HomeMy Public PortalAbout00090 O R D I N A N C E NO. 90
AN ORDINANCE directing the issuance of One Hundred
Twenty-five Thousand Dollars ($125,000.00) General Obligation Sewer
Bonds of Subdistrict Number Two of the River des Peres Watershed
(Vinita Park Area) of The Metropolitan St. Louis Sewer District, in
the State of Missouri, authorized at a special election held in
said Subdistrict on the 29th day of May, 1956; setting out the form
of said bonds and the interest coupons to be attached thereto;
determining the rates of interest, maturities, and place of payment
thereof, and making provision for the levy of a tax sufficient to
pay the interest on said bonds as it accrues and to pay the
principal thereof at maturity, with an emergency clause.
WHEREAS, The Metropolitan St. Louis Sewer District was
created pursuant to a Plan adopted by the voters of the City of St.
Louis and of St. Louis County, Missouri, at a special election held
on Tuesday, the 9th day of February, 1954, all as provided and
authorized by Sections 30(a) and 30(b) of Article VI of the
Constitution of the State of Missouri; and
WHEREAS, thereafter, proceeding under the authority of
the aforesaid Plan, the Board of Trustees of The Metropolitan St.
Louis Sewer District, pursuant to proceedings theretofore duly and
lawfully had in accordance with the provisions of the said Plan, by
Ordinance No. 23, adopted on the 20th day of June, 1955, did create
Subdistrict Number Two of the River des Peres Watershed (Vinita
Park Area) of The Metropolitan St. Louis Sewer District; and
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WHEREAS, thereafter, by Ordinance No. 63, adopted on the
30th day of April, 1956 the Board of Trustees of The Metropolitan
St. Louis Sewer District did call and provide a special election in
the said Subdistrict Number Two of the River des Peres Watershed
(Vinita Park Area) of The Metropolitan St. Louis Sewer District for
the purpose of submitting to the qualified electors of said
Subdistrict the following proposition, to wit:
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PROPOSITION
"Shall the general obligation bonds of the Subdistrict
Number Two of the River des Peres Watershed (Vinita Park
Area) of The Metropolitan St. Louis Sewer District be
issued in the amount of One Hundred Twenty-five Thousand
Dollars ($125,000.00) to provide funds for the purpose of
constructing sanitary/trunk sewers within and for said
Subdistrict, including all expenses necessarily
incidental thereto?"
WHEREAS, due and regular notice of said special election
was given as directed by the aforesaid Ordinance No. 63 and as
required by the Plan of The Metropolitan St. Louis Sewer District,
by publication once a week for at least three least three (3)
consecutive weeks in The St. Louis Globe Democrat and in The St.
Louis Post-Dispatch, newspapers of general circulation in The
Metropolitan St. Louis Sewer District and qualified to publish
legal notices; said notice having been published in each of said
newspapers on the 7th, 14th, 21st and 28th days of May, 1956 the
first publication in each of said newspapers having been made at
least twenty-one (21) days prior to the date of the election and
the last publication in each of said newspapers having been made
not more than seven (7) days prior to the date of said election,
all as shown by the publishers' affidavits now on file in the
office of the Secretary-Treasurer of The Metropolitan St. Louis
Sewer District; and
WHEREAS, as directed by the aforesaid Ordinance No. 63,
the Secretary-Treasurer of The Metropolitan St. Louis Sewer
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District did file a certified copy of said Ordinance No. 63 with
the Board of Election Commissioners for St. Louis County, Missouri,
being the county wherein the said Subdistrict Number Two of the
River des Peres Watershed (Vinita Park Area) is wholly situated;
and
WHEREAS, the Board of Election Commissioners for St.
