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HomeMy Public PortalAboutORD07752 • � 1 ORDINANCE NO. AN ORDINANCE DIRECTING THE ISSUANCE OF PUBLIC IMPROVE- MENT BONDS OF THE CITY OF JEFFUSON, COLE COUNTY,, MISSOURI, IN THE PRINCIPAL AMOUNT OF EIGHT HUNDRED TWENTY-FM THOUSAND DOLLARS ($825,000), AUTHORIZED • AT A SPECIAL ELECTION HELD IN SAID CITY ON THE 5th DAY OF NOVEMBER, 1957; SETTING OUT THE FORM OF SAID BONDS AND THE INTEREST COUPONS TO BE ATTACHED T WTO, DETERMINING THE RATES OF INTEREST, MATURITIESa AND PLACE OF PAYMENT THFMOF; AND PROVIDING FOR THE LEVY OF AN ANNUAL TAX SUFFICIENT TO PAY THE IN MMT ON SAID BONDS AS IT ACCRUES AND TO PAY THE PRINCIPAL THEREOF AT MATURITY. WHEREAS, the City Council of the City of Jefferson, Cole County, Missouri, by Ordinance No. 6522, duly and regularly adopted at a meeting of said City Council held on the 9th day of September, 1957, and approved by the Mayor of said City on the 12th day of September, 1957, did direct that a special election be held in said City on Tuesday, the 5th day of November, 1957, for the purpose of submitting to the qualified electors of said City the following proposition:' PROPOSITION NO. 1 Proposition to issue the general obligation bonds of the City of Jefferson, Cole County, Missouri, to the amount of Two Million, Two Hundred Twenty-five Thousand Dollars ($2,225,000) to provide funds for the purpose of creating, opening, and improving public streets in said City and to pay one-half the cost of acquiring rights of way for streets designated as expressways, all the remainder of the cost of such rights of way and all the cost of constructing and maintaining such expressways to be paid from State and Federal funds. and SEAS, said Ordinance did direct that the said election be held in e.11 of the Wards of said City and at the polling places designated in the aforesaid Ordinance No. 65221 and WHKMAS., due and regular notice of the aforesaid election was given as directed by said Ordinance and as required by law, by publication in The Post-Tribune, on the 11th, 18th, and 25th days of October, 1957, and on the let day of November, 1957; said The Post-Tribune being a daily newspaper published and of general cir- culation in the City of Jefferson, and said newspaper having been previously ad- witted to the Post Office in said City as second class matter and having been pub- 2. to the first publication of said no•4ice, and said newspaper having a list of bona fide subscribers voluntarily engaged as such, Who have paid or agreed to pay a stated price for subscriptions thereto for a definite period of time; and WHEREAS, said notice was published in said newspaper once a week for four (4) consecutive weeks prior to the date of said election, the first of said publi- cations in said newspaper having occurred at least twenty-one (21) days before the date of said election and the last of said publications in said newspaper having occurred within two (2) weeks of the date of said election; and WHEREAS, this City Council did appoint judges and clerks of said election and did mare provision for the use thereat of ballots in the form provided by law; and WHEREAS, the ballot used at said special election was in substantially the form set out in the aforesaid Ordinance No. 6522; and WHEREAS, said election was duly and regularly held in all respects as required by the Statutes of Missouri; and WHEREAS, the judges and clerks of said election,, il=ediately upon the, closing of the polls on said 5th day of November, 1957, did make out, certify, and transmit to this City Council, through the City Clerk, the returns of said election; and WHEREAS.. the said City Clerk, on the 2nd day of December, 1957, did trans- mit said returns of said election to this City Council; and WHEREAS, this City Council on the 2nd day of December 1957 did canvass the returns and did then find and determine and does now again find and determine that there were cast on the aforesaid Proposition No. 1 an aggregate of six thousand, five hundred nineteen (6,519) votes, of which four thousand, seven hundred seventy (4,770) votes were in favor of the aforesaid Proposition No. 1 and one thousand, seven hundred forty-nine (1,7+9) votes were against the aforesaid Proposition No. l; and WHEREAS, the aforesaid Proposition No. 1, therefore, was assented to by a majority of more than two-thirds of the qualified electors of said City voting thereon at said election; and 3• WHEREAS, the assessed valuation of taxable, tangible property within the corporate limits of the City of Jefferson, as ascertained by the assessment for state and county purposes made as of January 1, 1956, and being; the last completed assessment made prior to -the 5th day of November, 1957, was as follows: Real Estate . . . . . . . . . . . . . . $25.,653,310 Tangible Personal Property . . . . . , . . . . 4,$37,365 Merchants and Manufacturers . . . . . 