HomeMy Public PortalAboutORD08324 '' �'������i''r^�^i"" r l.M,s�.�.,i�r��w-.+.r «4 rJ-�.eti�.�*..� �/ G.!/w.l..T..�
LL N0. '�Z ORDINANCE N0. �
AN ORDINANCE AUTIIORTZING AND DIRECTING THE 7�5SUANCI•;
OF NIGO'l'.U1IiLE IlVTI;12ISST-P.f'�AI2ING SEWER RIrV1aNUE BONDS
OF T1IC CITY OF JEFFI;RSON� COLE COUNTY MT;aSOURI, IN
TIII� F'R 1NC IPA L AMCUNT OF FIVE INNDRED THOUSAND DOLLARS
(tji500,000), OF I�'NL MxLLxON, SIX IIUNDFiED THOUSAND
DOI�LAI2S (,;5,600,000) AUTIiORILED, .T'OR THE PURPOSE OF
EXTENDT.tVG AND :IMPROVING TIII� SIs'4�TL'I2AGI; SYSTI�M OIL' SAID
CI'T'Y, 7NCIx1DING Tllis CONF.i'.1'RUCTION OIL' A SEWAGE TREAT-
MEIdT PLA1V'I'; PRESCRIBIlVG TIC I'O12M AND TNCTDRNTS OF
SAID PONDS; P,ti0VID7NG FOIL TI2P COLLECTION, SEGREGATION
ARID DISTRIBUTION OF' THI; RRVL'NiTI;S TO BE DL'RIVED FROM
THE OPERATION Ole THE SL'f•IT..R,AGE SYSTEM OF SAID CITX IlV
AMOUNTS SU � �ICIENT TO PAY THE COST OF OPA�ATION AND
MATiVTENANCE THCREOF AND THE PRINCIPAL OF AND 1NTII2I•;ST
ON SAID :BONDS; APID MAILING PROVISION FOR OTHER FUNDS
IN CONNECTION THEREWITH.
� WHER�IS, the City Council of the City of Jefferson, Cole County Missouri,
having made and having caused to be made extensive studies concerning the adequacy
of 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 limit
ed to, the laying of more adequate sewer linos and the construction of sewage treat-
ment facilities; said sewerage ,system and all extensions and improvements there•�,o
,.
to be o�med exclusively by said City; and
Wi ' '' S, the said City Council heretofore has found and determined, upon
the advice of competent engineers,, that the estimated cost of constructing such
. improvements and extensions is Five Million, Six Hundred Thousand Dollars ( 5,000,000);
d •
W!-I1;P,IrAS, •the sum represented by the bonds hereinaf`r;er directed to be i.s•-
..
sued is not now available i.n the Treasury of said City of Jefferson; and
WH.�cEAS, the said City is authorized, under the provisions of Section
250.010 et seq., Revised Statutes of Missouri, to borrow money for the aforesaid
purpose and to evidence such loan by the issuance of bonds payable solely from the
revenues to be derived from the operation of the sewerage system of said City as
` so extended and improved; provided, that the issuance of such revenue bonds be
authorized at an election held for that purpose; and
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WIn =So the City Council of said City, by Ordinance No- 7411, adopted
on the 19th day of August, 1963, hereinafter referred to, did find and determine
and does now again find and determine that it is necessary and in the public inter-
est and essential for the protection of the public health that the aforesaid con-
templated improvements be constructed; and
4BEREAS, on the 21st day of August, 1963, the Mayor did approve the afore-
said Ordinance No. 7411 of said City entitled "AN ORDINANCE PROVIDING FOR AND DIRECT-
ING THE SUBMISSION TO THE QUALIFIED ELECTORS OF THE CITY OF JEFFERSON, COLE COUNTY
MISSOURI, AT A. SPECIAL ELECTION TO BE HELD IN SAID CITY ON TUESDAY, THE 8th DAY OF
CTOBER, 1963, OF A PROPOSITION FOR THE ISSUANCE OF SEWER REVENUE BONDS OF SAID
ITY TO PROVIDE FUNDS FOR THE PURPOSE OF EXTENDING AND IMPROVING TIC SEWERAGE SYS-
TEM OF SAID CITY, INCLUDING THE CONSTRUCTION OF A SEWAGE TREATMENT PLANT;" and
WHEREAS., -it was ordered and directed by the aforesaid Ordinance No- 7411
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 elec-
tors 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 Mil-
lion, Six Hundred Thousand Dollars ($5,600,000 , to pro-
vide funds for the purpose of extending and improving
the sewerage system of said City, including the construe-
tion of a sewage treatment plant; said bonds to be pay-
able solely :,`:nom the revenues to be derived from the
operation of said system."
