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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 2 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 3 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 4 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 5 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- 6 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 7 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 8 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 9 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 10 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- 11 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, 12 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 13 ATTEST: Secretary-Treasurer of The Metropolitan St. Louis Sewer District 14 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: 15 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 16 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 17 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 18 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. 19 The foregoing Ordinance was adopted June 29, 1961.