HomeMy Public PortalAbout00764 O R D I N A N C E NO. 764 AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF SEWERAGE SYSTEM REVENUE BONDS OF THE COLDWATER CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, IN THE STATE OF MISSOURI, IN THE PRINCIPAL AMOUNT OF FOUR MILLION, FIVE HUNDRED THOUSAND DOLLARS ($4,500,000) (BEING PART OF $10,986,000 AUTHORIZED), FOR THE PURPOSE OF CONSTRUCTING A SANITARY TRUNK SEWER SYSTEM AND A SEWAGE TREATMENT SYSTEM FOR SAID SUBDISTRICT; PRESCRIBING THE FORM AND DETAILS OF SAID REVENUE BONDS AND THE COVENANTS AND AGREEMENTS MADE BY SAID SUBDISTRICT TO FACILITATE AND PROTECT THE PAYMENT THEREOF; PROVIDING FOR THE COLLECTION, SEGREGATION, AND APPLICATION OF THE REVENUES OF THE SEWERAGE SYSTEM OF SAID SUBDISTRICT FOR THE PURPOSE OF PAYING THE COST OF OPERATING AND MAINTAINING SAID SYSTEM, PAYING THE INTEREST ON AND PRINCIPAL OF SAID SEWERAGE SYSTEM REVENUE BONDS, PROVIDING ADEQUATE DEPRECIATION AND RESERVE FUNDS, AND PAYING THE COST OF IMPROVEMENTS AND EXTENSIONS TO SAID SYSTEM. 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 (hereinafter sometimes referred to as "this Board" or "the Board"), pursuant to proceedings theretofore duly and lawfully had in accordance with the provisions of the said Plan, by Ordinance No. 426, adopted on the 14th day of July, 1960, did create the Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District; and WHEREAS, thereafter, by Ordinance No. 435, 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 Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District on the 30th day of August, 1960, for the purpose of submitting to the qualified electors of said Subdistrict the following proposition, to-wit: PROPOSITION "Shall the revenue bonds of the Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District be issued in the amount of Ten Million, Nine Hundred Eighty-six Thousand ($10,986,000) Dollars to
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provide funds for the purpose of constructing a sanitary trunk sewer system and a sewage treatment system 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. 435 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 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 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. 435, the Secretary-Treasurer of The Metropolitan St. Louis Sewer District did file a certified copy of said Ordinance No. 435 with the Board of Election Commissioners for St. Louis County, Missouri, being the county wherein the said Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District is wholly situated: 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 special election were in substantially the form as set forth in said Ordinance No. 435: 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 afore-said election, showing that at said election there was cast on the aforesaid proposition a total of twelve thousand, nine hundred forty-two (12,942) votes, of which seven thousand, eight hundred sixty-eight (7,868) votes were cast "FOR THE BOND ISSUE" and five thousand, seventy-four (5,074) votes were cast "AGAINST THE BOND ISSUE"; and
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WHEREAS, more than four-sevenths of all the votes cast on the aforesaid proposition were cast in favor thereof; and WHEREAS, by Resolution No. 342, 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 four-sevenths of the qualified electors of said Coldwater 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 Coldwater Creek Trunk Subdistrict in the amount and for the purpose set forth in said proposition: and WHEREAS, none of the bonds authorized at said election as aforesaid have been issued, sold, or delivered, and the said Coldwater Creek Trunk Subdistrict has no outstanding bonded indebtedness of any kind or character; and WHEREAS, the Board of Trustees of The Metropolitan St. Louis Sewer District has caused consulting engineers retained by the District to make an investigation and estimate of the cost of constructing a sanitary trunk sewer system and a sewage treatment system for said Subdistrict (hereinafter sometimes referred to as the "sewerage system" of the Subdistrict), and said engineers have made their report and estimate, such estimate of the cost of said sanitary trunk sewer system and sewage treatment system (hereinafter sometimes referred to as the "sewerage system'') being in the amount of ($10,986,000), and WHEREAS, this Board, after considering said report, and estimate, approves the same and determines that the cost of constructing such sewerage system of the Subdistrict, as aforesaid, will be in the amount of ($10,986,000), and that in order to pay said cost and all other expenses necessarily incidental thereto, it is necessary at this time to proceed with the issuance of Sewerage System Revenue Bonds in the amount of Four Million, Five Hundred Thousand Dollars ($4,500,000), being part of the Ten Million, Nine Hundred Eighty-six Thousand Dollars ($10,986,000) of bonds authorized as aforesaid, and to reserve the power and authority to proceed with the issuance of the remaining bonds of said authorized issue as and when additional funds are required: NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT: SECTION ONE. That a sanitary trunk sewer system and a sewage treatment system for the Coldwater Creek Trunk Subdistrict