and
WHEIMS,'as directed by the aforesaid Ordinance No. 7411, the City Clerk
of said City did prepare and cause to be published in the Post-Tribune, a daily,
newspaper published and of general circulation in said City, a notice of said spec-
ial election in substantially the form as set forth in the aforesaid Ordinance;
said notice having been published in said newspaper on the 12th, 19th, and 26th days
of September, 1963, and on the 3rd day of October, 1963, and said notice having been
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published in said newspaper once a week for at least three (3) consecutive weeks
and on the came 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 with-
in two (2) weeks of the date of said special election; and
WIiT TEAS, the said special election was duly and legally held in said
City of Jefferson, Missouri, on the 8th day of October, 1963; and
VR EREAS, 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. 7+11; and
WIiEREAS, the judges and clerks of said election, following the closing
of the polls on the date of said election, did make out, certify, and transmit to
the City Council of said City of Jefferson the returns of said election; and
WI- � 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
did adopt a certain resolution entitled "A R1;SOLUTION micr iNG THE RESULT Or, �.��E
SPECIAL ELECTION HELD IN THE CITY Or JEFFERSON, COLE COUNTY, MISSOURI, ON OCTOBER 8,
1963," wherein it was found and declared that at said erection held on the 8th day
of October, 1963, a. total of four thousand, four hundred forty-one (4,441) votes
d been cast on the aforesaid Proposition, of which three thousand, four hundred
five (3,W5) votes were cast in favor of the aforesaid Proposition and one thousand,
thirty-six (1,036) votes were cast against the, same; and
WHMMS, 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 afore-
said special election by more than four-sevenths of the qualified electors of said
City voting on said Proposition; and
1,9-MREAS, the said City of Jefferson thereupon was fully authorized by
Section 250.010 et seq., Revised Statutes of Missouri, as aforesaid, to issue its
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negotiable interest-bearing revenue bonds in the amount of Five Million, Six Hundred
Thousand Dollars (:$51600,000) to provide funds for the purpose of extending and im-
proving the sewerage system of said City, including the construction of a sewage
treatment plant; and
jn ,�FAS, of the bonds authorized as aforesaid, bonds aggregating One Mil-
lion Dollars ($1,000,000), bearing date of March 1, 1961+, heretofore have been
issued, sold, and delivered; and
WEMU3AS) of the bonds authorized as aforesaid bonds aggregating One Mil-
lion Dollars (1,000,000), bearing date of August 1, 1965, heretofore have been
-issued., sold, and delivered; and
4 BEREAS, of the bonds authorized as aforesaid, bonds aggregating One Mil-
lion Dollars (1,000,000), bearing date of September 1, 196?, heretofore have, been
issued, sold, and delivered; and
W 0M- S, of the bonds authorized as aforesaid, bonds aggregating One Mil-
lion, Five Hundred Thousand Dollars ($1,500,000), bearing date of December. 1, 1968,
heretofore have been issued, sold and delivered; and
WI - S, 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 Five Hun-
dred Thousand Dollars (:$500,000) in principal amount, of the aforesaid authorized
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 discre-
tion of the Council, to issue the remaining Six Hundred Thousand Dollars ($600,000)
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 de
termine that it is necessary and advisable and in the public interest that bonds of
said City in the principal amount of Five Hundred Thousand 'Dollars ($500,000) be
issued forthwith as authorized at the aforesaid special election, and as herein-
after provided:
NOW, TIICREFOREI EE IT ORDAINED BY THE COUNCIL OF TIM, CITY OF JE2MSONO
COLE COUNTY, MISSOURI, AS FOLLOWS:
F s
SECTION I. That the negotiable interest-bearing revenue bonds of the City
of J'c,('.Cerrscm, Cole County) Mincouri, be and the same are hereby authorized, ordered#
and dira cted to be issued in the principal sum of Five IIundred Thousand Dollars
($500,000), being; part of an authorized issue of Five Million, Six Hundred nioue-
and Dollars ($51600,000), to provide funds for the purpose of extending and improv-
ing the .sewerage system of said City, including the construction of a sewage treat-
mcnt 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
Qlssouri,, and pursuant to and in accordance with the authority of a special election
held in said City on the 8th day of October, 1963, as set forth in the preamble to
this Ordinance.
