HomeMy Public PortalAboutORD06957 • ORDINANCE NO. 6957
j
4N ORDINANCE DIRECTING THE ISSUANCE OF PUBLIC IMPROVEMENT BONDS OF I
THE CITY OF JEFFERSON, COLE COUNTY, MISSOURI, IN THE PRINCIPAL AMOUN ,'
OF NINE HUNDRED THOUSAND DOLLARS ($900)000) , AUTHORIZED AT A SPECIALi
tLECTION HELD IN SAID CITY ON THE 5th DAY OF NOVEMBER, 1957 ; SETTING
)UT THE FORM OF SAID BONDS AND THE INTEREST COUPONS TO BE ATTACHED
liERETO$ DETERMINING THE RATES OF INTEREST, MATURITIES, AND PLACE OF
?AYMENT THEREOF; AND PROVIDING FOR THE LEVY OF AN ANNUAL TAX
SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO
PAY THE PRINCIPAL THEREOF AT MATURITY.
WHEREAS, the City Council of the City of Jefferson, Cole
ounty, Missouri, by ordinance No. 6522, duly and regularly adopted
t a, meeting of said City Council held on the 9th day of September,
t957, and approved by the Mayor of said City on the 12th day of Sep,,
ember, 1957, did direct that a special election be held in said
lubmitting ity on Tuesday, the 5th day of November, 1957, for the purpose of to the qualified electors of said City the following
propositions:
PROPOSITION NO. I
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.
PROPOSITION NO. 2
Proposition to issue the general obligation bonds
of the City of Jefferson, Cole County, Missouri, to
the amount of Seven Hundred Fifty Thousand Dollars
($750,000) to provide funds for the purpose of
planning, designing, acquiring, constructing,
equipping and improving property for parking
motor vehicles in said City.
n
WHEREAS, said Ordinance did direct that the said election
)e held in all of the Wards of said City and at the polling places
,designated in the aforesaid ordinance No. 6522; and
WHEREAS, due and regular notice of the aforesaid election
pas given as directed by said Ordinance and as required by law, by
ublication in The Post-Tribune, on the 11th, 18th and 25th days
1pf October, 1957, and on the 1st day of November, 1957; said The ii
,�ost-Tribune being a daily newspaper published and of general circu-
14ation in the City of Jefferson, and said newspaper having been
;previously admitted to the Post Office in said City as second class
natter and having been published regularly and consecutively for a
period of more than three (3) years prior to the first publication oE
Paid notice, and said newspaper having a list of bona fide subscribers
voluntarily engaged as such, who have paid or agreed to pay a statedil
price for subscriptions thereto for a definite period of time; and
tI
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 publications in said newspaper having t�
ccurred 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 make provision for 'the use thereat of ballots in th,
form provided by law; and
WHEREAS, the ballot used at said special election was in it
substantially the form set out in the aforesaid Ordinance No. 6522;
and EI
WHEREAS, said election was duly and regularly held in all
expects as required by the Statutes of Missouri; and
WHEREAS, the judges and clerks of said election, immediatelyil
pon the closing of the polls on said 5th day of November, 1957, did,
ake out, certify, and transmit to this City Council, through the !`
ity Clerk, the returns of said election ; and
{
WHEREAS the said City lerk, on the 2nd day of December,
Y Y
957, did transmit said returns of said election to this City Council.;
and
'i
WHEREAS, this City Council; on the 2nd day of December, 1957
id canvass the returns and did then find and determine and does now
gain find and determine that there were cast on the aforesaid
roposition No. 1 an aggregate of six thousand, .five hundred ninetee
6,519) votes, of which four thousand, seven hundred seventy (4,770)
otes were in favor of the aforesaid Proposition No . 1 and one
housand, seven hundred forty-nine(1, 749) votes were against the
foresaid Proposition No. 1; and that there were cast on the aforesaid