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of The Metropolitan St. Louis Sewer District shall be constructed in accordance with the report, plans, and specifications and estimate of cost prepared by the consulting engineers retained by said District, including any alterations in or amendments to such report, Plans, and specifications and estimate deemed advisable by said consulting engineers and approved by the Board of Trustees. The aforesaid report, plans, and specifications and estimate now on file in the office of the Secretary-Treasurer of this Board, are hereby approved. SECTION TWO. That the estimated cost of said sewerage system of the Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District above referred to is Ten Million, Nine Hundred Eighty-six Thousand dollars ($10,986,000). SECTION THREE. That for the purpose of paying part of the cost of constructing the sewerage system of the Subdistrict as hereinbefore referred to, there shall be issued and hereby are authorized and hereby are authorized and directed to be issued the Sewerage System Revenue Bonds, Series 1962, of the Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, in the amount of Four Million, Five Hundred Thousand Dollars ($4,500,000) being part of the Ten Million, Nine Hundred Eighty-six Thousand Dollars ($10,986,000) of revenue bonds authorized at a special election held in said Subdistrict on the 30th day of August, 1960, and said bonds being sometimes hereinafter referred to as the "bonds" or the "revenue bonds.'' SECTION FOUR. That said issue of Sewerage System Revenue Bonds, Series 1962, shall consist of Nine Hundred (900) negotiable, interest bearing bonds, numbered from 1 to 900 inclusive, in the denomination of $5,000 each. All of said bonds shall be dated June 1, 1962, and shall be numbered and become due serially on June 1 in each year, and shall bear interest at the rates per annum, as follows: Rate of Maturity Bond Numbers Interest Amount (June 1)
1 to 17, inclusive 5% $ 85,000 1964
18 to 35, " 5 90,000 1965
36 to 53, " 5 90,000 1966
54 to 72, " 5 95,000 1967
73 to 92, " 5 100,000 1968
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93 to 113, " 5 105,000 1969
114 to 135, " 3 1/4 110,000 1970
136 to 157, " 3 1/4 110,000 1971
158 to 180, " 3 1/4 115,000 1972
181 to 204, " 3 1/4 120,000 1973
205 to 229, " 3 1/4 125,000 1974
230 to 255, " 3 1/4 130,000 1975
256 to 282, " 3 1/4 135,000 1976
283 to 310, " 3 1/4 140,000 1977
311 to 339, " 3 1/4 145,000 1978
340 to 370, " 3 1/4 155,000 1979
371 to 402, " 3 1/2 160,000 1980
403 to 435, " 3 1/2 165,000 1981
436 to 469, " 3 1/2 170,000 1982
470 to 505, " 3 1/2 180,000 1983
506 to 542, " 3 1/2 185,000 1984
543 to 581, " 3 1/2 195,000 1985
582 to 621, inclusive 3 3/4 200,000 1986
622 to 663, " 3 3/4 210,000 1987
664 to 707, " 3 3/4 220,000 1988
708 to 752, " 3 3/4 225,000 1989
753 to 799, " 3 3/4 235,000 1990
800 to 848, " 3 3/4 245,000 1991
849 to 900, " 3 3/4 260,000 1992
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Bonds maturing in the years 1964 to 1972, inclusive, shall
become due without option of prior payment. Bonds maturing in the
years 1973 to 1992, inclusive, and each of them, may be called in
for redemption and payment at the option of the Board, in inverse
numerical order, on June 1, 1972, or on any interest payment date
thereafter, at par and accrued interest to date of redemption,
together with a premium of one-fourth of one per centum (1/4 of
1%) of the principal amount of said bonds for each year or
fraction thereof between the date of redemption and the respective
maturity dates of the bonds called for redemption; such premium,
however, in no event to exceed four per centum (4%) of the
principal amount of any bond so called for redemption. Provided,
further, that the said bonds shall be redeemable without a premium
on June 1, 1989, or on any interest payment date thereafter.
If the Board shall elect to call in any of said bonds
maturing in the years 1973 to 1992, inclusive, prior to the
maturity thereof, the Board shall publish once in a financial
journal published in the City of New York, New York, a notice of
the intention of the Board to call in and pay said bonds; said
notice to be so published not less than thirty nor more than
forty-five days prior to the redemption date. Written notice of
every such call shall also be given by United States registered
mail addressed to the banks at which said bonds are payable, and
mailed not less than thirty days prior to the date fixed for
redemption. The Board shall give like notice of any such
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redemption to the manager of the underwriting group purchasing
said bonds, and to the registered holder of any of said bonds at
the last address shown of record. If any bond be called for
redemption and payment as aforesaid, all interest on such bond
shall cease from and after the date for which such call is made,
provided funds are available for its payment at the price herein-
before specified.
Interest shall be payable semi-annually on June 1 and
December 1 in each year, beginning December 1, 1962. Both
principal of and interest on said bonds shall be payable in lawful
money of the United States of America at Mercantile Trust Company,
in the City of St. Louis, State of Missouri, or, at the option of
the bearer thereof, at Chemical Bank New York Trust Company, in
the Borough of Manhattan, City and State of New York.
SECTION FIVE. That 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. Interest
coupons shall be attached to said bonds, which coupons shall be
executed by the facsimile signature of said Secretary-Treasurer.