1,980,549 Railroad, Telegraph, Telephone, and Utility Properties 1,460,947 TOTAL . $331932P171 and WHEREAS, the City of Jefferson, Missouri, on the date of said election, to-wit: on the 5th day of November, 1957, had the following outstanding bonded in- debtedness: * AMOUNT DATE OF ISSUE PURPOSE OUTSTANDING July 1, 1940 Fire Equipment $ 3,000 September 1, 1944 Airport 135,000 August 1, 1946 Street Improvement 107,000 February 1, 1948 Bridge 142,000 February 1, 1948 Public Park 132,000 { June 1, 1951 Fire Equipment 13,000 ? November 1, 1953 Airport Improvement 402000 November 1, 1953 Street Improvement 94,000 !I May 1, 1956 Fire Equipment 45,000 i( TOTAL . • . . • . $ 711,000 and on said date had no other indebtedness outstanding, either bonded or floating; and i t WHOWEAS, the aggregate amount of bonds authorized at said election, to-wit: Two Million, Nine Hundred Seventy-five Thousand Dollars ($2,975,OOO), together with i all other indebtedness of said City, did not on said 5th day of November, 1957, and does not now exceed any limit of, indebtedness prescribed under the Constitution and haws of the State of Missouri; and WHEREAS, the City Council of the City of Jefferson has been authorized to issue bonds of said City in the amount and for the purpose aforesaid; and WHEREAS,, there heretofore have been issued, sold and delivered One Million, Four Hundred Thousand Dollars ($1,400,000) of the Two Million, Two Hundred Twenty-five Thousand Dollars ($2,225,000) bonds authorized under the aforesaid Proposition No. 1; and 11. WHEREAS., the City Council, has found and determined that it is advisable at this time to issue the remaining Eight Hundred Twenty-five Thousand Dollars ($825,000) of the bonds authorized under the aforesaid Proposition No. 1; and a S, pursuant to notice given as directed by the Council, bids for the aforesaid Eight Hundred Twenty-five Thousand Dollars ($825)000) Public Improvement Bonds authorized under Proposition No. 1 at the aforesaid special election held on the 5th day of November, 1957, were received on the 21st day of February, 1966, at e which time the said bonds were awarded and sold to the highest and best bidder therefor; and WHEREAS, the successful bidder for said bonds has requested that said bonds be made payable as to principal and interest at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri, and that said bonds be issued in the denomination of Five Thousand Dollars ($5,000) each; and , this Council does now find and determine that the aforesaid re- quest should be approved; and ' WHEREAS this Council does now find and determine that it is necessary ' and desirable at this time to direct the issuance of said bonds: i . NOW., THEREFORE., BE IT ORDAINED BY THE COUNCIL OF THE CITY OF JEF7!ERSOINy COLE COUNTY., MISSOURI., AS FOLLOWS: SECTION 1. That there are hereby authorized and ordered to be prepared and issued the remaining Eight Hundred Twenty-five Thousand Dollars ($825,000) of the Two Million., Two Hundred Twenty-five Thousand Dollars ($2,225,000) of bonds authorized to be issued for the purpose of creating, opening, and improving public streets in said City and to pay one-half the cost of acquiring rights of way for streets designated as expressways, all the remainder of the cost of such rights of way and all the cost of constructing and maintaining such expressways to be paid from State and Federal funds. Said bonds shall be of the denomination of Five r Thousand Dollars ($5.,000) each; shall be numbered from One (1) to One Hundred Sixty-five (165)., both inclusive; shall bear date of February 1, 1966; and shall bear interest from the date thereof at the rate of three and sixty one-hundredths per centum (3.60%) per annum, payable November 1., 1966, and semi-annually thereafter I 5• on May 1. and November l in each year until the principal of said bonds, respectively, shall have been fully paid. Interest accruing on said bonds on and prior to the Maturity dates thereof shall be payable upon presentation and surrender of the inter- est coupons to be attached to said bonds. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri. The said bonds shall be executed by the facsimile signature of the Mayor of said City, under the 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, and said bonds shall mature, without option of prior payment, in the amounts and at the times hereinafter set out, as follows: MATURITY BOND NUMBERS AMOUNT 1 to 16, Inclusive $ 80,000 1979 17 to 32 " 80,000 1980 33 to 62 " 150,000 1981 63 to 96 " 170,000 1982 97 to 130 „ 170,000 1983 131 to 165 " 175,000 198+ SECTION 2. That the said bonds and the interest coupons evidencing the !: interest to accrue thereon shall be in substantially the following form, to-wit: 1, jUNITED STA`T'ES OF AMERICA. STA'T'E OF MISSOURI t.. COT= OF COLE CITY OF JEFFERSON 3.60% PiMBLIC IMPROVEMENT BOND No. $5,000 The City of Jefferson, Cole County, Missouri, acknowledges itself indebted and, for value