HomeMy Public PortalAbout03727 O R D I N A N C E NO. 3727
AN ORDINANCE, appropriating Three Hundred Seventy-six
Thousand Three Hundred Fifty Dollars ($376,350.00) from the Fee
Fee Connection Charge Account to pay the annual principal and
interest due on the evidences of indebtedness given for the
acquisition of the assets of the Fee Fee Trunk Sewer, Inc. for
1978.
WHEREAS, the Agreement of Purchase and Sale by and
between Fee Fee Trunk Sewer, Inc. and The Metropolitan St. Louis
Sewer District provided that the District would pay for the assets
of the Fee Fee Company, in part, by a series of notes, bearing
interest at six percentum (6%) per annum on the unpaid balance
owed at the end of each calendar year, out of connection charges
received that year, plus twenty-five percentum (25%) of the
remainder of such connection charges so received, after deducting
said interest payment, as payment on the principal owed.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. The sum of Three Hundred Seventy-six
Thousand Three Hundred Fifty Dollars ($376,350.00) is hereby
appropriated from the unappropriated balance of the Fee Fee
Connection Charge Account for the annual payment of interest
Ninety Thousand Eight Hundred Sixty-three Dollars and Forty-four
Cents ($90,863.44) due on the unpaid balance of the evidence of
indebtedness given for the acquisition of assets of Fee Fee Trunk
Sewer, Inc., for the year ending December 31, 1978, and for the
annual payment Two Hundred Eighty-five Thousand Four Hundred
Eighty-three Dollars and Ninety-nine Cents ($285,483.99) on the
principal owed on such debt.
Section Two. This Ordinance, being an appropriation
Ordinance, shall take effect immediately upon its enactment. The foregoing Ordinance was adopted February 28, 1979.
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