HomeMy Public PortalAbout00376 O R D I N A N C E NO. 376
AN ORDINANCE, providing for the borrowing of money in
anticipation of the collection of taxes and revenues for the
General Fund of the District for the fiscal year 1959-60, with an
emergency clause.
WHEREAS, it now appears and the Board of Trustees so
finds that the total amount of taxes and revenues for general
district purposes of The Metropolitan St. Louis Sewer District,
reasonably certain of collection in the fiscal year ending June
30, 1960, but as yet uncollected, based upon actual receipts into
the General Fund during the first eight months of such year and
during the fiscal year ended June 30, 1959, is ONE MILLION EIGHTY-
SIX THOUSAND TWO HUNDRED EIGHTY DOLLARS ($1,086,280.00); and
WHEREAS, there have become and will become due and
payable on and prior to the 30th day of June, 1960, legal
obligations of said District for salaries, sewer maintenance, and
other general District purposes, aggregating not less than NINE
HUNDRED SEVENTY-SEVEN THOUSAND FIVE HUNDRED SIXTY-TWO DOLLARS
($977,562.00); and
WHEREAS, it is the opinion of this Board of Trustees,
and the Board so finds, that sufficient revenues will be collected
from the delinquent taxes and revenues for the fiscal year ended
June 30, 1959 and years prior thereto, together with the taxes and
other revenues provided for the year ending June 30, 1960, to
provide for the aforesaid expenditures; and
WHEREAS, the Board of Trustees finds that funds are not
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and will not be available in the District Treasury of said
District on or prior to the 30th day of June, 1960, to pay the
aforesaid legal obligations of said District for salaries, sewer
maintenance, and other general District expenditures which will
become due and payable on and prior to said date; and
WHEREAS, this Board of Trustees is authorized, under
and by the Plan of The Metropolitan St. Louis Sewer District, and
particularly by Section 3.020(14) of said Plan, to borrow money in
anticipation of the collection of taxes and revenues for the
current fiscal year, provided the amount of such loans shall at no
time exceed ninety per centum (90%) of the estimated collectible
taxes and revenues for the year, yet uncollected; and
WHEREAS, this Board of Trustees is authorized, under
and by said Plan and the aforesaid Section 3.020(14), to determine
the amount and terms of such loans, and the Executive Director is
directed to execute and issue warrants of the District for all
money so borrowed to the lenders thereof as evidence of such loans
and of the terms of the District's obligation to repay the same;
and
WHEREAS, this Board of Trustees does now find and
determine that it is necessary and advisable that the District
proceed to borrow the sum of FOUR HUNDRED THIRTY-FIVE THOUSAND
DOLLARS ($435,000.00) in anticipation of the aforesaid taxes and
revenues for the fiscal year ending June 30, 1960, in order to
provide funds with which to pay and discharge the aforesaid
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outstanding and unpaid legal obligations of said District for said
fiscal year, which will become due and payable on and prior to the
30th day of June, 1960; and
WHEREAS, no funds have been borrowed heretofore in
anticipation of the collection of said taxes and revenues; and
WHEREAS, this Board of Trustees does now find and
determine that the said sum of FOUR HUNDRED THIRTY-FIVE THOUSAND
DOLLARS ($435,000.00) will not exceed ninety percentum (90%) of
the aforesaid estimated collectible taxes and revenues for the
fiscal year ending June 30, 1960, yet uncollected; and
WHEREAS, to the end that said sum may be borrowed for
said purpose, it is necessary that this Board of Trustees shall
determine the terms and other incidents of said loan;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. That the principal sum of FOUR HUNDRED
THIRTY-FIVE THOUSAND DOLLARS ($435,000.00) be borrowed by and for
said District, for the General Fund thereof, in anticipation of
the collection of taxes and other revenues for the fiscal year
ending June 30, 1960, all as provided by the Plan of said
District, and particularly by Section 3.020(14) of said Plan.
Section Two. That the said loan shall be evidenced by
Tax Anticipation Warrants of The Metropolitan St. Louis Sewer
District, to be designated "Tax Anticipation Warrant for the
General Fund of the District", numbered from Sixty dash One (60-1)
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to Sixty dash Eighty-seven (60-87), both inclusive, of the
denomination of FIVE THOUSAND DOLLARS ($5,000.00) each. Each of
said warrants shall also bear a series designation which shall be
the month of the fiscal year in which the warrant is issued,
beginning with "First" for July and on consecutively through
"Twelfth" for June, and, if more than one series of warrants be
issued in the same month, the first of such monthly series shall
be identified with the letter "A", the second monthly series with
the letter "B", and so on. The said warrants shall bear interest
from the date or the respective dates of the issuance thereof and
until paid, at the rate of 2.8 per cent per annum, all of which
interest shall be payable with the principal of said warrants.
