Title
An Ordinance authorizing the issuance of a Revenue Anticipation Note (State of Missouri - Lead Service Line Inventory Loan Program) Series 2024 in the aggregate principal amount of not to exceed $153,000; prescribing the form and details of the note; and authorizing certain other actions and documents in connection therewith. (PWC 6/10/24)
Body
An Ordinance authorizing the issuance of a Revenue Anticipation Note (State of Missouri - Lead Service Line Inventory Loan Program) Series 2024 in the aggregate principal amount of not to exceed $153,000; prescribing the form and details of the note; and authorizing certain other actions and documents in connection therewith.
Issue/Request:
An ordinance authorizing the issuance of a revenue anticipation note for a State of Missouri Lead Service Line Inventory Loan Program.
Key Issues:
- The City now owns and operates a revenue producing waterworks system, serving the City, its inhabitants and others within its service area, including connected and related appurtenances and facilities and extensions, improvements, additions and enlargements made or acquired by the City after the date of this Ordinance (the “System”)
- The City desires to finance lead service line inventory services in connection with the System (the “Project”).
- To provide for the most cost-effective method of financing the Project, the City desires to participate in the State of Missouri Drinking Water State Revolving Fund Lead Service Line Inventory Loan Program (the “LSLI Loan Program”) of the Missouri Department of Natural Resources (“DNR”) and the Safe Drinking Water Commission of the State of Missouri (the “Commission”).
- In connection with the Project, the Commission has approved (a) a loan to the City to be made by DNR pursuant to a Purchase Agreement (the “Purchase Agreement”) by and between the City and DNR (the “Loan”) and (b) a grant to the City in the maximum amount of $102,500 (the “Grant”) to be administered by DNR pursuant to ...
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