received, hereby promises to pay to bearer the sum of FIVE THOUSAND DOLLARS 5 , v y f (5,000) on the first day of Msy, 19�, with interest thereon from the date hereof at the rate of three and sixty one-hundredths per centum (3.60%) per annum, payable November 1, 1966, and semi-annually thereafter on May 1 and November 1 in each year until the principal hereof shall have been fully paid. Interest accruing on this bond on and prior to the maturity date hereof shall be payable upon presentation and surrender of the attached coupons as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri, and for the prompt payment of this bond and the interest thereon as and when the same matures and accrues, the full faith, credit, and resources of the City of Jefferson, Cole County, Missouri, are' hereby irrevocably pledged. This bond is one of a series of one hundred sixty-five (165) bonds of like date, tenor, and effect, except as to number and date of maturity, numbered from One (1) to One Hundred Sixty-five (165), both inclusive, aggregating the sum of Hight Hundred Twenty-rive Thousand Dollars ($825,000), being the remainder of Two Million, Two Hundred Twenty-five Thousand Dollars (2,225,000) of bonds author- izdd to be issued by the City of Jefferson, Missouri, to provide funds for the pur- pose of creating, opening, and improving public streets in said City and to pay one-half the cost of acquiring rights of way for streets designated as expressways, a.11 the remainder of the cost of such rights of wary' and all the cost of construct- ing and maintaining such expressways to be paid from State and Federal Rinds, under authority of the Constitution and Laws of the State of Missouri and of an election duly called and held in said City on the 5th day of November, 1957, whereat more than two-thirds of the votes cast were in favor of the issuance of this bond and of the issue of which this bond is one, and by further authority of ordinances du3,y adopted by the City Council of said City. It is hereby certified and recited that all acts, conditions, and things required to be done, precedent to and in the 46ssuance of this bond, have been done, have happened, and have been performed in regular and due time, form, and manner, . J- T# w• that a direct continuing annual. tax upon all of the taxable, as required by la , , g tangible property in said City has been levied for the payment of the principal of and the interest on this bond; and that the total indebtedness of said City.. includ- ing this bond and the issue of which it is one, does not exceed any statutory or 1 constitutional limit. IN TESTI2,10NY Z+IEWOF, the City of Jefferson, in the State of Missouri, has executed this bond by causing it to be signed by the facsimile signature of the Mayor of said City., under the seal of said City, attested by the manual signature of f the City Clerk., and has caused the annexed-interest coupons to be executed by the facsimile signature of said City Clerk., and this bond to be dated February l.. 1966. i CITY OF:JEFFERSON.. MISSOURI By Mayor Attest: { City Clerk (FORM OF INTEREST COUPON) i No. i i On the first day of November., 19 , the City of Jefferson, Cole County, Missouri, promises to pay to bearer the amount shown on this coupon in lawful money f f . of the United States of America at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri., being interest due that date on its I . Public Improvement Bo nd dated Feb ruary 1, 1 9 66, a nd numb ere d `�. CITY OF JEFFERSON.. MISSOURI �Y City Clerk 1 The interest coupons due November 1, 1966., shall. be payab Le in the amount of $135.00 each. All subsequent semi-annual interest coupons shaL1 be payable in the amount of $90.00 each. . f 8. SECTION 3. That, when the said bonds shall have been executed as herein- before direcied, they shall be presented to the State Auditor of Missouri for registration, and each of said bonds shall have endorsed upon the reverse thereof a registration certificate of said State Auditor in substantially the following form, to-wit: STATE OF MISSOURI ) SS C= OF 47EFF3 SON ) I, xAMtFU HOIMN, State Auditor of Missouri, do hereby certify that all the conditions of the Laws of the State of Missouri have been complied with in the issuance of the within bond, and that all the conditions of the contract under which it was ordered to be issued have been complied with, and that the evidence thereof is on file in my office; and I further certify that this bond has been duly regis- tered in my office in compliance with the Laws of the State of Missouri. IN TESTIMONY WSERWF, I have hereunto set my hand and affixed the seal of my office in the City of Jefferson, Missouri, -this day of , 1966. State Auditor By Deputy Stat6 Auditor SECTION 4. That, for the purpose of providing for the payment of the principal of and the interest on said bonds as the same shall respectively mature and accrue, there shall be and there is hereby levied