HomeMy Public PortalAboutORD08095 Ila`i'a, ;
INTRODUCED BY Haake
BIM NO. ORDINANCE NO.
d
AN ORDINANCE AUTHORIZING AND DIRECTING T.HE ISSUANCE
OF NEGOTIABLE INTEREST-BEARING SEWER REVENUE BONDS
OF TIM, CITY OF JEFFERSON, COLE COUN`T'Y, MISSOU131, IN
THE PRINCIPAL AMOUNT OF ONE MILLION, FIVE HUA'DhED
THOUSAND DOLLARS ($1,500)000), OF FIVE MILLION$ SIX
HUNDRED THOUSAND DOLLARS ($50600,000) AUTHORIZED, FOR
THE PURPOSE OF EXTENDING AND IMPROVING TKI:' SE;;T:RAGE
SYSTEM OF SAID CITY, INCLUDING THE CONSTRUCTION OF A
SEWAGE TREATMENT PLANT; PRESCRIBING THE FOBUK AND INCI-
DENTS OF SAID BONDS; PROVIDING FOR THE COLLECTION,
SEGREGATION, AND DISTRIBUTION OF THE REVENUES TO BE
DERIVED FROM THE OPERATION OF THE SEWERAGE SYSTEM OF
SAID CITY IN AMOUNTS SUFFICIENT TO PAY THE COST OF
OPERATION AND MAINTENANCE THEREOF AND THE PRINCIPAL
OF AND INTEREST ON SAID BONDS; AND MAKING PROVISION
FOR OTHER FUNDS IN CONNECTION THEREWITH.
WHEREAS, the City Council of the City of Jefferson, Cole County, Missouri,
.Agving made and having caused to be made extensive studies concerning the adequacy
JRo the existing sewerage system of said City, heretofore has found and does now
again find and determine, upon the advice of competent engineers, that the said
sewerage system is in need of extension and improvement, including, but not limited
to, the laying of more adequate sewer lines and the construction of sewage treatment
facilities; said sewerage system and all extensions and improvements thereto to be
owned exclusively by said City; and
WHEREAS, the said City. Council heretofore has found and determined, upon
the advice of competent engineers, that the estimated cost of constructing such im-
provements and extensions is Five Million, Six Hundred Thousand Dollars ($5,600,000);
and
i WHEIIMAS, the aforesaid sum is not now available in the treasury of said
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{ City of Jefferson; and
WHEREAS, the said City is authorized, under the provisions of Section
250.010 et seq. , Revised Statutes of Missouri, to borrow money for the aforesaid pur-
pose and to evidence such loan by the issuance of bonds payable solely from the reve-
nues to be' derived from the operation of the sewerage system of said City, as so ex-
tended and irrproved; provided, that the issuance of such revenues bonds be authorized
at an election held for that purpose; and
Mai
S, •"�' , the City Council of said City, by, Ordinance No. 7+11, adopted
on the 19th day of August, 1963; hereinafter referred to, did find and determine
and does now a;ain find and deye=ine that it is necessary and in the public inter-
est and essential for the protection of the publie.health'that the aforesaid con-
0 em plated improvements be -constructed; and
, on the' 21st day of August, 1963, the Mayor did approve the afore-
said Ordinance No. 7 LI of said City entitled "AN ORDINANCE PROVIDLNG FOR AND DIRECT- .
ING THE SUBMISSION TO THE Q.UA'LIFIED ELECTORS OF THE CITY OF JEFFERSON, COLE COUNITY,
MSOURI, AT A SPECIAL ELECTION TO BE HELD IN SAID CITY ON TUESDAY, THE 8th DAY OF
OCTOBER, 1963, .OF A PROPOSITION FOR THE ISSUANCE OF SMW REVENUE BONDS OF SAID CITY
*11OVID4 rmis FOR TIE PURPOSE OF E?armiNG AND IMPROVING THE SEWERAGE SYSTEM OF
• SAID CITY, INCLUDING THE CONSTRUCTION OF•A SEWAGE TREATIMMT PLAM"; and
WHEREAS, it was ordered and directed by the aforesaid Ordinance No. 7 .11
that a special election be held. in the City of Jefferson, Missouri, on Tuesday, the '
8th day of October, 1963, for. the purpose of, submitting to the qualified electors
of said City, the following-proposition:
PROPOSITION
- "Proposition to issue the sewer revenue bonds of the City
of Jefferson, Missouri, to the amount of Five Million,
Sig: Hundred Thousand Dollars ($5,600,000), to provide
•zeds for the purpose of extending and improving the
Y sawe-rage system of said City, including the construe=
tion of.a sewage treatment plant; said bonds to be
payable solely from the revenues to .be derived from
the operation of said system." .and
W ., as directed by the aforesaid Ordinance No. 741.1; the City Clerk '
of said City did prepare and cause to be published in thr Post-Tribune, 'a gaily
newspaper publisb:ed and of general circulation in said City, a notice of said special
election in substantially the, form as set forth in the aforesaid Ordinance; said ;
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notice having been published in said newspaper on the 12th, 19th, and 26th days
of September, 1963, and on the 3rd clay of October, 1963, and said'notice having
been published in said newspaper once a week for at least three (3) conseeui;ivo
weeks and on the same day,in each week, the first publication of said notice in
said newspaper having been made at least twenty-one. (21) days before the date of
said special election and the last publication in said newspaper having. been made .
within two (2) weeks of the date of said special election; and
WHIEAS, the said special election was'duly and legally held in said
City of Jefferson, Missouri, on the 8th day of October, 1963; and '
�AMRW, the form of. ballot prepared for and used by the electorate at. .