SECTION 2. That the aforesaid bonds shall bear date of December 1, 1970,
and shall bear interest from the date thereof at the rates per annum hereinafter
set forth, payable March `l, 1971, 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 matur-
ity dates thereof shall be payable upon presentation and surrender of interest cou-
pons to be attached to said bonds. The said bonds shall be payablel both as to
• incipal and interest, in lawful money of the United States of America at the
Merchants-Produce Bank , in the City of
Kansas City , State of Missouri The said bonds shall be of the de-
nomination of five Thousand Dollars ($5,000) each, shall be numbered, shall bear
interest at the rates per annum, and shall mature in the amounts and at the tines
following, to-wit:
6.
RATE Or MA'.P ITY
BOND NUMBERS INTEREST AMOUNT March 1
1
6-3116 $ 5.'000 1971
2 6-3/ 51000 1972
6-3/4% 51000 1973
3 6-3/4% 5,000 1974,
5 6-3/4% 5,000 1975
6 6-3 5,000 1976
lE^, 100000 1977
-3
7 and 8 6-3 1�! 100000 1978
;1 and 10 6 /
11 and 12 6-3/4% 10,000--- 1979 "
13 and 14 6-3/4% 10,000 1980
15 and 16 6-3/4°fo 100000 1981
17 and 18 6-1/2% 10,000 1982
19 and 20 6-1/2°fo 10,000 1983
21 and 22 6-1/2°/v 10"000 1984
23 to 25, Inclusive 6-1/27A 15,000 1985
26 to 28 " 6-3/1E% 15,000 1986
29 to 31 6-3/4% 15,000 1987
32 to 35 6-3 200000 1988
36 t0 39 6-3/4% 20,000 1989
40 to 11.3 " 6-3/4% 20,000- 1990
4 to 52" 6-7/4% 20,000 1991
4
25,000 1992
53 t0 57 7% 25,000 1993
58 to 62 7% 25,000 1994
63 to 68 7% 30,000 1995
69 to 74 76f 30,000 1996 to 80 0
81 to 86 7% 30,000 1998
87 t0 93 7% 35,000 1999
94 to 100 " 7%,. 35,000 2000
Bonds maturing March 1, 1982 and thereafter may be called in, paid, and
redeemed on March 1, 1981, or on any interest payment date thereafter, in the inverse
order of their numbers, at par and accrued interest, plus a premium of one-fourth
0 one per centum (1/4 of to of the principal amount of said bond for each o
p ( / %) p p s r a year r
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 exceed 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
ARA
AIR 1 111 11 111 I_
Aft
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} not lass than thirty (30) days in advance of the date set for the redemption of
said bonds, or any of them. Interest shall cease on any bonds so called for redemp-
tion from and after the date fixed for the payment thereof, provided that funds
shall be available for such payment on such date.
