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HomeMy Public PortalAbout01558 O R D I N A N C E NO. 1558 AN ORDINANCE directing the issuance of One Hundred Thousand Dollars ($100,000) General Obligation Sewer Bonds of Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District, in the State of Missouri, authorized at a special election held in said Subdistrict on the 8th day of February, 1966; 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. 1002, adopted on the 7th day of August, 1963, did create Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District, and WHEREAS, thereafter, by Ordinance No. 1424, adopted on the 9th day of December, 1965, the Board of Trustees of The 2 Metropolitan St. Louis Sewer District did call and provide for the holding of a special election in the said Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District for the purpose of submitting to the qualified electors of said Subdistrict the following proposition, to wit: PROPOSITION "Shall the general obligation bonds of Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District be issued in the amount of One Hundred Thousand Dollars ($100,000) to provide funds for the purpose of constructing a sanitary lateral sewer system within and for said Subdistrict, including all expenses necessarily incidental thereto?'' and WHEREAS, due and regular notice of said special election was given as directed by the aforesaid Ordinance No. 1424 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 17th, 24th and 31st days of January, 1966 and on February 7, 1966, the first publication in each of said newspapers having been made at least twenty-one (21) days prior to the date of the election and the last publication in each of said newspapers having been made not more than seven (7) days prior to the date of said election, all as shown by the publisher's 3 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. 1424, the Secretary-Treasurer of The Metropolitan St. Louis Sewer District did file a certified copy of said Ordinance No. 1424 with the Board of Election Commissioners for St. Louis County, Missouri; 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 8th day of February, 1966; 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. 1424; and WHEREAS, the Board of Election Commissioners of St. Louis County, on the 10th day of February, 1966, 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 one thousand one hundred twenty-eight votes (1,128), of which one thousand, one hundred fourteen (1114) votes were cast "FOR THE BOND ISSUE" and fourteen (14) 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 4 WHEREAS, by Resolution No. 858, adopted on the 10th day of March, 1966, the Board of Trustees of The Metropolitan St. Louis Sewer District did declare the result of the aforesaid special election held on the 8th day of February, 1966, and did find and declare that the proposition submitted at said election was assented to by more than two-thirds of the qualified electors of said Subdistrict No. 221 (North Kinloch) 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 said Subdistrict No. 221 (North Kinloch) in the amount and for the purpose set forth in said proposition; and WHEREAS, the assessed valuation of taxable, tangible property within Subdistrict No. 221 (North Kinloch) 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, 1965, was Two Million, Three Hundred Three Thousand, Eight Hundred Forty Dollars ($2,303,840); and WHEREAS, on the date of the aforesaid special election, to-wit: on the 8th day of February, 1966, the said Subdistrict No. 221 (North Kinloch) had no outstanding indebtedness of any kind or character; and WHEREAS, the amount of bonds authorized to be issued at 5 the aforesaid special election held on the 8th day of February, 1966, to-wit: One Hundred Thousand Dollars ($100,000), 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, this Board does not find and determine that it is necessary at this time to proceed with the issuance, sale, and delivery of One Hundred Thousand Dollars ($100,000) of bonds authorized as aforesaid, for the purpose of constructing a sanitary lateral sewer system within and for said Subdistrict, including all expenses necessarily incidental thereto; and WHEREAS, heretofore, to-wit: on the 31st day of October, 1966, after due and lawful publication of notice thereof, this Board did receive sealed bid for the purchase of One Hundred Thousand Dollars ($100,000) 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 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 6 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 Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District in the State of Missouri, in the amount of One Hundred Thousand Dollars ($100,000) as authorized at a special election held in said Subdistrict on the 8th day of February, 1966, to provide funds for the purpose of constructing a sanitary lateral sewer system within and for said Subdistrict, including all expenses necessarily incidental thereto. The said bonds shall be of the denomination of One Thousand Dollars ($1,000) each; shall be numbered from One (1) to One Hundred (100), inclusive; shall bear date of November 1, 1966; and shall bear interest at the rate of five percentum (5%) per annum, payable February 1, 1967 and semi- annually thereafter on August 1 and February 1 in each year until the principal of said bonds, respectively, shall have been paid. Interest accruing on and prior to the respective maturity dates of said bonds shall be evidenced by appropriate interest coupons to be attached to each of said bonds. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri. The said bonds shall be executed by the facsimile signature of the 7 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 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 5% 1,000 1968 2 5% 1,000 1969 3 5% 1,000 1970 4 to 5 incl 5% 2,000 1971 6 to 7 5% 2,000 1972 8 to 10 5% 3,000 1973 11 to 14 5% 4,000 1974 15 to 19 5% 5,000 1975 20 to 24 5% 5,000 1976 25 to 30 5% 6,000 1977 31 to 36 5% 6,000 1978 37 to 43 5% 7,000 1979 44 to 50 5% 7,000 1980 8 51 to 58 5% 8,000 1981 59 to 66 5% 8,000 1982 67 to 74 5% 8,000 1983 75 to 82 5% 8,000 1984 83 to 91 5% 9,000 1985 92 to 100 5% 9,000 1986 Bonds numbered 31 to 100, inclusive, are subject to call for redemption prior, to maturity upon the terms set forth in the bond form appearing in Section 2 of this ordinance. Section Two. That the said bonds and the interest coupons evidencing the interest to accrue thereon shall be in substantially the following form, to wit: UNITED STATES OF AMERICA STATE OF MISSOURI SUBDISTRICT NO. 221 (NORTH KINLOCH) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT 5% GENERAL OBLIGATION SEWER BOND No. $1,000.00 Subdistrict No. 221 (North Kinloch) 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 9 Sewer District, for value received, hereby promises to pay to bearer, or, if this bond be registered as hereinafter provided, to the registered holder hereof, the sum of ONE THOUSAND DOLLARS ($1,000.00) on the first day of February 19 , with interest thereon from date hereof at the rate of five percentum (5%) per annum, payable February 1, 1967 and semi-annually thereafter on August 1 and February 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 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 Sub- district No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District are hereby irrevocably pledged. Bonds numbered Thirty-one (31) to One Hundred (100), inclusive, of the issue of which this bond is one, may be called in for payment and redemption in inverse numerical order, on February 1, 1977, or on any interest payment date thereafter prior to maturity at par and accrued interest. Notice of such call shall be given in writing to the paying agent herein named not 10 less than thirty (30) days prior to the call date. Interest shall cease on any bonds so called for redemption prior to maturity, provided that funds for the redemption thereof be available on the date specified in such call. This bond is one of a series of one hundred (100) bonds of like date, tenor, and effect, except as to number, date of maturity, and provision for redemption prior to maturity, numbered from One (1) to One Hundred (100). inclusive, aggregating the sum of One Hundred Thousand Dollars ($100,000), issued by Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis District to provide funds for the purpose of constructing a sanitary lateral sewer system within and for said Subdistrict, including all expenses necessarily incidental thereto, and is issued under authority of the Constitution of the State of Missouri and the Plan of The Metropolitan St. Louis Sewer District and pursuant to an election duly called and held in said Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District on the 8th day of February, 1966, 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 of the holder on the books of The Metropolitan St. Louis Sewer District in the office of the Secretary-Treasurer of said 11 District, such registration to be evidenced by notation of said SecretaryTreasurer 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 Subdistrict No. 221 (North Kinloch) 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 constitutional limit. IN TESTIMONY WHEREOF, Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District, acting 12 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 November 1, 1966. SUBDISTRICT NO. 221 (NORTH KINLOCH) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ATTEST: By Chairman, Board of Trustees Secretary-Treasurer of The Metropolitan St. Louis The Metropolitan St. Sewer District Louis Sewer District (FORM OF INTEREST COUPONS) No. $ February On the first day of August, 19 , Subdistrict No. 221 (North Kinloch) 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 November 1, 1966, and numbered 13 _______________________________. SUBDISTRICT NO. 221 (NORTH KINLOCH) 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: Interest Coupon No. 1 to be attached to said bonds shall be payable in the amount of $12.50, and all subsequent semi- annual interest coupons to be attached to said bonds shall be payable in the amount of $25.00 each. (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 SEC. TREAS. ____________________ ________________________ ____________ 14 ____________________ ________________________ ____________ ____________________ ________________________ ____________ Section Three. That when the said bonds shall have been executed as hereinbefore directed, they shall be registered in the office of the Secretary-Treasurer of The Metropolitan St. Louis Sewer District in a book to be provided and kept for that purpose. Section Four. That for the purpose of providing for the payment of the principal of and the interest on said bonds as they shall respectively mature and accrue, there shall e and there is hereby levied a direct, continuing annual tax upon all taxable, tangible property within said Subdistrict No. 221 (North Kinloch), sufficient, after allowance shall have been made for the expense of collection and delinquencies in the payment of taxes, to produce in each of the years 1967 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 15 made for probable delinquencies in the payment of taxes and the customary costs of collection, and the proceeds derived from the collection of such tax shall be credited to a special fund hereby created in the treasury of The Metropolitan St. Louis Sewer District and designated 'SUBDISTRICT NO. 221 (NORTH KINLOCH) 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 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 offices 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 'SUBDISTRICT NO. 221 (NORTH KINLOCH) CONSTRUCTION FUND," and shall be used solely and only for the purpose of constructing a sanitary lateral sewer system within and for said Subdistrict, including all expenses necessarily incidental thereto. The accrued interest received upon the sale and delivery of the foresaid 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 16 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 bonds and making accounting therefor to the District. 17 The foregoing Ordinance was adopted November 10, 1966.