Explanation
To authorize a Master Trust Agreement in connection with the issuance of Obligations, from time to time, the payment of which is secured by revenues derived from the operation of the municipal sewerage system. This ordinance also authorizes the issuance of Sewerage System Revenue Bonds, in an amount not to exceed $515,000,000 and all related legal documents required to complete this transaction. The bond sale will be conducted on a negotiated basis, with JP Morgan Securities Inc. performing as the lead underwriter. The sale will be conducted in mid-January, 2008. These sewer bonds will fund various capital improvements for the division. The recently authorized sanitary sewer rates increases will allow for the payment of the associated projected debt service payments.
Title
To authorize a Master Trust Agreement in connection with the issuance of Obligations, from time to time, the payment of which is secured by revenues derived from the operation of the municipal sewerage system; to authorize the issuance, in one or more series, of Sewerage System Revenue Bonds, Series 2008, in the aggregate principal amount of not to exceed $515,000,000, to be issued pursuant to a First Supplemental Trust Agreement for the purpose of providing funds to improve and expand the municipal sewerage system and to refund bonds previously issued for such purpose; to authorize one or more Bond Purchase Contracts and one or more Official Statements appropriate for the offering and sale of the Series 2008 Bonds; providing for the defeasance of all of the City's outstanding Sewerage System Revenue Refunding Bonds, Series 2002; providing for the redemption of all of the City's outstanding Sewerage System Revenue Refunding Bonds, Series 1994; to authorize an Escrow Agreement and the retention of a verification agent in connection with the defeasance of the 2002 Bonds; to authorize the creation and, if necessary, the funding of a Bond Reserve Fund for the Series 2008 B...
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