HomeMy Public PortalAbout00608 O R D I N A N C E NO. 608 AN ORDINANCE DIRECTING THE ISSUANCE OF TWO HUNDRED TWENTY THOUSAND DOLLARS ($220,000) GENERAL OBLIGATION SEWER BONDS OF BENEFIT SUBDISTRICT NO. 111 (Marlborough) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, IN THE STATE OF MISSOURI, AUTHORIZED AT A SPECIAL ELECTION HELD IN SAID SUBDISTRICT ON THE 8TH DAY OF DECEMBER, 1960; SETTING OUT THE FORM OF SAID BONDS AND THE INTEREST COUPONS TO BE ATTACHED THERETO; DETERMINING THE RATES OF INTEREST, MATURITIES, AND 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, WITH AN EMERGENCY CLAUSE.
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 lawfully had in accordance with the provisions of the said
Plan, by Ordinance No. 441, adopted on the 1st day of September,
1960, did create Benefit Subdistrict No. 111 (Marlborough) of The
Metropolitan St. Louis Sewer District, and
WHEREAS, thereafter, by Ordinance No. 462, adopted on
the 27th day of October, 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 Benefit Subdistrict No.
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111 (Marlborough) of The Metropolitan St. Louis Sewer District for
the purpose of submitting to the qualified electors of said
Subdistrict the following proposition, to-wit:
PROPOSITION "Shall the general obligation bonds of Benefit Subdistrict No. 111 (Marlborough) of The Metropolitan St. Louis Sewer District be issued in the amount of Two Hundred Twenty Thousand ($220,000) Dollars to provide funds for the purpose of purchasing a sanitary sewer system within and for said Subdistrict?" and
WHEREAS, due and regular notice of said special
election was given as directed by the aforesaid Ordinance No. 462
and as required by the Plan of The Metropolitan St. Louis Sewer
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, newspapers 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 15th, 22nd, and 29th days of November, 1960, and
on the 6th day of December, 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
publishers' 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.
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462, the Secretary-Treasurer of The Metropolitan St. Louis Sewer
District did file a certified copy of said Ordinance No. 462 with
the Board of Election Commissioners for St. Louis County,
Missouri, being the county wherein the said Benefit Subdistrict
No. 111 (Marlborough) 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 8th day of
December, 1960; and
WHEREAS, the ballots furnished for and used at the said
special election were in substantially the form as set forth in
said Ordinance No. 462; and
WHEREAS, the said Board of Election Commissioners, on
the 16th day of December, 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 six hundred eighty-
one (681) votes, of which six hundred thirty-six (636) votes were
cast "FOR THE BOND ISSUE" and forty-five (45) 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. 366, adopted on the 5th day
of January, 1961, the Board of Trustees of The Metropolitan St.
Louis Sewer District did declare the result of the aforesaid
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special election held on the 8th day of December, 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 Benefit Subdistrict No. 111 (Marlborough) 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 Benefit Subdistrict No. 111
(Marlborough) in the amount and for the purpose set forth in said
proposition; and
WHEREAS, thereafter, to-wit: on the 29th day of June,
1961, the Board of Trustees of The Metropolitan St. Louis Sewer
District did adopt Resolution No. 423, directing the sale of Two
Hundred Twenty Thousand Dollars ($220,000) of bonds of Benefit
Subdistrict No. 111 (Marlborough) authorized at the aforesaid
special election held on the 8th day of December, 1960, and by
said resolution did fix Thursday, the 20th day of July, 1961, as
the date for the receipt of bids for said bonds, and did direct
the giving of notice thereof for the time and in the manner
required by the aforesaid Plan; and
WHEREAS, printed copies of the notice of the sale of
said bonds, together with a printed form of proposal for the
purchase thereof and a financial statement of the said
Subdistrict, were thereafter mailed to all interested banks, bond
houses, and investment bankers in the State of Missouri and
elsewhere, and the said notice was also published one time in The
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Bond Buyer, a financial journal published in the City of New York
and in the St. Louis Globe Democrat and in The St. Louis Post-
Dispatch, newspapers of general circulation published in The
Metropolitan St. Louis Sewer District, all of said publications
having been made at least ten (10) days prior to the 20th day of
July, 1961, the date set for the sale of said bonds; and
WHEREAS, on the said 20th day of July, 1961, three (3)
sealed proposals for the purchase of said bonds were received and
considered by the Board of Trustees of The Metropolitan St. Louis
Sewer District, and the aforesaid bonds were thereupon awarded and
sold to the highest bidder therefor; and
WHEREAS, it has now become necessary to make provisions
for the preparation, execution, issuance, and delivery of the said
bonds; and
WHEREAS, the assessed valuation of taxable, tangible
property within Benefit Subdistrict No. 111 (Marlborough) of The
Metropolitan 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 Eight Million, Six
Hundred Ninety-one Thousand, Fifty-five Dollars ($8,691.055); and
WHEREAS, on the date of the aforesaid special election,
to-wit: on the 8th day of December, 1960, the said Benefit
Subdistrict had no outstanding indebtedness of any kind or
character; and
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WHEREAS, the amount of bonds authorized to be issued at
the aforesaid special election held on the 8th day of December,
1960, to-wit: Two Hundred Twenty Thousand Dollars ($220,000), 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
WHEREAS, the Board of Trustees of The Metropolitan St.
