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File #: 2023-0181    Version:
Type: Ordinance Status: Passed
File created: 5/16/2023 In control: Budget and Fiscal Management Committee
On agenda: Final action: 6/27/2023
Enactment date: 7/7/2023 Enactment #: 19635
Title: AN ORDINANCE amending Ordinance 19377, adopted by the council on December 14, 2021, which authorized the issuance of sewer revenue bonds of the county, to extend the final maturity date for sewer revenue bonds issued to evidence loans from the U.S. Environmental Protection Agency's Water Infrastructure Finance and Innovation Act (WIFIA) program and to clarify the applicability of ordinance terms to WIFIA loans; and amending Ordinance 19377, Section 28, and establishing an effective date.
Sponsors: Joe McDermott
Indexes: Bonds, Environmental Protection Agency, Sewer
Attachments: 1. Ordinance 19635, 2. 2023-0181 transmittal letter, 3. 2023-0181 Fiscal Note, 4. 2023-0181 Legislative Review Form, 5. 2023-0181_SR_SewerRevBonds, 6. 2023-0181_ATT2_AMD S1 Striker bar, 7. 2023-0181_Revised_SR_SewerRevBonds
Drafter
Clerk 06/14/2023
Title
AN ORDINANCE amending Ordinance 19377, adopted by the council on December 14, 2021, which authorized the issuance of sewer revenue bonds of the county, to extend the final maturity date for sewer revenue bonds issued to evidence loans from the U.S. Environmental Protection Agency's Water Infrastructure Finance and Innovation Act (WIFIA) program and to clarify the applicability of ordinance terms to WIFIA loans; and amending Ordinance 19377, Section 28, and establishing an effective date.
Body
PREAMBLE:
In accordance with Ordinance 19377 (the "Original Ordinance"), the county is authorized to issue and sell from time to time one or more series of both sewer revenue bonds ("Parity Bonds") and limited tax general obligation bonds, payable from sewer revenues of the county, in an aggregate principal amount not to exceed $905,000,000 to provide funds for acquiring and constructing improvements to the sewer system.
The county's Sewer Revenue Bond, 2018A, authorized by Ordinance 18588 and Motion 15115, and the county's Sewer Revenue Bond, 2021, authorized by Ordinance 19112 and Motion 15789, were delivered to the U.S. Environmental Protection Agency (the "EPA") to evidence loans made to the county under the Water Infrastructure Finance and Innovation Act ("WIFIA") program (the "Existing WIFIA Loans"), which Existing WIFIA Loans may be drawn upon up to a maximum principal amount of $134,500,000 and $96,844,510, respectively, as noted in Attachment A to the Original Ordinance.
The EPA is willing to enter into a WIFIA Master Agreement with the county to provide common terms and conditions applicable to each prospective WIFIA loan.
Under the Original Ordinance, the Finance Director is to determine whether sewer revenue bonds authorized under the Original Ordinance are to be sold by competitive bid or negotiated sale or to the federal government or another purchaser.
Under Section 28.D. of the Original Ordinance, if the Finance Director det...

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