SECTION SIX. That the said bonds and the interest coupons
evidencing the interest to accrue thereon shall be in substan-
tially the following form, to-wit:
UNITED STATES OF AMERICA
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STATE OF MISSOURI
COLDWATER CREEK TRUNK SUBDISTRICT
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
........%
SEWERAGE SYSTEM REVENUE BOND
SERIES 1962
No.......... $5,000
The Coldwater 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 pro-
vided, to the registered holder hereof, solely from the revenues
derived and to be derived from the operation of the sewerage
system of said Subdistrict, as hereinafter provided, the sum of
FIVE THOUSAND DOLLARS
($5,000) on the first day of June, 19 , with interest thereon from
the date hereof at the rate of per centum ( %) per annum,
payable December 1, 1962, and semi-annually thereafter on June 1
and December 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 sur-
render of the annexed interest coupons as they severally become
due.
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Both principal of and interest on this bond are payable in
lawful money of the United States of America at Mercantile Trust
Company, in the City of St. Louis, State of Missouri, or, at the
option of the bearer hereof, at Chemical Bank New York Trust
Company, in the Borough of Manhattan, City and State of New York.
At the option of the Board of Trustees of The Metropolitan
St. Louis Sewer District, bonds numbered 181 to 900, inclusive, of
the series of which this bond is a part, and each of said bonds,
may be called for redemption and payment on June 1, 1972, or on
any interest payment date thereafter, but only in inverse
numerical order, at par and accrued interest to date of
redemption, together with a premium of one-fourth of one per
centum (1/4 of 1%) of the principal amount of said bonds for each
year or fraction thereof between the date of redemption and the
respective maturity dates of the bonds called for redemption; such
premium, however, in no event to exceed four per centum (4%) of
the principal amount of any bond so called for redemption.
Provided, further, that the said bonds shall be redeemable without
a premium on June 1, 1989, or on any interest payment date
thereafter. In the event of any such redemption of bonds prior to
maturity, the Board shall publish once in a financial journal
published in the City of New York, New York, not less than thirty
(30) days nor more than forty-five (45) days prior to the date of
redemption, a notice of the intention of the Board to call and pay
such bonds on a specified date. The Board shall also give written
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notice of its intention to redeem and pay such bonds prior to
maturity on a specified date, such notice to be given by United
States registered mail addressed to the banks at which such bonds
are payable, and by like notice addressed to the manager of the
underwriting group by which such bonds were originally purchased
from the issuer, and to the registered holder of any of said bonds
at the last address shown of record; said notice to be mailed not
less than thirty (30) days prior to the date fixed for redemption.
If any such bonds be called for redemption and payment as
aforesaid, all interest thereon shall cease from and after the
date for which such call is made, provided funds are available for
the payment of such bonds at the price hereinbefore specified.
This bond is one of an authorized series of Nine Hundred
(900) bonds, numbered from One (1) to Nine Hundred (900),
inclusive, of like date, denomination, and tenor, excepting
number, rate of interest, date of maturity, and provision for
redemption prior to maturity, aggregating the principal amount of
Four Million, Five Hundred Thousand Dollars ($4,500,000) (being
part of an authorized issue of $10,986,000), issued by the
Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis
Sewer District to provide funds for the purpose of constructing a
sanitary trunk sewer system and a sewage treatment system within
and for said Subdistrict, including all expenses necessarily
incidental thereto, and is issued under authority of the
Constitution and Statutes of the State of Missouri and the Plan of
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The Metropolitan St. Louis Sewer District, and pursuant to an
election duly called and held in said Coldwater Creek Trunk
subdistrict of The Metropolitan St. Louis Sewer District on the
30th day of August, 1960, whereat more than four-sevenths 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 and the interest hereon are payable solely from the
revenues derived and to be derived by the Coldwater Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District from the
operation of its sewerage system, including revenues from
extensions and improvements in and to said system hereafter
constructed or acquired by said Subdistrict, and the taxing power
of the Coldwater Creek Trunk Subdistrict of The Metropolitan St.
Louis Sewer District is not pledged to the payment hereof, either
a to principal or interest. This bond shall not be or constitute
a general obligation of the Coldwater Creek Trunk Subdistrict of
The Metropolitan St. Louis Sewer District, nor shall it constitute
an indebtedness of said Subdistrict within the meaning of any
constitutional, statutory, or charter restriction, limitation or
provision.
The Coldwater Creek Trunk Subdistrict of The Metropolitan St.
Louis Sewer District covenants and agrees that it will apply the
proceeds of the issue of which this bond is one to the purpose
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above set forth, and that as long as this bond or any bond of the
issue of which it is one, or any of the interest coupons thereto
attached are outstanding, it will operate and maintain said sewer
system; that as long as any of said bonds or the interest coupons
thereto attached are outstanding, it will fix and maintain rates
and make and collect charges for the services and facilities of
said system, sufficient to provide for the payment of the
principal of and the interest on said bonds as the same shall
mature and accrue, for the operation and maintenance of said
sewerage system in good repair and working order, and to provide
other funds in connection therewith, all as set forth in the
ordinance pursuant to which the said bonds are issued; and that
such an amount of the revenues of said sewerage system as will
maintain an interest and sinking fund sufficient to pay the
principal of and the interest on this bond and the issue of which
it is one, as the same shall mature and accrue, is hereby
irrevocably pledged to said purpose.
