HomeMy Public PortalAbout03819 O R D I N A N C E NO. 3819
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 E. B. Joyce, Ruth M.
Joyce and John W. Hoffman, Trustees U/W Robert J. Joyce, and
Robert J. Baudendistel, said Evidence of Indebtedness providing
for payment of that part of the purchase price of said Fenton
Sewer Company not payable in cash at closing, with an emergency
clause.
WHEREAS, the Agreement of Purchase and Sale by and
between The Metropolitan St. Louis Sewer District and E. B. Joyce,
Ruth M. Joyce and John W. Hoffman, Trustees U/W Robert J. Joyce,
and Robert J. Baudendistel, dated March 23, 1979, provides that at
closing The Metropolitan St. Louis Sewer District will deliver to
Sellers, 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 Six Hundred Sixty Thousand Dollars
($660,000.00), bearing interest on the unpaid balance from time to
time at the annual rate of seven percent (7%) from the closing
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 E. B. Joyce, Ruth M. Joyce and John W. Hoffman, Trustees U/W
Robert J. Joyce, and Robert J. Baudendistel, said Evidence of
Indebtedness providing for payment of that part of the purchase
price of said Fenton Sewer Company not payable in cash at closing,
in the form as attached hereto.
Section Two. This Ordinance is necessary to complete
the purchase of a private sewer company in St. Louis County as a
part of the District's objective of a unified sewage treatment
system in St. Louis County, said unified sewage treatment system
being necessary for the protection of the public health, this con-
stituting an emergency within the meaning of the Plan, accordingly
this Ordinance shall be and become effective immediately upon its
adoption. The foregoing Ordinance was adopted July 11, 1979.
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