The said warrants shall bear date as of the date of their
issuance, and shall mature on the first day of August, 1960. Said
warrants shall be redeemable, at the option of the District, at
any time upon the giving of not less than five (5) days' written
notice to the bank named therein as payee, as hereinafter
provided, and interest on said warrants shall cease from and after
the date thus set for the redemption thereof. The said warrants
shall be payable, both as to principal and interest, in lawful
money of the United States of America at the office of the bank
named therein as payee.
Section Three. That the said warrants shall be executed
on behalf of The Metropolitan St. Louis Sewer District by the
signature of the Executive Director, attested by the Secretary-
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Treasurer, under the seal of said District, and each of said
warrants shall be duly certified and registered as hereinafter
provided.
Section Four. That the said warrants and the
certificates to be endorsed on the reverse thereof shall be
substantially in the following form, to wit: UNITED STATES OF AMERICA STATE OF MISSOURI THE METROPOLITAN ST. LOUIS SEWER DISTRICT 2.8% TAX ANTICIPATION WARRANT FOR THE GENERAL FUND OF THE DISTRICT SERIES No. $5,000.00
THE METROPOLITAN ST. LOUIS SEWER DISTRICT, a municipal
corporation and a political subdivision of the State of Missouri,
acting herein by and through the Board of Trustees of said
District, acknowledges itself indebted to and, for value received,
hereby directs the Secretary-Treasurer of said District to pay to
, Missouri,
the sum of
FIVE THOUSAND DOLLARS
($5,000.00) out of any money in the District Treasury standing to
the credit of the General Fund of said District on the First day
of August, 1960, at the office of said bank, together with
interest thereon from the date hereof until the principal hereof
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shall be paid, at the rate of per centum ( %)
per annum. Both principal of and interest on this Warrant are
payable in lawful money of the United States of America.
This Warrant and the series of which it is one, at the
option of The Metropolitan St. Louis Sewer District, may be called
in, paid, and redeemed, at any time prior to maturity, upon the
giving of not less than five (5) days' written notice to the payee
named herein. This Warrant is one of a series designated in the
caption hereof, all of like tenor, effect, and amount, numbered
from Sixty dash One (60-1) to Sixty dash Eighty-Seven (60-87),
both inclusive, of the denomination of FIVE THOUSAND DOLLARS
($5,000.00) each, and aggregating FOUR HUNDRED THIRTY-FIVE
THOUSAND DOLLARS ($435,000.00), authorized to be issued by said
District in anticipation of the collection of taxes and revenues
for the General Fund of said District for the fiscal year ending
June 30, 1960, and is issued under and pursuant to Section
3.020(14) of the Plan of The Metropolitan St. Louis Sewer
District, such Plan being the charter, adopted February 9, 1954,
and pursuant to Ordinances of the Board of Trustees of said
District, including that certain Ordinance directing the issuance
of said Warrants, enacted on , 19 . The indebtedness
evidenced by this warrant and the series of which it is one is an
indebtedness for a like amount of money borrowed by said District
for the General Fund thereof in anticipation of the collection of
taxes and revenues for said Fund for the current fiscal year; and
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the said Warrants are payable from the proceeds of said taxes and
revenues for the current fiscal year, and, when presented to the
Secretary-Treasurer of said District and when registered in his
office and in the office of the Director of Finance of the
District as provided by Section 3.020(14) of the Plan of The
Metropolitan St. Louis Sewer District, each of said warrants shall
have preference and priority in payment, from the date of such
registration in the Secretary-Treasurer's office, over all
Warrants subsequently issued and over all previously issued and
then unregistered Warrants of said District drawn upon the
aforesaid Fund.
It is hereby certified, warranted and represented that
all acts, conditions and things required to be done, to happen and
to exist, precedent to and in the issuance of this Warrant, in
order to make the same a legal, valid and binding obligation of
said District, have been done, have happened and do exist in
proper form, time and manner, as required by law; that the loan
evidenced by the series of Warrants of which this Warrant is one,
together with all like loans now outstanding and unpaid, does not
exceed ninety per centum (90%) of the estimated collectible taxes
and revenues for the General Fund of said District for the fiscal
year ending June 30, 1960 yet uncollected; that the proceeds of
the taxes and other revenues of said General Fund, or so much
thereof as may be necessary, have been pledged irrevocably to the
payment of this Warrant and of the series of which it is one and
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the interest to accrue thereon, according to the terms hereof; and
that the full faith, credit and resources of said District to be
derived from the taxes and other revenues of the General Fund of
said District for the fiscal year ending June 30, 1960 are hereby
irrevocably pledged to the payment of this Warrant and the
interest to accrue thereon.