SECTION 3. That the said bonds shall be executed by the facsimile sig-
nature of the Mayor of said City, under the corporate seal of said City, attested
by 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 sub-
ntially the following forms, to-wit:
UNITED STATES OF .AFRICA
STATE OF MISSOURI
COUNTY OF COLE
CITY OF JEF MRSON
p •
SEWER RE , BOND OF 1970
.No. $5,000
The City of Jefferson, a municipal corporation in the County of Cole,
State of Missouri, acknowledges itself indebted and, for value received, hereby
omises to pay to bearar, solely from the revenues to be derived by said City from
the operation of its sewerage system, as hereinafter provided, the sum of
FIVE THOUSAND DOLLARS
($51000) on the first day of March, , together with interest thereon from
the date hereof at the ,rate of per centum ( �)
per annum, payable March 1, 1971, 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 pre-
sentation and surrender of the interest coupons hereto attached as they severally
become due.
f
Brith principal of and interact on this bond are payable in lawful money
of the United States of .America at the Merchants-Produce Bank
in the City of Kansas City , State of Missouri
The riUht is reserved unto said City to call in, pay, and redeem bonds
ntuubared from Seventeen (i() to One Ilundred (100), both inclusive, of the issue of
which this Mond is one, on March 1, 1981, or on any interest payment date there-
after, in the inverse order of their numbers, at par and accrued interest, plus a
premium of one-fourth of one per centum (1/4 of i�) of the principal amount thereof
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
Vent to exceed : 125.00 per bond; provided, further, that said bonds shall be re-
deemable without a premium on March 1, 1991, or on any interest payment date there-
after. Notice 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 prior to the date set for the redemption thereof. Interest shall
cease on any bond so called for redemption from and after the date so fixed for the
payment and redemption thereof, provided tiia•t funds are available for such redemp-
tion on the date so set for such redemption.
This bond is one of a series of one hundred (100) bonds, numbered from
One (1) to One Hundred (100), both inclusive, of like date, tenor, and effect, ex-
t as to rate of interest, date of maturity, and provision fox redemption prior
to maturity, as hereinabove set forth, ar;g`+-egating the principal sum of rive Hundred
Thousand Dollars ($500,000), of rive Million, Six Hundred Thousand Dollars
Mi600,000) authorized, issued to provide funds for the purpose of extending and
improving the sewerage system of said City, including the construction of a sewage
treatment plant to be owned exclusively by said City, and is issued pursuant to the
Constitution and paws of the State of Missouri, including Section 250.010 et seq.,
Revised Statutes of Missouri, and pursuant to an Ordinance of the City of Jefferson,
and with the approval of four-eevenths of the qualified electors of said City voting
at a special election held on the 8th day of October, 1963- This bond does not con-
tute an indebtedness of said City within the meaning of any constitutional or
9.
statutory limitation or provision, and the taxing power of said City is not pled-
god to the payment hereof, either as to principal or interest.
The City of Jefferson covenants and aLXecs that it will apply the proceeds
of the 3.ssue 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 inter-
est coupons thereto attached are outtstandinal it will operate and maintain its
sewerage 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
the principal of and the interest on said bonds as the same shall. mature and ac-
rue 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 purpose.
It is hereby certified, recited, and declared that all acts, conditions,
and things required to exist, to happen, and to be performed precedent to and in
the issuance of this bond and of the series of which it is one, in order to make
e same legal and binding obligations of' said City according to the terms thereof,
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 full faith of the City of Jefferson
is hereby irrevocably pledged.
IN TESTIMONY 1, OF, the City of Jefferson, Missouri, acting by and
.tLrough its City Council, has caused this bond to be executed by the facsimile sig-
i;
#: 10.
vpt�p3
'z nature of the Mayor of said City, under the corporate seal of said City, attested
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by the iminual ait;nnture of the City Clerk, and has caused the interest coupons
hereto annexed to be executed by the facsimile signature of said City Clerk and
this bond to be dated the first day of December, 1970.