Louis County, Missouri, did thereupon proceed to hold and conduct
the said special election in said Subdistrict on the 29th day of
May, 1956; and
WHEREAS, the ballots furnished for and used at the said
special election were in substantially the form as set forth in
said Ordinance No. 63; and
WHEREAS, the said Board of Election Commissioners, on the
2nd day of June, 1956, did certify to the Board of Trustees of The
Metropolitan St. Louis Sewer District the result of the aforesaid
election showing that at said election there was cast on the afore-
said proposition a total of three hundred eighty-two (382) votes,
of which three hundred fifty-nine (359) votes were cast "FOR THE
BOND ISSUE" and twenty-three votes were cast "AGAINST THE BOND
ISSUE"; and
WHEREAS, more than two-thirds of all the votes cast on
the aforesaid proposition were cast in favor thereof; and
WHEREAS, by Resolution No. 69, adopted on the 25th day of
June, 1956, the Board of Trustees of The Metropolitan St. Louis
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Sewer District did declare the result of the aforesaid special
election held on the 29th day of May, 1956, and did find and
declare that the proposition submitted at said election was
assented to by more than two-thirds of the qualified electors of
said Subdistrict Number Two of the River des Peres Watershed
(Vinita Park Area) voting on said proposition at said election, and
that the Board of Trustees of The Metropolitan St. Louis Sewer
District, therefore, is authorized to issue the bonds of
Subdistrict Number Two of the River des Peres Watershed (Vinita
Park Area) in the amount and for the purpose set forth in said
proposition; and
WHEREAS, thereafter, to wit: on the 25th day of June,
1956, the Board of Trustees of The Metropolitan St. Louis Sewer
District did adopt Resolution No. 70, directing the sale of the One
Hundred Twenty-five Thousand Dollars ($125,000.00) of bonds of
Subdistrict Number Two of the River des Peres Watershed (Vinita
Park Area) authorized at the aforesaid special election held on the
29th day of May, 1956, and by said resolution did fix Wednesday,
the 11th day of July, 1956, as the date for the receipt of bids for
said bonds, and did direct the giving of notice thereof for the
time and in the manner required by the aforesaid Plan; and
WHEREAS, printed copies of the notice of the sale of said
bonds, together with a printed form of proposal for the purchase
thereof and a financial statement of the said Subdistrict, were
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thereafter mailed to all interested banks, bond houses, and
investment bankers in the State of Missouri and elsewhere, and the
said notice was also published one time in The Bond Buyer, a
financial journal published in the City of New York, and in The St.
Louis Globe-Democrat and in The St. Louis Post-Dispatch, newspapers
of general circulation published in The Metropolitan St. Louis
Sewer District, all of said publications having been made at least
ten (10) days prior to the 11th day of July, 1956, the date set for
the sale of said bonds; and
WHEREAS, on said 11th day of July, 1956, four (4) sealed
proposals for the purchase of said bonds were received and
considered by the Board of Trustees of The Metropolitan St. Louis
Sewer District, and the aforesaid bonds were thereupon awarded and
sold to the highest bidder therefor; and
WHEREAS, it has now become necessary to make provision
for the preparation, execution, issuance, and delivery of the said
bonds; and
WHEREAS, the assessed valuation of taxable, tangible
property within Subdistrict Number Two of the River des Peres
Watershed (Vinita Park Area) of The Metropolitan St. Louis Sewer
District, as ascertained by the last completed assessment for state
and county prior to the date of the aforesaid special election, to
wit: the assessment made as of January 1, 1955, was not less than
Three Million One Hundred Twenty-four Thousand ($3,124,000)
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Dollars; and
WHEREAS, on the date of the aforesaid special election,
to wit: on the 29th day of May, 1956. the said Subdistrict Number
Two of the River des Peres Watershed (Vinita Park Area) had no
outstanding indebtedness of any kind or character; and
WHEREAS, the amount of bonds authorized to be issued at
the aforesaid special election held on the 29th day of May, 1956,
to wit: One Hundred Twenty-five Thousand ($125,000.00) Dollars did
not then and does not now exceed any limit of indebtedness
prescribed under the Constitution of the State of Missouri or the
Plan of The Metropolitan St. Louis Sewer District, aforesaid; and
WHEREAS, the Board of Trustees of The Metropolitan St.
