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HomeMy Public PortalAbout16259 2024 Bond Authorization OrdinanceO R D I N A N C E NO. 16259 AN ORDINANCE calling a Bond Election to be held on April 2, 2024 in The Metropolitan St. Louis Sewer District on the proposition whether to issue Seven Hundred Fifty Million Dollars ($750,000,000) principal amount of sewer revenue bonds. WHEREAS, Section 7.170 of the Charter (Plan) (the “Charter”) of The Metropolitan St. Louis Sewer District (the “District”) authorizes the District to issue District-wide revenue bonds with the assent of a simple majority of the voters of the District; and WHEREAS, the Rate Commission of The Metropolitan St. Louis Sewer District, being duly established by the Board of Trustees of the District pursuant to Section 7.040 of the Charter, issued its Rate Recommendation Report dated September 5, 2023 (the “Rate Commission Report”) recommending that the District submit for approval by the voters of the District a proposition authorizing the issuance of Seven Hundred Fifty Million Dollars ($750,000,000) principal amount of sewer revenue bonds to pay a portion of the cost of the Capital Improvement and Replacement Program (as defined in the Rate Commission Report); and WHEREAS, the Board of Trustees of the District, after due deliberation and consideration of the Rate Commission Report, has determined that it is necessary and in the best interest of the District that the bond election be held in the District on April 2, 2024; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, AS FOLLOWS: Section One. The Board of Trustees of the District finds it necessary and hereby declares its intent to borrow Seven Hundred Fifty Million Dollars ($750,000,000) for the purpose of designing, constructing, improving, renovating, repairing, replacing and equipping new and existing sewer and drainage facilities and systems, including sewage treatment and disposal plants, sanitary sewers, and acquisition of easements and real property related thereto (the “Project”), and to evidence such borrowing by the issuance of sewer revenue bonds of the District in the amount of Seven Hundred Fifty Million Dollars ($750,000,000) (the “Bonds”). The authorization of the Bonds will authorize the District to fix, establish, maintain and collect rates and charges for the services provided by the District through its wastewater sewer system, including all extensions and improvements thereto hereafter constructed or acquired by the District, in addition to the other rates and charges for such services provided by law, as will produce income and revenues sufficient to provide funds to pay the costs of operation and maintenance of said wastewater sewer system and the principal of and interest on the Bonds as they become due, and to provide for the establishment of reasonable reserves therefore. Section Two. A bond election is hereby ordered to be held in the District on Tuesday, April 2, 2024 for the purpose of submitting the following proposition to the qualified voters of the District: PROPOSITION W To comply with federal and state clean water requirements, shall The Metropolitan St. Louis Sewer District (MSD) issue its sewer revenue bonds in the amount of Seven Hundred Fifty Million Dollars ($750,000,000) for the purpose of designing, constructing, improving, renovating, repairing, replacing and equipping new and existing MSD sewer and drainage facilities and systems, including sewage treatment and disposal plants, sanitary sewers, and acquisition of easements and real property related thereto, the cost of operation and maintenance of said facilities and systems and the principal of and interest on said revenue bonds to be payable solely from the revenues derived by MSD from the operation of its wastewater sewer system, including all future extensions and improvements thereto? Section Three. The form of the Notice of Bond Election for said bond election, a copy of which is attached hereto as Exhibit A and incorporated herein by reference, is hereby approved. Section Four. The Secretary-Treasurer of the District is hereby authorized and directed to notify the Board of Election Commissioners of the City of St. Louis, Missouri and the Board of Election Commissioners of St. Louis County, Missouri of the adoption of this Ordinance no later than 5:00 p.m. on January 23, 2024, and to include in said notification all of the terms and provisions required by the Comprehensive Election Act, Chapter 115 of the Revised Statutes of Missouri, as amended, and by Section 10.010 of the Charter. Section Five. The District expects to make expenditures after the date of adoption of this Ordinance in connection with the Project, and the District intends to reimburse itself for such expenditures with proceeds of the Bonds. The maximum principal amount of Bonds expected to be issued for the Project is Seven Hundred Fifty Million Dollars ($750,000,000). Section Six. This Ordinance shall be governed by and construed and enforced in accordance with the laws of the State of Missouri and the Charter. EXHIBIT A NOTICE OF BOND ELECTION THE METROPOLITAN ST. LOUIS SEWER DISTRICT Notice is hereby given to the qualified voters of The Metropolitan St. Louis Sewer District, that the Board of Trustees of the District has called a bond election to be held in the District on Tuesday, April 2, 2024, commencing at 6:00 a.m. and closing at 7:00 p.m., on the proposition contained in the following sample ballot: OFFICIAL BALLOT BOND ELECTION THE METROPOLITAN ST. LOUIS SEWER DISTRICT APRIL 2, 2024 PROPOSITION W To comply with federal and state clean water requirements, shall The Metropolitan St. Louis Sewer District (MSD) issue its sewer revenue bonds in the amount of Seven Hundred Fifty Million Dollars ($750,000,000) for the purpose of designing, constructing, improving, renovating, repairing, replacing and equipping new and existing MSD sewer and drainage facilities and systems, including sewage treatment and disposal plants, sanitary sewers, and acquisition of easements and real property related thereto, the cost of operation and maintenance of said facilities and systems and the principal of and interest on said revenue bonds to be payable solely from the revenues derived by MSD from the operation of its wastewater sewer system, including all future extensions and improvements thereto? YES  NO  INSTRUCTIONS TO VOTERS: If you are in favor of the proposition, place an X in the box opposite “YES.” If you are opposed to the proposition, place an X in the box opposite “NO.” The election will be held at the following polling places in The Metropolitan St. Louis Sewer District: PRECINCT POLLING PLACE _________________________ ___________________________ _________________________ ___________________________ DATED THIS _____ DAY OF ____________, 2024 BOARD OF ELECTION COMMISSIONERS OF THE CITY OF ST. LOUIS, MISSOURI By: __________________________________ BOARD OF ELECTION COMMISSIONERS OF ST. LOUIS COUNTY, MISSOURI By: __________________________________ The Foregoing Ordinance was adopted December 14, 2023.