This bond and the interest coupons attached hereto are
negotiable and shall be transferable by delivery, provided,
however, that this bond may be registered as to principal only 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
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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, recited, and declared that all acts,
conditions, and things required to exist, to happen, and to be
performed precedent to and in the issuance of this bond and of the
series of which it is one, in order to make the same legal and
binding obligations of said Subdistrict, according to the terms
thereof, do exist, have happened, and have been performed in due
and regular time, form, and manner, as required by law; that this
bond and the issue of which it is one, together with all
indebtedness of said Subdistrict, does not exceed any limit of
indebtedness prescribed by law; and that for the performance in
due time and manner of all covenants herein, and for the prompt
payment of the principal of and the interest on this bond, and for
the performance in due time and manner of each and every official
act necessary therefor, the full faith of the said Subdistrict is
hereby irrevocably pledged.
IN TESTIMONY WHEREOF, the Coldwater 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
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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 the first day of June, 1962.
COLDWATER CREEK TRUNK SUBDISTRICT OF
THE METROPOLITAN ST.LOUIS SEWER DISTRICT By... . . . . . . . . . . . . . . . . Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District Attest:
. . . . . . . . . ... . . . . . . . . Acting Secretary-Treasurer of The Metropolitan St. Louis Sewer District
(FORM OF INTEREST COUPON FOR BONDS NUMBERED 1 to , INCLUSIVE) No............. $.......... June
On the first day of December, 19 , the Coldwater Creek
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Trunk Subdistrict of The Metropolitan St. Louis Sewer District
will pay to bearer, solely from the revenues derived by said
Subdistrict from the operation of its sewerage system, the sum of
($ ) in lawful money of the
United States of America at Mercantile Trust Company, in the City
of St. Louis, State of Missouri, or, at the option of the bearer
hereof, at Chemical Bank New York Trust Company, in the Borough of
Manhattan, City and State of New York, being six months; interest
then due on its Sewerage System Revenue Bond, Series 1962, dated
June 1, 1962, and numbered
COLDWATER CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT
By ..................................... Acting Secretary-Treasurer of The Metropolitan St. Louis Sewer District
(FORM OF INTEREST COUPON FOR CALLABLE BONDS NUMBERED 181 TO 900, INCLUSIVE) No. .......... $ .......... June,
On the first day of December, 19 , unless the bond
described below shall have been duly called for redemption at a
prior date and provision for payment of the redemption price duly
made, the Coldwater Creek Trunk Subdistrict of The Metropolitan
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St. Louis Sewer District will pay to bearer, solely from the
revenues derived by said Subdistrict from the operation of its
sewerage system, the sum of ($ ) in lawful
money of the United States of America at Mercantile Trust Company,
in the City of St. Louis, State of Missouri, or, at the option of
the bearer hereof, at Chemical Bank New York Trust Company, in the
Borough of Manhattan, City and State of New York, being six
months' interest then due on its Sewerage System Revenue Bond,
Series 1962, dated June 1, 1962, and numbered
COLDWATER CREEK TRUNK SUBDISTRICT 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:
Bond Numbers Amount of Coupons
1 to 113, inclusive .................... $125.00 114 to 370, " .................... 81.25 371 to 581, " .................... 87.50 582 to 900, " .................... 93.75 (FORM FOR REGISTRATION OF BONDS)
This bond is registered as of the date and in the name of the
owner last certified below:
Certification by
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Secretary-Treasurer of Date of In Whose The Metropolitan St. Registration Name Registered Louis Sewer District
................. ................. .....................
................. ................. .....................
................. ................. .....................
................. ................. .....................
SECTION SEVEN. That the bonds herein authorized and directed
to be issued shall be payable, both as to principal and interest,
solely from the revenues derived by the Coldwater Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District from the
operation of the aforesaid sewerage system. No bond issued
hereunder shall constitute an indebtedness of said Subdistrict
within the meaning of any constitutional, statutory, or other
restriction, limitation or provisions, and the taxing power of
said Subdistrict is not pledged to the payment of any of the bonds
authorized hereby, either as to principal or interest.
SECTION EIGHT. That the said sewerage system shall be
operated on a fiscal year basis, beginning on July 1 and ending on
June 30 in each year. All revenues derived from the operation of
the sewerage system of the Coldwater Creek Trunk Subdistrict of
The Metropolitan St. Louis Sewer District shall be set aside as
collected and shall be deposited in a fund hereby created and
designated the "SEWER REVENUE FUND" of the Coldwater Creek Trunk
Subdistrict.
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SECTION NINE. That sums in the Sewer Revenue Fund shall be
set aside for, allocated to, and deposited in the following
accounts, hereby created, by the Director of Finance of The
Metropolitan St. Louis Sewer District, without further direction.
