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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. 2 111 (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. 3 462, 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 4 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 5 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 6 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 7 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 8 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 9 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 10 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- 11 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, 12 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 13 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 14 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 15 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. 16 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.