roposition No. 2 an aggregate of six thousand thire one (6,381) votes, of which four thousand, .five hundred forty-three
4,543) votes were in favor of the aforesaid Proposition No. 2 and `
ne thousand, eight hundred thirty-eight (1,838) votes were against
he aforesaid Proposition No. 2; and +'
WHEREAS, each of the aforesaid Propositions was, therefore,
assented to by a majority of more than two-thirds of the qualified
lectors of said City voting thereon at said election;and �•I
i
WHEREAS, the assessed valuation of taxable, tangible propert
rithin the corporate limits of the City of Jefferson, as ascertained!f
y the assessment for state and county purposes made as of January 1
956, and being the last completed assessment made prior to the
th day of November, 1957, was as follows:
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$25,653, 310
Tangible Personal Property. . . . . . . . . . . . . . . . . . . . . 4,837,365
i
Merchants and Manufacturers . . . . . . . . . . . . . . . . . . . . 1,980 ,549
Railroad, Telegraph, Telephone, and I}
Utility Properties. . . . . . . . . . . . . . . . . . . . . . . . 1,460 ,947
,i
TOTAL. . . . . . . . . . . . . $33,932, 171 11
nd �)
WHEREAS the City of Jefferson Missouri on the date of
aid election, towit; on the 5th day of November, 1957 , had the
following outstanding bonded indebtedness:
i
I '
I
_____A_MbUNT
GATE OF ISSUE PUIZPOSE OUTSTANDING1
duly 1, 1940 Fire EqUipitient $ 3,000
September 1, 1.944 Airport 135,000
August 1, 1946 Street Improvement 107 ,000
�ebruary 1, 1.948 Bridge 142,000
ebruary 1, 1948 Public Park 132,000
une 1, 1951 Fire Equipment 13,000
ovember 1. 1953 Airport Improvement 40,000
ovember 1, 1.953 Street Improvement 94,000
ay 1, 1956 Fire Equipment 45,000
TOTAL. . . . . . . . . . . . . . . . . . . .$711,000
nd on said date had no other indebtedness outstanding, either bondefl
r floating; and
WHEREAS, the aggregate amount of bonds authorized at said
lection, to-wit: Two Million, Nine Hundred Seventy-five Thousand
Dollars ($2,975,000) , together with all other indebtedness of said
pity, did not on said 5th day of November, 1957, and does not now
xceed any limit of indebtedness prescribed under the Constitution a
aws of the State of Missouri; and
WHEREAS, the City Council of the City of Jefferson has been
wthorized to issue bonds of said City in the amounts and for the
)urposes aforesaid; and
WHEREAS, pursuant to Ordinance No. 6598, approved May 7, 195
here have heretofore been issued, sold and delivered Eight Hundred
housand Dollars ($800,000) of the Two Million, Two Hundred Twenty-f '"
1 ousand Dollars ($2,225,000) bonds authorized under the aforesaid
Proposition No. 1, and Two Hundred Thousand Dollars ($200,000) of
he Seven Hundred Fifty Thousand Dollars ($750 ,000) bonds authorized
nder the aforesaid Proposition No. 2; and
WHEREAS, the City Council has found and determined that it i
edvisable at this time to issue an additional Six Hundred Thousand
F)ollars ($600,000) of the bonds authorized under the aforesaid
Proposition No. I and an additional Three Hundred Thousand Dollars
L$,' 300,000) of the bonds authorized under the aforesaid Proposition
. 2 and to combine the aforesaid bonds into one series of Public
_mprovement Bonds in the aggregate principal amount of Nine Hundred
.housand Dollars ($900,000) , and to retain and reserve the power and
jLUthority hereafter, in its discretion, to issue the remaining Eightl
lundred Twenty-five Thousand Dollars ($825,000) of bonds authorized
nder Proposition No. 1 and the remaining Two Hundred Fifty Thousand
Dollars ($250,000) of bonds authorized under Proposition No. 2; and
WHEREAS, pursuant to notice given as directed by the Council
ids for the aforesaid Nine Hundred Thousand Dollars ($900,000) Publ c,
mprovement Bonds authorized at the aforesaid special election held
n the 5th day of November, 1957, were received on the 18th day of
uly., 1960, at which time the said bonds were awarded and sold to th .
