HomeMy Public PortalAbout00703 O R D I N A N C E NO. 703
AN ORDINANCE directing the issuance of Seven Hundred
Fifty Thousand Dollars ($750,000) (of Nine Hundred Thousand
Dollars ($900,000) authorized) General Obligation Sewer Bonds of
Subdistrict No. Seven of River des Peres Watershed (Wellston Area)
of The Metropolitan St. Louis Sewer District, in the State of
Missouri, authorized at a special election held in said Sub-
district on the 18th day of July, 1961; 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.
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. 409, adopted on the 16th day of June, 1960, did
create Subdistrict No. Seven of the River des Peres Watershed
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(Wellston Area) of The Metropolitan St. Louis Sewer District; and
WHEREAS, thereafter, by Ordinance No. 572, adopted on
the 15th day of June, 1961, 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 Subdistrict No. Seven of
the River des Peres Watershed (Wellston Area) 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 Subdistrict No. Seven of the River des Peres Watershed (Wellston Area) of The Metropolitan St. Louis Sewer District be issued in the amount of Nine Hundred Thousand ($900,000.00) 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. 572
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 the St. Louis
Post-Dispatch on the 27th of June, 1961, the 3rd, 5th and 11th
days of July, 1961 and in the St. Louis Globe-Democrat on the 27th
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day of June, 1961 and the 4th and 11th day of July, 1961, 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. 572,
the Secretary-Treasurer of The Metropolitan St. Louis Sewer
District did file a certified copy of said Ordinance No. 572 with
the Board of Election Commissioners for St. Louis County,
Missouri, being the county wherein the said Subdistrict No. Seven
of the River des Peres Watershed (Wellston Area) 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 18th day of
July, 1961; 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. 572; and WHEREAS, the said Board of Election Commissioners,
on the 19th day of July, 1961, did certify to the Board of
Trustees of The Metropolitan St. Louis Sewer District the result
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of the aforesaid election showing that at said election there was
cast on the aforesaid proposition a total of one thousand seventy-
five (1,075) votes, of which seven hundred thirty-six (736) votes
were cast "FOR THE BOND ISSUE" and three hundred thirty-nine (339)
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. 445, adopted on the 31st day
of August, 1961, the Board of Trustees of The Metropolitan St.
Louis Sewer District did declare the result of the aforesaid
special election held on the 18th day of July, 1961, 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 Subdistrict No. Seven of the River des Peres Watershed
(Wellston Area) 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 Subdistrict No.
Seven of the River des Peres Watershed (Wellston Area) in the
amount and for the purpose 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 Seven Hundred Fifty Thousand Dollars ($750,000)
of the Nine Hundred Thousand Dollars ($900,000) of bonds
authorized as aforesaid, and that the right be reserved unto said
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Board, at its option, hereafter to direct the issuance, sale and
delivery of the remaining One Hundred Fifty Thousand Dollars
($150,000) 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 25th day of
January, 1962, after due and lawful publication of notice thereof,
this Board did receive sealed bids for the purchase of Seven
Hundred Fifty Thousand Dollars ($750,000) 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 Subdistrict No. Seven of the River des Peres
Watershed (Wellston Area) 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,
1960, was Twenty Million, Nine Hundred Twenty-nine Thousand, Four
Hundred Ninety Dollars ($20,929,490); and
WHEREAS, on the date of the aforesaid special election,
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to wit: on the 18th day of July, 1961, the said Subdistrict No.
Seven of the River des Peres Watershed (Wellston Area) 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 18th day of July, 1961,
to wit: Nine Hundred Thousand Dollars($900,000): 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 Subdistrict No. Seven
of the River des Peres Watershed (Wellston Area) of The
Metropolitan St. Louis Sewer District, in the State of Missouri,
in the amount of Seven Hundred Fifty Thousand Dollars ($750,000)
being part of the Nine Hundred thousand Dollars ($900,000) of
bonds authorized at a special election held in said Subdistrict on
the 18th day of July, 1961, 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
Seven Hundred Fifty (750), inclusive; shall bear date of February
1, 1962; and shall bear interest at the rates per annum here-
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inafter set forth, payable February 1, 1963 and semi-annually
thereafter 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 Mercantile 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 Acting Secretary-Treasurer of said
District, and the interest coupons to be attached to said bonds
shall be executed by the facsimile signature of said Acting
Secretary-Treasurer. Said bonds shall be numbered and shall
mature in the amounts and at the times hereinafter set out, as
follows:
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MATURITY BOND NUMBERS RATE OF INTEREST AMOUNT (February 1) 1 to 20, incl. 3-1/2% $ 20,000 1963 21 to 45, incl. 3-1/2% 25,000 1964 46 to 70, incl. 3-1-2% 25,000 1965 71 to 100, incl. 3-1/2% 30,000 1966 101 to 130, incl. 3-1/2% 30,000 1967 131 to 160, incl. 3-1/8% 30,000 1968 161 to 190, incl. 3-1/8% 30,000 1969 191 to 225, incl. 3-1/8% 35,000 1970 226 to 260, incl. 3-1/8% 35,000 1971 261 to 295, incl. 3-1/4% 35,000 1972 296 to 335, incl. 3-1/4% 40,000 1973 336 to 375, incl. 3-1/4% 40,000 1974 376 to 415, incl. 3-1/4% 40,000 1975 416 to 455, incl. 3-1/4% 40,000 1976 456 to 500, incl. 3-3/8% 45,000 1977 501 to 550, incl. 3-3/8% 50,000 1978 551 to 600, incl. 3-3/8% 50,000 1979 601 to 650, incl. 3-3/8% 50,000 1980 651 to 700, incl. 3-3/8% 50,000 1981 701 to 750, incl. 3-3/8% 50,000 1982 $ 750,000
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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
SUBDISTRICT NO. SEVEN OF THE RIVER DES PERES WATERSHED (WELLSTON AREA) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ____________% GENERAL OBLIGATION SEWER BOND NO._____________ $1,000.00
Subdistrict No. Seven of the River des Peres
Watershed (Wellston Area) 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, 1963, and
semi-annually thereafter 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
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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
Mercantile 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 Subdivision No.