CITY OF JE� # SON, MISSOURI
By
Mayor
Attest:
City Clerk
(FORM OF nUMST COUPONS TO BE ATTACHED TO
BONDS NUMBERED l TO 16, INCLUSIVE)
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 shoran on this coupon at. the Merchants-Produce Bank ,
in the City of Kansas City , State of Missouri , being interest due that
date on- its Sewer Revenue Bond of 1970, dated December 1, 1970, and numbered �.
CITY OF JEFFERSON, MISSOURI
By
City Clerk
(FORM OF INTEREST COUPONS TO BE ATTACHED TO
BONDS NUMBERED 17 TO 100, INCLUSM)
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
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
11.
at the Merchants-Produce Bank , in the City of
Kansas City , State of Missouri. � being interest due that date on its Sewer
Revenue Bond of 1970, dated December 1, 19'(0, and numbered .
CITY Or' JEUMERSON., MISSOURI
By
City Clerk
Interest coupons attached to said bonds shall be payable in the follow-
ing amounts:
Coupons due Subsequent Semi-
Bond Numbers March 111271 annual CoUons
1 to 16, Incl. $84.38 $168.75
17 to 25, " 81.25 162.50
26 to 47, '► 84.38 168.75
' 48 to loo, " 87.50 175.00
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 de-
rived by the City of Jefferson from the operation of the sewerage system of said
City. No bond issued hereunder shall constitute an indebtedness of said City with-
in the meaning of any constitutional or statutory restriction, Limitation, or pro-
vision, and the taxing power of said City is not pledged to the payment of any of
. 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
sewerage system of the City of Jefferson shall be set aside as collected and shall
be deposited in a fund heretofore created and designated the "SEWER REVMM RMY
of the City of Jefferson.
SECTION 7. That sums in the Sewer Revenue Fund shall be aside for,
allocated to, and deposited in the following accounts, heretofore created, by the
City Treasurer of the City of Jefferson, without further direction of or action by
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If' 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
the bonds authorized hereby, or the interest coupons attached thereto, shall remain
outstanding and unpaid; provided, however, that such allocation to and deposit in
the Operation and Maintenance Account, heretofore provided for, may b�: made in semi-
monthly installments:
(1) Into an account designated the "SEWER OPERATION AND MAIN-
TENMCE ACCOUNT" there shall be deposited a sum sufficient 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 ACCOUNT"
-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, 1968, 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.
(3) Into an account designated the "SEWER CONTINGENT ACCOUNT"
there shall be deposited for Each month the sum of Two Hundred
Fifty Dollars (42 50) until the sum of Twenty-five Thousand Dol-
lars ($25,000) shall have been accumulated in said Account.
When and as Long as said amount -shall be on deposit in said Ac-
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 meet emergencies arising
from the operation and maintenance of the aforesaid sewer sys-
tem as may be necessary from time to time for the continued
effective and efficient cpera,tion of the sewer system.
(4) Into an account designated the "SEWER DEPRECIATION ACCOUNT"
there shall, be deposited for each month the stun of Five Hundred
Dollars ($500) until the sum of fifty Thousand Dollars ($50.,000)
shall have been accumulated in said Account. When 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 monthly
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 sever system as may be necessary from time
to time for the continued effective and efficient operation of
the said system.
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(5) into an account designated the "SE4 �, REVENUE BOND RESEtV>;
. ACCOUNT" there: shall be deposited for each month the sum of
Four Thousand, rive Hundred Dollars (:)) )500) until the sum of
Three I•Iundred 31ifteen Thousand Dollars ($315,000) shall have
been accumulatod in said Account. When and 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 for any cause, including payments therefrom made in ac-
cordance with this Ordinance, then such monthly deposits shall
be resumed until said Account shall be restored. Sums in said
Account shall be expended only to pay bonds at maturity or in-
terest as it accrues when and to the extent that other funds
are not available for that purpose.
(6) Into an account designated the "SL'M RE-HABILITATION AC-
COUNT" there shall be deposited beginning as of January 1, 1966,
and on the first day of each month thereafter to and including
December 1, 1975, the sum of Two Thousand, Five Hundred Dollars
(,j2,500) . Suns 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 Sewer Revenue Fund after malt-
ing 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 En-
gineers as having been completed according to plan and paid for.