. . said special election was in substantially the form as set forth in the aforesaid ,.
' Ordinance No. 7411; and
WriLREAS, the judges andclerks -of said election, following the closing
of the polls on the date of said election, did make out, certify,, and transmit to
she City Council of said City of Jefferson the returns of said election; and
WMRr`'.A,S, on the,21st day of October, 1963, the City Council did proceed
to canvass the poll' books and returns of said election as certified to it by the
judges And clerks who conducted said election, whereupon, the said City Council
dial adopt a certain resolution entitled "A RESOLTRION DECLARING THE RESULT OF THE
Sir,C.-I r ION R-1 LD ,.i111' THE CITY OF J�.r"'FERSON COLE COLi1�lY, N,ISSOUt"iT, ON OCTOBER; 8,
wher ein it was found and declared that at said election held on the 8th day
October, 1963, a total of four thousand, four hundred forty-one (4,441) votes had �
been cast on the aforesaid Proposition, of which three thousand, four hundred five
(3,4.05) votes were cast in favor of the aforesaid Proposition and one thousand, thirty- i
six (1,036) votes were east against the same; and
WMEAS, by the aforesaid resolution adopted on the 21st. day of October,
1963, the City Council of said City of Jefferson did find and declare and does now
again find and declare, -:that the aforesaid Proposition was assented to at the aforesaid
4.
special election by more than four-sevenths of the qualified electors of said City
Being on said Proposition; and
WHEREAS, the said City of Jefferson thereupon was fully authorized by Sec-
tion 250.010 et seq., Revised Statutes of Missouri, as aforesaid, to issue its nego-
tiable interest-bearing revenue bonds in the amount of Five Million, Six Hundred
Thousand Dollars ($5,600,000) to provide funds for the purpose of extending and
improving the sewerage system of said City, including the construction of a sewage
treatment plant; and
WHEREAS, of the bonds authorized as aforesaid, bonds aggregating One Million
Dollars ($1,000,000), bearing date of March 1, 1964, heretofore have been issued, sold,
and delivered; and
WHEREAS, of the bonds authorized as, aforesaid, bonds aggregating One Million
Dollars ($1,000,000), bearing date of August 1, 1965, heretofore have been issued, sold,
and delivered; and
WHEREAS, of the bonds authorized as aforesaid, bonds aggregating One Million
Dollars ($1)000,000), bearing date of September 1, 1967, heretofore have been issued,
sold, and delivered; and
WHEREAS, the City Council of said City of Jefferson heretofore has deter-
mined to proceed at this time with the sale and issuance of an additional One Million,
Five Hundred Thousand Dollars ($1,500,000) in principal amount, of the aforesaid author-
ized issue of Five Million, Six Hundred Thousand Dollars ($5,600,000), of Sewer Revenue
nds, reserving and retaining unto itself the power and authority, in the discretion
One Million
of the Council, to issue the remaining , One Hundred Thousand Dollars
($1,100,000) of bonds at a later date or later dates as hereinafter provided; and
WHEREAS, the City Council of the City of Jefferson does now find and deter-
mine that it is necessary and advisable and in the public interest that bonds of said
City in the principal amount of One Million; Five Hundred Thousand Dollars ($1,500,000)
be issued forthwith as authorized at the aforesaid special election, and as hereinafter
provided:
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF JEFFERSON,
COLE COUNTY, MISSOURI, AS FOLLOWS:
SECTION 1. That the negotiable interest-bearing revenue bonds of the City
Jefferson, Cole County, Missouri, be and the same are hereby authorized, ordered,
and directed to be issued in the principal sum of One Million, Five Hundred Thousand
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ollars ($1,500,000), being part of an authorized issue of Five Million, Six Hundred
ousand Dollars ($5,600,000), to provide funds for the purpose of extending and im-
proving the sewerage system of said City, including the construction of a sewage treat-
ment plant, said system to be owned exclusively by said City; the principal of and the
interest on said revenue bonds to be payable solely from the revenues derived by the City
of Jefferson from the operation of the said sewerage system, all in accordance with and
as authorized by Section 250.010 et seq. , Revised Statutes of Missouri, and pursuant to
and in accordance with the authority of a special election held in said City on the 8th
day of October, 19630 as set forth in the preamble to this Ordinance.
SECTION 2. That the aforesaid bonds shall bear date of December 12 1968, and
shall bear interest from the date thereof at the rates per annum hereinafter set forth, _
6Vable March 1, 1969, and semi-annually thereafter on September 1 and March 1 in each
year until the principal thereof, respectively, shall have been fully paid. Interest
to accrue on said bonds on and prior to the respective maturity dates thereof shall be
payable upon presentation and surrender of interest coupons to be attached to said bonds.