ighest and best bidder therefor; and
WHEREAS, the successful bidder for said bonds has requested
�hat said bonds be made payable as to principal and interest at the
oatmen' s National Bank of St. Louis, in the City of St. Louis, Statu'
f Missouri; and
ii
WHEREAS, this Council does now find and determine that the
Aforesaid request Should be approved; and
WHEREAS, this Council does now find and determine that it isli
�recessary and desirable at this time to direct the issuance of saidli
bonds:
i
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
JEFFERSON, COLE COUNTY, MISSOURI, AS FOLLOWS:
SECTION 1. That there are hereby authorized and ordered to
be prepared and issued Nine Hundred Thousand Dollars ($900,000) of
ublic Improvement Bonds of the City of Jefferson, Missouri, to
rovide funds in the amount of Six Hundred Thousand Dollars ($600,000)
or the purpose of creating, opening, and improving public streets y
n said City and to pay one-half the cost of acquiring rights of
ay for streets designated as expressways, all the reaminder of the Iii
ost of such rights of way and all the cost of constructing and
aintaining such expressways to be paid from State and Federal funds,;,
and in the amount of Three Hundred Thousand Dollars ($300,000) for Ij
he purpose of planning, designing, acquiring, constructing,
quipping, and improving property for parking motor vehicles in said)
ity. Said bonds shall be of the denomination of One Thousand Dollars
($1,000) each; shall be numbered from One (1) to Nine Hundred (900) ,il
oth inclusive; shall bear date of May 1, 1960 ; and shall bear
' from the date thereof at the rates per annum hereinafter
et forth, payable November 1, 1960, and semi-annually thereafter onl
y 1 and November 1 in each year until the principal of said bonds,l
espectively, shall have been fully paid. Interest accruing on said;
onds on and prior to the maturity dates thereof shall be payable
pon presentation and surrender of the interest coupons to be
attached to said bonds. Both principal of and interest on said bond
hall be payable in lawful money of the United States of America at (j
The Boatmen' s National Bank of St. Louis, in the City of St. Louis, jI
tate of Missouri. The said bonds shall be executed by the facsimile:
ignature of the Mayor of said City, under the seal of said City, I
ttested by the manual signature of the City Clerk, and the interestli
oupons to be attached to said bonds shall be executed by the
acsimile signature of said City Clerk, and said bonds shall. mature �?
ithout option of prior payment, in the amounts and at the times �I
ereinafter set out, and shall bear interest, as follows:
RATE OF
OND NUMBERS INTEREST AMOUNT MATURITY
1 to 25, incl. 3-1/2% $25,000 May 1, 1961
26 to 50 " 3-1/2% 25,000 May 1, 1962 ,
51 to 75 " 3-1/2% 25,000 May 1, 1963
76 to 100 " 3-1/2% 25,000 May 1, 1964
01 to 125 " 3-1/2% 25,000 May 1, 1965
26 to 150 " 3-1/2% 25,000 May 1, 1966 ;
51 to 175 " 3-1/2% 25,000 May 1, 1967
176 to 200 " 3-1/2% 25,000 May 1, 1968
01 to 225 " 3-1/2% 25,000 May 1, 1969
26 to 280 " 3. 10% 55,000 May 1, 1970
81 to 335 " 3. 10% 552000 May 1, 1971 l
36 to 390 " 3. 10% 55,000 May 1, 1972
91 to 450 " 3.20% 602000 May 1, 1973
51 to 510 " 3.20% 60,000 May 1, 1974
11 to 570 " 3. 20% 60,000 May 1, 1975
71 to 635 " 3. 20% 65,000 May 1, 1976
36 to 700 " 3-1/4% 65,000 May 1, 1977
01 to 765 " 3-1/4% 65,000 May 1, 1978
66 to 830 " 3-1/4% 65,000 May 1, 1979
31 to 900 " 3-1/4% 70,000 May 1, 1980
SECTION 2. That the said bonds and Lne interest coupons
videncing the interest to accrue thereon shall be in substantially 11
he following form, to-wit: !`
I
l
j
UNITED STATES OF AMERICA
it STATE OF MISSOURI
COUN'T'Y OF COLE
CITY OF JEFFERSON
PUBLIC IMPROVEMENT BOND
qo. $1,000.00
The City of Jefferson, Cole County, Missouri, acicnowledges
tself indebeted and, for value received, hereby promises to pay to
earer the sum of
Ii
ONE THOUSAND DOLLARS
($1,000 .00) on the first day of May, 19_, with interest thereon
from the date hereof at the rate of per centun,
-%) per annum, payable November 1, 1960, and semi-annually
�hereafter on May 1 and November 1 in each year until the principal
ereof shall have been fully paid. Interest accruing on this bond
lon and prior to the maturity date hereof shall be payable upon
presentation and surrender of the attached coupons as they severall
become due.
