HomeMy Public PortalAboutR3744 ST Wastewater System Revenue and Refunding Bonds Series 2022B Financing Team RESOLUTIONRESOLUTION NO. 3744
WHEREAS, The Metropolitan St. Louis Sewer District (the “District”) seeks to
establish a finance team to begin work on an approximately $100,000,000 bond transaction for
closing and funding in June 2022; and
WHEREAS, the District seeks to obtain the lowest possible financing cost for the
term structure recommended by the District’s financial advisor; and
WHEREAS, in order to fund improvements to meet federal and state clean water
laws and regulations and as set forth in a Consent Decree with the United States Environmental
Protection Agency and the Coalition for the Environment, the District submitted to the voters of
the District on April 5, 2016 a proposition to issue Nine Hundred Million Dollars ($900,000,000)
of sewer revenue bonds (together with any refunding revenue bonds of the District, the “Bonds”),
which proposition was approved by more than a majority of the voters voting thereon; and
WHEREAS, by Ordinance No. 14636 passed by the Board of Trustees of the
District on April 13, 2017, the District designated a pool of qualified national, local, and MWBE
underwriting firms (the “Underwriting Pool”) to execute and provide the lowest cost of finance for
the Bonds; and
WHEREAS, the District has remaining available revenue bond authorization of
$353,126,796 and desires to utilize a portion of this authorization by issuing approximately
$100,000,000 Wastewater System Improvement and Refunding Revenue Bonds, Series 2022B
(the “Series 2022B Bonds”) for the purpose of financing various capital improvement projects for
the District and refunding a portion of the District’s outstanding Bonds (the “Refunded Bonds”),
and to designate the underwriters thereof selected from the Underwriting Pool; and
WHEREAS, the District seeks to assign members of the Underwriting Pool
established under Ordinance No. 14636 to the Series 2022B Bonds; and
WHEREAS, for the Series 2022B Bonds contemplated during the remainder of
fiscal year 2022 the District appoints BofA Securities, Inc. to lead the transaction as Senior
Manager (the “Series 2022B Senior Manager”), Wells Fargo Corporate & Investment Banking as
Co-Senior Manager (the “Series 2022B Co-Senior Manager”), and the firms of RBC Capital
Markets, LLC, Siebert Williams Shank & Co., LLC. and Loop Capital Markets to serve as Co-
Managers (the “Series 2022B Co-Managers”).
NOW THEREFORE BE IT RESOLVED, that the Series 2022B Senior Manager,
Series 2022B Co-Senior Manager, and Series 2022B Co-Managers are all named as the finance
team to handle the Series 2022B Bonds to be issued by the end of fiscal year 2022; and
BE IT FURTHER RESOLVED that the Executive Director and Secretary-
Treasurer are hereby authorized on behalf of the District to enter into an agreement, if necessary,
with the Series 2022B Senior Manager designating the respective roles of the Senior Manager, the
Series 2022B Co-Senior Manager, and the Series 2022B Co-Managers, which agreement shall
contain such terms and provisions as are approved by the Office of the General Counsel of the
District.
BE IT FURTHER RESOLVED that the Executive Director and Secretary-
Treasurer are hereby authorized on behalf of the District to cause notice of the call for redemption
and payment of the Refunded Bonds to be given in the manner provided in the Master Bond
Ordinance No. 11713 passed on April 22, 2004. The officers of the District and the paying agent
for the Refunded Bonds are hereby authorized and directed to take such other action as may be
necessary in order to affect the redemption and payment of the Refunded Bonds as herein provided.
The foregoing Resolution was adopted on April 14, 2022