HomeMy Public PortalAbout01675 O R D I N A N C E NO. 1675
AN ORDINANCE directing the issuance of Nine Hundred
Thirty-five Thousand Dollars ($935,000) General Obligation Sewer
Bonds of the Watkins Creek Trunk Subdistrict of The Metropolitan
St. Louis Sewer District, in the State of Missouri, authorized at
a special election held in said Subdistrict on the 11th day of
April, 1967; 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. 1304, adopted on the 8th day of April, 1965, did
create the Watkins Creek Trunk Subdistrict of The
Metropolitan St. Louis Sewer District; and
WHEREAS, thereafter, by Ordinance No. 1589, adopted on
the 3rd day of March, 1967, 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 Watkins Creek Trunk
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 Watkins Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District be issued in the amount of Nine Hundred Thirty-five Thousand Dollars ($935,000) to provide funds for the purpose of constructing a sanitary trunk 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.
1589 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 20th and 27th days of March, 1967 and on the 3rd
and 10th of April, 1967, 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.
1589, the Secretary-Treasurer of The Metropolitan St. Louis Sewer
District did file a certified copy of said Ordinance No. 1589 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 11th day of
April, 1967; 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. 1589; and
WHEREAS, the Board of Election Commissioners of St.
Louis County, on the 14th day of April, 1967, 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 four hundred fifty-six (1,456) votes, of which one
thousand seventy (1,070) votes were cast "FOR THE BOND ISSUE" and
three hundred eighty-six (386) 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. 935, adopted on the 4th day
of May, 1967, the Board of Trustees of The Metropolitan St. Louis
Sewer District did declare the result of the aforesaid special
election held on the 11th day of April, 1967, 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 Watkins 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 said
Watkins Creek Trunk Subdistrict in the amount and for the purpose
set forth in said proposition; and
WHEREAS, the assessed valuation of taxable, tangible
property within the Watkins Creek Trunk 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, 1966, was Twenty-three Million,
Four Hundred Eighty-six Thousand, One Hundred Thirty Dollars
($23,486,130); and
WHEREAS, on the date of the aforesaid special election,
to-wit: on the 11th day of April, 1967, the said Watkins Creek
Trunk 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 11th day of April,
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1967, to-wit: Nine Hundred Thirty-five Thousand Dollars
($935,000), 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 now find and determine that it
is necessary at this time to proceed with the issuance, sale, and
delivery of Nine Hundred Thirty-five Thousand Dollars ($935,000)
of bonds authorized as aforesaid, for the purpose of constructing
a sanitary trunk sewer system within and for said Subdistrict,
including all expenses necessarily incidental thereto; and
WHEREAS, heretofore, to-wit: on the 11th day of
October, 1967, after due and lawful publication of notice thereof,
this Board did receive sealed bids for the purchase of Nine
Hundred Thirty-five Thousand Dollars ($935,000) 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 Commerce Trust Company, in the City of Kansas City, 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;
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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 Watkins Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District in the
State of Missouri, in the amount of Nine Hundred Thirty-five
Thousand Dollars ($935,000) as authorized at a special election
held in said Subdistrict on the 11th day of April, 1987, to
provide funds for the purpose of constructing a sanitary trunk
sewer system within and 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 One Hundred Eighty-seven (187)
inclusive; shall bear date of November 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
Commerce Trust Company, in the City of Kansas City, 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
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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 6 inclusive 4-3/4% 30,000 1969
7 to 12 " 4-3/4% 30,000 1970
13 to 19 " 4-3/4% 35,000 1971
20 to 26 " 4-3/4% 35,000 1972
27 to 34 " 4-3/4% 40,000 1973
35 to 42 " 4-3/4% 40,000 1974
43 to 50 " 4-3/4% 40,000 1975
51 to 59 " 4-3/4% 45,000 1976
60 to 68 " 4-3/4% 45,000 1977
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69 to 77 " 4.30% 45,000 1978
78 to 87 " 4.30% 50,000 1979
88 to 97 " 4.30% 50,000 1980
98 to 108 " 4.30% 55,000 1981
109 to 120 " 4.30% 60,000 1982
121 to 132 " 4.40% 60,000 1983
133 to 146 " 4.40% 65,000 1984
146 to 158 " 4.40% 65,000 1985
159 to 172 " 4.40% 70,000 1986
173 to 187 " 4.40% 75,000 1987
Bonds numbered 78 to 187, 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
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substantially the following form, to wit:
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UNITED STATES OF AMERICA
STATE OF MISSOURI
WATKINS CREEK TRUNK SUBDISTRICT
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
__________%
GENERAL OBLIGATION SEWER BOND
No. ____________ $5,000.00
The Watkins 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 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 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 Commerce
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Trust Company, in the City of Kansas City, State of Missouri,
and, for the prompt payment of this bond and the interest hereon,
the full faith, credit, and resources of the Watkins Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District are
hereby irrevocably pledged.
Bonds numbered Seventy-eight (78) to One Hundred
Eighty-seven (187), 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, 1978, 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 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 eighty-
seven (187) 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 Eighty-seven (187),
inclusive, aggregating the sum of Nine Hundred Thirty-five
Thousand Dollars ($935,000) issued by the Watkins Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District to
provide funds for the purpose of constructing a sanitary trunk
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
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Plan of The Metropolitan St. Louis Sewer District and pursuant to
an election duly called and held in said Watkins Creek Trunk
Subdistrict of The Metropolitan St. Louis Sewer District on the
11th day of April, 1967, 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,
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 Watkins Creek Trunk Subdistrict of The
Metropolitan St. Louis Sewer District, have been done, have
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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 Watkins 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
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, 1967. WATKINS CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT By ________________________________ Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District
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ATTEST: _____________________________ Secretary Treasurer of The Metropolitan St. Louis Sewer District
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(FORM OF INTEREST COUPONS) No. ____________________ $ ____________________ February
On the first day of August, 19____ , the Watkins Creek
Trunk 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 Commerce Trust Company, in the City of Kansas City, State of
Missouri, being interest due that date on its General Obligation
Sewer Bond dated November 1, 1967, and numbered
____________________. WATKINS 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, to wit: BOND NUMBERS COUPONS DUE SEMI-ANNUAL FEBRUARY 1, 1968 COUPONS 1 - 68 $59.38 $118.75 69 -120 $53.75 107.50 121 -187 $55.00 110.00 (REGISTRATION CERTIFICATE)
In accordance with the terms of this bond it may be
registered as to principal only, appropriate notation being made
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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.
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 Watkins Creek Trunk
Subdistrict, 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 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,
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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 hereby
created in the treasury of The Metropolitan St. Louis Sewer
District and designated "WATKINS CREEK TRUNK 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 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 "WATKINS CREEK TRUNK SUBDISTRICT
CONSTRUCTION FUND," and shall be used solely and only for the
purpose of constructing a sanitary lateral sewer system within and
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for said Subdistrict, including all expenses necessarily
incidental thereto. The accrued interest received upon the 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 Commerce Trust
Company, 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. The foregoing Ordinance was adopted October 30, 1967.
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