The said bonds shall be payable, both as to principal and interest, in lawful money of
the United States of America at the State Bank & Trust Company of Wellston, in the City
of Wellston, State of Missouri. The said bonds shall be of the denomination of Five
Thousand Dollars ($5,000) each, shall be numbered, shall bear interest at the rates per i
annum, and shall mature in the amounts and at the times following, to-wit:
MATURITY
BOND IRWERS RATE OF INTEREST AMOUNT (March 1)
61 and 2 5% $101000 1973
3 and 4 5% 10,000 1974
5 to 8, incl. 5% 20,000 1975
9 -to 12, " 5% 20,000 1976
13 to 17, 5% 25,000 1977
18 to 22, 5°A 25,000 1978
23 to 29, " 5% 35,000 1979
30 to 36, 5% 35,000 1980
37 to 44, „ 5% 45,00 1981
45 to 53, 1982
54 to 63, 5-1/4% 50,000 . 1983
64 to 74, " 5-1/4% 55,000 1984
75 to 85, 5-1/4% 55,000 1985
86 to 96, " 5-1/4% 55,000 1986
97 to 107, 5-1/4% 55,000 1987 ,
108 to 118, " 5-1/2% 55,000 1988
119 to 130, " 5-1/2% 60,000 1989
131 to 142, " 5-1/2% 60,000 1990
143 to 154, " 5-1/2% 6o,000 1991
155 to 1072 5-1/2% 65,000 1992
•< <8 to 181., to 5-1/2% 70,000 1993
,�2 to 195, " 5-1/� 70,000 1994
196 to 2102 " 5-1/2% 75,000 1995
211 to 226, " 5.60% 80,000 1996
227 to 243, 5.60% 85,000 1997
244 to 262, 5.6o% 95, 0 1998
263 to 281, " 5.6o% 95,000 1999
282 to 300, °1 5.6o% 95,000 2000
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6.
Bonds maturing March 1, 1980 and thereafter may be called in, paid, and
redeemed on March 10 1979, or on any interest payment date thereafter, in the in-
verse order of their numbers, at per and accrued interest, plus a premium of one-
fourth of one per centum (1/4 of 1%) of the principal amount of said bonds for each
year or fraction thereof between the date of redemption and the respective maturity
dates of the bonds called for redemption, such premium, however, in no event to ex-
ceed One Hundred Twenty-five Dollars ($125) per bond. Provided, further, that said
bonds shall be redeemable without a premium on March 1, 1991, or on any interest
payment date thereafter. If any of the said bonds are so called for redemption
prior to maturity as herein provided, the City of Jefferson, Missouri, shall give
written notice of its intention to call in, pay, and redeem said bonds, and such
written notice shall be delivered to the bank herein named as the paying agent for
said bonds not less than thirty (30) days in advance of the date set for the re-
demption of said bonds,, or any of them. Interest shall cease on any bonds so
called for redemption from and after the date fixed for the payment thereof, pro-
vided that fwids shall be available for such payment on such date.
SECTION 3. That the said bonds shall be executed by the facsimile signa
ture of the Mayor of said City, under the corporate seal of said City, attested by j
the manual signature of the City Clerk, and the interest coupons to be attached to
said bonds shall be executed by the facsimile signature of said City Clerk.
SECTION 4. That the said bonds and the interest coupons shall be in
substantially the following forms, to-wit:
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UNITED STATES OF AMERICA
STATE OF.14ISSOURI
COUNTY OF COLE
CITY OF JEFFERSON 1
SEWER REVENUE BOND OF 1968
No. $5�000 _ J
The City of Jefferson, a municipal corporation in the County of Cole, '
Sta t e of Missouri, acknowledges itself indebted and, for value received, hereby
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promises to pay to bearer, solely from the revenues to be derived by said City from
e operation of its sewerage system, as hereinafter provided, the sum of
FIVE THOUSAND DOLLARS
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($5,000) on the first day of March, together with interest' thereon from
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the date hereof at the rate of per centum (_%) per annum,
payable March 13, 1969, and semi-annually thereafter on September 1 and March 1 in
each year until this bond shall have been fully paid. Interest accruing. on this bond
on and prior to the maturity date hereof shall be payable upon presentation and sur-
I
render of the interest coupons hereto attached as they severally become due.
Both principal of and interest on this bond are payable in lawful money f
of the United States of America at the State Bank & Trust Company of Wellston, in
e City of Wellston, State of Missouri.
The right is reserved unto said City to call in, pay, and redeem bonds
J
numbered from Thirty (30) to Three Hundred (300), both inclusive, of the issue of
which this bond is one, on March 1, 1979, or on any interest payment date thereafter,
in the inverse order of their numbers, at pax and accrued interest, plus a premium
of one-fourth of one per centum (1/4 of 1%) of the principal amount thereof for each i
year or fraction thereof between the date of redemption and the respective maturity,
dates of the bonds called for redemption, such premium, however, in no event to ex-
ceed $125.00 per bond; provided, further, that said bonds shall be redeemable with- I
out a premium on March 1, 1991, or on any interest payment date thereafter. Notice
8.
of the exercise of the option to redeem bonds prior to maturity shall be given, in
writing, to the paying agent designated in this bond not less than thirty (30) days
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prior to the date set for the redemption thereof. Interest shall cease on any bond
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so called for redemption from and after the date so fixed for the payment and redemp-
tion thereof, provided that funds are available for such redemption on the date so
set for such redemption. rr
This bond is one of a series of three hundred (300) bonds, numbered from !
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One (1) to Three Hundred (300), both inclusive, of like date, tenor, and effect, ex- 1
wept as to rate of interest, date of maturity, and provision for redemption prior to
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maturity, as hereinabove set forth, aggregating the principal sum of One Million,
ke Hundred Thousand Dollars ($1,500,000), of Five Million, Six Hundred Thousand Dol-
lars ($5,6001000) authorized, issued to provide funds for the purpose of extending
anti improving the sewerage system of said City, including the construction of a 4
sewage treatment plant to be owned exclusively by said City, and is issued pursu-
ant to the Constitution and Laws of the State of Missouri, including Section 250.010
I
et seq., Revised Statutes of Missouri, and pursuant to an Ordinance of the City of
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Jefferson, and with the approval of four-sevenths of the qualified electors of said
City voting at a special election held on the 8th day of October, 1963. This bond
does not constitute an indebtedness of said City within the meaning of any consti-
tutional or statutory limitation or provision, and the taxing power of said City
MWS not pledged to the payment hereof, either as to principal or interest.
