ORDINANCE NO. __________, SERIES 2017
TITLE
AN ORDINANCE AMENDING SECTION 50.24 OF THE LOUISVILLE METRO CODE OF ORDINANCES (LMCO) TO INCREASE THE DEBT SERVICE ADJUSTMENT FROM SEVEN PERCENT (7%) TO TEN PERCENT (10%) FOR A CERTAIN PERIOD OF TIME.
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SPONSORED BY: SPONSORSHIPS HAVE BEEN WITHDRAWN
WHEREAS, pursuant to Chapter 76 of the Kentucky Revised Statutes, 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 law of the Commonwealth of Kentucky;
WHEREAS, pursuant to Chapter 76 of the Kentucky Revised Statutes, the District is empowered: to have jurisdiction, control, possession, and supervision of the existing sewer and drainage system of the Louisville/Jefferson County Metro Government; to maintain, operate, reconstruct and improve the sewer and drainage system; and to make additions, betterments and improvements to the sewer and drainage system, with the power and authority to set its rates, rentals and charges for wastewater and drainage services;
WHEREAS, MSD has identified several major capital projects in its FY2018 Capital Budget and expects several more in the future to address Louisville Metro's aging wastewater and drainage infrastructure;
WHEREAS, to address Louisville Metro's aging wastewater and drainage infrastructure, MSD expects to issue debt and will need additional revenue to service this debt; and
WHEREAS, the Legislative Council of Louisville/Jefferson County Metro Government would like to increase the debt service adjustment percentage for a certain period of time to allow MSD to generate additional revenue to service the debt.
BE IT ORDAINED BY THE LEGISLATIVE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT (THE COUNCIL) AS FOLLOWS:
SECTION I: LMCO Section 50.24 is hereby amended as follows:
? 50.24 DEBT SERVICE ADJUSTMENTS....
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