ORDINANCE NO. ____, SERIES 2017
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AN ORDINANCE APPROVING THE TWENTY-FIFTH SUPPLEMENTAL SEWER AND DRAINAGE REVENUE BOND AUTHORIZING RESOLUTION ADOPTED BY THE BOARD OF THE LOUISVILLE AND JEFFERSON COUNTY METROPOLITAN SEWER DISTRICT (THE "DISTRICT") WHICH AUTHORIZES THE ISSUANCE OF THE DISTRICT'S SEWER AND DRAINAGE SYSTEM REVENUE BONDS, SERIES 2017A, (THE "CURRENT BONDS") FOR THE PURPOSE OF PAYING ALL OR A PORTION OF THE COSTS OF CONSTRUCTION OF THE 2017A PROJECT; AND PROVIDING FOR THE ADVERTISED PUBLIC COMPETITIVE SALE OF SAID CURRENT BONDS IN AN AMOUNT NOT TO EXCEED $185,000,000.
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SPONSORED BY: COUNCIL MEMBER BUTLER
WHEREAS, pursuant to Chapter 76 of the Kentucky Revised Statutes, as amended (the "Act"), the Louisville and Jefferson County Metropolitan Sewer District (the "District" or "MSD") has been created and organized as a public body corporate, and is a valid political subdivision in good standing under the laws of the Commonwealth of Kentucky, having jurisdiction, control, possession, and supervision of the existing sewer and drainage system serving Louisville/Jefferson County Metro Government; to maintain, operate, reconstruct and improve the sewer and drainage system; to make additions, betterments and improvements to the sewer and drainage system, with the power and authority to issue its negotiable interest-bearing revenue bonds for any of its corporate purposes; and
WHEREAS, the District has determined that it is necessary and desirable at this time to issue Current Bonds to finance all or a portion of the costs of additions, betterments and improvements to the sewer and drainage system, including (i) wastewater and drainage system expansion and improvements; (ii) improvements to wastewater treatment facilities; (iii) rehabilitation of combined sewer overflow systems; (iv) improvements to flood control and drainage facilities; (v) drainage and District improvements; (vi) construction of collector sewers (vii) construction and i...
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