Louis Sewer District, acting as the governing authority of the
aforesaid Subdistrict Number Two of the River des Peres Watershed
(Vinita Park Area) is now legally authorized and empowered to issue
the bonds of said Subdistrict Number Two of the River des Peres
Watershed (Vinita Park Area) in the principal amount of One Hundred
Twenty-five Thousand ($125,000.00) Dollars, as authorized at the
aforesaid election; and
WHEREAS, the purchasers of said bonds have nominated the
Mercantile Trust Company, in the City of St. Louis, State of
Missouri, to be the paying agent for the payment of the bonds and
coupons of the aforesaid issue, and this Board of Trustees does now
find and determine that the said nomination should be approved;
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NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. That there are hereby authorized and
ordered to be prepared and issued bonds of Subdistrict Number Two
of the River des Peres Watershed (Vinita Park Area) of The
Metropolitan St. Louis Sewer District, in the State of Missouri, in
the amount of One Hundred Twenty-five Thousand ($125,000.00)
Dollars to provide funds for the purpose of constructing sanitary
trunk sewers within and for said Subdistrict, including all
expenses necessarily incidental thereto. The said bonds shall be
of the denomination of One Thousand Dollars ($1,000.00) each; shall
be numbered from One (1) to One Hundred Twenty-five (125),
inclusive; shall bear date of August 1, 1956; and shall bear
interest at the rate hereinafter set forth, payable February 1,
1957, and semi-annually thereafter on August 1 and February 1 in
each year until the principal of said bonds, respectively, shall
have been paid. Interest accruing on and prior to the respective
maturity dates of said bonds shall be evidenced by appropriate
interest coupons to be attached to each of 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 Co.,
in the City of St. Louis, State of Missouri. The said bonds shall
be executed by the signature of the Chairman of the Board of
Trustees of The Metropolitan St. Louis Sewer District, under the
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seal of said District, attested by the signature of the Secretary-
Treasurer of said District, and the interest coupons to be attached
to said bonds shall be executed by the facsimile signature of said
Secretary-Treasurer. Said bonds shall bear interest at the rate
per annum and shall mature in the amounts and at the times
hereinafter set out, as follows:
BOND NUMBERS RATE OF INTEREST AMOUNT MATURITY
1 to 5, incl. 3-3/8% $ 5,000 February 1, 1958
6 to 10, " 3-3/8% 5,000 February 1, 1959
11 to 15, " 3-3/8% 5,000 February 1, 1960
16 to 20, " 3-3/8% 5,000 February 1, 1961
21 to 25, " 3-3/8% 5,000 February 1, 1962
26 to 30, " 3-3/8% 5,000 February 1, 1963
31 to 35, " 3-3/8% 5,000 February 1, 1964
36 to 40, " 3-3/8% 5,000 February 1, 1965
41 to 45, " 3-3/8% 5,000 February 1, 1966
46 to 50, " 3-3/8% 5,000 February 1, 1967
51 to 55, " 3-3/8% 5,000 February 1, 1968
56 to 60, " 3-3/8% 5,000 February 1, 1969
61 to 65, " 3-3/8% 5,000 February 1, 1970
66 to 75, " 3-3/8% 10,000 February 1, 1971
76 to 85, " 3-3/8% 10,000 February 1, 1972
86 to 95, " 3-3/8% 10,000 February 1, 1973
96 to 105, " 3-3/8% 10,000 February 1, 1974
106 to 115, " 3-3/8% 10,000 February 1, 1975
116 to 125, " 3-3/8% 10,000 February 1, 1976
At the option of the Board of Trustees of The
Metropolitan St. Louis Sewer District, any or all of bonds numbered
Twenty-one (21) to One Hundred Twenty-five (125), inclusive, may be
called in, paid, and redeemed, in inverse numerical order, on
February 1. 1961, or on any interest payment date thereafter, at
103% of their principal amount if redeemed prior to February 1,
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1962, with successive reductions of 1/4 of 1% on February 1, 1962
and on each February 1 thereafter, to 100% of their principal
amount, together, in each case, with interest accrued to the
redemption date. Notice of the call for the redemption of said
bonds shall be published at least one (1) time in a newspaper or
financial journal of general circulation in the City of St. Louis,
Missouri, and in a newspaper or financial journal of general
circulation in the City of New York, New York, not less than thirty
(30) days prior to the date set for the redemption thereof. In the
event that any bond or bonds called for redemption be then
registered as to principal, as herein provided, notice of call
shall also be given by registered mail to the registered owner.
Such notice, addressed to the registered owner, shall be deposited
in the United States mail, postage prepaid, at least thirty (30)
days before the redemption date. No further interest shall accrue
on any bonds thus called for redemption, provided that funds be
available for the payment and redemption thereof on the redemption
date specified in such notice.