The City of Jefferson covenants and agrees that it will apply the proceeds
of the issue of which this bond is one to the purpose above set forth and that, as
long as this bond or any bond of the issue of which it is one or any of the interest
coupons thereto attached are outstanding, it will operate and maintain its sewerage f
system; that, as long as any of said bonds or the interest coupons attached thereto
are outstanding, it will fix and maintain rates and make and collect charges for the
service and facilities of said system, sufficient to provide for the payment of the
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9incipal of and the interest on said bonds as the sarao shall mature and accrue and
for the operation and maintenance of said sewerage system in good repair and working
order, and to provide other funds in connection therewith, all as set forth in the
Ordinance pursuant to which the said bonds are issued; and that such an amount of
the revenues of said system as will maintain an interest and sinking fund sufficient
to pay the principal of and the interest on this bond and the issue of which it is !
one, as the same shall mature and accrue, is hereby irrevocably pledged to said pur-
pose.
It is hereby certified, recited, and declared that all acts, conditions, f:
and things required to exist, to happen, and to be performed precedent to and .in
e issuance of this bond and of the series of which it is one, in order to make
the same legal and binding obligations of said City according to the terms thereof, i
do exist, have happened, and have been performed in due and regular time, form, and
manner, as required by law; that this bond and the issue of which it is one, to-
gether with all indebtedness of said City of Jefferson, Missouri, do not exceed any
limit of indebtedness prescribed by law; and that, for the performance in due time
and manner of all covenants herein, for the prompt payment of the principal of and
the interest on this bond, and for the performance in due time and manner of each
and every official act necessary therefor, the fall faith of the City of Jefferson '
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is hereby irrevocably pledged.
IN TESTIMONY WHEREOF, the City of Jefferson, Missouri, acting by and
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through its City Council, has caused this bond to be executed by the facsimile Big- ,
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nature of the Mayor of said City, under the corporate seal of said City, attested j
by the manual signature of the City Clerk, and has caused the interest coupons
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hereto annexed to be executed by the facsimile signature of said City Clerk and !
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this bond to be dated the first day of December 1, 1968..
CITY OF JMMSONs MISSOURI . I
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By
Mayor
Attest: 1
City Clerk
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10.
(FORM OF INTEREST COUPONS NUMBERED FROM 1 TO 21,
INCLUSIVE, TO DE ATTACHED TO SAID BONDS)
No. $
March,
On the first day of September, , the City of Jefferson, Missouri,
will pay to bearer in lawful money of the United States of America, solely from the '
revenues to be derived by said City from the operation of its sewerage system, the
amount shown on this coupon at the State Bank & Trust Company of Wellston, in the
City of Wellston, State of Missouri, being interest due that date on its Sewer Reve-
nue Bond of 1968, dated December 1, 1968, and numbered
CITY OF JEFFERSON, MISSOURI
By
City Clerk
(FORM OF INTEREST COUPONS NUMBERED FROM 22 TO 63,
INCLUSIVE,.TO BE ATTACHED TO SAID BONDS)
No. $
March,
On the first day of September, , unless the hereinafter mentioned
bond theretofore shall have been called for redemption and provision for such re-
demption duly made, the City of Jefferson, Missouri, will pay to bearer in lawful
ney of the United States of America, solely from the revenues to be derived by
said City from the operation of its sewerage system, the amount shown on this cou-
pon at the State Bank & Trust Company of Wellston, in the City of Wellston, State of
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Missouri, being interest due that date on its Sewer Revenue Bond of 1968, dated Dee-
ember- 1., 1968, and numbered
CITY OF JEFFERSON, MISSOURI
By
City Clerk
Interest coupons attached to said bonds shall be payable in the follow-
ing amounts:
Coupons due Subsequent Semi-
Bond Numbors March 1, 1969• annual Coupons
1 to 53, incl. $62.50 125.00
54 to 107, 65.63 131.25
lo8 to 210, 68.75 137.50
211 to 3002 " 70.00 140.00
11.
ANIL
qW SECTION 5. That the bonds herein authorized and directed to be issued
shall be payable, both as to principal and interest, solely from the revenues derived
by the City of Jefferson 'from the operation of the 'sewerage system of said City. No
bond issued hereunder shall constitute an indebtedness; of aais7 City within the mean-
ing of any constitutional or statutory restriction, limitation, or provision, and
the taking power of said City is not pledged to the payment of any of the bonds
authorized hereby, either as to principal or interest.
SECTION 6. That the said sewerage system shall be operated on a fiscal
year basis, beginning on the first day of January of each year and ending on the last +
day of December in said year. All revenues derived from the operation of the sewer-
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system of the City of Jefferson shall be set aside as collected and shall be de-
posited in a fund hereby created and designated the "SEWER REVENUE M111" of the .City
of Jefferson.
SECTION 7. That sums in the Sewer Revenue Fund shall be set aside for,
allocated to, and deposited in the following accounts, tanich are hereby created, by
the City Treasurer of the City of Jefferson, without further direction of or action
by the City Council or other authority of said City. Such allocations and deposits
shall be made on the first business day of each and every month as long as any of
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the bonds authorized hereby, or the interest coupons attached thereto, shall remain
outstanding and unpaid; provided, however, that such allocation to and deposit in
Operation and Ziaintenance Account hereinafter,provided for
p , may be made in
semi-monthly installments: I.
' (1) Into an account designated the "SEWER OPERATION AND
14AINTEIWCE ACCOUNT" there shall be deposited a sum suffi-
cient 'to pay the estimated cost of operating and maintaining
the sewer system in good repair and working order during
such month.
