HomeMy Public PortalAboutr2802RESOLUTION NO. 2802
WHEREAS, based on preliminary election results, on August
5, 2008, the voters of St. Louis City and St. Louis County have
authorized The Metropolitan St. Louis Sewer District to issue Two
Hundred-Seventy-five Million Dollars ($275,000,000.00) 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 Two Hundred Seventy-Five Million
Dollars ($275,000,000.00) 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 August 14, 2008.