Thereafter any surplus shall be deposited in the Sewer Revenue
Bond Reserve Account until such time as the sum of Three Hundred ,
Fifteen Thousand Dollars (:315,000) is on deposit. Thereafter
such surplus shall be deposited in the Sewer Contingent Account
until such time as the sum of Twenty-five Thousand Dollars
($25,000) is on deposit. Thereafter such surplus shall be de-
posited in the Sewer -Depreciation Account until such time as the
sum of Fifty Thousand Dollars ($50,000) is on deposit. After
these accounts have on deposit the specified maximum, the sur-
plus may be allocated by order of the Council of the City of
Jefferson from time to time as follows:
(a) Into an accoilnt designated the "SEWER EXTEN-
SION AND R4PRO -:NT ACCOUNT" an amount not to exceed
fifty per centum (509) of the surplus. These funds
are to be used for construction of extensions and
improvements to the system.
(b) Into an account designated the "SEWER REVENUE
BOND IEMPTION ACCOUNT" the remainder of the sur-
plus to be used for the redemption of sewer revenue
bonds prior to their maturity.
Provided, 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), (I+), (6), 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-
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SECTION 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-
ments 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 Sewer Revenue Bond Account, the Sewer Revenue Bond Reserve Account, and the
Sewer Revenue Bona Redemption Account, together, shall equal the principal amount
of all outstanding bonds, plus the amount of all interest due thereon until the
respective maturity dates of all such bonds, then no further deposits need be made
o said Accounts. Except as herein otherwise expressly provided, all sums in the
u'und and Accounts created by Sections 6, 7 and 15 hereof shall be kept on deposit
in a bank which is a member or banks which are members of the Federal Deposit In-
surance Corporation-and at all times shall be continuously secured as provided by
the Laws of the State of Missouri for other funds of said City; or, in the discre-
tion of the City Council, may be invested in bonds or other obligations of the
United Staten of America maturing or being redeemable at par at or prior to the
time when such sums may be required for use. under the terms of this Ordinance.
SECTION 9. That the City of Jefferson covenants and agrees with the hold-
, '
er 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
pest to the fixing, maintaining, and collecting of the rates, fees, and charges
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 mat-
ters 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 bonds herein authorized to be
issued, as the same shall mature and accrue.
Said City further covenants with the holders of said bonds as follows:
(a) That the sewer system of the City of Jefferson shall be
improved and extended in accordance with plans and specifica-
tions therefor heretofore adopted by the City Council of said
City and now on file in the office of the City Clerk.
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(b) That, as long as any of the bonds or interest coupons
authorized by this Ordinance are outstanding and unpaid, it
t 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 cou-
pons pertaining thereto remain outstanding and unpaid, the
said City will fix and maintain 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 system, to pay the principal of and the interest on all
revenue bonds or other obligations issued by said City charge-
able to the revenues of said system, and to provide ample
funds to meet all requirements of this ,Ordinance.
(d) That, as long as any of said bonds or interest coupons
shall remain outstanding and unpaid, the said City shall carry
and maintain all-risk insurance upon all the properties form-
ing a part of said sewer system which may be of an insurable
nature; such insurance to be of the type and kind and for such
amount or amounts as carried and maintained by similar munici-
palities. The proceeds of all such insurance shall be used
only for the maintenance and restoration of said system, for
the payment of the principal of and the interest on the bonds
authorized to be issued by this Ordinance, or as herein per-
mitted.
(e) That said City shall set up and maintain a proper system
of accounts showing the amount of revenue received from the
sewer system and the application of such revenues. Such ac-
counts shall be separate and distinct from the other accounts
of said City and, at least once a year, shall be properly
audited by certified public accountants. %be 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 each 'fiscal
year, including a statement of the amount on hand
at the end of the fiscal year in each of the Ac-
counts created by Section 7 of this Ordinance.