Such allocations and deposits shall be made on the first business
day of each and every month as long as any of the bonds authorized
hereby, or the coupons attached thereto, shall remain outstanding
and unpaid; provided, however, that such allocation to and deposit
in the Sewer Operation and Maintenance Account, hereinafter
provided for, may be made in semi-monthly installments:
(1) Into an account designated the "SEWER OPERATION AND
MAINTENANCE ACCOUNT" there shall be deposited a sum sufficient to
pay the estimated cost of operating and maintaining the sewerage
system in good repair and working order during such month.
(2) Into an account designated the "SEWER REVENUE BOND
ACCOUNT" there shall be deposited in each month a sum at least
equal to one-sixth of the amount of interest that will become due
on all sewer revenue bonds then outstanding on the then next
interest payment date; also a sum at least equal to one-twelfth of
the amount of principal that will become due on said bonds on the
then next maturity date. Sums in said account shall be used only
for the payment of the principal of and the interest on the bonds
hereby authorized as the same shall become due.
(3) Into an account designated the "SEWER DEPRECIATION
ACCOUNT" there shall be deposited for each month the sum of $1,000
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until the sum of $100,000 shall have been accumulated in said
account. When and as long as said amount shall be on deposit in
said account, no further deposits need be made therein. If said
account should be depleted to any extent for any cause, including
payments therefrom made in accordance with this ordinance, then
such monthly deposits shall be resumed until said account shall be
restored. Sums in said account shall be expended for any
replacements to the sewerage system as maybe necessary from time
to time for the continued effective and efficient operation of the
sewerage system.
(4) Into an account designated the "SEWER REVENUE BOND
RESERVE ACCOUNT" there shall be deposited for each month the sum
of $4,000 until the sum of $275,000 shall have been accumulated in
the said account. When and as long as said amount shall be on
deposit in said account, no further deposits need be made therein.
If said account should be depleted to any extent for any cause,
including payments therefrom made in accordance with this
ordinance, then such monthly deposits shall be resumed until said
account shall be restored. Sums in said account shall be expended
only to pay bonds at maturity or interest as it accrues when and
to the extent that other funds are not available for that purpose.
The sums herein specified shall be increased proportionately as
and when additional bonds are issued pursuant to Section Twenty of
this ordinance.
(5) Into an account designated the "SEWER CONTINGENT
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ACCOUNT" there shall be deposited each month the sum of $1,000
until the sum of $100,000 shall have been accumulated in the said
account. When and as long as said amount shall be on deposit in
the said account, no further deposits need be made therein. If
said account should be depleted to any extent for any cause,
including payments made therefrom in accordance with this
ordinance, then such monthly payments shall be resumed until said
account shall be restored. Sums in said account shall be expended
only for unforeseen contingencies and to meet emergencies arising
in the operation and maintenance of the aforesaid sewerage system.
(6) Any surplus remaining in the Sewer Revenue Fund on the
first business day of each month, after making the monthly
deposits required under paragraphs (1), (2), (3), (4), and (5)
above, shall be deposited in the Construction Account, Coldwater
Creek, created by Section Seventeen of this ordinance, until such
time as the construction of the sanitary trunk sewer system and
the sewage treatment system for the Coldwater Creek Trunk
Subdistrict shall have been certified by the Executive Director of
The Metropolitan St. Louis Sewer District as having been completed
according to plan, and paid for. Thereafter any surplus remaining
in the Sewer Revenue Fund on the first business day of each month,
after making the deposits required under paragraphs (1), (2), (3),
(4), and (5) above, shall be deposited in the Sewer Revenue Bond
Reserve Account until such time as the sum of $275,000 shall have
been accumulated therein. Thereafter such surplus shall be
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deposited in the Sewer Depreciation Account until such time as the
sum of $100,000 shall have been accumulated therein. Thereafter
any such surplus shall be deposited in the Sewer Contingent
Account until such time as the sum of $100,000 shall have been
accumulated therein. After the Sewer Revenue Bond Reserve
Account, the Sewer Depreciation Account, and the Sewer Contingent
Account shall have been accumulated to the maximum amounts above
stated, such surplus may be allocated by order of the Board of
Trustees of The Metropolitan St. Louis Sewer District from time to
time, as follows:
(a) Such portion, not exceeding 50% thereof, as the Board
may from time to time direct, shall be deposited in an account
designated "SEWER EXTENSION AND IMPROVEMENT ACCOUNT." Sums in
said account shall be expended only for the construction of
extensions and improvements to the aforesaid sewerage system.
(b) The remainder of such surplus shall be deposited in an
account designated the "SEWER REVENUE BOND REDEMPTION ACCOUNT."
Sums in said account shall be expended only for the redemption of
sewer revenue bonds prior to maturity, according to the terms
thereof, or for the purchase of such bonds in the open market at
not more than par and accrued interest for non-callable bonds, or
at not more than the next effective call price for callable bonds.
