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RESOLUTION NO. 2937
WHEREAS the District seeks to establish a finance team to begin work on a
$52,000,000 bond transaction by the end of calendar 2010, and
WHEREAS 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
$129,020,000, and
WHEREAS, the District seeks to utilize a portion of this authorization by issuing
approximately $52,000,000 of Revenue Bonds during the remainder of fiscal year 2011, and
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 $52,000,000 bond transaction contemplated during the
remainder of fiscal 2011 the District recommends the firm George K. Baum & Company to lead
the transaction, and the firms of Ramirez & Co. and, Siebert Branford and Shank, serve as co
managers,
NOW THEREFORE BE IT RESOLVED, that the financial firms of, George K.
Baum & Company to lead the transaction, and the firms of Ramirez & Co. and, Siebert Branford
and Shank, serve as co managers, be named as the finance team to handle approximately a
$52,000,000 of revenue bonds to be issued by the end of fiscal 2011, and
BE IT FURTHER RESOLVED that the firm of George K. Baum & Company, be
named to lead the team for this transaction.
The foregoing Resolution was adopted October 14, 2010.