(�) A statement of the number of customers served
by the said system at the beginning and the ending
of the fiscal year.
A statement of the amount and character of
insurance carried on the properties of the said
system, and of the names of the insurers arid of
the expiration dates of the several policies; and
(5) Such comments regarding the method of operation
and accounting practices as the auditor may deem
desirable.
16.
(f) That any holder or holders or any purchaser of not less
ct. than twenty-five per centum (25N) in principal amount of said
bonds then outstanding shall be permitted, at all reasonable
times, to inspect said sewer system and all records, accounts,
and data relating thereto.
(g) That any holder or holders or any purchaser of not less
than twenty-five per centum (251%) in principal amount of said
bonds then outstanding; shall be furnished all data and infor-
mation relating to said sewer system which may be reasonably
requested.
(h) That, as long as any of the said bonds or the coupons per-
taining thereto shall remain outstanding and unpaid, the said
City shall not sell, lease, loan, mortfage, pledge, or other-
wise encumber or in any manner dispose of said sewer system,
or any revenue-producing part thereof, unless the bonds author-
ized hereby shall have been paid in frill, both as to principal
and interest, or unless adequate provision shall have been
made which shall assure the full payment of said bonds and the
interest thereon to maturity in full, according to their terms.
SECTION 10. That, from and after the issuance of the Five Million,, Six
Hundred 0-iousand Dollars ($5,600,000) bond; authorized at and by the aforesaid elec-
tion held on October 8, 1963, or so much thereof as may be necessary, no additional
bonds shall be issued or obligations incurred by said City which are in whole or in
part payable from or chargeable to the revenues deri,,red or to be derived from the
operation of said sewer system (except obligations incurred in the operation and
maintenance thereof), unless such additional bonds or obligations are in all res-
pects ,junior and subordinate to the bonds authorized hereby; provided, however, in
the event that the average annual revenues derived from the operation of said
Ower system for the two (2) then next preceding fiscal years shall be equal to or
exceed the sum of the following:
(a) An amount equal to the average annual operation and main-
tenance expenses for the last two fiscal years, plus
(b) The annual amount, if any, required during the last fis-
cal year to maintain the Contingent Account, plus
(c) The annual amount, if any, required during the last year
to maintain the Bond Reserve Account, plus
(d) One hundred thirty-five per centum (135%) of the average
amount which 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.
Then, and in these events, additional bonds or other obligations may be issued on
parity with the bonds authorized by and issued under this Ordinance.
Ash
AIL
The reatrictiono upon the issuance of additional bonds or other obliga-
tions set out in this Section shall not apply to the issuance of the remaining
bonds of tlic -$5,600,000 isauo authorized at the aforesaid election held October 8,
1963, and shall not apply in the following circumstances and in such circumstances
only:
(1) That the sever system of the City of Jefferson here-
after should be destroyed or damaged by disaster to such
an extent that it cannot be operated;
(2) That all funds 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 atain be operated, such cost of such restoration -to
be determined by the estimate of a reputable and competent
engineer or engineering firm or corporation selected by
the City, which estimate shall be based upon plans and
specifications for the restoration of the system prepared
for that purpose; and
�3) That' the holders of at least sixty-five per centum
65%) of the principal amount of the bonds authorized by
this Ordinance then outstanding shall give written consent
to the issuance of additional bonds on a parity with the
bonds authorized hereby and shall file such written con-
centc with the City Clerk of the City of Jefferson, such
consents being acknowledged before a notary public and
stating the precise amount of additional bonds which may
be issued.
Upon the occurrence of all the circumstances above set out, additional bonds may
be iacued aol.ely for the purpose of paying the cost of restoring the sewer system
to reasonable working order in an amount not greater than the amount stated in the
Wasents 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 expen-
ditures of the aewor system of ,the City for the then ensuing fiscal year. This
budget shall contain:
(a) An estimate of the receipts expected to be derived .from
the operation of the system;
(b) A statement of the estimated cost of operating such sys-
tem during the next-ensuing fiscal year;
(c) A statement of any unusual and extraordinary expenses of
operation or maintenance which might be reasonably anticipated
and an estimate of the cost thereof;
18.
