HomeMy Public PortalAbout00154 O R D I N A N C E NO. 154
AN ORDINANCE directing the issuance of Seven Hundred
Fifty Thousand Dollars ($750,000) General Obligation Sewer Bonds
of Subdistrict Number One of the River des Peres Watershed of The
Metropolitan St. Louis Sewer District, in the State of Missouri,
authorized at a special election held in said Subdistrict on the
19th day of March, 1957; 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.
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. 24, adopted on the 20th day of June, 1955,
did create Subdistrict Number One of the River des Peres Watershed
of The Metropolitan St. Louis Sewer District; and
WHEREAS, thereafter, by Ordinance No. 117, adopted on
the 18th day of February, 1957, the Board of Trustees of The
Metropolitan St. Louis Sewer District did call and provide for the
holding of a special election in the said Subdistrict Number One
of the River des Peres Watershed of The Metropolitan St. Louis
Sewer District for the purpose of submitting to the qualified
electors of said Subdistrict the following proposition, to-wit:
PROPOSITION "Shall the general obligation bonds of Subdistrict Number One of the River des Peres Watershed of The Metropolitan St. Louis Sewer District (Creve Coeur-Frontenac area) be issued in the amount of Seven Hundred Fifty Thousand ($750,000.00) Dollars to provide funds for the purpose of constructing a system of Trunk and Sub-Trunk Sanitary Sewers within and for said Subdistrict, including all expenses necessarily incidental thereto?" and
WHEREAS, due and regular notice of said special
election was given as directed by the aforesaid Ordinance No. 117
and as required by the Plan of The Metropolitan St. Louis Sewer
District, by publication once a week for at 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 21st and 28th days of February, 1957 and on the
7th and 14th days of March, 1957, 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
publisher's 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.
117, the Secretary-Treasurer of The Metropolitan St. Louis Sewer
District did file a certified copy of said Ordinance No. 117 with
the Board of Election Commissioners for St. Louis County,
Missouri, being the county wherein the said Subdistrict Number One
of the River des Peres Watershed of The Metropolitan St. Louis
Sewer District is wholly situate; 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 19th day of
March, 1957; 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. 117; and
WHEREAS, the said Board of Election Commissioners, on
the 2nd day of April, 1957, 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 aforesaid proposition a total of one thousand, five hundred
thirty (1,530) votes, of which one thousand, two hundred thirty-
five (1,235) votes were cast "FOR THE BOND ISSUE" and two hundred
ninety-five (295) 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. 118, adopted on the 8th day
of April, 1957, the Board of Trustees of The Metropolitan St.
Louis Sewer District did declare the result of the aforesaid
special election held on the 19th day of March, 1957, 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 One of the River des Peres Watershed of
The Metropolitan St. Louis Sewer District 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 One of the
River des Peres Watershed in the amount and for the purpose set
forth in said proposition; and
WHEREAS, thereafter, to-wit: on the 22nd day of July,
1957, the Board of Trustees of The Metropolitan St. Louis Sewer
District did adopt Resolution No. 123, directing the sale of Seven
Hundred Fifty Thousand Dollars ($750,000) of bonds of Subdistrict
Number One of the River des Peres Watershed authorized at the
aforesaid special election held on the 19th day of March, 1957,
and by said resolution did fix Wednesday, the 7th day of August,
1957, 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 said of
said bonds, together with a printed form of proposal for the
purchase thereof and a financial statement of the said
Subdistrict, were 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 7th day of
August, 1957, the date set for the sale of said bonds; and
WHEREAS, on said 7th day of August, 1957, two (2)
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 One of the River des Peres
Watershed of The Metropolitan St. Louis Sewer District, as
ascertained by the last completed assessment for state and county
