HomeMy Public PortalAbout00590 O R D I N A N C E NO. 590
AN ORDINANCE directing the issuance of Three Million,
Two Hundred Fifty Thousand Dollars ($3,250,000) (of Four Million,
Seven Hundred Fifty Thousand Dollars ($4,750,000) authorized)
General Obligation Sewer Bonds of the Gravois Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District, in the
State of Missouri, authorized at a special election held in said
Subdistrict on the 30th day of August, 1960; setting out the form
of said bonds and the interest coupons to be attached thereto,
determining the maximum rate of interest, maturities, and making
provision for designating the 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; and repealing Ordinance No. 501, relative to the same
subject, adopted January 19, 1961, and all other ordinances or
parts of ordinances in conflict herewith, insofar as they may so
conflict.
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
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lawfully had in accordance with the provisions of the said Plan,
by
Ordinance No. 425, adopted on the 14th day of July, 1960, did
create the Gravois Creek Trunk Subdistrict of the Metropolitan St.
Louis Sewer District; and
WHEREAS, thereafter, by Ordinance No. 434, adopted on
the 28th day of July, 1960, 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 Gravois Creek Trunk
Subdistrict of The
Metropolitan St. Louis Sewer District for the purpose of
submitting
to the qualified electors of said Subdistrict the following propo-
sition, to wit:
PROPOSITION "Shall the general obligation bonds of the Gravois Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District be issued in the amount of Four Million Seven Hundred Fifty Thousand ($4,750,000.00) Dollars to provide funds for the purpose of constructing a sanitary trunk sewer system 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. 434
and as required by the Plan of The Metropolitan St. Louis Sewer
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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, news-papers 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 8th, 15th, 22nd and 29th days of August, 1960,
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.
434, the Secretary-Treasurer of The Metropolitan St. Louis Sewer
District did file a certified copy of said Ordinance No. 434 with
the Board of Election Commissioners for St. Louis County,
Missouri, being the county wherein the said Gravois Creek Trunk
Subdistrict 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 30th day of
August, 1960; and
WHEREAS, the ballots furnished for and used at the said
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special election were in substantially the form as set forth in
said Ordinance No. 434; and
WHEREAS, the said Board of Election Commissioners, on
the 6th day of September, 1960, 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 twelve thousand nine hundred
seventy-three (12,973) votes, of which eleven thousand, sixty-
three (11,063) votes were cast "FOR THE BOND ISSUE" and one
thousand, nine hundred ten (1,910) 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. 341, adopted on the 7th day
of October, 1960, the Board of Trustees of The Metropolitan St.
Louis Sewer District did declare the result of the aforesaid
special election held on the 30th day of August, 1960, 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 Gravois Creek Trunk Subdistrict 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 the
Gravois Creek Trunk Subdistrict in the amount and for the purpose
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set forth in said proposition; and
WHEREAS, this Board does now find and determine that it
is necessary at this time to proceed with the issuance, sale and
delivery of Three Million, Two Hundred Fifty Thousand Dollars
($3,250,000) of the Four Million, Seven Hundred Fifty Thousand
Dollars ($4,750,000) of bonds authorized as aforesaid, and that
the right be reserved unto said Board, at its option, hereafter to
direct the issuance, sale and delivery of the remaining One
Million, Five Hundred Thousand Dollars ($1,500,000) of said
authorized bonds, or any part thereof, if the Board should
hereafter find that the issuance, sale and delivery thereof is
necessary to complete the construction of a sanitary trunk sewer
system within and for said Subdistrict, including all expenses
necessarily incidental thereto; and
WHEREAS, heretofore, to wit: on the 15th day of June,
1961, after due and lawful publication of notice thereof, this
Board did receive sealed bids for the purchase of Three Million,
Two Hundred Fifty Thousand Dollars ($3,250,000) of the aforesaid
authorized issue, and did accept the highest bid made and offered
for said bonds; 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 the Gravois Creek Trunk Subdistrict of The Metro-
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politan, 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, 1959, was One Hundred Twenty-five Million,
Nine Hundred Forty-eight Thousand Seven Hundred Ten Dollars
($125,948,710); and
WHEREAS, on the date of the aforesaid special election,
to-wit: on the 30th day of August, 1960, the said Gravois Creek
Trunk Subdistrict 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 30th day of August,
1960, to wit: Four Million, Seven Hundred Fifty Thousand Dollars
($4,750,000), 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
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 the Gravois Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District, in the
State of Missouri, in the amount of Three Million, Two Hundred
Fifty Thousand Dollars ($3,250,000) being part of the Four
Million, Seven Hundred Fifty Thousand dollars ($4,750,000) of
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bonds
authorized at a special election held in said Subdistrict on the
30th day of August, 1960, to provide funds for the purpose of
constructing a sanitary trunk sewer system 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 Three
Thousand Two Hundred Fifty (3,250), inclusive; shall bear date of
July 1, 1961; and shall bear interest at the rates per annum
hereinafter set forth, payable February 1, 1962 and semi-annually
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 St. Louis Union Trust Company, in the City of St. Louis,
State of Missouri. The said bonds shall be executed by the
facsimile signature of the Chairman of the Board of Trustees of
The Metropolitan St. Louis Sewer District, with the seal of said
District imprinted thereon in facsimile, attested by the manual
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 be numbered and shall mature in the amounts and at the times
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hereinafter set out, as follows: MATURITY BOND NUMBERS RATE OF INTEREST AMOUNT (February 1)
1 to 80, incl. 5% $ 80,000 1962
81 " 190, " 5% 110,000 1963
191 " 310, " 5% 120,000 1964
311 " 435 " 5% 125,000 1965
436 " 565 " 5% 130,000 1966
566 " 700 " 3-1/2% 135,000 1967
701 " 840 " 3% 140,000 1968
841 " 985 " 3% 145,000 1969
986 " 1140 " 3% 155,000 1970
1141 " 1300 " 3% 160,000 1971
1301 " 1465 " 3-1/2% 165,000 1972
1466 " 1640 " 3-1/2% 175,000 1973
1641 " 1820 " 3-1/2% 180,000 1974
1821 " 2005 " 3-1/2% 185,000 1975
2006 " 2195 " 3-1/2% 190,000 1976
2196 " 2395 " 3.60% 200,000 1977
2396 " 2600 " 3.60% 205,000 1978
2601 " 2810 " 3.60% 210,000 1979
2811 " 3025 " 3.60% 215,000 1980
3026 " 3250 " 3.60% 225,000 1981
$3,250,000
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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
GRAVOIS CREEK TRUNK SUBDISTRICT
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
%
GENERAL OBLIGATION SEWER BOND
NO. $1,000.00
The Gravois Creek Trunk Subdistrict 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 centum ( %) per annum, payable February
1, 1962 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
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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 St. Louis
Union Trust Company, 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 the Gravois Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District are
hereby irrevocably pledged.
