HomeMy Public PortalAbout01777 O R D I N A N C E NO. 1777
AN ORDINANCE directing the issuance of Eighty-two
Thousand Dollars ($82,000) General Obligation Sewer Bonds of
Subdistrict No. 257 (Rayburn Avenue Subtrunk) of The Metropolitan
St. Louis Sewer District, in the State of Missouri, authorized at
a special election held in said Subdistrict on the 28th day of
November, 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. 1316, adopted on the 22nd day of April, 1965, did
create Subdistrict No. 257 (Rayburn Avenue Subtrunk) of The
Metropolitan St. Louis Sewer District; and
WHEREAS, thereafter, by Ordinance No. 1676, adopted on
the 30th day of October, 1967, 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 Subdistrict No. 257
(Rayburn Avenue Subtrunk) 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. 257 (Rayburn Avenue Subtrunk) of The Metropolitan St. Louis Sewer District be issued in the amount of Eighty-two Thousand Dollars ($82,000) to provide funds for the purpose of constructing a sanitary subtrunk 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.
1676 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 8th, 13th, 20th and 27th days of November, 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 affidavits now on file
in the office of the Secretary-Treasurer of The Metropolitan St.
Louis Sewer District; and -2-
WHEREAS, as directed by the aforesaid Ordinance No.
1676, the Secretary-Treasurer of The Metropolitan St. Louis Sewer
District did file a certified copy of said Ordinance No. 1676 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 28th day of
November, 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. 1676; and
WHEREAS, the Board of Election Commissioners of St.
Louis County, on the 29th day of November, 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 three
hundred eight votes (308), of which two hundred eighty-nine (289)
votes were cast "FOR THE BOND ISSUE" and nineteen (19) 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. 966, adopted on the 7th day
of December, 1967, the Board of Trustees of The Metropolitan St.
Louis Sewer District did declare the result of the aforesaid
special election held on the 28th day of November, 1967, and did
find and declare that the proposition submitted at said election
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was assented to by more than two-thirds of the qualified electors
of said Subdistrict No. 257 (Rayburn Avenue Subtrunk) 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. 257 (Rayburn Avenue
Subtrunk) in the amount and for the purpose set forth in said
proposition; and
WHEREAS, the assessed valuation of taxable, tangible
property within Subdistrict No. 257 (Rayburn Avenue Subtrunk) 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, 1967, was One Million, Six
Hundred Fifty-four Thousand, Six Hundred Dollars ($1,654,600); and
WHEREAS, on the date of the aforesaid special election,
to-wit: on the 28th day of November, 1967, the said Subdistrict
No. 257 (Rayburn Avenue Subtrunk) 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 28th day of November,
1967, to-wit: Eighty-two Thousand Dollars ($82,000) 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 -4-
WHEREAS, this Board does now find and determine that it
is necessary at this time to proceed with the issuance, sale, and
delivery of Eighty-two Thousand Dollars ($82,000) of bonds
authorized as aforesaid, for the purpose of constructing a
sanitary subtrunk sewer system within and for said Subdistrict,
including all expenses necessarily incidental thereto; and
WHEREAS, heretofore, to-wit: on the 1st day of August,
1968, after due and lawful publication of notice thereof, this
Board did receive sealed bids for the purchase of Eighty-two
Thousand Dollars ($82,000) 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 Bank of St. Louis, 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 Subdistrict No. 257
(Rayburn Avenue Subtrunk) of The Metropolitan St. Louis Sewer
District in the State of Missouri, in the amount of Eighty-two
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Thousand Dollars ($82,000) as authorized at a special election
held in said Subdistrict on the 28th day of November, 1967, 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 Eighty-two (82), inclusive; shall bear
date of August 1, 1968; and shall bear interest at the rate of
five per centum (5%) per annum, payable February 1, 1969 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 Bank of St. Louis, 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 numbered and shall mature in the amounts and at the times
hereinafter set out, as follows: -6-
MATURITY BOND NUMBERS AMOUNT (February 1) 1 to 3 incl 3,000 1972 4 to 6 " 3,000 1973 7 to 10 " 4,000 1974 11 to 14 " 4,000 1975 16 to 18 " 4,000 1976 19 to 22 " 4,000 1977 23 to 26 " 4,000 1978 27 to 31 " 5,000 1979 32 to 36 " 5,000 1980 37 to 41 " 5,000 1981 42 to 46 " 5,000 1982 47 to 51 " 5,000 1983 52 to 56 " 5,000 1984 57 to 62 " 6,000 1985 63 to 68 " 6,000 1986 69 to 75 " 7,000 1987 76 to 82 " 7,000 1988
Bonds numbered 27 to 82, 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:
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UNITED STATES OF AMERICA
STATE OF MISSOURI
SUBDISTRICT NO. 257 (RAYBURN AVENUE SUBTRUNK)
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
GENERAL OBLIGATION BONDS
No. ____________________ $1,000.00
Subdistrict No. 257 (Rayburn Avenue Subtrunk) 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
ONE THOUSAND DOLLARS
($1,000.00) on the first day of February 19____, with interest
thereon from date hereof at the rate of five per centum (5%) per
annum, payable February 1, 1969 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 Bank of St.
Louis, 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 Subdistrict No. 257 (Rayburn
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Avenue Subtrunk) of The Metropolitan St. Louis Sewer District are
hereby irrevocably pledged.
Bonds numbered Twenty-seven (27) to Eighty-two (82),
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 eight-two (82) 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 Eighty-two (82), inclusive, aggregating the sum of
Eighty-two Thousand Dollars ($82,000), issued by Subdistrict No.
257 (Rayburn Avenue Subtrunk) of The Metropolitan St. Louis Sewer
District to provide funds for the purpose of constructing a
sanitary subtrunk 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. 257 (Rayburn Avenue Subtrunk) of The Metropolitan
St. Louis Sewer District on the 28th day of November, 1967,
whereas more than two-thirds of the votes cast
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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 Subdistrict No. 257 (Rayburn Avenue
Subtrunk) 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
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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. 257 (Rayburn
Avenue Subtrunk) 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, 1968. SUBDISTRICT NO. 257 (RAYBURN AVENUE SUBTRUNK) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ATTEST: _____________________________ 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. ________________________ $25.00 February On the first day of August, 19____, Subdistrict No.
257 (Rayburn Avenue Subtrunk) of The Metropolitan St. Louis Sewer
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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 Bank of St. Louis, in the City of St. Louis,
State of Missouri, being interest due that date on its General
Obligation Sewer Bond dated August 1, 1968, and numbered
___________________. SUBDISTRICT NO. 257 (RAYBURN AVENUE SUBTRUNK) 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 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 SECRETARY-TREASURER ____________________ ________________________ ___________________ ____________________ ________________________ ___________________ ____________________ ________________________ ___________________ ____________________ ________________________ ___________________ -12-
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 Subdistrict No. 257
(Rayburn Avenue Subtrunk), 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 1988,
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 hereby
created in the treasury of The Metropolitan St. Louis Sewer
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District and designated "SUBDISTRICT NO. 257 (RAYBURN AVENUE
SUBTRUNK) 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. 257 (RAYBURN AVENUE
SUBTRUNK) CONSTRUCTION FUND," and shall be used solely and only
for the purpose of constructing a sanitary subtrunk sewer system
within and 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 Bank of St. Louis,
the paying agent hereinabove named, at least five (6) days prior
to each interest payment date and each bond maturity date, the -14-
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 August 29, 1968.
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