Louisville Metro Government - File #: O-185-18

• File #: O-185-18
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/11/2018
• In control: Labor, Economic Development and Contracts Committee
• On agenda: 6/26/2018
• Final action: 6/26/2018
• Title: AN ORDINANCE APPROVING THE RESOLUTION ADOPTED BY THE BOARD OF THE LOUISVILLE AND JEFFERSON COUNTY METROPOLITAN SEWER DISTRICT (HEREINAFTER THE "DISTRICT") AUTHORIZING THE ISSUANCE OF THE DISTRICT'S SEWER AND DRAINAGE SYSTEM SUBORDINATED PROGRAM NOTES IN THE MAXIMUM OUTSTANDING PRINCIPAL AMOUNT OF $500,000,000, CONSISTING OF COMMERCIAL PAPER NOTES AND DIRECT PURCHASE NOTES (HEREINAFTER THE "NOTES"), FOR THE PURPOSE OF PAYING ALL OR A PORTION OF THE COSTS OF THE ACQUISITION OR CONSTRUCTION OF IMPROVEMENTS, ADDITIONS OR EXTENSIONS FOR THE DISTRICT'S SEWER AND DRAINAGE SYSTEM, INCLUDING CAPITAL ASSETS AND FACILITIES INCIDENT AND RELATED TO THEIR OPERATION, MAINTENANCE AND ADMINISTRATION; AND PROVIDING FOR THE SALE OF SAID NOTES.
• Sponsors: Marianne Butler (D-15)

Date	Ver.	Action By	Action	Result
6/26/2018	1	Metro Council	passed	Pass
6/19/2018	1	Labor, Economic Development and Contracts Committee	recommended for approval	Pass
6/14/2018	1	Metro Council	assigned

ORDINANCE NO. ___ SERIES 2018
TITLE
AN ORDINANCE APPROVING THE RESOLUTION ADOPTED BY THE BOARD OF THE LOUISVILLE AND JEFFERSON COUNTY METROPOLITAN SEWER DISTRICT (HEREINAFTER THE "DISTRICT") AUTHORIZING THE ISSUANCE OF THE DISTRICT'S SEWER AND DRAINAGE SYSTEM SUBORDINATED PROGRAM NOTES IN THE MAXIMUM OUTSTANDING PRINCIPAL AMOUNT OF $500,000,000, CONSISTING OF COMMERCIAL PAPER NOTES AND DIRECT PURCHASE NOTES (HEREINAFTER THE "NOTES"), FOR THE PURPOSE OF PAYING ALL OR A PORTION OF THE COSTS OF THE ACQUISITION OR CONSTRUCTION OF IMPROVEMENTS, ADDITIONS OR EXTENSIONS FOR THE DISTRICT'S SEWER AND DRAINAGE SYSTEM, INCLUDING CAPITAL ASSETS AND FACILITIES INCIDENT AND RELATED TO THEIR OPERATION, MAINTENANCE AND ADMINISTRATION; AND PROVIDING FOR THE SALE OF SAID NOTES.
BODY
SPONSORED BY: COUNCIL MEMBER BUTLER
WHEREAS, pursuant to Chapter 76 of the Kentucky Revised Statutes, as amended (the "Enabling Act"), the Louisville and Jefferson County Metropolitan Sewer District (hereinafter 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, pursuant to the Enabling Act and Chapters 65, 58 and 76 and Section 56.513 of the Kentucky Revised Statutes, as amended (collectively, the "Act") the District has determined that it is necessary and desirable to issue Notes from time to time to finance on an interim basis all or a portion of the costs of additions, betterments and improvements to the District...