(2) Into an account designated the "SEWER REVENUE BOND {
ACCOMW' there shall be deposited in each month a sum at `
least equal to one-sixth of the amount of interest that will
become due on all bonds then outstanding on' the then next `
interest payment date; also, beginning as of March 1, 19682 a sum
at least equal to one-twelfth of the amount of principal
that will become due on said bonds on the then next maturity
date shall be deposited into the said Revenue Bond Account.
Sums in said Account shall be used only for the payment of
principal of and the interest on the aforesaid authorized
bonds as the same shall become due.
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(3) Into an account desiCnated the "SL"-MM C0NTI GMU ACCOUNT"
there shall be denositcd for each month the w a of Tvo Hundred
Fifty Dollars (;2 0) until the sum of Twenty-five Thousand Dol-
lars 025,000) shall have been accumulated in said Account.
Mien and as ion; as said amount shall. be on deposit in said Ae-
count, no further deposits need be made therein. If said Ac-
count should be depleted to any extent for any cause, includ-
ing payments therefrom made in accordance with this Ordinance,
then such monthly payments shall be resumed until said Account
shall be restored. Sums in said Account shall be expended only ,
for unforeseen contingencies and to neet emergencies arising
from the operation and maintenance of the aforesaid sewer system
as may be necessary from time to time for the continued effective
and efficient operation of the sewer system.
(4) into an account designated the "SMM DEPRECIATION ACCOM T"
there shall be deposited for each month the sum of Five Hundred
Dollars 0500) until the sum of .Nifty Thousand Dollars 050,000)
shall have been accumulated in said Account. Unen and as long
as said amount shall be on deposit in said Account, no Further
deposits need be made therein. If said Account should be de-
pleted to any extent for any cause, including any payments made
therefrom in accordance with this Ordinance, then such non'thly
deposits shall be resumed until such Account shall be restored.
Sums in said Account shall be expended for any repairs or re-
placements to the sewer system as may be necessary from time to
time for the continued effective and efficient operation of the
said system. ,
(5) Into an 'account designated the "SEjJEH R1;VWE B0iiD RESERVE
ACCOUNT" there shall be- deposited for each month the sum of
Four Thousand, Five Hundred Dollars (*4,500) until the sum of
Three Hundred Fifteen Thousand Dollars 0315,000) shall have been i
accumulated in said Account. 1hen.ard as long as said amount
shall be on deposit in said Account, no further deposits need
be made therein. If said Account shall be depleted to any extent
xor any cause, including payments therefrom made in accordance
with this Ordinance, then such monthly deposits shall be resumed
until said Account shall be restored. Sums in said Account shall `
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be expended only to pay bonds at matirzity or interest as it accrues
when and to the extent that other funds are not available for that
purpose.
(6) Into an account designated the "SL'TM XULAZILITATION ACCOUA'1'"
there shall be deposited beginning as of January-J; 1966, and on the � .
;first"day of*each'imonth thereafter to tend including December 1, 1975, the
sun of Two Thousand, rive Hundred Dollars (, 2,500) . Sums in
said Account shall be• expended for the costs of rehabilitating the
existing sewer system in and of said City.
(7) Any surplus remaining in the Sezrcr Revenue Fund after rialting
the required deposits described above, shall be deposited in
the construction account until such time as the construction of
the project shall have been certified by the Consulting Engineers
.as having been completed according to plan and paid for. There-
after any surplus shall be deposited in the Sewer Revenue Bond
Reserve Account until such t9rae as the sum of Three Hundred Fifteen
Thousand DolLars. (Y31.5,000) is on deposit. Thereafter such surplus
�'� 'Az
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. shall be deposited in the Sewer Continent Account until such
Lima as the su.•= of Twenty-five Thousand Dollars 025,000) is '
on deposit. Thereafter such surplus shall be deposited in
the Sewer Depreciation Account until such time as the sum of
• ri:f'vy Thousand Dollars ($50,000) is on deposit. Ayer these
aeco=.s hava on deposj.t the specified =im=, the surplus
may be allocated by -order of the Counci-1 of the City of jeffer-
son from time to time'as follows:
(a) Into' an' account designated the "SMUM MERTSION AND
IMPROMMER ' ACCOUM an amount not.to exceed fifty per.
centum (50 ) of the surplus. • These funds are to be used
for construction of extensions and improvements to the
System.
(b) Into an account designated the "SMER REVF.�1TtTL BORED
REDMAETION ACCOM " the remainder, of the surplus to be
used for the redemption of sewer revenue bonds prior to
their maturity.
P: ded, that, if at any time the balances standing to'the credit of the Accounts
created in paragraphs (2) and •(5) above should be insufficient to pay maturing
principal or accruing interest, or both, then and in that event any balances then
standing to the credit of the Accounts created in paragraphs (3), (4), (o), and
(7) above shall, be used to pay such principal or'interest, or both, and the said
Accounts shall be restored subsequently out of future 'revenues of said sewer sys-'
tem. ,
SErLIORT 8. That, if the revenues derived from the operation of the sewer*
system should be insufficient at any time to make the payments or,deposits required
by Section 7 of this Ordinance, the deficiency shall be made good by additional pay,
m to be made out of the first available revenues of said system received during
any succeeding month or months. Whenever and as long as sums actually on deposit
in the Sewed Revenue Bond Account, the Sewer Revenue Bond Reserve Account, and the
Sewer Revenue Bond Redemption Account, together, shall equal the principal amount
of all outstanding bonds, plus the amount of all interest due thereon until the
respective m=urf.ty date:; of all such bonds, then no, further deposito' need be made
into said Accounts. Except as herein otherwise expressly provided, all sums in the
:.;nd and Accounts created by Sections b, 7 and 15 hereof shall be kept on deposit in a
bark which is a member •or banks which are members of the Federal Deposit Insurance
Corporation, and'at all t'imes' shall be continuously secured as provided by the Laws
1..