Section Two. That the said bonds and the interest coupons
evidencing the interest to accrue thereon shall be in substantially
the following form, to wit:
UNITED STATES OF AMERICA
STATE OF MISSOURI
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SUBDISTRICT NUMBER TWO OF THE RIVER DES PERES
WATERSHED (VINITA PARK AREA)
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
3-3/8%
GENERAL OBLIGATION SEWER BOND
NO. _____________ $1,000.00
Subdistrict Number Two of the River des Peres Watershed
(Vinita Park Area) of The Metropolitan St. Louis Sewer District, in
the State of Missouri, acting herein by and through the Board of
Trustees of The Metropolitan St. Louis Sewer District, for value
received, hereby promises to pay to bearer, or if this bond be
registered as hereinafter provided, to the registered holder
hereof, the sum of
ONE THOUSAND DOLLARS
($1,000.00) on the first day of February, 19 , with interest
thereon from date hereof at the rate of three and three eighths per
centum (3-3/8%) per annum, payable February 1, 1957, and semi-
annually thereafter on August 1 and February 1 in each year until
the principal hereof shall have been paid. Interest accruing on
this bond on and prior to the maturity date hereof shall be payable
upon presentation and surrender of the annexed interest coupons as
they severally become due.
Both principal of and interest on this bond are payable
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in lawful money of the United States of America at the Mercantile
Trust Co. in the City of St. Louis, State of Missouri, and for the
prompt payment of this bond and the interest thereon, the full
faith, credit, and resources of Subdistrict Number Two of the River
des Peres Watershed (Vinita Park Area) of The Metropolitan St.
Louis Sewer District are hereby irrevocably pledged.
At the option of the Board of Trustees of The
Metropolitan St. Louis Sewer District, any or all of bonds numbered
Twenty-one (21) to One Hundred Twenty-five (125), inclusive, of the
issue of which this bond is one, may be called in, paid, and
redeemed, in inverse numerical order, on February 1, 1961, or on
any interest payment date thereafter, at 103% of their principal
amount if redeemed prior to February 1, 1962, with successive
reductions of 1/4 of 1% on February 1, 1962 and on each February 1
thereafter to 100% of their principal amount, together, in each
case, with interest accrued to the redemption date. Notice of the
call for the redemption of said bonds shall be published at least
one (1) time in a newspaper or financial journal of general
circulation in the City of St. Louis, Missouri, and in a newspaper
or financial journal of general circulation in the City of New
York, New York, not less than thirty (30) days prior to the date
set for the redemption thereof. In the event that any bond or
bonds called for redemption be then registered as to principal, as
herein provided, notice of call shall also be given by registered
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mail to the registered owner. Such notice, addressed to the
registered owner, shall be deposited in the United States mail,
postage prepaid, at least thirty (30) days before the redemption
date. No further interest shall accrue on any bonds thus called
for redemption, provided that funds be available for the payment
and redemption thereof on the redemption date specified in such
notice.
This bond is one of a series of one hundred twenty-five
(125) bonds of like date, tenor, and effect, except as to number,
date of maturity, and provision for redemption prior to maturity,
as hereinabove set forth, numbered from One (1) to One Hundred
Twenty-five (125), inclusive, aggregating the sum of One Hundred
Twenty-five Thousand Dollars ($125,000.00), issued by Subdistrict
Number Two of the River des Peres Watershed (Vinita Park Area) of
The Metropolitan St. Louis Sewer District to provide funds for the
purpose of constructing sanitary trunk sewers within and for said
Subdistrict, including all expenses necessarily incidental thereto,
and is issued under authority of the Constitution of the State of
Missouri, and the Plan of The Metropolitan St. Louis Sewer District
and pursuant to an election duly called and held in said
Subdistrict Number Two of the River des Peres Watershed (Vinita
Park Area) of The Metropolitan St. Louis Sewer District on the 20th
day of May, 1956, whereat more than two-thirds of the votes cast
were in favor of the issuance of this bond and of the series of
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which it is one, and by further authority of ordinances duly
adopted and proceedings duly had by the Board of Trustees of The
Metropolitan St. Louis Sewer District.
This bond may be registered as to principal in the name
of the holder on the books of The Metropolitan St. Louis Sewer
District in the office of the Secretary-Treasurer of said District,
such registration to be evidenced by notation of said Secretary-
Treasurer on the reverse hereof, after which no transfer hereof
shall be valid unless made on said books and similarly noted
hereon, but this bond may be discharged from registration by being
transferred to bearer, after which it shall be transferable by
delivery, but it may again be registered as before. The
registration of this bond shall not affect the negotiability of the
interest coupons hereto attached, which shall continue to be
negotiable by delivery merely, notwithstanding registration hereof.
It is hereby certified and recited that all acts,
conditions, and things required to be done, precedent to and in the
issuance of this bond, in order to make the same a lawful and
binding obligation of said Subdistrict Number Two of the River des
Peres Watershed (Vinita Park Area) of The Metropolitan St. Louis
Sewer District, have been done, have happened, and have been
performed in regular and due form, time, and manner, as required by
law; that provision has been made for the levy of a direct,
continuing, annual tax upon all taxable, tangible property in said
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Subdistrict for the payment of the principal of and the interest on
this bond; and that the total indebtedness of said Subdistrict,
including this bond and the issue of which it is one, does not
exceed any statutory or constitutional limit.
