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File #: O-535-20    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 11/13/2020 In control: Public Works Committee
On agenda: 12/10/2020 Final action: 12/10/2020
Title: AN ORDINANCE APPROVING THE RESOLUTION ADOPTED BY THE BOARD OF THE LOUISVILLE AND JEFFERSON COUNTY METROPOLITAN SEWER DISTRICT (HEREINAFTER THE ''DISTRICT") EXTENDING THE AUTHORIZED FINAL MATURITY DATE OF THE DISTRICT'S SEWER AND DRAINAGE SYSTEM SUBORDINATED PROGRAM NOTES IN THE MAXIMUM OUTSTANDING PRINCIPAL AMOUNT OF $500,000,000 FROM JULY 1, 2021 TO JUNE 30, 2023, THE PROCEEDS OF SUCH NOTES BEING USE TO PAY ALL OR A PORTION OF THE COSTS OF THE ACQUISITION OR CONSTRUCTION OF IMPROVEMENTS, ADDITIONS, OR EXTENSIONS TO THE DISTRICT'S SEWER AND DRAINAGE SYSTEM, INCLUDING CAPITAL ASSETS AND FACILITIES INCIDENT AND RELATED TO THEIR OPERATION, MAINTENANCE, AND ADMINISTRATION.
Sponsors: Brandon Coan (D-8)
Attachments: 1. O-535-20 V.1 111920 Extending Authorized Final Maturity Date for MSD Notes.pdf, 2. Program Note Renewal Ordinance (12-1-20).pdf, 3. ORD 159 2020.pdf
ORDINANCE NO. ___________ SERIES 2020
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AN ORDINANCE APPROVING THE RESOLUTION ADOPTED BY THE BOARD OF THE LOUISVILLE AND JEFFERSON COUNTY METROPOLITAN SEWER DISTRICT (HEREINAFTER THE ''DISTRICT") EXTENDING THE AUTHORIZED FINAL MATURITY DATE OF THE DISTRICT'S SEWER AND DRAINAGE SYSTEM SUBORDINATED PROGRAM NOTES IN THE MAXIMUM OUTSTANDING PRINCIPAL AMOUNT OF $500,000,000 FROM JULY 1, 2021 TO JUNE 30, 2023, THE PROCEEDS OF SUCH NOTES BEING USE TO PAY ALL OR A PORTION OF THE COSTS OF THE ACQUISITION OR CONSTRUCTION OF IMPROVEMENTS, ADDITIONS, OR EXTENSIONS TO THE DISTRICT'S SEWER AND DRAINAGE SYSTEM, INCLUDING CAPITAL ASSETS AND FACILITIES INCIDENT AND RELATED TO THEIR OPERATION, MAINTENANCE, AND ADMINISTRATION.
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SPONSORED BY: COUNCIL MEMBER BRANDON COAN

WHEREAS, pursuant to Chapter 76 of the Kentucky Revised Statutes, as amended (the "Enabling 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, 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's sewer and drainage system, including (i) wastewater ...

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