14.
' 1 .
she State of Missouri for other funds of said City; or, in the discretion of the
City Council, -.my be invested in bonds or other obligations of the United States of
America -maturing or being r edcemable at par at or prior to the time when such,sums, matiy be
required for use under the 'terms of this Ordinance. 1
SwCTIO�T; g. i'iat the City of Jefferson covenants and agrees with the holder
or holders of the bonds-herein authorized to be issued that it will perform all :.
duties with respect to the operation and maintenance of said sewer system; with
respect to the fixing, maintaining, and collecting of. the,rates, fees, and chargos
for the services and facilities thereof; with respect to the establishment of the
Fund and Accounts herein authorized and created; and with respect to all other
rs and things required by law and by this' Ordinance, and that it will do or
cause to be done, in apt time •and season,• each and every official act necessary 'for
the payment of the principal of and the-interest on the boads •herein-authorized to
be issued, as the same shall mature and accrue.
Said City ilzrther covenants with the holders 01 said bonds as follows.
' (a.) what the setrer system of the City of Jefferson shall. ae
roved and extended in accordance with plans and specifica-
Uons therefor heretofore adopted by the City Council of said.
City and now on file in the office of the City Clerk.
(b) That, as long as arm of the bonds or interest coupons .
authorized by this Ordinance are outstanding and unpaid, it
will operate And maintain the sewer system of said City as
improved and extended.
(c) That, as'long as any of said bonds or the interest coupons
pert*aininc, tIaer eto remain outstanding and unpaid, the said City
will fix and nai.ntain rates and make and collect charges for the
use and services of the said sewer system, sufficient to pay the
cost of maintenance and operation of the said systea, to pay the '•
pr ineipal of and the interest on all revenue bonds or other .obli-
gw;:ions issued by said City chargeable to the revenues of said
system, and to provide ample funds to meet all requirements of .
this. Ordinance.
(d) what, as. lone as any oi' said bands or interest coupons
Sonali r nzin outz-andin;; and unpaid, the said City shall carry f
and ::aai",;ain insurance upon all the'properties forming
• a part of said sorer system trhich may be of an insurable' nature;
such in krance to be of the type and lti.nd and for such amount
or amounts as ,carried and maitained by similar municipalities. }
yr.c proceeds of all such insurance shall be used only for tho
nairtc::ance and restoration of said system; for 'Cho payment
of the principal of and the interest on the bonds authorized
to be issued by this- Ordinance, or as herein permitted.
(o) That avid City ahall cat up and Mintain u propor ayutam
of accounts showing the amount of revenue received from the '
scurcr syytcn, and, the application of such revenues. Such as-
counts shall be separate and distinct f •om the other accounts '
of said City' and, at least once a year, shall be properly ,
audited by certified public accountants. The report of such ' '
audit shall be open to the public and to all bondholders.
Each such report shall include: .
(1) A classified statement of gross revenues re-
ceived, of the operating expenditures, of the net
operating revenue, and of the amount of any capital
expenditures in connection with the said system for. ,
the fiscal year.
(2) A. balance sheet as of the end of eacli fiscal
year, including•a statement of the amount on hand
at the end of tae fiscal year in each of the Ac-
counts created by Section 7 0 this Ordinance.
(3) A statement of the tw. ber of customers served
by the said system at the beginning and the ending
of the 'fiscal year.
statement of he amount and character of
insurance carried on the properties of the saia
system, and of the names of the insurers and of
the expiration dates of the several policies; and
(5) Such continents regarding the method of operation.
and accounting practices as the auditor may.deem
desirable.
(f) That any holder or holder: or any purchaser of not less
ti1?n twenty-five per centum (25%) in principal amount of said
bolds then outstanding shhall be permitted, at all reasonable `
times, to inspect said sewer system and all records, accounts, :
;:nd data relating thereto.
(g) That any holder or holders or any purchaser of not less
than twenty-five per centum (25io) in principal amount of said '
bonds then outstanding shall be Au niched all data and infor-
mution relating to• said sewer system vfnich may be,reasonably
requested. 1
(h) That, as long as any of the said bonds or the coupons
• ertaining thereto shall. remain outstanding and unpaid, the
said City shall not sell, lease, loan, mortgage, .pledge, or
o-e erwise encumber or in any manner dispose of said sewer sys-
tc--:;:, or a.V, revenue-producing part thereof, unless the bonds
authorized hereby shall have been paid in Full, both as to
principal and interest, or unless adequate provision shall
Nava been made which shall assure the full payment of said
bonds aaid the interest 'thereon to maturity in full, according
to their terms.
s2cTiON 10. , That, from and aflZocr ,the is uanee of the rive Million, Six
iiund-rad Thousand Dollars 05,600,000) bonds authorized at and by the aforesaid
election :;.Old on October. 3, 1963, or so much thereof as may be necessary, no adds.
tional bonds shall be issued or. obligations incurred by said City which are in
whole or in part payable, x"rom or chargeable to the revenues derived or to be de-
rived from the operation -OZ said sewer system (except obligations incurred in the
operation and :maintenance thereof), unless such additional bonds or obligations
are in all respects junior and subordinate to the bonds authorized 'hereby; provided
however, in the event that the average annual revenues derived from the operation.
of said sewer system for the two (2) then next preceding fiscal years. shall,. be
1 to or exceed the sum of the '01101-Ting:
(a) An amount equal to the avera*ge annual operation and .
lra,interance expenses' for the last ttd0 fiscal years, plus
(b) Zne annual amount, if any, required during the last'
fiscal year to maintain the Contingent Account, plus
(c) The annual amount, if a2�;r, required during the last
year to maintain the Bond Reserve Account, plus
(d) One ,andred thirty-five per centum (135%) of the average '
amount tlAich thereafter shall become due in any fiscal year
as principal of and interest on all bonds then outstanding:
and on 'all bonds then to be issued.
