS, the Board of Trustees of the District adopted Ordinance No. 13330
on January 12, 2012 calling an election in the District on June 5, 2012 on the question of
authorizing the issuance of Nine Hundred Forty-Five Million Dollars ($945,000,000) in revenue
bonds to pay the cost of a Capital Investment and Replacement Plan (the “Capital Improvement
Plan”) as defined in the Rate Recommendation Report dated October 17, 2011, which
recommended that the District submit said election to the voters of the District; and
WHEREAS, Ordinance No. 13330 was intended and has been used as evidence of
the District’s intent to issue tax-exempt bonds to finance directly and reimburse expenditures
related to the Capital Improvement Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE METROPLITAN ST. LOUIS SEWER DISTRICT, that the District has and expects to
make capital expenditures after the date Ordinance No. 13330 was adopted by the Board of
Trustees in connection with projects described in the Capital Improvement Plan and to reimburse
itself for such expenditures with the proceeds of tax-exempt bonds. The maximum aggregate
principal amount of bonds to be issued is $945,000,000.
The foregoing Ordinance was adopted on July 9, 2015.