Seven of the River des Peres Watershed (Wellston Area) of The
Metropolitan St. Louis Sewer District are hereby irrevocably
pledged.
This bond is one of a series of seven hundred fifty
(750) bonds of like date, tenor, and effect, except as to number,
rate of interest and date of maturity, numbered from One (1) to
Seven Hundred Fifty (750), inclusive, aggregating the sum of Seven
Hundred Fifty Thousand Dollars ($750,000), of an authorized issue
of Nine Hundred Thousand Dollars ($900,000) issued by Subdistrict
No. Seven of the River des Peres Watershed (Wellston Area) of The
Metropolitan St. Louis Sewer District 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 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 Subdistrict No. Seven of the River
des Peres Watershed (Wellston Area) of The Metropolitan St. Louis
Sewer District on the 18th day of July, 1961, whereat more than
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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 nd 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 his 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 Subdistrict No. Seven of the River des
Peres Watershed (Wellston Area) 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,
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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, Subdistrict No. Seven of the
River des Peres Watershed (Wellston Area) 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 Acting
Secretary-Treasurer of said District, and has caused the annexed
interest coupons to be executed by the facsimile signature of said
Acting Secretary-Treasurer, which signature the said Acting
Secretary-Treasurer, by the execution of this bond, adopts as and
for his own proper signature, and this bond to be dated February
1, 1962. SUBDISTRICT NO. SEVEN OF THE RIVER DES PERES WATERSHED (WELLSTON AREA) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT BY________________________________ Chairman, Board of Trustees of The Metropolitan St. Louis
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Sewer District ATTEST: ________________________________ Acting Secretary-Treasurer of The Metropolitan St. Louis Sewer District
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(FORM OF INTEREST COUPONS) No.____________________ $___________________ February,
On the first day of August, 19_____, Subdistrict
No. Seven of the River des Peres Watershed (Wellston Area) of The
Metropolitan St. Louis Sewer District, in the State of Missouri,
promises to pay to bearer _________________________________
($______________________) in lawful money of the United States of
America at the Mercantile Trust Company, in the City of St. Louis,
State of Missouri, being interest due that date on its General
Obligation Sewer Bond dated February 1, 1962 and
numbered_________. SUBDISTRICT NO. SEVEN OF THE RIVER DES PERES WATERSHED (WELLSTON AREA) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT By_________________________________ Acting 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: BOND NUMBERS COUPON NO. 1 SUBSEQUENT COUPONS 1 - 130, incl. $ 35.00 $ 17.50 131 - 260, " 31.25 15.62 (Aug. 1) 15.63 (Feb. 1) 261 - 455, " 32.50 16.25 456 - 750, " 33.75 16.88 (Aug. 1) 16.87 (Feb.
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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 OF DATE OF REGISTRATION IN WHOSE NAME REGISTERED SECRETARY-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 hereby levied a direct, continuing, annual tax upon all
taxable, tangible property within said Subdistrict No. Seven of
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the River des Peres Watershed (Wellston Area), 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 1963 to 1982, 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.
Season 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
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 "SUBDISTRICT NO. SEVEN OF THE RIVER DES
PERES WATERSHED, (WELLSTON AREA) 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.
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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 "SUBDISTRICT NO. SEVEN OF THE RIVER DES
PERES WATERSHED (WELLSTON AREA) 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
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 Hundred Fifty
Thousand Dollars ($150,000) of the Nine Hundred Thousand Dollars
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($900,000) of bonds authorized at the aforesaid election held on
the 18th day of July, 1961, 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.
The foregoing Ordinance was adopted February 19, 1962.