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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 2 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 3 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 4 (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 5 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 6 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 7 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 8 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 9 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. 10 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 . 11 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 12 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 13 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