SECTION TEN. That if the revenues derived from the operation
of the sewerage system should be insufficient at any time to make
the payments or deposits required by Section Nine of this
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ordinance, the deficiency shall be made good by additional
payments to be made out of the first available revenues of said
system received during any succeeding month or months. Whenever
and as long as sums actually on deposit in the Sewer Revenue Bond
Account, the Sewer Revenue Bond Reserve Account, and in the Sewer
Revenue Bond Redemption Account, together shall equal the
principal amount of all outstanding bonds, plus the amount of all
interest due thereon until the respective maturity dates of all
such bonds, then no further deposits need be made into said
accounts. Except as herein otherwise expressly provided, all sums
in the fund and accounts created by Sections Eight and Nine hereof
shall be kept on deposit in a bank or banks which are members of
the Federal Deposit Insurance Corporation and at all times shall
be continuously secured as provided by the Laws of the State of
Missouri, or, in the discretion of the Board of Trustees, may be
invested in bonds or other obligations of the United States of
America maturing or being redeemable at or prior to the time when
such sums may be required for use under the terms of this
ordinance.
SECTION ELEVEN. That the Coldwater Creek Trunk Subdistrict,
acting by and through the Board of Trustees of The Metropolitan
St. Louis Sewer District, covenants and agrees with the holder or
holders of the bonds herein authorized to be issued that it will
perform all duties with respect to the operation and maintenance
of said sewerage system and with respect to the fixing,
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maintaining, and collecting of the rates, fees, and charges for
the services and facilities thereof and the establishment of the
fund and accounts herein authorized and created, and all other
matters and things required by law and by this ordinance, and that
it will do or cause to be done, in apt time and season, each and
every official act necessary for the payment of the principal of
and the interest on the bonds herein authorized to be issued, as
the same shall mature and accrue.
Said Subdistrict further covenants with the holders of said
bonds as follows:
(a) That the sewerage system of the Coldwater Creek Trunk
Subdistrict shall be improved in accordance with plans and
specifications therefor heretofore adopted by the Board of
Trustees of The Metropolitan St. Louis Sewer District and now on
file in the office of the Secretary-Treasurer.
(b) That as long as any of the bonds or interest coupons
authorized by this ordinance are outstanding and unpaid, it will
operate and maintain the said sewerage system as improved.
(c) That as long as any of said bonds or the interest coupons
pertaining thereto remain outstanding and unpaid, the said
Subdistrict will fix and maintain rates and make and collect
charges for the use and service of the said sewerage system,
sufficient to pay the cost of maintenance and operation of the
said system and to pay the principal of and the interest on all
revenue bonds or other obligations issued by said Subdistrict
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chargeable to the revenues of said sewerage system and to provide
ample funds to meet all requirements of this ordinance.
(d) That as long as any of said bonds or interest coupons
shall remain outstanding and unpaid, the said Subdistrict shall
carry and maintain all-risk insurance upon all the properties
forming a part of said sewerage system which may be of an
insurable nature; such insurance to be of the type and kind and
for such amount or amounts as carried and maintained by public
bodies rendering services of a similar character in similar
communities. The proceeds of all such insurance shall be used only
for the maintenance and restoration of said sewerage system, or
for the payment of the principal of and the interest on the bonds
authorized to be issued by this ordinance or as herein permitted.
(e) That said Subdistrict shall set up and maintain a proper
system of accounts showing the amount of revenue received from the
sewerage system and the application of such revenues. Such
accounts shall be separate and distinct from the other accounts of
The Metropolitan St. Louis Sewer District, and at least once a
year shall be properly audited by certified public accountants.
The report of such audit shall be open to the public and to all
bondholders. Each such report shall include:
(1) A classified statement of gross revenues received, of the
operating expenditures, of the net operating revenue, and of the
amount of any capital expenditures in connection with the sewerage
system for the fiscal year;
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(2) A balance sheet as of the end of each fiscal year,
including a statement of the amount on hand at the end of the
fiscal year each of the accounts created by Section Nine of this
ordinance;
(3) A statement of the number of customers served by the
sewerage system at the beginning and the ending of the fiscal
year;
(4) A statement of the amount and character of insurance
carried on the property of the sewerage system, and of the names
of the insurers and of the expiration dates of the several
policies;
(5) Such comments regarding the method of operation and
accounting practices as the auditor may deem desirable.
(f) That any holder or holders or any purchaser of not less
than ten per centum (10%) in principal amount of said bonds then
outstanding, shall be permitted, at all reasonable times, to
inspect said sewerage system and all records, accounts, and data
relating thereto, and shall be furnished data and information
relating to said sewerage system which may be reasonably
requested.
(g.) That as long as any of the said bonds or the coupons
pertaining thereto shall remain outstanding and unpaid, the said
Subdistrict shall not sell, lease, loan, mortgage, pledge, or
otherwise encumber or in any manner dispose of said sewerage
system, or any revenue-producing part thereof, unless the bonds
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authorized hereby shall have been paid in full, both as to
principal and interest, or unless adequate provision shall have
been made which shall assure the full payment of said bonds and
the interest thereon to maturity in full, according to their
terms.