"hen, and in these events' additional 'ponds or other obligations may be issued on
a parity with the bonds authorized by and issued under this Ordinance.
Amik
The restrictions upon the issuance of additional bonds or other obliga-
ions se„ out in this Section shall not apply to the issuance of the remaining
bonds of the $5,600,000 issue authorized at the aforesaid election held October 3,
1963, and shall.•not apply in the following circumstances-and in such circumstances ;
only; .. I
(1) hat the sorer sywtera of the City of Jefferson here-
aster should' be destroyed or damn,e by disaster to such
an extent .that it cannot be operated; ' '
(2) l-? at all l. ilznds received from insurance or otherwise
available shall be insufficient to pay the cost of the
restoration of said system to such a condition that it
can again be operatea,' sueh cost of such restoration to
be determined by the Csc Jima ue of a reputable and competent
en ]ncar or en;ineerina fi=m or corporation selected by
.4110 City, i-faich estimate shall be based upon plans and
spaciiica ions for the restoration of the system prepared
for that purpose; and
4
3) r .` least s sixty-five per can'= '
That he holde,.s of at lean ix
�05 ) of the principal amount of tile bonds authorized by °
thiz Ordirance•Chon outstandinr, shall give written conse nt
to the issuance -of additional bonds on a parity with the
bonds authorized hereby and shall file such written con-
sents with•-the City Clerk of the City of Jefferson, such
consents being acknowledged before a notary public and '
stating the precise' smount of-additional bonds which nay be
issued-
Upon the oecurrence'oy all the circumstances above set out, additional bonds may
be issued solely for the purpose of paying the cost -of restoring the sewer system
t easonable worlang order in an amount not greater than the amount stated in the
consents filed by the holders of the outstanding bonds .
SECTION 11. Prior to the commencement of each fiscal year, the.Mayor shall
cause to be prepared a budget,. setting out the estimated receipts and expenditures
of the sewer system of the City for the then ensuing fiscal year. This budged shall'.
contain:
(a) An estimate of the receipts expected to be derived frog the
operation of the system; f
(b) A statement of the estimated cost of operating.such system
during the next-ensuing-fiscal year;
(c) A statement of any unusual and 'extraordinary expenses of
0 per4;.ion or maintenance which might be reasonably anticipated
and an estimate of the cost thereof;
(d) A statement of what replacements to the system may be anti- '
cipated and the estimated 'cost,thereof; ,
(e) A . statement of the amount of interest to become due during
tre ensuing year on• the bonds authorized hereby then outstand-
i ng;
(::) A statement of the principal of such bonds which will be-
ccme due absolutely.by their terms during the next-ensuing fis-
cal year; '
(g) A statement of the total amount anticipated to be payable
from zhe revenues of the system during the next-ensuing year;
and
(h) A statement of the amount on deposit in each of the accounts '
created by Section 7 of this Ordinance.
r
S".1:=01, 120 That the provisions of this Ordinance shall' constitute a
contract between the City of ,Jefferson and the holders from time to time of the
bonds and in;,crest coupons herein authorized to be issued, and, after the issuance
of any of said bonds, no changes, additions, or alterations of any kind shall be
made hereto in any manncr I except upon consent of the holder or holders of seventy-
five per .centum (7Z) in principal amount of all•of said bonds then outstanding. .'
Such eonsent shall 'be evidenced by an instrument or instruments of such holder or
holders and duly acknowledged in the manner of a deed for the conveyance of real
estate in the State of Missouri, and such instrument or instruments shall contain '
oe accompanied by proof,of ownership of the bond or bonds concerning which such
lip
cozlsent is given and .shal1 be filed in the office of the City Clerk of said City of-
Jefferson and shall be' a public record; provided, however, that no such modifica-
tion or alteration shall. extend the maturity of, reduce the interest rate on, or
otherwise alter or impair the obligation to pay the principal of or the interest
on any bond at the time'and place, at the rate, and in the currency as provided
therein, wi- out- the express consent of the holder .of such bond; nor reduce the per-
centage' of bonds required for the affirmative vote or written consent, to a modifi-
cation or alteration; nor alter or impair the covenants set forth in Section 9 of
this Ordinance. Any and all modifications or alterations made in the manner herein-
ab Lre provided shall not become effective until tyre shall have been filed with the
said City Clerk proof of the consent to such modification or alteration by the
holder or holders of seventy-five 'per centum (75p) in principal amount of all bonds
then outstanding.