This bond is one of a series of three thousand, two
hundred fifty (3,250) bonds of like date, tenor, and effect,
except as to number, rate of interest and date of maturity,
numbered from One (1) to Three Thousand Two Hundred Fifty (3,250),
inclusive, aggregating the sum of Three Million, Two Hundred
Fifty Thousand Dollars ($3,250,000), being part of Four Million,
Seven Hundred Fifty Thousand Dollars ($4,750,000) authorized,
issued by the Gravois Creek Trunk Subdistrict of The Metropolitan
St. Louis Sewer District to provide funds for the purpose of con-
structing a sanitary trunk sewer system within and for said Sub-
district, 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 Gravois
Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer
District on the 30th day of August, 1960, whereat more than two-
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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 Gravois Creek Trunk Subdistrict of The
Metropolitan St. Louis Sewer District, have been done, have
happened, and have been performed in regular and due form, time,
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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 of
constitutional limit.
IN TESTIMONY WHEREOF, the Gravois Creek Trunk Subdistrict of
The Metropolitan St. Louis Sewer District, acting herein by and
through the Board of Trustees of The Metropolitan St. Louis Sewer
District, has caused this bond to be executed by the facsimile
signature of the Chairman of the Board of Trustees of The
Metropolitan St. Louis Sewer District, with the seal of said
District imprinted hereon in facsimile, attested by the manual
signature of 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 July 1, 1961. GRAVOIS CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT By Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District
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ATTEST: Secretary-Treasurer of The Metropolitan St. Louis Sewer District
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Ord. No. 590 (FORM OF INTEREST COUPONS) No. $ February, On the first day of August, 19 , the Gravois Creek
Trunk Subdistrict 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 St. Louis Union Trust Company,
in the City of St. Louis, State of Missouri, being interest due
that date on its General Obligation Sewer Bond dated July 1, 1961,
and numbered .
GRAVOIS CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT By Secretary-Treasurer of The Metropolitan St. Louis Sewer District
The interest coupons to be attached to said bonds shall
be payable in the following amounts, to wit:
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Ord. No. 590 COUPONS DUE SEMI-ANNUAL BOND NUMBERS FEB. 1, 196 COUPONS THEREAFTER 1 - 565 29.17 25.00 566 - 700 20.42 17.50 701 - 1300 17.50 15.00 1301 - 2195 20.42 17.50 2196 - 3250 21.00 18.00 (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 Gravois Creek Trunk
Subdistrict, 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 1962 to 1981, inclusive,
the sums necessary to pay said bonds as they mature and the
interest thereon as it accrues, 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 required as aforesaid, 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
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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 "GRAVOIS CREEK TRUNK SUBDISTRICT 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 "GRAVOIS CREEK TRUNK SUBDISTRICT
CONSTRUCTION FUND," and shall be used solely and only for the
purpose of constructing a sanitary trunk sewer system 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 Five of this Ordinance.
Section Eight. That the Secretary-=Treasurer of The
Metropolitan St. Louis Sewer District be and is hereby authorized
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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 the right shall be and is hereby
reserved unto this Board, at its option, hereafter to direct the
issuance, sale and delivery of the remaining One Million Five
Hundred Thousand Dollars ($1,500,000) of the Four Million Seven
Hundred Fifty Thousand Dollars ($4,750,000) of bonds authorized at
the aforesaid election held on the 30th day of August, 1960, or
any part thereof, if this Board should hereafter find that the
issuance, sale and delivery thereof is necessary to complete the
construction of a sanitary trunk sewer system within and for said
Subdistrict, including all expenses necessarily incidental
thereto.
Section Ten. That Ordinance No. 501, adopted on
January 19, 1961, and all other 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.
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The foregoing Ordinance was adopted June 29, 1961.