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HomeMy Public PortalAbout01463 O R D I N A N C E NO. 1463 AN ORDINANCE directing the issuance of Twenty Million Dollars ($20,000,000) (of Ninety-five Million Dollars ($95,000,000) authorized) General Obligation Sewer Bonds of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, authorized at a special election held in said Subdistrict on the 6th day of November, 1962; setting out the form of said bonds and the interest coupons to be attached thereto, designating the rates of interest, maturities, and paying agent for said bonds; and making provision for the levy of a tax sufficient to pay the interest on said bonds as it accrues and to pay the principal thereof at maturity. WHEREAS, The Metropolitan St. Louis Sewer District was created pursuant to a Plan adopted by the voters of the City of St. Louis and of St. Louis County, Missouri, at a special election held on Tuesday, the 9th day of February, 1954, all as provided and authorized by Sections 30(a) and 30(b) of Article VI of the Constitution of the State of Missouri; and WHEREAS, thereafter, proceeding under the authority of the aforesaid Plan; the Board of Trustees of The Metropolitan St. Louis Sewer District, pursuant to proceedings theretofore duly and lawfully had in accordance with the provisions of the said Plan, by Ordinance No. 775, adopted on the 25th day of June, 1962, did create the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District; and WHEREAS, thereafter, by Ordinance No. 845, adopted on 2 the 27th day of September, 1962, 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 Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District for the purpose of submitting to the qualified electors of said Subdistrict the following proposition, to wit: PROPOSITION "Shall the general obligation bonds of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District be issued in the amount of Ninety-five Million Dollars ($95,000,000) to provide funds for the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works 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. 845 and as required by the Plan of The Metropolitan St. Louis Sewer District, by publication once a week for at least three (3) consecutive weeks in The St. Louis Globe-Democrat and in The St. Louis Post-Dispatch, newspapers of general circulation in The Metropolitan St. Louis Sewer District and qualified to publish legal notices; said notice having been published in each of said newspapers on the 15th, 22nd and 29th days of October, 1962 and on November 5, 1962 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 3 the date of said election, all as shown by the publisher's affidavits now on file in the office of the Secretary-Treasurer of The Metropolitan St. Louis Sewer District; and WHEREAS, as directed by the aforesaid Ordinance No. 845, the Secretary-Treasurer of The Metropolitan St. Louis Sewer District did file a certified copy of said Ordinance No. 845 with the Boards of Election Commissioners for the City of St. Louis and for St. Louis County, Missouri, within their respective jurisdictions, and WHEREAS, the respective Boards of Election Commissioners for the City of St. Louis and for St. Louis County, Missouri, did thereupon proceed to hold and conduct the said special election in said Subdistrict on the 6th day of November, 1962; 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. 845; and WHEREAS, the Board of Election Commissioners for the City of St. Louis, on the 21st day of November, 1962, and the Board of Election Commissioners of St. Louis County, on the 26th day of November, 1962, 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 two hundred fifty-nine thousand seven hundred thirty-nine (259,739) votes, of which two hundred nineteen thousand, one hundred twenty-nine (219,129) votes were 4 cast "FOR THE BOND ISSUE" and forty thousand, six hundred ten (40,610) votes were cast "AGAINST THE BOND ISSUE"; and WHEREAS, more than two-thirds of all the votes cast on the aforesaid proposition were cast in favor thereof; and WHEREAS, by Resolution No. 596, adopted on the 27th day of November, 1962, the Board of Trustees of The Metropolitan St. Louis Sewer District did declare the result of the aforesaid special election held on the 6th day of November, 1962, and did find and declare that the proposition submitted at said election was assented to by more than two-thirds of the qualified electors of said Mississippi River 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 Mississippi River Subdistrict in the amount and for the purpose set forth in said proposition; and WHEREAS, the assessed valuation of taxable, tangible property within the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, as ascertained by the last completed assessment for state and county purposes made prior to the date of the