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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 2 (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 3 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 4 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 5 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, 6 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- 7 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: 8 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 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 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 10 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 11 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, 12 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 13 Sewer District ATTEST: ________________________________ Acting Secretary-Treasurer of The Metropolitan St. Louis Sewer District 14 (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. 15 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 16 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. 17 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 18 ($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.