Louis Sewer District, acting as the governing authority of the
aforesaid Benefit Subdistrict No. 111 (Marlborough), is now
legally authorized and empowered to issue the bonds of said
Subdistrict in the principal amount of Two Hundred Twenty Thousand
Dollars ($220,000), as authorized at the aforesaid election; and
WHEREAS, the purchasers of said bonds have nominated
The Boatmen's National Bank of St. Louis, in the City of St.
Louis, State of Missouri, to be the paying agent for the payment
of the bonds and coupons of the aforesaid issue, and this Board of
Trustees does now find and determine that the said nomination
should be approved:
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 Benefit Subdistrict No.
111 (Marlborough) of The Metropolitan St. Louis Sewer District, in
the State of Missouri, in the amount of Two Hundred Twenty
Thousand Dollars ($220,000) to provide funds for the purpose of
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purchasing a sanitary 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
Two Hundred Twenty (220), inclusive; shall bear date of August 1,
1961, and shall bear interest at the rates hereinafter set forth,
payable semiannually on February 1 and August 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 Boatmen's National Bank of St. Louis, 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, under
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 bear interest at the rates per annum
and shall mature, without option of prior payment, in the amounts
and at the times hereinafter set out, as follows: MATURITY BOND NUMBERS RATE OF INTEREST AMOUNT (February 1) 1 to 5,incl. 3-7/8% $ 5,000 1962 6 to 11, " 3-7/8% 6,000 1963
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12 to 18, " 3-7/8% 7,000 1964 19 to 26, " 3-7/8% 8,000 1965 27 to 34, " 3-7/8% 8,000 1966 35 to 44, " 3-7/8% 10,000 1967 45 to 54, " 3-7/8% 10,000 1968 55 to 64, " 3-7/8% 10,000 1969 65 to 74, " 3-7/8% 10,000 1970 75 to 84, " 3-7/8% 10,000 1971 85 to 96, " 3-1/2% 12,000 1972 97 to 108, " 3-7/8% 12,000 1973 109 to 120, " 3.80% 12,000 1974 121 to 132, " 3-3/4% 12,000 1975 133 to 146, " 3.80% 14,000 1976 147 to 160, " 3-7/8% 14,000 1977 161 to 175, " 3-7/8% 15,000 1978 176 to 190, " 3-7/8% 15,000 1979 191 to 205, " 3-7/8% 15,000 1980 206 to 220, " 3-7/8% 15,000 1981
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
BENEFIT SUBDISTRICT NO. 111 (Marlborough)
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
%
GENERAL OBLIGATION SEWER BOND
NO. $1,000
Benefit Subdistrict No. 111 (Marlborough) of The
Metropolitan St. Louis Sewer District, in the State of Missouri,
acting herein by and through the Board of Trustees of The
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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 thereof, the sum of
ONE THOUSAND DOLLARS
($1,000) on the first day of February, 19 , with interest thereon
from date hereof at the rate of per centum ( %) per
annum, payable semi-annually on February 1 and August 1 in each
year until the principal hereof shall have been paid. Interest
accruing on this bond on and prior to the maturity date 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 Boatmen's
National Bank of St. Louis, in the City of St. Louis, State of
Missouri, and for the prompt payment of this bond and the interest
hereon the full faith, credit, and resources of Benefit
Subdistrict No. 111 (Marlborough) of The Metropolitan St. Louis
Sewer District are hereby irrevocably pledged.