purposes made prior to the date of the aforesaid special election,
to-wit: the assessment made as of January 1, 1956, was Fifteen
Million, Six Hundred Thirty-three Thousand, Eight Hundred Thirty
Dollars ($15,633,830); and
WHEREAS, on the date of the aforesaid special election,
to-wit: on the 19th day of March, 1957, the said Subdistrict
Number One of the River des Peres Watershed 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 19th day of March,
1957, to-wit: Seven Hundred Fifty Thousand Dollars ($750,000), 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 One of the River des Peres Watershed
is now legally authorized and empowered to issue the bonds of said
Subdistrict in the principal amount of Seven Hundred Fifty
Thousand Dollars ($750,000), as authorized at the aforesaid
election; and
WHEREAS, the purchasers of said bonds have nominated
the Bank of St. Louis, 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:
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 One
of the River des Peres Watershed of The Metropolitan St. Louis
Sewer District, in the State of Missouri, in the amount of Seven
Hundred Fifty Thousand Dollars ($750,000) to provide funds for the
purpose of constructing a system of trunk and sub-trunk sanitary
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) each; shall be
numbered from One (1) to Seven Hundred Fifty (750), inclusive;
shall bear date of August 1, 1957; and shall bear interest at the
rates hereinafter set forth, payable semi-annually on February 1
and August 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
Bank of St. Louis, 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 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 rates per annum and shall mature in the
amounts and at the times hereinafter set out, as follows:
RATE OF BOND NUMBERS INTEREST AMOUNT MATURITY 1 to 25, inclusive 5% $25,000 February 1, 1959 26 to 50 5% 25,000 February 1, 1960 51 to 75 5% 25,000 February 1, 1961 76 to 105 5% 30,000 February 1, 1962 106 to 135 4-1/4% 30,000 February 1, 1963 136 to 165 4-1/4% 30,000 February 1, 1964 166 to 200 4-1/4% 35,000 February 1, 1965 201 to 235 4-1/4% 35,000 February 1, 1966 236 to 270 4-1/4% 35,000 February 1, 1967 271 to 310 4-1/4% 40,000 February 1, 1968 311 to 350 4-1/4% 40,000 February 1, 1969 351 to 390 4-1/4% 40,000 February 1, 1970 391 to 435 4-1/4% 45,000 February 1, 1971 436 to 480 4-1/4% 45,000 February 1, 1972 481 to 530 4-1/4% 50,000 February 1, 1973 531 to 580 4-1/4% 50,000 February 1, 1974 581 to 635 4-1/4% 55,000 February 1, 1975 636 to 690 4-1/4% 55,000 February 1, 1976 691 to 750 4-1/4% 60,000 February 1, 1977
At the option of the Board of Trustees of The
Metropolitan St. Louis Sewer District, any or all of bonds
numbered One Hundred Six (106) to Seven Hundred Fifty (750),
inclusive, may be called in, paid, and redeemed, in inverse
numerical order, on February 1, 1962, or on any interest payment
date thereafter, at 105% of their principal amount if redeemed
prior to February 1, 1964, with successive reductions of 1/2 of 1%
on February 1, 1964 and on each February 1st thereafter until
February 1, 1973, on and after which date said bonds shall be
redeemable at par, and, 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 SUBDISTRICT NUMBER ONE OF THE RIVER DES PERES WATERSHED OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT %
GENERAL OBLIGATION SEWER BOND
NO. $1,000.00
Subdistrict Number One of the River Des Peres Watershed
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 per
centrum ( %) per annum, payable semi-annually on February 1 and
August 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
in lawful money of the United States of America at the 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, the full
faith, credit, and resources of Subdistrict Number One of the
River des Peres Watershed 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 One Hundred Six (106) to Seven Hundred Fifty (750),
inclusive, of the issue of which this bond is one, may be called
in, paid, and redeemed, in inverse numerical order, on February 1,
1962, or on any interest payment date thereafter, at 105% of their
principal amount if redeemed prior to February 1, 1964, with
successive reductions of 1/2 of 1% on February 1, 1964 and on each
February 1st thereafter until February 1, 1973, on and after which
date said bonds shall be redeemable at par, and, 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.