IN TESTIMONY WHEREOF, Subdistrict Number Two of the River
des Peres Watershed (Vinita Park Area) of The Metropolitan St.
Louis Sewer District, acting herein by and through the Board of
Trustees of The Metropolitan St. Louis Sewer District, has executed
this bond by causing it to be signed by the Chairman of the Board
of Trustees of The Metropolitan St. Louis Sewer District, under the
seal of said District, attested by the Secretary-Treasurer of said
District, and has caused the annexed interest coupons to be
executed by the facsimile signature of said Secretary-Treasurer,
which signature the said Secretary-Treasurer, by the execution of
this bond, adopts as and for his own proper signature, and this
bond to be dated August
SUBDISTRICT NUMBER TWO OF THE RIVER DES PERES
WATERSHED (VINITA PARK AREA) OF THE
METROPOLITAN ST. LOUIS SEWER DISTRICT,
By
Chairman, Board of Trustees of The Metropolitan St.
Louis Sewer District
Attest:
Secretary-Treasurer of The Metropolitan
St. Louis Sewer District
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(FORM OF INTEREST COUPONS TO BE ATTACHED
TO BONDS NUMBERED 1 TO 20, INCLUSIVE)
NO. $
On the first day of August, 19 , Subdistrict
Number Two of the River des Peres Watershed (Vinita Park Area) of
The Metropolitan St. Louis Sewer District, in the State of
Missouri, promises to pay to bearer ($
) in lawful money of the United States of America at
the Mercantile Trust Co., in the City of St. Louis, State of
Missouri, being interest due that date on its General Obligation
Sewer Bond dated August 1, 1956, and numbered
SUBDISTRICT NUMBER TWO OF THE RIVER DES
PERES WATERSHED (VINITA PARK AREA) OF THE METROPOLITAN
ST. LOUIS SEWER DISTRICT.
By
Secretary-Treasurer of The Metropolitan St. Louis Sewer
District
(FORM OF INTEREST COUPONS TO BE ATTACHED
TO BONDS NUMBERED 1 TO 20, INCLUSIVE)
NO. $
February
On the first day of August, 19 , unless the bond with which
this coupon is identified shall then be redeemable and shall
therefore have been called for redemption and provision for the
redemption thereof duly made, Subdistrict Number Two of the River
des Peres Watershed (Vinita Park Area) of The Metropolitan St.
Louis Sewer District, in the State of Missouri, promises to pay to
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bearer ($ ) in lawful
money of the United States of America at the Mercantile Trust
Company in the City of St. Louis, State of Missouri, being interest
due that date on its General Obligation Sewer bond dated August 1,
1956 and numbered .
SUBDISTRICT NUMBER TWO OF THE RIVER DES
PERES WATERSHED (VINITA PARK AREA) OF THE METROPOLITAN ST.
LOUIS SEWER DISTRICT
By
Secretary-Treasurer of The Metropolitan St. Louis Sewer
District
Even numbered semi-annual interest coupons attached to said
bonds shall be in the amount of $16.88 each. Odd numbered semi-
annual interest coupons attached to said bonds shall be in the
amount of $16.87 each.
(REGISTRATION CERTIFICATE)
In accordance with the terms of this bond it may be registered as
to principal only, appropriate notation being made below by the
Secretary-Treasurer of The Metropolitan St. Louis Sewer District,
in the State of Missouri.
(Note: No writing below except by the Secretary-
Treasurer of The Metropolitan St. Louis Sewer
District)
SIGNATURE OF
DATE OF REGISTRATION IN WHOSE NAME REGISTERED SECRETARY-
TREASURER
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Section Three. That when the said bonds shall have
been executed as hereinbefore directed, they shall be registered in
the office of the Secretary-Treasurer of The Metropolitan St. Louis
Sewer District in a book to be provided and kept for that purpose.