SECTION TWELVE. That, from and after the issuance of the
bonds authorized hereby, no additional bonds, excepting the
remaining bonds of the aforesaid authorized issue of Ten Million,
Nine Hundred Eighty-six Thousand Dollars ($10,986,00), shall be
issued or obligations incurred by said Subdistrict which are in
whole or in part payable from or chargeable to the revenues
derived or to be derived from the operation of said sewerage
system (except obligations incurred in the operation and
maintenance thereof), unless such additional bonds or obligations
are in all respects junior and subordinate to the bonds authorized
hereby; provided, however, in the event that the average annual
revenues derived from the operation of said sewerage system for
the two then next preceding fiscal years shall be equal to or
exceed the sum of the following:
(a) An amount equal to the average annual expenses of
operation and maintenance of said sewerage system incurred during
the said two then next preceding fiscal years; plus
(b) The annual amount, if any, required during the then next
preceding fiscal year to maintain the Bond Reserve Account
provided for under Section Nine, paragraph (3) of this ordinance;
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plus (c) The annual amount, if any, required during the
then next preceding fiscal year to maintain the Bond Reserve
Account provided for under Section Nine, paragraph (4) of this
ordinance; plus
(d) One hundred thirty per centum (130%) of the highest amount
which thereafter shall become due in any fiscal year as principal
of and interest on all bonds issued under this ordinance and then
outstanding and unpaid and on all bonds or other obligations then
to be issued.
Then, and in that event, additional bonds or other obligations may
be issued on a parity with the bonds authorized by and issued
under this ordinance.
The restrictions upon the issuance of additional bonds or
other obligations set out in this section shall not apply in the
following circumstances and in such circumstances only:
(a) That the sewerage system of the Coldwater Creek Trunk
Subdistrict hereafter should be destroyed or damaged by disaster
to such an extent that it cannot be operated.
(b) That all funds received from insurance or otherwise
available shall be insufficient to pay the cost of the restoration
of said system to such a condition that it can again be operated.
The cost of such restoration shall be determined by the estimate
of a reputable and competent, disinterested engineer or
engineering firm or corporation selected by the Board. This
estimate shall be based upon plans and specifications for the
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restoration of the system prepared for that purpose.
(c) That the holders of at least sixty-five per centum (65%)
of the principal amount of the bonds authorized by this ordinance
then outstanding shall give written consent to the issuance of
additional bonds on a parity with the bonds authorized hereby and
shall file such written consents with the Secretary-Treasurer of
The Metropolitan St. Louis Sewer District. Such consents shall be
acknowledged before a notary public and shall state the precise
amount of additional bonds which may be issued.
Upon the occurrence of all the circumstances above set out,
additional bonds may be issued solely for the purpose of paying
the cost of restoring the sewerage system to reasonable working
order in an amount not greater than the amount stated in the
consents filed by the holders of the outstanding bonds.
SECTION THIRTEEN. Prior to the commencement of each fiscal
year the Director of Finance shall cause to be prepared a budget,
setting out the estimated receipts and expenditures of the
sewerage system of the Coldwater Creek Trunk Subdistrict of The
Metropolitan St. Louis Sewer District for the then ensuing fiscal
year. This budget shall contain:
(a) An estimate of the receipts expected to be derived from
the operation of the system;
(b) A statement of the estimated cost of operating such
system during the next ensuing fiscal year;
(c) A statement of any unusual and extraordinary expenses of
29
operation or maintenance which might be reasonably anticipated and
an estimate of the cost thereof;
(d) A statement of what replacements to the system may be
anticipated and the estimated cost thereof;
(e) A statement of the amount of interest to become due
during the ensuing year on the bonds authorized hereby then
outstanding;
(f) A statement of the principal of such bonds which will
become due absolutely by their terms during the next ensuing
fiscal year;
(g) A statement of the total amount anticipated to be
payable from the revenues of the system during the next ensuing
year;
(h) A statement of the amount on deposit in each of the
accounts created by Section Nine of this ordinance.
SECTION FOURTEEN. That the provisions of this ordinance
shall constitute a contract between the Coldwater Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District and the
holders from time to time of the bonds and interest coupons herein
authorized to be issued, and after the issuance of the bonds no
changes, additions or alterations of any kind shall be made hereto
in any manner except upon the consent of the holder or holders of
seventy-five per centum (75%) in principal amount of all of the
bonds then outstanding; such consent to be evidenced by an
instrument or instruments of such holder or holders and duly
30
acknowledged in the manner of a deed for the conveyance of real
estate in the State of Missouri, and such instrument or
instruments shall contain or be accompanied by proof of ownership
of the bonds or bonds concerning which such consent is given, and
shall be filed in the office of the Secretary-Treasurer of The
Metropolitan St. Louis Sewer District and shall be a public
record; provided, however, that no such modification or alteration
shall extend the maturity of or reduce the interest rate on or
otherwise alter or impair the obligation to pay the principal of
or the interest on any bond at the time and place and at the rate
and in the currency as provided therein, without the express
consent of the holder of such bond, nor reduce the percentage of
bonds required for the affirmative vote or written consent to a
modification or alteration, nor alter or impair the covenants set
forth in Section Eleven of this ordinance. Any and all
modifications or alterations made in the manner hereinabove
provided shall not become effective until there shall have been
filed with the said Secretary-Treasurer proof of the consent to
such modification or alteration by the holder or holders of
seventy-five per centum (75%) in principal amount of all bonds
then outstanding.