IN TESTIMONY WHEREOF, The Metropolitan St. Louis Sewer
District, acting by and through its Board of Trustees, has caused
this Warrant to be executed on behalf of said District by the
signature of its Executive Director, attested by its Secretary-
Treasurer, under the seal of said District, this day
of , A.D. 19 . (SEAL) THE METROPOLITAN ST. LOUIS SEWER DISTRICT ATTEST: Executive Director Secretary-Treasurer CERTIFICATE OF DIRECTOR OF FINANCE STATE OF MISSOURI ) )SS CITY OF ST. LOUIS )
I, the undersigned, Director of Finance of The
Metropolitan St. Louis Sewer District, do hereby certify that the
within Warrant was registered in my office on the
day of , A.D. 19 .
IN WITNESS WHEREOF, I have hereunto set my hand at St.
Louis, Missouri, this day of , A.D. 19 . Director of Finance of
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The Metropolitan St. Louis Sewer District CERTIFICATE OF SECRETARY-TREASURER STATE OF MISSOURI ) )SS CITY OF ST. LOUIS )
I, the undersigned, Secretary-Treasurer of The
Metropolitan St. Louis Sewer District, do hereby certify that the
within Warrant, upon delivery to the payee therein named, was
presented to me and on the day of , A.D.
19 was registered in my office by entry upon the book provided
pursuant to Section 3.020(14) of the Plan of said District,
correctly stating the date, amount, serial number, in whose favor
drawn, by whom presented and the date presented to me for
registration.
I DO FURTHER CERTIFY that the aggregate principal
amount of all warrants, other than Tax Anticipation Warrants,
drawn upon the General Fund of said District and heretofore
registered in my office, and now outstanding, is
DOLLARS ($ ), and that the aggregate
principal amount of all Tax Anticipation Warrants for the General
Fund of said District heretofore issued and registered in my
office during the fiscal year ending June 30, 1960 and now
outstanding, including the series of which this Warrant is one, is
DOLLARS ($
).
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Secretary-Treasurer of The Metropolitan St. Louis Sewer District ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby assigns the within Warrant to the day of , 19 . Ord. No. 376 Section Five. That the Tax Anticipation Warrants
herein authorized to be issued shall be and the same are hereby
established and regarded as a first charge upon the incoming
revenues of said District for its General Fund for the fiscal year
ending June 30, 1960, in anticipation of which the said Warrants
are issued, and said incoming revenues, or so much thereof as may
be necessary, together with the full faith and credit of said
District, shall be and the same are hereby irrevocably pledged for
and to the payment of the Warrants herein authorized to be issued
and the interest to accrue thereon.
Section Six. That the Warrants herein authorized to be issued
shall be prepared and executed in such amount or amounts and at
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such time or times as may be necessary to provide funds with which
to meet and discharge the obligations of the General Fund of said
District as such obligations accrue from time to time. It shall
be the duty of the Director of Finance to certify to the Executive
Director his estimate of the sum required as aforesaid, and, if
the Executive Director approve such estimate, he and the Director
of Finance shall proceed to prepare and execute a like principal
amount of the Warrants herein authorized to be issued and to
deliver the same to the Secretary-Treasurer, and the said
Secretary-Treasurer shall be and he is hereby authorized and
directed to sell and deliver the same to the purchaser of said
Warrants, upon receipt by him of payment from said purchaser of
the face value of said Warrants. In accordance with the terms of
the agreement heretofore made and entered into with the Manchester
Bank of St. Louis, all the Warrants issued pursuant to this
Ordinance shall be sold and delivered to said Manchester Bank of
St. Louis. The said Warrants shall be payable to and at said
Manchester Bank of St. Louis.
Section Seven. That the proceeds received from the sale and
delivery of said Warrants shall be deposited immediately in the
Treasury of The Metropolitan St. Louis Sewer District to the
credit of its General Fund, and the amount so credited, or so much
thereof as may be necessary, shall be used to pay and discharge
the aforesaid legal obligations of said District for the fiscal
year ending June 30, 1960, which have and will become due and
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payable on or prior to the 30th day of June, 1960.
Section Eight. That it shall be the duty of the Director of
Finance to ascertain from day to day the amount of funds available
for the payment and redemption of the Warrants herein authorized
to be issued, and, if he shall find that sufficient funds are
available to pay and redeem one or more of said Warrants, he shall
forthwith certify that fact to the Executive Director, who shall
thereupon call such Warrant or Warrants for redemption and give
not less than five (5) days' written notice thereof to the bank
named in such Warrants as payee thereof, as hereinabove provided.
A copy of such written notice shall be delivered to the
Secretary-Treasurer, whose duty it shall be to take up, pay, and
redeem the Warrant or Warrants therein described upon presentation
thereof to him.
Section Nine. That immediately upon the passage of this
Ordinance, a certified copy hereof shall be filed with said
Manchester Bank of St. Louis and with the Executive Director, the
Secretary-Treasurer, the Director of Finance and the General
Counsel, for their information and guidance.
Section Ten. That the need of funds with which to meet
and discharge District obligations now due and to become due
within the next month constitutes an emergency within the meaning
of the Plan and that this Ordinance shall therefore take effect
immediately upon its enactment.
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The foregoing Ordinance was adopted on March 3, 1960