SECTZOX 13. The holder of any bond authorized hereby or of any coupon i
representing interest accrued thereon may, by a civil action either at law or in
equity, by :..e:�da.,:us, injunction, or otherwise, compel the City of Jefferson or the
officials thereof or any successors thereto to perform all duties imposed upon 'said
City by the provisions of this Ordinance or otherwise imposed by law, includin' the
continued operation of the sewer system, the fixing and collecting of sufficient
rates and charges for,the services thereof, the segregation, allocation, and disposi-
JPof the revenues derived .fror. said system, the payment 'of any bonds eharoeable to
the revenues of said system or tAe interest thereon, and the performance ol any covenant
set our, in this Ord nance' .
r
20.
sums then due as principal or interest or both principal And interest on the bonds
herein authorized to be issued. Each such remittance shall include the sum then
due as the customary charge of the paying agent for its services and responsibility
under the terms of this Ordinance, which charges shall be deemed to be expenses of
operation and shall be charged to and payable from the Operation and Maintenance
Account provided for in paragraph (1) of Section 7 of this Ordinance.
SECTION 17. That when the bonds authorized hereby shall have been pre-
pared and executed they .shall be lodged with the City Treasurer, who shall deliver
theta to the purchasers thereof upon payment of the purchase price in accordance
with the contract of sale.
SECTION 18. ' That the right shall be and is hereby expressly reserved unto
the City of Jefferson, in the discretion of the City Council thereof, hereafter to
issue and sell all or any part of the remaining One Million, One Hundred Thousand
Dollars ($11.1100,000) Sewer Revenue Bonds authorized at the aforesaid election held '
on the 8th day of October, 1963, and said remaining bonds may be issued on a parity
with the 'bonds issued hereunder as provided hereinbefore in Section 10.
SECTION 19. That, if any section, paragraph, clause, or provision of this
Ordinance shall be held invalid, the invalidity of such section, paragraph, clause,
or provision shall not affect any other provision of this Ordinance.
SECTION 20. That all ordinances or resolutions, or parts thereof, in con-
t
'et with this Ordinance, to the extent of such conflict only,are hereby repealed.
. i
TP
SECTION 21. That this Ordinance shall be'.in force and take effect from
t'
and after its passage and approval.
appproval.
Passed this IV day of el 196
t.
i.
May and Ex-Officio President of Bie Council 1;
Attest:
City Clerk j
Approved this day' of
Mayor
st:
City Clerk
19.
Such suit or action at law or in-,equity shall lie, regardless of whether
or :of any bond or the intcrast thereon shall be in default at the time of the fil-
ins of suah suit, in the event that the City of Jefferson or any official, thereof
shall have neglected or failed to perform any material duty imposed by law or any
covenant set out in this'Ordinance.
SECTION 14. That' all, bonds issued hereunder shall be payable equally
and ratably, without regard to the,date when said bonds shall be actually delivered,, '
and. shall enjoy parity of lien, one with the other, upon the revenues of said system.
SECTION 15. That the principal proceeds derived from the sale of said bonds
by authorized shall be deposited in a separate account hereby created and designated
►►SE�rtW CONSTRUCTIOV ACCOUNT"- and shall be applied solely and only to the payment of the
cost of extending and improving the sewer system of the City of Jefferson, Missouri, in .
accordance with the plans•and specifications hereinbefore referred to. The said pro-
ceeds shall be disbursed only upon proper warrant issued pursuant to certification by
the consulting engineer or consulting engineers for-the City -of Jefferson, stating:
(a) that the purpose for which the payment is to be made is within the scope' of the
improvements contemplated•by this Ordinance; (b) that the work done is or the materials
furnished are in accordance with the core raet therefor (if such work is done or such
materials are iurnishad under a contract) or that such work is or that such materials
WiMAsuitable for the-purpose (.if such payments are not eovered..by an express contract);
now
an (c) that the amount.of such payment is in accordance with the contract or is reason-
able. Wothinn- herein shalll be construed to prohibit the payment without such a certifi-
cate of the expenses necessarily incident to the issuance and sale of the bonds herein
authorized. The words "principal proceeds derived from the sale of said bonds" as used
in this Section shall, not include any sum representing accrued interest received upon
deliver of said bonds or any sum representing premium received upon delivery of said
bonds. Arty su.: so received as a premium and any sum so received as accrued interest
sha.11 be deposited in the "Sewer Revenue Bond Account" created under paragraph (2) of
Section 7 of this Ordinance.
SEC:1021 16. That, at least five days prior. to March l and September 1 of
ea ear the City Treasure: shall remit to•the paying agent desi ated herein the
Y a Y p Gn
V 'P �y t +` e- BILL NO.
11) at44'
INTRODUCED BY COUNCILMAN
P,o�� !15x_�e
4 t
ORDINANCE NO- ! G.,
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, REGULATING THE
OPERATION OF MOTOR VEHICLES ON THE ROADWAYS OT THE CITY AND
PROVIDING A PENALTY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JEFFERSON,
MISSOURI, AS FOLLOWS :
Section 1. Stop signs . The driver of a. vehicle in motion on
the first named roadway in the following numbered paragraphs shall
bring the vehicle to a full and complete stop before entering the
nearest crosswalk at the intersection with the last named roadway
in the same numbered paragraphs and thereafter proceed cautiously
yielding the right of way to any pedestrian crossing a roadway at
the intersection within any marked or unmarked crosswalk or to any
vehicle, not required to stop, which is either within the intersec-
tion or approaching so closely thereto as to constitute an
immediate hazard.
Stop on:
Carol Street before entering Rose Valley Street.
Rose Valley Street before entering Carol Street.
Section 2. Penalty. Any person violating any of the provi-
sions of this ordinance shall be deemed guilty of a misdemeanor,
and upon conviction thereof shall be fined not more than $100.00
1k
or be imprisoned in jail for not more than 90 days'', or be punished
both by such fine and imprisonment.
Section 3. Effective Date. This ordinance shall take effect
and be in force from and after its passage and approval.
Passed Approved
PP roved
P esident of the C cil Mayor
Attest
City Clerk
I