aforesaid special election, to-wit: the assessment made as of January 1, 1961, was Two Billion, Nine Hundred Sixty-seven Million, Seven Hundred Ninety-two Thousand, Two Hundred Three Dollars ($2,967,792,203); and WHEREAS, on the date of the aforesaid special election, to-wit: on the 6th day of November, 1962, the said Mississippi 5 River Subdistrict had no outstanding indebtedness of any kind or character; and WHEREAS, the amount of bonds authorized to be issued at the aforesaid special election held on the 6th day of November, 1962, to-wit: Ninety-five Million Dollars ($95,000,000), did not then and does not now exceed any limit of indebtedness prescribed under the Constitution of the State of Missouri or the Plan of The Metropolitan St. Louis Sewer District, aforesaid; and WHEREAS; pursuant to due and lawful publication of notice thereof; this Board of Trustees has heretofore issued and sold bonds of the Mississippi River Subdistrict for the aforesaid purpose in the following amounts and as of the following dates: Bonds dated February 1, 1964 $16,000,000 Bonds dated February 1, 1965 20,000,000 TOTAL $36,000,000; and WHEREAS, this Board does now find and determine that it is necessary at this time to proceed with the issuance, sale, and delivery of an additional Twenty Million Dollars ($20,000,000) of the Ninety-five Million Dollars ($95,000,000) of bonds authorized as aforesaid, and that the right be reserved unto said Board, at its option, hereafter to direct the issuance, sale, and delivery of the remaining Thirty-nine Million Dollars ($39,000,000) of said authorized bonds, or any part thereof, if the Board should hereafter find that the issuance, sale, and delivery thereof is 6 necessary to complete the construction of a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto; and WHEREAS, heretofore, to-wit: on the 19th day of January, 1966, after due and lawful publication of notice thereof, this Board did receive sealed bids for the purchase of Twenty Million Dollars ($20,000,000) of bonds of the aforesaid authorized issue, and did accept the highest bid made and offered for said bonds; and WHEREAS, the purchasers of said bonds have requested that said bonds be printed in the denomination of Five Thousand Dollars ($5,000) each and that said bonds be made payable as to principal and interest at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri; and WHEREAS, this Board does now find and determine that the aforesaid request should be approved; and WHEREAS, it has now become necessary to make provision for the preparation, execution, issuance, and delivery of the said bonds: NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT: Section One. That there are hereby authorized and ordered to be prepared and issued bonds of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, in the amount of Twenty Million Dollars 7 ($20,000,000) being part of the Ninety-five Million Dollars ($95,000,000) of bonds authorized at a special election held in said Subdistrict on the 6th day of November, 1962, to provide funds for the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto. The said bonds shall be of the denomination of Five Thousand Dollars ($5,000) each; shall be numbered from One (1) to Four Thousand (4,000), inclusive; shall bear date of February 1, 1966; and shall bear interest at the rates per annum hereinafter set forth, payable August 1, 1966 and semiannually thereafter on February 1 and August 1 in each year until the principal of said bonds, respectively, shall have been paid. Interest accruing on and prior to the respective maturity dates of said bonds shall be evidenced by appropriate interest coupons to be attached to each of said bonds. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri. The said bonds shall be executed by the facsimile signature of the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, with the seal of said District imprinted thereon in facsimile, attested by the manual signature of the Secretary- Treasurer of said District, and the interest coupons to be attached to said bonds shall be executed by the facsimile signature of said Secretary-Treasurer. Said bonds shall be 8 numbered and shall mature in the amounts and at the times hereinafter set out, as follows: RATE OF MATURITY BOND NUMBERS INTEREST AMOUNT (February 1) 1 to 400, incl 5% $2,000,000 1967 401 to 522, " 5% 610,000 1968 523 to 649, " 5% 635,000 1969 650 to 781, " 5% 680,000 1970 782 to 917, " 3-1/4% 680,000 1971 918 to 1,057, " 3-1/4% 700,000 1972 1,058 to 1,201, " 3-1/4% 720,000 1973 1,202 to 1,350, " 3-1/4% 745,000 1974 1,351 to 1,508, " 3-1/4% 765,000 1975 1,504 to 1,661, " 3-1/4% 790,000 1976 1,662 to 1,824, " 3-1/4% 815,000 1977 1,825 to 1,992, " 3-1/4% 840,000 1978 1,993 to 2,165, " 3.30% 865,000 1979 2,166 to 2,344, " 3.30% 895,000 1980 2,345 to 2,529, " 3.40% 925,000 1981 2,530 to 2,720, " 