Amh
°rt (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
} the ensuing year on the bonds authorized hereby then outstand-
ing;
(f) A statement of the principal of such bonds which will be-
come due absolutely by their terms during the next-ensuing
fiscal year;
(g) A statement of the total amount anticipated to be payable
from the 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.
SECTION 12. 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 interest 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 manner except upon consent of the holder or holders of seventy-
five per centum (75%) in principal amount of all of said bonds then outstanding.
Such consent 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
or be accompanied by. proof of oianership of the bond or bonds concerning which such
consent is given and shall be filed in the office of the City Cleric of said City
Jefferson and shall be a public record; provided, however, that no such modifi-
cation 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, without the a};press consent of the holder of such bond; nor reduce the
percentage of bonds required for the aff:ixmative vote or written consent to a modi-
fication or alteration; nor alter or :impair the covenants set forth in Section 9
this Ordinance. Any and all modifications or alterations made in the manner here-
inabove provided shall not become effective until there shall have been filed with
the said City Clerk proof of the consent to such modification or alteration by the
�kvf
19.
holder or holders of sovonty-five per centum (7W in principal amount of all bonds
then outstanding.
SECTION 13. The holder of any bond authorized hereby or of any coupon
represontina interact accrued thereon, by a civil action either at law or in equity,
a
' by mandamus, injunction) or otherwise, may compel the City of Jefferson or the offi-
cials thereof or any successors thereto to perform all duties imposed upon said
City by the provisions of this Ordinance or otherwise imposed by law, including 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-
Yl of the revenues derived from said system, the payment of any bonds chargeable
to the revenues of said system or the interest thereon, and the performance of any
covenant set out in this Ordinance.
Such suit or action at law or in equity shall lie, regardless of whether
or not any bond or the interest thereon shall be 'in default at the time of the fil-
ing of such 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 Sys-
n.
+ECTION 15. That the principal proceeds derived from the sale of said
bonds hereby authorized shall be deposited in a separate account hereby created and
designated "SEWt CONSTRUCTION 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 proceeds 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
;r
k done is or the materials furnished are in accordance with the contract therefor
(if such work is done or such.materials are furnished under a contract) or that
such work is or that such materials are suitable for the purpose (if such payments
+
Pill
20.
*re not covered by an express contract); and (e) that the amount of such payment
i
is in accordance with the contract or is reasonable. Nothing herein shall be con-
strued to prohibit the payment without such a certificate of the' expenses neces-
sarily 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 Suction
shall not include any sum representing accrued interest received upon delivery of
said bonds or any sum representing premium received upon delivery of said bonds.
Any sum so received as a premium and any sum so received as accrued interest shall
be deposited in the "Sewer Revenue Bond Account" created under paragraph (2) of
Section 7 of this Ordinance.
SECTION 16. That, at least five days prior to March 1 and September 1
of each year, the City Treasurer shall remit to the paying agent designated herein
the sums then due as principal or interest or both principal and interesth, 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 respon-
sibility 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 Para&Taph (1) of Section. 7 of this Ordinance.
SECTION l7. That when the bonds authorized hereby shall have been pre-
pared and executed they-shall be lodged with °the City Treasurer., who shall deliver
hem 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, here-
after to issue and sell all or any part of the remaining Six Hundred Thousand Dol-
Lars (5600,000) 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 bondo issued hereunder as ,provided hereinbefore in Section 10.
t'
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.
f •
SECTION 20. That all ordinances or resolutions, or parts thereof, in
conflict with this Ordinance, to the extent of such conflict only, are hereby re-
pealed.
SECTION 21. That this Ordinance shall be in force and take effect from
and after its passage and approval.
Passed this day -.3f
or and Ex--Officio—IiWident
of the Council
est:
C ity C lerk
Approved this9 ay of , 70.
Mayor
Attest:
WJMUNWP
City Clerk
197
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