This bond is one of a series of two hundred twenty
(220) bonds of like date, tenor, and effect, except as to number,
rate of interest, and date of maturity, numbered from One (1) to
Two Hundred Twenty (220), inclusive, aggregating the sum of Two
Hundred Twenty Thousand Dollars ($220.000), issued by Benefit
Subdistrict No. 111 (Marlborough) of The Metropolitan St. Louis
Sewer District to provide funds for the purpose of purchasing a
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sanitary sewer system within and for said Subdistrict, 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 Benefit Subdistrict No.
111 (Marlborough) of The Metropolitan St. Louis Sewer District on
the 8th day of December, 1960, whereat more than two-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, con-
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ditions, 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 Benefit Subdistrict No. 111
(Marlborough) of The Metropolitan St. Louis Sewer District, have
been done, have happened, and have been performed in regular and
due form, time, 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 or
constitutional limit.
IN TESTIMONY WHEREOF, Benefit Subdistrict No. 111
(Marlborough) of The Metropolitan St. Louis Sewer District, acting
herein by and through the Board of Trustees of The Metropolitan
St. Louis Sewer District, has executed this bond by causing it 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,
and this bond to be dated August 1, 1961.
BENEFIT SUBDISTRICT NO. 111 (Marlborough) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT,
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BY Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District ATTEST: Secretary-Treasurer of The Metropolitan St. Louis Sewer District (FORM OF INTEREST COUPONS) NO. $ February, On the first day of August, 19 , Benefit Subdistrict
No. 111 (Marlborough) 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 Boatmen's National Bank of St.
Louis, in the City of St. Louis, State of Missouri, being interest
due that date on its General Obligation Sewer Bond dated August 1,
1961, and numbered .
BENEFIT SUBDISTRICT NO. 111 (Marlborough) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, BY Secretary-Treasurer of The Metropolitan St. Louis Sewer District
Interest coupons attached to said bonds shall be
payable in the following amounts:
BOND NUMBERS AMOUNTS 1 to 84, incl. $19.37 - February 1
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19.38 - August 1 85 to 96, " 17.50 97 to 108, " 19.37 - February 1 19.38 - August 1 109 to 120, " 19.00 121 to 132, " 18.75 133 to 146, " 19.00 147 to 220, " 19.37 - February 1 19.38 - August 1
(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 SECRETARY- DATE OF REGISTRATION IN WHOSE NAME REGISTERED TREASURER
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
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hereby levied a direct, continuing, annual tax upon all taxable
tangible property within said Benefit Subdistrict No. 111
(Marlborough) 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 due time, manner, and
season annually be made.
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 necessary to pay said bonds and the interest thereon, 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 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 "BENEFIT
SUBDISTRICT NO. 111 (Marlborough) 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
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prepared and executed 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 the sale and delivery of the bonds herein authorized to be
issued, immediately upon receipt thereof, shall be set aside in a
separate fund designated "BENEFIT SUBDISTRICT NO. 111
(Marlborough) PURCHASE FUND," and shall be used solely and only
for the purpose of purchasing a sanitary sewer system within and
for said Subdistrict, including payment of all expenses
necessarily incidental thereto.
Section Eight. That the Secretary-Treasurer of The
Metropolitan St. Louis Sewer District be and is hereby authorized
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 Ordinance No. 533, adopted April 16,
1961, and all 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.
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Section Ten. The immediate need for the purchase of
sanitary sewers in Benefit Subdistrict No. 111 (Marlborough), in
order to protect the public health, creates an emergency within
the meaning of the Plan and this ordinance shall be in full force
and effect from and after its passage.
The foregoing Ordinance was adopted August 31, 1961.