SECTION FIFTEEN. The holder of any bond authorized hereby or
any of the coupons representing interest accrued thereon, by civil
action either at law or in equity, by mandamus, injunction or
otherwise, may compel the Coldwater Creek Trunk Subdistrict or the
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officials thereof, or any successors thereto, to perform all
duties imposed upon said Subdistrict by the provisions of this
ordinance or otherwise imposed by law, including the continued
operation of the sewerage system, the fixing and collecting of
sufficient rates and charges for the services thereof, the
segregation and allocation and disposition of the revenues derived
from said system, the payment of any bonds chargeable to the
revenues of said system or the interest thereon and the
performance of any covenant set out in this ordinance.
Such suit or action at law or in equity shall lie regardless
of whether or not any bond or the interest thereon at the time of
the filing of such suit shall be in default in the event that the
Coldwater Trunk Subdistrict, or any official thereof, shall have
neglected or failed to perform any material duty imposed by law or
by any covenant set out in this ordinance.
SECTION SIXTEEN. That all bonds issued hereunder shall be
payable equally and ratably, without regard to the date when said
bonds actually shall be delivered, and shall enjoy parity of lien,
one with the other, upon the revenues of said system.
SECTION SEVENTEEN. That the principal proceeds derived from
the sale of said bonds hereby authorized shall be deposited in a
separate account hereby created and designated "CONSTRUCTION
ACCOUNT, COLDWATER CREEK," and shall be applied solely and only to
the payment of the cost of improving the sewerage system of the
Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis
32
Sewer District in accordance with plans and specifications
hereinbefore referred to. The said proceeds shall be disbursed
only upon proper warrant issued pursuant to certification by the
consulting engineer or consulting engineers for said Subdistrict,
stating: (a) that the purpose for which the payment is to be made
is within the scope of the improvements contemplated by this
ordinance;
(b) that the work done is or the materials furnished are
in accordance with the contract therefor (if such work is done or
such materials are furnished under a contract), or that such work
is or that such materials are suitable for the purpose (if such
payments are not covered by an express contract); and (c) that the
amount of such payment is in accordance with the contract or is
reasonable. Nothing herein shall be construed to prohibit the
payment without such a certificate of the expenses necessarily
incident to the issuance and sale of the bonds herein authorized.
The words "principal proceeds derived from the sale of said
bonds" as used in this section shall not include any sums
representing premium or accrued interest received upon delivery of
said bonds. Any sum so received as a premium and any sum so
received as accrued interest shall be deposited in the Sewer
Revenue Bond Account created under paragraph (2) of Section Nine
of this ordinance. Any surplus remaining in the aforesaid
Construction Account when the construction of the sanitary trunk
sewer system and the sewage treatment system for the Coldwater
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Creek Trunk Subdistrict shall have been certified by the Executive
Director of The Metropolitan St. Louis Sewer District as having
been completed according to plan and paid for, shall be
transferred to and deposited in the Sewer Revenue Bond Redemption
Account provided for in Section Nine, paragraph (6)(b) of this
ordinance.
SECTION EIGHTEEN. That at least five days prior to June 1
and December 1 of each year, the Director of Finance shall remit
to the St. Louis paying agent designated herein the sums then due
as principal or interest or both principal and interest on the
bonds herein authorized to be issued. Each such remittance shall
include the sum then due as the customary charge of the St. Louis
paying agent for its services and responsibility under the terms
of this ordinance. Such charges shall be deemed to be expenses of
operation and shall be charged to and payable from the Operation
and Maintenance Account provided for in paragraph (1) of Section
Nine of this ordinance.
SECTION NINETEEN. That when the bonds authorized hereby
shall have been prepared and executed they shall be lodged with
the Director of Finance, who shall deliver them to the purchasers
thereof upon payment of the purchase price in accordance with the
contract of sale.
SECTION TWENTY. That nothing in this ordinance shall be
construed to prohibit or in any way limit the authority of the
Board of Trustees of The Metropolitan St. Louis Sewer District to
34
issue the remaining Six Million, Four Hundred Eighty-six thousand
Dollars ($6,486,000) of bonds of the Coldwater Creek Trunk
Subdistrict, of the Ten Million, Nine Hundred Eighty-six Thousand
Dollars ($10,986,000) of bonds authorized at the aforesaid
election held in said Subdistrict on the 30th day of August,
1960.
SECTION TWENTY-ONE. That if any section, paragraph, clause
or provision of this ordinance shall be held invalid, the
invalidity of such section, paragraph, clause or provision shall
not affect any other provision of this ordinance.
SECTION TWENTY-TWO. That all ordinances or resolutions, or
parts thereof, in conflict with this ordinance, to the extent of
such conflict only, are hereby repealed.
SECTION TWENTY-THREE. That the construction of improvements
to the sewerage system of the Coldwater Creek Trunk Subdistrict of
The Metropolitan St. Louis Sewer District being necessary for the
preservation of the public health, and the issuance of bonds as
herein provided having heretofore been authorized at an election
heretofore held, an emergency exists and this ordinance shall be
in full force and effect upon its passage.
Passed this 29th day of May, 1962.