a direct, continuing annual tax upon all of the taxable, tangible property within the said City of Jefferson, sufficient, after due allowance shall have been made for the expenses of collection and delinquencies in the payment of taxes, to produce in each of the years 1966 to 1984, inclusive, the following sums for principal and interest, respectively: 9• M AM IN THE YEAR FOR THE YEAR FOR MIRCIPAL FOR INTEREST TOTAL 1966 1966-1967 $ 51,975 $ 54975 1967 1968 2-9,700 29,700 1966 1969 29:700 29,700 1969 1970 29,700 29,700 1970 1971 29,700 29,700 1971 1972 29,700 29,700 1972 1973 29,700 29,700 1973 197+ 29,700 29,700 1974 1975 29,700 29,700 1975 1976 29,700 29,700 1976 1977 29,700 29,700 1977 1978 29,700 29,700 1978 1979 $ 8o,000 28,260 108,26o 1979 1980 80,000 25,380 105,380 1980 1981 150,000 21,2+0 1719240 1981 1982 170,000 15,48o 185,48o 1,982 1983 170,000 9,360 179,360 1983 198+ 175,-000 ' 3,150 178,150 And provision to meet the requirements of this Ordinance shall be made annually in due time: manner, and season. SECTION 5. That the said tax shall be extended upon the tax rolls and collected in the same manner and at the same time as other City taxes are collected, and the proceeds derived from the collection of such tax shall be credited to a fund heretofore created and designated the "Public Improvement Bonds of 1958 Interest and Sinking Fund", end shall be used exclusive4 for the purposes herein required. i SECTION 6. That, in order to make provision for the payment of interest which will accrue on said bonds on November 1, 1966, and prior to the time when the first tax herein provided for can be levied and collected, there shall be and there is hereby appropriated out of the aforesaid Interest and Sinking Fund of said City the sum of $22,275, which said sum shall be restored to the aforesaid Fund out j . of the first moneys collected on account of the tax herein levied. SECTION 7. That the Mayor and the City Clerk are hereby authorized and directed to cause the bonds herein described to be prepared and to execute the same I • as herein provided, to cause •ttY� same to be registered in the office of the State i Auditor, and to deliver said ',.)nds to the purchaser thereof in accordance with the i terms of sale and award. i 10. SECTION 8. That the proceeds received upon sale and delivery of the bonds herein authorized to be issued, iannediately upon receipt thereof, shall be set aside in a separate fund and shall be used solely and only for the purpose of creating, opening, and improving public streets in said City and to pay one-half the cost of acquiring rights of way for streets designated as expressways, all the remainder of the cost of such rights of way and all the cost of constructing and maintaining such expressways to be paid from State and Federal. funds. The accrued interest and the premium received upon sale and delivery of the aforesaid bonds shall be deposited forthwith in and credited to the Public Im- provement Bonds of 1958 Interest and Sinking Fund referred to in Section 5 of this Ordinance. SECTION 9. That the City Treasurer be and he is hereby authorized and directed, without any further authorization or direction of the City Council, not i less than five (5) days prior to the accruing of semi-annual interest and to the I maturity of the bonds herein directed to be issued, to remit to the Mercantile Trust Company National Association, St. ,Louis, Missouri, the amount of interest or prin- cipal., or both, then becoming due, and the said Treasurer is hereby authorized and directed to include with each such remittance the usual and customary fee of said bank for its services and responsibility in connection with the payment of said coupons and bonds and making accounting therefor to the City of Jefferson. SECTION 10. That all ordinances or parts of ordinances in conflict with . ' the provisions of this Ordinance shall be and the same are hereby repealed, insofar as they W so conflict, and this Ordinance shall be in force and effect from and after its passage and approval. 1 Read three times and passed this' dsy of d rC , 1966. r or and Presiding Off icijF of the Ciiy Council j Attest: City Clerk Approved this day of 66. Attest: r j Cityr Clark WON STATE OF MISSOURI ) SS Comm OIL COLE ) I, MARGARET CHRISTIAN, City Clerk within and for the City of Jefferson, in the County of Cole, State of Missouri, do hereby certify that the foregoing pages con- stitute a true and correct copy of Ordinance No. of said City, as passed by the City Council of said City on the day of , 1966, and approved by the Mayor of said City on the day of , r1966, as fully as the same appears and remains of record �.. ,. . in my office in Book of Ordinances No. , at f pages to , inclusive. ! IN TESTIMONY WEMPOF., I have hereunto set my hand and affixed the seal of the City of Jefferson, Missouri, at 1 my office in said City, this day of , 1966. I , • City Cl®rk (SEAL) i i A "