Both principal of and interest on this bond are payable ir
lawful money of the United State of America at The Boatmen' s Nation el
Bank of St. Louis, 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 nine hundred (900) bonds
of like date, tenor, and effect, except as to number, rate of
interest, and date of maturity, numbered from one (1) to Nine
Hundred (900) , both inclusive, aggregating the sum of Nine Hundred
IThousand Dollars ($900,000) , issued by the City of Jefferson,
Missouri,, to provide funds in the amount of Six Hundred Thousand
Dollars ($600,000) for the purpose of creating, opening, and
improving public streets in said City and to pay one-half of the
cost of acquiring rights of way for streets designated as express-
ways, all the remainder of the cost of such rights of way and all
the cost of constructing and maintaining such expressways to be
1, paid from State and Federal funds, and in the amount' of Three
Hundred Thousand Dollars ($300,000) for the purpose of planning,
designing, acquiring., constructing, equipping, and improving
property for parking motor vehicles in said City, under authority
of the Constitution and Laws of the State of Missouri and of an
!1election 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 whit
this bond is one, and by further authority of ordinances duly
adopted by the City Council of said City.
It is hereby certified and recited that all acts , conditi ns
1iand things required to be done, precedent to and in the issuance of
11this bond, have been done, have happened, and have been performed
j( in regular and due time, form, and manner, as required by law; that
a direct, continuing annual tax upon all of the taxable, tangible
,iproperty in said City has been levied for the payment of the princi a
,' of and the interest on this bond; and that the total indebtedness
"Isaid City, including this bond and the issue of which it is one,
11
-------------
----------*-"--,----"---..--..-.---... .-..----.-,-, l--.-
does not exceed any statutory or constitutional limit.
IN TESTIMONY WHEREOF, the City of Jefferson, in the State oj!
Missouri, has executed this bond by causing it to be signed by the
acsimile signature of the Mayor of said City, under the seal of 4f
aid City, attested by the manual signature of the City Clerk, and
as caused the annexed interest coupons to be executed by the
acsimile signature of said City Clerk, and this bond to be dated
y 1, 1960
CITY OF JEFFERSON, MISSOURI
By
Mayor
httest:
City Clerk
(FORM OF INTEREST COUPON)
May,
On the first day of November, 19_, the City of Jefferson, i
Jole County, Missouri, promises to pay to bearer
$
) in lawful money of the United States of America at The
logimen' s National Bank of St. Louis, in the City of St. Louis,
tate of Missouri, being interest due that date on its Public
Improvement Bond dated May 1, 1960, and numbered
CITY OF JEFFERSON, MISSOURI
By
City Clerk
Semi-annual interest coupons attached to said bonds shall
)e payable in the following amounts:
BOND NUMBERS AMOUNTS
1 to 225, inclusive $17.50
226 to 390 15.50
391 to 635 16.00
636 to 900 16.25
SECTION 3. That, when the said bonds shall have been
xecuted as hereinbefore directed, they shall be presented to the
tate Auditor of Missouri for registration, and each of said bonds
;hall have endorsed upon the reverse thereof a registration certifi-:,�
,ate of said State Auditor in substantially the following form to-wi
31TATE OF MISSOURI )
Ss
CITY OF JEFFERSON
1, HASKELL HOLMAN, State Auditor of Missouri, do hereby cert fy
hat all the conditions of the Laws of the State of Missouri have
omplied with in the issuance of the within bond, and that all the
onditions of the contract under which it was ordered to be issued
ave beem complied with, and that the evidence thereof is on file ini
y office; and I further certify that this bond has been duly
egistered in my office in compliance with the Laws of the State of
ssouri .
IN TESTIMONY WHEREOF, I have hereunto set my hand and
ffixed the seal of my office iii the Cj.ty of Jefferson, Missourij
ihis (lay of --------------- 1960.
