HomeMy Public PortalAbout01641 O R D I N A N C E NO. 1641
AN ORDINANCE directing the issuance of Fourteen Million
Dollars ($14,000,000) (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 agents 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
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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
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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
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
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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
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
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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
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
Bonds dated February 1, 1966 20,000,000
TOTAL $56,000,000
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 Fourteen Million Dollars ($14,000,000)
of the Ninety-five Million Dollars ($95,000,000) of bonds
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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 Twenty-five Million Dollars
($25,000,000) of said authorized bonds, or any part thereof, if
the Board should hereafter find that the issuance, sale, and
delivery thereof is 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 12th day of July,
1967, after due and lawful publication of notice thereof, this
Board did receive sealed bids for the purchase of Fourteen Million
Dollars ($14,000,000) 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, or at
the option of the holder, at the Bankers Trust Company, in the
City of New York, State of New York, 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 the Mississippi River
Subdistrict of The Metropolitan St. Louis Sewer District, in the
State of Missouri, in the amount of Fourteen Million Dollars
($14,000,000) 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 in-
cidental thereto. The said bonds shall be of the denomination of
Five Thousand Dollars ($5,000) each; shall be numbered from One
(1) to Two Thousand Eight Hundred (2,800), inclusive; shall bear
date of August 1, 1967; and shall bear interest at the rates per
annum hereinafter set forth, payable February 1, 1968 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, or, at
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the option of the holder, at the Bankers Trust Company, in the
City of New York, State of New York. 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 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 65 incl. 4-7/8% $ 325,000 1968 66 to 135 " 4-7/8% 350,000 1969 136 to 209 " 4-7/8% 370,000 1970 210 to 288 " 4-7/8% 395,000 1971 289 to 871 " 4-7/8% 415,000 1972 372 to 457 " 4-7/8% 430,000 1973 458 to 546 " 4-7/8% 446,000 1974 547 to 638 " 3-3/4% 460,000 1975 639 to 735 " 3-3/4% 485,000 1976 736 to 836 " 3-3/4% 505,000 1977 837 to 940 " 3.80% 520,000 1978 941 to 1,049 " 3.80% 545,000 1979 1,050 to 1,162 " 3.90% 565,000 1980 1,163 to 1,280 " 3.90% 590,000 1981 1,281 to 1,403 " 3.90% 615,000 1982
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1,404 to 1,532 " 3.90% 645,000 1983 1,533 to 1,666 " 4% 670,000 1984 1,667 to 1,806 " 4% 700,000 1985 1,807 to 1,953 " 4% 735,000 1986 1,964 to 2,800 " 4% 4,235,000 1987
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 OP MISSOURI
MISSISSIPPI RIVER SUBDISTRICT
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
____________%
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
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($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 February 1, 1968
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, or at the option of the holder, at the Bankers
Trust Company in the City of New York, State of New York 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 two thousand, eight
hundred (2,800) bonds of like date, tenor, and effect, except as
to number, rate of interest, and date of maturity, numbered from
One (1) to Two Thousand Eight Hundred (2,800) inclusive,
aggregating the sum of Fourteen Million Dollars ($14,000,000)
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
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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 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,
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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
constitutional limit.
IN TESTIMONY WHEREOF, the Mississippi River
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
the said Secretary-Treasurer, by the execution of this bond,
adopts as and for his own proper signature, and this bond to be
dated August 1, 1967.
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MISSISSIPPI RIVER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER ATTEST: DISTRICT ___________________ By_____________________________ Secretary-Treasurer Chairman, Board of Trustees of The Metropolitan St. Louis of The Metropolitan St. Louis Sewer District Sewer District (FORM OF INTEREST COUPONS) No. ____________________ $ ____________________ February
On the first day of August, 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, or, at the option of
the holder, at the Bankers Trust Company in the City of New York,
State of New York, being interest due that date on its General
Obligation Sewer Bond dated August 1, 1967, and numbered ________
__________. 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
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be payable in the following amounts, to wit: SEMI- ANNUAL BOND NUMBERS COUPONS 1 - 546 $121.88 547 - 836 93.75 837 - 1049 95.00 1050 - 1532 97.50 1533 - 2800 100.00 (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
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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 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 1968 to 1987, 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
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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
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
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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, one of the paying agents
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. The said paying agent shall arrange with the Bankers
Trust Company of New York, the co-paying agent hereinabove named,
concerning the transfer of funds to pay bonds and coupons and
concerning the fees of the co-paying agent which shall be paid by
the paying agent out of its fees as paying agent hereunder.
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 Twenty-five Million
Dollars ($25,000,000) 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
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treatment plants and works for said Subdistrict, including all
expenses necessarily incidental thereto. The foregoing Ordinance was adopted July 28, 1967.