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In connection with the Series 2022A Bonds and the capital improvements and additions to MSD’s sewer and drainage system to be refinanced with the proceeds of the Series 2022A Bonds, MSD applied to the Climate Bonds Initiative (CBI) for designation of the Series 2022A Bonds as “Climate Bond Certified.” CBI has established a certification program that provides criteria for eligible projects to be considered a Certified Climate Bond. CBI certification program is used globally by bond issuers, governments, investors and the financial markets to prioritize investments which genuinely contribute to addressing climate change.
In order to receive the CBI certification, MSD engaged Kestrel Verifiers, a third-party CBI Approved Verifier, to provide verification to the CBI Certification Board that the Series 2022A Bonds meet the CBI standards and relevant sector criteria. Kestrel Verifiers reviewed and provided verification to CBI, and CBI certified the Series 2022A Bonds as Climate Bonds on January 3, 2022. Kestrel Verifiers will also provide a Post-Issuance Report to CBI as to whether the proceeds of the Series 2022A Bonds have been allocated properly.
MSD commits to posting continuing disclosures to the Municipal Securities Rulemaking Board (“MSRB”) annually through the Electronic Municipal Market Access (“EMMA”) system. In accordance with the Climate Bonds Standard, Kestrel Verifiers will be engaged to provide one Post-Issuance Report within 24 months of issuance to confirm continued conformance of the Series 2022A Bonds with the relevant standards and criteria. So long as the Series 2022A Bonds are outstanding, MSD also expects to provide voluntary annual update reports on EMMA and BondLink. MSD is required to report on completion of projects to reduce overflows of untreated wastewater into local waterways, and it also monitors and reports on water quality and stream health.
Kestrel’s verifier report is included as Appendix G in the POS.