3.40% 955,000 1982 2,721 to 2,917, " 3.40% 985,000 1983 2,918 to 3,121, " 3.40% 1,020,000 1984 3,122 to 3,331, " 3.40% 1,050,000 1985 3,332 to 4,000, " 3.40% 3,345,000 1986 Section Two. That the said bonds and the interest coupons evidencing the interest to accrue thereon shall be in 9 substantially the following form, to wit: UNITED STATES OF AMERICA STATE OF MISSOURI MISSISSIPPI RIVER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT GENERAL OBLIGATION SEWER BOND No. _______________ $5,000.00 The Mississippi River 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 provided, to the registered holder hereof, the sum of FIVE THOUSAND DOLLARS ($5,000.00) on the first day of February 19____, with interest thereon from date hereof at the rate of_________________________ per centum (_______________%) per annum, payable August 1, 1966 and semi-annually thereafter on February 1 and August 1, in each year until the principal hereof shall have been paid. Interest accruing on this bond on and prior to the maturity date hereof shall be payable upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at the Mercantile 10 Trust Company National Association, in the City of St. Louis, State of Missouri, and, for the prompt payment of this bond and the interest hereon, the full faith, credit, and resources of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District are hereby irrevocably pledged. This bond is one of a series of four thousand, (4,000) bonds of like date, tenor, and effect, except as to number, rate of interest, and date of maturity, numbered from One (1) to Four Thousand (4,000) inclusive, aggregating the sum of Twenty Million Dollars ($20,000,000) being part of Ninety-five Million Dollars ($95,000,000) authorized, issued by the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District to provide funds for the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto, and is issued under authority of the Constitution of the State of Missouri and the Plan of The Metropolitan St. Louis Sewer District and pursuant to an election duly called and held in said Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District on the 6th day of November, 1962, whereat more than two-thirds of the votes cast were in favor of the issuance of this bond and of the series of which it is one, and by further authority of ordinances duly adopted and proceedings duly had by the Board of Trustees of The Metropolitan St. Louis Sewer District. This bond may be registered as to principal in the name 11 of the holder on the books of The Metropolitan St. Louis Sewer District in the office of the Secretary-Treasurer of said District, such registration to be evidenced by notation of said Secretary-Treasurer on the reverse hereof, after which no transfer hereof shall be valid unless made on said books and similarly noted hereon, but this bond may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may again be registered as before. The registration of this bond shall not affect the negotiability of the interest coupons hereto attached, which shall continue to be negotiable by delivery merely, notwithstanding registration hereof. It is hereby certified and recited that all acts, conditions, and things required to be done, precedent to and in the issuance of this bond, in order to make the same a lawful and binding obligation of said Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, have been done, have happened, and have been performed in regular and due form, time, and manner, as required by law; that provision has been made for the levy of a direct, continuing, annual tax upon all taxable, tangible property in said Subdistrict for the payment of the principal of and the interest on this bond; and that the total indebtedness of said Subdistrict, including this bond and the issue of which it is one, does not exceed any statutory or consti- tutional limit. IN TESTIMONY WHEREOF, the Mississippi River Subdistrict 12 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 the said Secretary-Treasurer, by the execution of this bond, adopts as and for his own proper signature, and this bond to be dated February 1, 1966. MISSISSIPPI RIVER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS ATTEST: SEWER DISTRICT ___________________________ By ___________________________ Secretary-Treasurer of The Chairman, Board of Trustees Metropolitan St. Louis of The Metropolitan St. Sewer District Louis Sewer District (FORM OF INTEREST COUPONS) No. ____________________ $ ____________________ August On the first day of February, 19____, the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, promises to pay to bearer the amount shown on this coupon in lawful money of the United States of America at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri, being interest due that date on its General Obligation Sewer Bond dated February 1, 