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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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_______________________________.
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.
____________________ ________________________
____________
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____________________ ________________________ ____________
____________________ ________________________ ____________
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
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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
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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.
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The foregoing Ordinance was adopted November 10, 1966.