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r2881 1 RESOLUTION NO. 2881 WHERESAS the District seeks to establish a finance team to begin work on a $60,000,000 to $75,000,000 bond transaction by the end of calendar 2009, and WHERESAS the District seeks to obtain the lowest possible financing cost for the term structure recommended by the financial advisor and is indifferent between the use of traditional tax exempt financing or the use of Build America Bond financing, and WHEREAS, in order for the St. Louis Community to address health and safety issues and to comply with federal and state clean water laws and regulations, the community, through The Metropolitan St. Louis Sewer District (MSD) must construct, improve, renovate, repair and replace wastewater facilities and systems, including sewers, pump stations, treatment plants, and such appurtenances as necessary, and WHEREAS, an election was held August 5, 2008, presenting to St. Louis City and County voters the option of funding said improvements by authorizing the issuance of Two Hundred-Seventy-Five Million Dollars ($275,000,000.00) in revenue bonds to pay for the local share to build the necessary improvements to meet federal and state clean water laws and regulations, and WHEREAS, said measure was successfully passed, and WHEREAS, the District has remaining available revenue bond authorization of $222,000,000, and WHEREAS, the District seeks to utilize a portion of this authorization by issuing approximately $60,000,000 to $75,000,000 of Revenue Bonds during the remainder of fiscal year 2010, and 2 WHEREAS, the District seeks to assemble a finance team of qualified local and minority underwriting firms to execute and provide the lowest cost of finance for said transaction, and WHEREAS, District Ordinance No. 12746 prequalified a series of investment banking firms to serve as members of a finance team to execute and provide the lowest cost of finance associated with the bond authorization approved by the voters at the August 5, 2008 election, and WHEREAS, the District seeks to assign members of the Finance Team established under Ordinance No. 12746 to individual bond transactions and WHEREAS, for the $60,000,000 to $75,000,000 bond transaction contemplated for the remainder of fiscal 2010 the District recommends the firm Bank of America Merrill Lynch (“BAML”) to lead the transaction, and the firms of Piper Jaffray and, Siebert Branford and Shank, serve as co managers, NOW THEREFORE BE IT RESOLVED, that the financial firms of , Bank of America Merrill Lynch (“BAML”), Piper Jaffray, and Siebert Branford and Shank, be named as the finance team to handle approximately $6 0,000,000 to $75,000,000 of revenue bonds to be issued by the end of fiscal 2010, and BE IT FURTHER RESOLVED that the firm of Bank of America Merrill Lynch (“BAML”), be named to lead the team for this transaction. The foregoing Resolution was adopted November 12, 2009.