State Auditor
By
Chief Clerk
SECTION 4. That, for the purpose of providing for the
)ayment of the principal of and the interest on said bonds as the
ame shall respectively mature and accrue, there shall be and there
s hereby levied a direct, continuing annual tax upon all of the
taxable, tangible property within the said City of Jefferson,
;efficient, after due allowance shall have been made for the expense
of collection and delinquencies in the payment of taxes, to produce
n eacl-, of t!-lc .( ,'10, inclusive, the following sums for
rincipal and interest, respectively:
,. EAR OF LEVY FOR THE YEAR FOR PRINCIPAL FOR INTEREST TOTAL
1960 1960-1961 $25,000 $43., 726.25 $68) 726. 25
1961 1962 25 000 28 , 130.00 53, 130.00
1962 1963 25:000 27,255.00 52,255.00
1963 1964 25)000 26, 380.00 51,380.00
1964 1965 25,000 25,505.00 50,505.00
1965 1966 25)000 24,630.00 493,630.00
1966 1967 25,000 23, 755.00 48 ,755.00
1967 1.968 25,000 223880.00 47,880.00
1968 1969 25,000 22,005.00 47)005.00
1969 1970 55,000 20, 715.00 75,715.00
1970 1971 55,000 19 ,010.00 74,010.00
1971 1972 55,000 17,305.00 72)305.00
1972 1973 60,000 15,492.50 75,492-50
1973 1974 60,000 13,572.50 73,572-50
1974 1975 60)000 112652.50 71.652.50
1975 1976 65,000 9 ,652.50 74,652.50
1976 1977 65)000 7,556.25 72,556.25
1977 1978 65,000 5,443-75 70,443- 75
1978 1979 65,000 3,331.25 68,331.25
1979 1980 70,000 131137.50 71 137-50
L6d 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
ax rolls and collected in the same manner and at the same time as
'13Cher City taxes are collected, and the proceeds derived from the
Pollection of such tax shall be credited to a fund heretofore
Freated and designated the "Public Improvement Bonds of 1958 Interes
nd Sinking Fund", and shall be used exclusively for the purpose
aerein required.
SECTION 6. That, in order to make provision for the pay-
iient of interest which will accrue on said bonds on November 1, 1960 ,
nd prior to the time when the first tax herein provided for can be
levied and collected, there shall be and there is hereby appropriate
put of the Interest and Sinking Fund of said City the sum of $14,721 .2
I
hich said sum shall be restored to the aforesaid Fund out of the
Prst) i
moneys collected on account of the tax herein levied.
�i 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 as herein provided, to cause the
Dame to be registered in the office of the State Auditor, and to
eliver said bonds to the purchaser thereof in accordance with the
terms of sale and award.
SECTION 8 . That the proceeds received upon sale and delivetV
of the bonds herein authorized to be issued, immiediately upon receipt
Ithereof, shall be set aside in separate funds in the following amounts
and for the following purposes, to-wit:
The sum of Six Hundred Thousand Dollars ($600,000) shall be
set aside in a separate fund and shall be used solely and ol, y
for the purpose of creating, opening, and improving public
streets in said City and to pay one-half the cost of acquirl. 9
rights of way for streets designated as expressways, all thel
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 sum of Three Hundred Thousand Dollars ($300,00) shall
be set aside in a separate fund and shall be used solely and
only for the purpose of planning, designing, acquiring, con-
structing, equipping, and improving property for parking
motor vehicles in said City.
The accrued interest and the premium received upon sale and
elivery of the aforesaid bonds shall be deposited forthwith in and
credited to the Public Improvement Bonds of 1958 Interest and Sinkini
and referred to in Section 5 of this Ordinance.
SECTION 9 . That the City Treasurer be and he is hereby
authorized and directed, without any further authorization or . I
direction of the City Council, not less than five (5) days prior to
the .accruing of semi-annual interest and to the maturity of the bondt,
erein directed to be issued, to remit to The Boatmen' s National Ban
f St. Louis, St. Louis, Missouri, the amount of interest or princip 1,
r both, then becoming due, and the said Treasurer is hereby author-11
zed and directed to include with each such remittance the usual and
•ustomary fee of said bank for its services and responsibility in
•onnect.ion with the payment of said coupons and bonds and making
ccounting therefor to the City of Jefferson.
SECTION 10. That the City Council of the City of Jefferson I
xereby reserves unto itself the right and power hereafter, in its
scretion, to issue the remaining Eight Hundred Twenty-five
ousand Dollars ($• 25,000) of bonds authorized under the aforesaid
oposition No. I submitted at the special election held in said
ity on the 5th day of November, 1957, and to issue the remaining
o Hundred Fifty Thousand Dollars ($250,000) of bonds authorized
under Proposition No. 2 submitted at the aforesaid special election.
SECTION 11. That all ordinances or parts of ordinances in
conflict with the provisions of this Ordinance shall be and the same ,
ire hereby repealed, insofar as they may so conflict, and this
( rdinance shall be in force and effect from and after its passage J
Approval.
Read three times and passed this 15th day of August 1960,
1 1,
�Ittest: J
11 City Clerk
Approved this day of 1960
Attest: J
Mayor
City Clerk