This bond is one of a series of seven hundred fifty
(750) bonds of like date, tenor, and effect, except as to number,
rate of interest, date of maturity, and provision for redemption
prior to maturity, as hereinabove set forth, numbered from One (1)
to Seven Hundred Fifty (750), inclusive, aggregating the sum of
Seven Hundred Fifty Thousand Dollars ($750,000), issued by
Subdistrict Number One of the River des Peres Watershed of The
Metropolitan St. Louis Sewer District to provide funds for the
purpose of constructing a system of trunk and sub-trunk sanitary
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 One of the River
des Peres Watershed of The Metropolitan St. Louis Sewer District
on the 19th day of March, 1957, whereat more than two-thirds of
the votes cast were in favor of the issuance of this bond and of
the series of 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 One of the River des
Peres Watershed 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 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 One of the
River des Peres Watershed 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 1, 1957. SUBDISTRICT NUMBER ONE OF THE RIVER DES PERES WATERSHED 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
(FORM OF INTEREST COUPONS TO BE ATTACHED TO BONDS NUMBERED 1 to 105, INCLUSIVE) No. $ February, On the first day of August, 19 , Subdistrict Number
One of the River des Peres Watershed 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 Bank of St. Louis, in the City of
St.Louis, State of Missouri, being interest due that date on its
General Obligation Sewer Bond dated August 1, 1957, and numbered
. SUBDISTRICT NUMBER ONE OF THE RIVER DES PERES WATERSHED 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 106 to 750, 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
theretofore have been called for redemption and provision for the
redemption thereof duly made, Subdistrict Number One of
the River des Peres Watershed 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 Bank of St. Louis, in the
City of St. Louis, State of Missouri, being interest due that date
on its General Obligation Sewer Bond dated August 1, 1957, and
numbered . SUBDISTRICT NUMBER ONE OF THE RIVER DES PERES WATERSHED OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT By Secretary-Treasurer of The Metropolitan St. Louis Sewer District
Interest coupons attached to said bonds shall be
payable in the following amounts:
BOND NUMBERS AMOUNT OF COUPON 1 to 105, inclusive $25.00 106 to 750 21.25
(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) IN WHOSE SIGNATURE OF DATE OF REGISTRATION NAME REGISTERED SECRETARY-TREASURER
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 One of the River
des Peres Watershed, 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 1958 to 1977,
inclusive, the following sums, to-wit: Year of For the For For Levy Year Principal Interest Total 1957 1958 $32,662.50 $32,662.50 1958 1959 $25,000 32,037.50 57,037.50 1959 1960 25,000 30,787.50 55,787.50 1960 1961 25,000 29,537.50 54,537.50 1961 1962 30,000 28,162.50 58,162.50 1962 1963 30,000 26,775.00 56,775.00 1963 1964 30,000 25,500.00 55,500.00 1964 1965 35,000 24,118.75 59,118.75 1965 1966 35,000 22,631.25 57,631.25 1966 1967 35,000 21,143.75 56,143.75 1967 1968 40,000 19,550.00
59,550.00 1968 1969 40,000 17,850.00 57,850.00 1969 1970 40,000 16,150.00 56,150.00 1970 1971 45,000 14,343.75 59,343.75 1971 1972 45,000 12,431.25 57,431.25 1972 1973 50,000 10,412.50 60,412.50 1973 1974 50,000 8,287.50 58,287.50 1974 1975 55,000 6,056.25 61,056.25 1975 1976 55,000 3,718.75 58,718.75 1976 1977 60,000 1,275.00 61,275.00
And provision to meet the requirements of this Ordinance
shall be made annually in due time, manner, and season.
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 ONE OF THE RIVER DES
PERES WATERSHED BOND AND INTEREST FUND," and shall be used
exclusively for the purposes 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
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 ONE OF THE RIVER DES PERES
WATERSHED CONSTRUCTION FUND," and shall be used solely and only
for the purpose of constructing a system of trunk and sub-trunk
sanitary sewers within and for said Subdistrict, including all
expenses necessarily incidental thereto. The accrued interest and
the premium received upon sale and delivery of the aforesaid bonds
shall be deposited forthwith 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
hereinabove named, at least five (5) days prior to each interest
payment date and each bond maturity date, the sums 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, and
this Ordinance shall be in full force and effect from and after
its passage and approval.
The foregoing Ordinance was adopted August 26, 1957.