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HomeMy Public PortalAbout03411 O R D I N A N C E NO. 3411 AN ORDINANCE authorizing the Chairman of the Board of Trustees and Secretary-Treasurer, on behalf of The Metropolitan St. Louis Sewer District, to execute an Evidence of Indebtedness, pursuant to the Agreement of Purchase and Sale by and between The Metropolitan St. Louis Sewer District and Fee Fee Trunk Sewer, Inc., said Evidence of Indebtedness providing for payment of that part of the purchase price of said Fee Fee Trunk Sewer, Inc. not payable in cash at closing. WHEREAS, the Agreement of Purchase and Sale by and between The Metropolitan St. Louis Sewer District and Fee Fee Trunk Sewer, Inc., dated April 27, 1977, provides that at closing The Metropolitan St. Louis Sewer District will deliver to Fee Fee Trunk Sewer, Inc. Evidence of Indebtedness for that portion of the purchase price not payable in cash out of the proceeds of the issue of revenue bonds, and WHEREAS, said Agreement of Purchase and Sale further provides that said Evidence of Indebtedness shall be in the principal amount of Two Million Dollars ($2,000,000.00) (less any amount received by the seller prior to closing from the Rate Escrow), bearing interest on the unpaid balance from time to time at the annual rate of six percent (6%) from the closing date, which principal shall be payable only out (i) Twenty-five percent (25%) of amounts paid to Buyer for connection fees with respect to the area covered by Seller's Certificate of Convenience and Necessity issued by the Missouri Public Service Commission after closing date, other than deposits of connection fees which are refunded under line extension agreements either in accordance with Seller's rate tariffs approved by the Missouri Public Service Commission or in accordance with contractual obligations of Buyer, and (ii) amounts, if any, collected after the closing date from the Rate Escrow, which Evidence of Indebtedness shall have no stated maturity date, NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT: Section One. The Chairman of the Board of Trustees and the Secretary-Treasurer are hereby authorized to execute an Evidence of Indebtedness, pursuant to the Agreement of Purchase and Sale by and between The Metropolitan St. Louis Sewer District and Fee Fee Trunk Sewer, Inc., said Evidence of Indebtedness providing for payment of that part of the purchase price of said Fee Fee Trunk Sewer, Inc. not payable in cash at closing, in the form as attached hereto. The foregoing Ordinance was adopted December 14, 1977. -2- UNITED STATES OF AMERICA STATE OF MISSOURI FEE FEE TRUNK SEWER SUBDISTRICT of THE METROPOLITAN ST. LOUIS SEWER DISTRICT EVIDENCE OF 6% INDEBTEDNESS No. $10,000 The Fee Fee Trunk Sewer 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 the registered holder hereof, solely from that portion of the revenues derived and to be derived from the operation of the sewer system of said Subdistrict, as hereinafter provided, the sum of TEN THOUSAND DOLLARS ($10,000), in variable installments, due on the first day of April of each year, commencing April 1, 1979, with interest on the unpaid principal sum from time to time, from the date hereof at the rate of six per centum (6%) per annum, payable in annual installments concurrently with installments of principal, until the principal hereof shall have been paid. Both principal of and interest on this instrument are payable in lawful money of the United States of America, to the registered holder, by mail, at his last address shown of record on the books of The Metropolitan St. Louis Sewer District. This instrument is one of an authorized series of 152 such instruments, numbered from One (1) to One Hundred Fifty-two (152), inclusive, of like date and tenor, excepting number and, as to number 152, denomination, aggregating the principal amount of One Million Five Hundred Fourteen Thousand Three Hundred Ninety Dollars and Seventy-two Cents ($1,514,390.72), issued by the Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis Sewer District to provide funds for the purpose of acquiring a sanitary trunk sewer system and a sewage treatment system for said Subdistrict, including all expenses necessarily incidental thereto, and issued under authority of the Constitution and Statutes of the State of Missouri and the Plan of The Metropolitan St. Louis Sewer District, 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 instrument and the interest hereon are payable solely from the amounts derived and to be derived by the Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis Sewer District from connection fees in such Fee Fee Trunk Sewer Subdistrict, in accordance with the following formula and provisions: (a) At the end of each calendar year, beginning with calendar year 1978, connection fees received during such calendar year with respect to such Subdistrict (other than connection fees refunded pursuant to line extension agreements) will be separately accounted for, and from the total amount of such connection fees for such year accrued interest on the Indebtedness will first be deducted and set apart for payment; (b) 25% of the connection fees received during such calendar year remaining after the deduction of an amount for interest on the Indebtedness as aforesaid, shall then be paid (on or before April 1 of the year following the year for which such calculation is being made) against the principal of the Indebtedness, ratably to all holders thereof in proportion to the amount of principal due each, with the holders of the Indebtedness having no claim or right to any portion of the balance. (c) So long as of the Indebtedness remains unpaid The Metropolitan St. Louis Sewer District will not reduce any amount charged as a connection fee in the Fee Fee Trunk Sewer Subdistrict to an amount less than the corresponding amount stated in Ordinance 3399, adopted December 14, 1977. The taxing power of the Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis Sewer District is not pledged to the payment hereof, either as to principal or interest. This instrument shall not be nor constitute a general obligation of the Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis Sewer District, nor shall it constitute an indebtedness of said Subdistrict within the meaning of any constitutional, statutory, or charger restriction, limitation or provision. This instrument is negotiable and shall be transferable by endorsement registered on the books of The Metropolitan St. Louis Sewer District, in the office of the Secretary-Treasurer of said District. It is hereby certified, recited, and declared that all acts, conditions, and things required to exist, to happen, and to be performed precedent to and in the issuance of this instrument and of the series of Indebtedness of which it is one, in order to make the same legal and binding obligations of said Subdistrict, according to the terms thereof, do exist, have happened and have been performed in due and regular time, form, and manner, as required by law; that this instrument and the issue of which it is one, together with all indebtedness of said Subdistrict does not exceed any limit of indebtedness prescribed by law. IN TESTIMONY WHEREOF, the Fee Fee Trunk Sewer 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 instrument to be executed by he 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 this instrument to be dated the thirty-first day of December, 1977. FEE FEE TRUNK SEWER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ATTEST: By____________________________________ Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District __________________________________ Secretary-Treasurer of The Metropolitan St. Louis Sewer District