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HomeMy Public PortalAbout01029 EXHIBIT A ORDINANCE NO. 1029 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 FIVE MILLION DOLLARS ($5,000,000) (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: A-1 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 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 aforesaid 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, A-2 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 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, pursuant to Ordinance No. 764, passed on the 29th day of May, 1962, bonds in the principal amount of Four Million, Five Hundred Thousand Dollars ($4,500,000) of the issue authorized as aforesaid have heretofore been issued, sold and delivered, with the right reserved to issue the remaining Six Million, Four Hundred Eighty-six Thousand Dollars ($6,486,000) of said authorized issue as and when additional funds are required; 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 Ten Million, Nine Hundred Eighty-six Thousand Dollars ($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 Ten Million, Nine Hundred Eighty-six Thousand Dollars ($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 Five Million Dollars ($5,000,000), in addition to the Four Million Five Hundred Thousand Dollars ($4,500,000) of Sewerage System Revenue Bonds heretofore issued under Ordinance No. 764, aforesaid, and being part of the Ten Million, Nine Hundred A-3 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 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 specification 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 directed to be issued the Sewerage System Revenue Bonds, Series 1963, of the Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, in the amount of Five Million Dollars ($5,000,000), 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 1963, shall consist of one thousand (1,000) negotiable, interest-bearing bonds, numbered from 1 to 1,000, inclusive, in the denomination of $5,000 each. All of said bonds shall be dated August 1, 1963, 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: BOND RATE OF MATURITY NUMBERS INTEREST AMOUNT (JUNE 1) 1- 23 4-1/8 $115,000 1966 24- 47 4-1/8 120,000 1967 48- 72 4-1/8 125,000 1968 73- 97 4-1/8 125,000 1969 A-4 BOND RATE OF MATURITY NUMBERS INTEREST AMOUNT (JUNE 1) 98-123 4-1/8 130,000 1970 124-150 3-1/4 135,000 1971 151-178 3-1/4 140,000 1972 179-207 3-1/4 145,000 1973 208-307 3-1/4 150,000 1974 238-268 3-1/4 155,000 1975 269-300 3-1/4 160,000 1976 301-333 3-1/4 165,000 1977 334-367 3-1/4 170,000 1978 368-403 3-1/4 180,000 1979 404-440 3-1/4 185,000 1980 441-478 3-1/4 190,000 1981 479-518 3-1/2 200,000 1982 519-559 3-1/2 205,000 1983 560-602 3-1/2 215,000 1984 603-646 3-1/2 220,000 1985 647-692 3-1/2 230,000 1986 693-739 3-1/2 235,000 1987 740-788 3-1/2 245,000 1988 789-838 3.60 250,000 1989 839-890 3.60 260,000 1990 891-944 3.60 270,000 1991 945-1000 3.60 280,000 1992 Bonds maturing in the years 1966 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 A-5 redemption. The Board shall give like notice of any such 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 hereinbefore specified. Interest shall be payable December 1, 1963 and semi-annually thereafter on June 1 and December 1 in each year. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at St. Louis Union 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 substantially the following form, to-wit: UNITED STATES OF AMERICA STATE OF MISSOURI COLDWATER CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ....... % SEWERAGE SYSTEM REVENUE BOND Series 1963 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 A-6 promises to pay to bearer, or, if this bond be registered as hereinafter provided, 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, 1963, 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 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 St. Louis Union 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 179 to 1,000, 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 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 A-7 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 one thousand (1,000) bonds, numbered from One (1) to One Thousand (1,000), 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 Five Million Dollars ($5,000,000) (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 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 as 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 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 A-8 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 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 indebted-ness 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 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 A-9 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 August, 1963. Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District By . . . . . . . . . . . . . . . . . . . Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District Attest: . . . . . . . . . . . . . . . . . . Secretary-Treasurer of The Metropolitan St. Louis Sewer District (FORM OF INTEREST COUPON FOR BONDS NUMBERED 1 to , INCLUSIVE) No. . . . . . . $ . . . . . . June On the first day of December, 19 , the Coldwater Creek 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 St. Louis Union 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 1963, dated August 1, 1963, and numbered Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District By . . . . . . . . . . . . . . . . . . . Secretary-Treasurer of The Metropolitan St. Louis Sewer District A-10 (FORM OF INTEREST COUPON FOR CALLABLE BONDS NUMBERED 179 TO 1,000 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 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 St. Louis Union Trust Company, in the City of St. Louis, State o[ 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 1963, dated August 1, 1963, and numbered Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District By . . . . . . . . . . . . . . . . . . . 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: Amount of Coupons Bond Numbers 1st Coupon Subsequent Coupons 1 to 123, inclusive $68.75 (Dec.) $103.13 124 to 478, " 54.17 (June) 103.12 479 to 788, " 58.34 81.25 789 to 1,000, " 60.00 87.50 90.00 (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 Secretary-Treasurer of Date of The Metropolitan St. Louis Registration In Whose Name Registered Sewer District . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-11 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 heretofore created and designated the "SEWER REVENUE FUND" of the Coldwater Creek Trunk Subdistrict. SECTION NINE. That sums in the Sewer Revenue Fund shall be set aside for, allocated to, and deposited in the following accounts, heretofore 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 until the sum of $100,000 shall have been accumulated in said account. When and as long as said amount shall be A-12 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 $9,500 until the sum of $575,000 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 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 A-13 Sewer Revenue Bond Reserve Account until such time as the sum of $575,000 shall have been accumulated therein. Thereafter such surplus shall be 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 De-preciation 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. The amounts specified in paragraphs numbered (3), (4) and (5) above are inclusive of the amounts specified in paragraphs (3), (4) and (5) of Section Nine of Ordinance No. 764 approved May 29, 1962. 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 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 A-14 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, 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 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 A-15 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; (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 in 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 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. A-16 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 ($10,986,000), 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 Depreciation Account provided for under Section Nine, paragraph (3) of this ordinance; 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 A-17 selected by the Board. This estimate shall be based upon plans and specifications for the 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 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. A-18 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 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 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. A-19 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 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 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. A-20 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 issue the remaining One Million, Four Hundred Eighty-six Thousand Dollars ($1,486,000) 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 28th day of August, 1963. A-21