Section Four. That for the purpose of providing for
the payment of the principal of and the interest on said bonds as
they shall respectively mature and accrue, there shall be and there
is hereby levied a direct, continuing, annual tax upon all taxable,
tangible property within said Subdistrict Number Two of the River
des Peres Watershed (Vinita Park Area), sufficient, after allowance
shall have been made for the expenses of collection and
delinquencies in the payment of taxes, to produce in each of the
years 1957 to 1976, inclusive the following sums, to wit:
Year of For the For For
Levy Year Principal Interest Total
1956 1957 $ $ 4,218.75 $ 4,218.75
1957 1958 5,000. 4,134.37 9,134.37
1958 1959 5,000. 3,965.62 8,965.62
1959 1960 5,000 3,796.87 8,796.87
1960 1961 5,000. 3,628.12 8,628.12
1961 1962 5,000. 3,459.37 8,459.37
1962 1963 5,000. 3,290.62 8,290.62
1963 1964 5,000. 3,121.87 8,121.87
1964 1965 5,000. 2,953.12 7,953.12
1965 1966 5,000. 2,784.37 7,784.37
1966 1967 5,000. 2,615.62 7,615.62
1967 1968 5,000. 2,446.87 7,446.87
1968 1969 5,000. 2,278.12 7,278.12
1969 1970 5,000. 2,109.37 7,109.37
1970 1971 10,000. 1,856.25 11,856.25
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1971 1972 10,000. 1,518.75 11,518.75
1972 1973 10,000. 1,181.25 11,181.25
1973 1974 10,000. 843.75 10,843.75
1974 1975 10,000. 506.25 10,506.25
1975 1976 10,000. 168.75 10,168.75
And provision to meet the requirements of this ordinance shall in
due time, manner, and season annually be made.
Section Five. That said tax shall be extended upon the
tax rolls and shall be collected in the same manner and at the same
time as state, county, school, and other ad valorem taxes are
extended and collected, and the rate of tax which shall be so
extended shall be sufficient in each year fully to produce the sums
set out above, respectively, after due allowance shall have been
made for probable delinquencies in the payment of taxes and the
customary costs of collection, and the proceeds derived from the
collection of such tax shall be credited to a special fund hereby
created in the treasury of The Metropolitan St. Louis Sewer
District and designated "SUBDISTRICT NUMBER TWO OF THE RIVER DES
PERES WATERSHED (VINITA PARK AREA) BOND AND INTEREST FUND," and
shall be used exclusively for the purpose herein required.
Section Six. That the Chairman and the Secretary-
Treasurer of The Metropolitan St. Louis Sewer District are hereby
authorized and directed to cause the bonds herein described to be
prepared and to execute the same as herein directed, to cause the
same to be registered in the office of the Secretary Treasurer, and
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thereupon to deliver the said bonds to the purchasers thereof.
Section Seven. That the principal proceeds received
from sale and delivery of the bonds herein authorized to be issued,
immediately upon receipt thereof, shall be set aside in a separate
fund designated "SUBDISTRICT NUMBER TWO OF THE RIVER DES PERES
WATERSHED (VINITA PARK AREA) CONSTRUCTION FUND," and shall be used
solely and only for the purpose of constructing sanitary trunk
sewers within and for said Subdistrict, including all expenses
necessarily incidental thereto. Provided, however, that the sum of
$4,218.75 arising out of the sale of said bonds, or so much thereof
as may be necessary, shall be transferred to the Bond and Interest
Fund hereinabove provided for, in order to make provision for the
February 1, 1957
payment of interest accruing August 1, 1957, on the bonds herein
authorized to be issued. When the first tax hereinabove provided
for shall have been levied and collected, the said sum shall be
restored to the Construction Fund out of the proceeds of such
taxes. The accrued interest and the premium received from sale and
delivery of the aforesaid bonds shall forthwith be deposited in and
credited to the Bond and Interest Fund created in Section 5 of this
ordinance.
Section Eight. That the Secretary-Treasurer of The
Metropolitan St. Louis Sewer District be and is hereby authorized
and directed, without any further order or direction of the Board
of Trustees of said District, to remit to the paying agent
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hereinabove named, at least five (5) days prior to each interest
payment date and each bond maturity date, the sum which will then
be due for interest or principal, or both, and to include with each
such remittance the usual and customary fees of such paying agent
for its services and responsibility in paying interest coupons and
bonds and making accounting therefor to the District.
Section Nine. 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 may so
conflict.
Section Ten. The immediate need for the construction
of sanitary sewers in Subdistrict Number Two of the River des Peres
Watershed (Vinita Park Area) in order to protect the public health,
creates an emergency within the meaning of the Plan and this
Ordinance shall be in full force and effect from and after its
passage.
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The foregoing Ordinance was adopted July 23, 1956.