HomeMy Public PortalAbout00428 O R D I N A N C E NO. 428
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 1960-61, 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, 1961, but as yet uncollected, based upon actual receipts into
the General Fund during the last completed year, to wit: the
fiscal year ended June 30, 1960, is THREE MILLION THREE HUNDRED
FIVE THOUSAND NINE HUNDRED EIGHTY DOLLARS ($3,305,980.00); and
WHEREAS, there have become and will become due and
payable on and prior to the 30th day of June, 1961, legal
obligations of said District for salaries, sewer maintenance, and
other general District purposes, aggregating not less than THREE
MILLION ONE HUNDRED FIFTY-EIGHT THOUSAND TWENTY-SIX DOLLARS
($3,158,026.00); 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, 1960, and years prior thereto, together with the taxes
and other revenues provided for the year ending June 30, 1961, 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, 1961, 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, 1961, 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, 1961; 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 per centum (90%) of the
aforesaid estimated collectible taxes and revenues for the fiscal
year ending June 30, 1961, 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, 1961, 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-one dash One
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(61-1) to Sixty-one dash Eighty-seven (61-87), 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, 1961. 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
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Secretary-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 %.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
day of , 19 , at the office of said bank,
together with interest thereon from the date hereof until the
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principal hereof 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 to
both inclusive, of the denomination of FIVE THOUSAND DOLLARS
($5,000.00) each, and aggregating
DOLLARS ($ ),
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, 19 , 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
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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 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, 19 yet uncollected; that the proceeds of
the taxes and other revenues of said General Fund, or so much
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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
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, 19 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
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CERTIFICATE OF DIRECTOR OF FINANCE STATE OF MISSOURI ) ) SS CITY OF ST. LOUIS )
I, the undersigned, Director of Finance of The Metro-
politan 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 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 Metro-
politan 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) or 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.
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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, 19 and now
outstanding, including the series of which this Warrant is one,
is DOLLARS ($
).
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 .
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Section Five. That in due time, manner and season
there was levied, for the fiscal year ending June 30, 1961 and for
general District purposes, an ad valorem tax upon all taxable
property within said District, and that said tax was levied at a
rate which, together with other anticipated revenues of the
General Fund of the District for the fiscal year ending June 30,
1961, will produce the funds required for said Fund for said
fiscal year.
Section Six. 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, 1961, 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 Seven. That the Warrants herein authorized to
be issued shall be prepared and executed in such amount or amounts
and at 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
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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 Eight. 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, 1961, which have and will become due
and payable on or prior to the 30th day of June, 1961.
Section Nine. 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
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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 Ten. 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 Eleven. That the need of funds with which to
meet and discharge District obligations now due and to become due
during the fiscal year ending June 30, 1961 constitutes an
emergency within the meaning of the Plan and that this Ordinance
shall therefore take effect immediately upon its enactment.
The foregoing Ordinance was adopted on July 14, 1960