1966, and numbered 13 ___________________. MISSISSIPPI RIVER 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, to wit: SEMI-ANNUAL BOND NUMBERS COUPONS 1 - 781 $ 125.00 782 - 1992 81.25 1993 - 2344 82.50 2345 - 4000 85.00 (REGISTRATION CERTIFICATE) In accordance with the terms of this bond it may be registered as to principal only, appropriate notation being made below by the Secretary-Treasurer of The Metropolitan St. Louis Sewer District, in the State of Missouri. (Note:No writing below except by the Secretary-Treasurer of The Metropolitan St. Louis Sewer District) SIGNATURE OF DATE OF REGISTRATION IN WHOSE NAME REGISTERED SECRETARY-TREASURER ____________________ ________________________ ___________________ ____________________ ________________________ ___________________ ____________________ ________________________ ___________________ ____________________ ________________________ ___________________ Section Three. That when the said bonds shall have been executed as hereinbefore directed, they shall be registered in the office of the Secretary-Treasurer of The Metropolitan St. 14 Louis Sewer District in a book to be provided and kept for that purpose. 15 Section Four. That for the purpose of providing for the payment principal of and the interest on said bonds as they shall respectively mature and accrue, there shall be and there is hereby levied a direct, continuing, annual tax upon all taxable, tangible property within said Mississippi River Subdistrict, sufficient, after allowance shall have been made for the expenses of collection and delinquencies in the payment of taxes, to produce in each of the years 1966 to 1986, inclusive, the sums necessary to pay said bonds as they mature and the interest thereon as it accrues, and provision to meet the requirements of this Ordinance shall be made annually in due time, manner, and season. Section Five. That said tax shall be extended upon the tax rolls and shall be collected in the same manner and at the same time as state, county, school, and other ad valorem taxes are extended and collected, and the rate of tax which shall be so extended shall be sufficient in each year fully to produce the sums required as aforesaid, after due allowance shall have been made for probable delinquencies in the payment of taxes and the customary costs of collection, and the proceeds derived from the collection of such tax shall be credited to a special fund heretofore created in the treasury of The Metropolitan St. Louis Sewer District and designated "MISSISSIPPI RIVER SUBDISTRICT BOND AND INTEREST FUND," and shall be used exclusively for the purpose herein required. Section Six. That the Chairman and the Secretary- Treasurer of The Metropolitan St. Louis Sewer District are hereby 16 authorized and directed to cause the bonds herein described to be prepared and to execute the same as herein directed, to cause the same to be registered in the office of the Secretary-Treasurer, and thereupon to deliver the said bonds to the purchasers thereof. Section Seven. That the principal proceeds received from sale and delivery of the bonds herein authorized to be issued, immediately upon receipt thereof, shall be set aside in a separate fund designated "MISSISSIPPI RIVER SUBDISTRICT CONSTRUCTION FUND," and shall be used solely and only for the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto. The accrued interest and the premium received upon sale and delivery of the aforesaid bonds shall be deposited forthwith in and credited to the Bond and Interest Fund specified in Section Five of this Ordinance. Section Eight. That the Secretary-Treasurer of The Metropolitan St. Louis Sewer District be and is hereby authorized and directed, without any further order or direction of the Board of Trustees of said District, to remit to the Mercantile Trust Company National Association, the paying agent hereinabove named, at least five (5) days prior to each interest payment date and each bond maturity date, the sums which will then be due for interest or principal, or both, and to include with each such remittance the usual and customary fees of such paying agent for its services and responsibility in paying interest coupons and 17 bonds and making accounting therefor to the District. Section Nine. That the right shall be and is hereby reserved unto this Board, at its option, hereafter to direct the issuance, sale and delivery of the remaining Thirty-nine Million Dollars ($39,000,000) of the Ninety-five Million Dollars ($95,000,000) of bonds authorized at the aforesaid election held on the 6th day of November, 1962, or any part thereof, if this Board should hereafter find that the issuance, sale and delivery thereof is necessary to complete the construction of a system of a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto. 18 The foregoing Ordinance was adopted January 31, 1966.