Loading...
HomeMy Public PortalAbout05507 O R D I N A N C E NO. 5507 AN ORDINANCE directing the issuance of Ten Million Dollars ($10,000,000), of Ninety-five Million Dollars ($95,000,000) authorized, General Obligation Sewer Bonds of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, authorized at a special election held in said Subdistrict on the 6th day of November, 1962; setting out the form of said bonds and the interest coupons to be attached thereto: designating the rates of interest, maturities, and place of payment of 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. 775, adopted on the 25th day of June, 1962, did create the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District; and 2 WHEREAS, thereafter, by Ordinance No. 845, adopted on the 27th day of September, 1962, 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 Mississippi River 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 Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District be issued in the amount of Ninety-five Million Dollars ($95,000,000) to provide funds for.the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works 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. 845 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 3 newspapers on the 15th, 22nd, and 29th days of October, 1962, and on November 5, 1962, 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 publishers' 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. 845, the Secretary-Treasurer of The Metropolitan St. Louis Sewer District did file a certified copy of said Ordinance No. 845 with the Boards of Election Commissioners for The City of St. Louis and for St. Louis County, Missouri, within their respective jurisdictions; and WHEREAS, the respective Boards of Election Commissioners for The City of St. Louis and for St. Louis County, Missouri, thereupon did proceed to hold and conduct the said special election in said Subdistrict on the 6th day of November, 1962; 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. 845; and WHEREAS, the Board of Election Commissioners for The City of St. Louis, on the 21st day of November, 1962, and the Board of Election Commissioners of St. Louis County, on the 26th 4 day of November, 1962, 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 two hundred fifty-nine thousand, seven hundred thirty-nine (259,739) votes, of which two hundred nineteen thousand, one hundred twenty-nine (219,129) votes were cast "FOR THE BOND ISSUE" and forty thousand, six hundred ten (40,610) votes were cast "AGAINST THE BOND ISSUE"; and WHEREAS, more than two-thirds (2/3) of all the votes cast on the aforesaid proposition were cast in favor thereof: and WHEREAS, by Resolution No. 596, adopted on the 27th day of November, 1962, the Board of Trustees of The Metropolitan St. Louis sewer District did declare the result of the aforesaid special election held on the 6th day of November, 1962, and did find and declare that the proposition submitted at said election was assented to by more than two-thirds (2/3) of the qualified electors of said Mississippi River 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, was and is authorized to issue the bonds of the Mississippi River Subdistrict in the amount and for the purpose set forth in said proposition; and WHEREAS, the assessed valuation of taxable, tangible property within the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, as ascertained by the last 5 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, 1961, was Two Billion, Nine Hundred Sixty-seven Million, Seven Hundred Ninety-two Thousand, Two Hundred Three Dollars ($2,967,792,203); and WHEREAS, on the date of the aforesaid special election, to-wit: on the 6th day of November, 1962, the said Mississippi River 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 6th day of November, 1962, to wit: Ninety-five Million Dollars ($95,000,000), 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, pursuant to due and lawful publication of notice thereof, this Board of Trustees heretofore has issued and sold bonds of the Mississippi River Subdistrict for the aforesaid purpose in the following amounts and as of the following dates: Bonds dated February 1, 1964 $16,000,000 Bonds dated February 1, 1965 20,000,000 Bonds dated February 1, 1966 20,000,000 Bonds dated August 1, 1967 14,000,000 TOTAL $70,000,000; 6 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 an additional Ten Million Dollars ($10,000,000) of the Ninety-five Million Dollars ($95,000,000) of bonds authorized as aforesaid and that the right be reserved unto said Board, at its option, hereafter to direct the issuance, sale, and delivery of the remaining Fifteen Million Dollars ($15,000,000) of said authorized bonds, or any part thereof, if the Board hereafter should find that the issuance, sale, and delivery thereof is necessary to complete the construction of a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto; and WHEREAS, heretofore, to-wit: on the 11th day of January, 1984, after due and lawful publication of notice thereof, this Board did receive sealed bids for the purchase of Ten Million Dollars ($10,000,000) of bonds of the aforesaid authorized issue and did accept the highest and best bid made and offered for said bonds; 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: 7 Section One. That there are hereby authorized and ordered to be prepared and issued bonds of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, in the amount of Ten Million Dollars ($10,000,000), being part of the Ninety-five Million Dollars ($95,000,000) of bonds authorized at a special election held in said Subdistrict on the 6th day of November, 1962, to provide funds for the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto. The said bonds shall be of the denomination of Five Thousand Dollars ($5,000) each or any whole multiple thereof; shall be dated February 1, 1984, and shall bear interest from date thereof at the rates per annum hereinafter set forth, payable August 1, 1984, and semi-annually thereafter on February 1 and August 1 in each year until the principal of said bonds, respectively, shall have been paid in full. Interest to accrue on and prior to the respective maturity dates of said bonds shall be payable by check or draft drawn by the Paying Agent hereinafter designated and made payable to each registered owner of bonds of this issue listed as an owner of record on the fifteenth (15th) day prior to each of the aforesaid dates upon which interest will be due and payable. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the Mercantile Trust Company National Association, in the City 8 of St. Louis, State of Missouri (the "Paying Agent" for this issue); and said bonds shall bear interest at the rates per annum and shall mature in the amounts and at the times following, to- wit: RATE OF INTEREST AMOUNT MATURITY 10.40% $ 525,000 February 1, 1988 10.40% 550,000 February 1, 1989 10.40% 600,000 February 1, 1990 10.40% 650,000 February 1, 1991 8.40% 725,000 February 1, 1992 8.40% 775,000 February 1, 1993 8.70% 825,000 February 1, 1994 8.90% 900,000 February 1, 1995 9% 975,000 February 1, 1996 9% 1,075,000 February 1, 1997 9% 1,150,000 February 1, 1998 9% 1,250,000 February 1, 1999 Section Two. That the said bonds shall be executed for and on behalf of said District by the facsimile signature of the Chairman of the Board of Trustees, attested by the facsimile signature of the Secretary-Treasurer of said District, under the seal of said District imprinted thereon in facsimile, and each of said bonds shall be authenticated by the manual signature of a duly authorized officer or employee of the Paying Agent acting as 9 the Bond Registrar of said bonds (the "Bond Registrar"). Section Three. That the said bonds shall be in substantially the following form, to-wit: UNITED STATES OF AMERICA STATE OF MISSOURI MISSISSIPPI RIVER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT GENERAL OBLIGATION SEWER BOND INTEREST RATE MATURITY DATE ORIGINAL ISSUE DATE February 1, 1984 Registered OWNER: PRINCIPAL AMOUNT: The Mississippi River 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, acknowledges itself to owe and, for value received, promises to pay to the Registered Owner hereof, identified hereinabove, or registered assigns, as hereinafter provided, the principal Amount set forth hereinabove on the Maturity Date likewise set forth hereinabove and to pay to said 10 Registered Owner interest on the aforesaid Principal Amount from the date hereof or from the then latest interest payment date to which interest shall have been paid at the Interest Rate set forth hereinabove, payable August 1, 1984, and semi-annually thereafter on February 1 and August 1 in each year until the Principal Amount of this bond shall have been paid in full. No interest shall accrue on this bond after the aforesaid Maturity Date unless this bond shall have been presented for payment at maturity and shall not have been paid. Both the Principal Amount of and the interest on this bond are payable in lawful money of the United States of America by check of or draft upon the Mercantile Trust Company National Association, in the City of St. Louis, State of Missouri (the Paying Agent for this Bond), mailed by prepaid United States Mail to the aforesaid Registered Owner if listed of record at least fifteen (15) days prior to each interest payment date at the address of such Registered Owner as the same appears on the books and records of the aforesaid Paying Agent kept in its capacity as Bond Registrar; provided, however, that the Principal Amount hereof shall be payable only upon presentation and surrender of this bond at the principal office of said Paying Agent, and, for the prompt payment of this bond at maturity and the interest hereon as it accrues, the full faith, credit, and resources of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District are hereby irrevocably pledged. 11 This bond is one of a duly authorized issue of General Obligation Sewer Bonds of the aforesaid Subdistrict, all of like date, tenor, and effect, except as to rate of interest and date of maturity, of the denomination of Five Thousand Dollars ($5,000) or some whole multiple thereof, aggregating the principal sum of Ten Million Dollars ($10,000,000), being part of Ninety-five Million Dollars ($95,000,000) authorized, issued by the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District to provide funds for the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works 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 Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District on the 6th day of November, 1962, whereat more than two-thirds (2/3) 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 is and shall be a negotiable instrument in accordance with the laws of the State of Missouri and shall be transferable only by delivery to the aforesaid Bond Registrar, serving in its capacity as Bond Transfer Agent for this bond and 12 the issue of which it is one, of a written instrument of transfer executed by the Registered Owner or by his attorney thereunto duly authorized and upon surrender of this Bond to said Bond Registrar for cancellation. Upon such transfer, a new registered bond or bonds of the issue of which this bond is one and of the same maturity and of the denomination of Five Thousand Dollars ($5,000) or any whole multiple thereof aggregating the same principal amount will be issued by said Bond Transfer Agent to the transferee in exchange therefor; provided, that no such transfer shall take place of record within fifteen (15) days next preceding any interest payment date. The Board of Trustees of said The Metropolitan St. Louis Sewer District and the said Paying Agent may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of the Principal Amount of this Bond and the interest due hereon and for all other purposes, and neither the Board of Trustees nor the Paying Agent shall be affected by any notice to the contrary. It is hereby certified, recited, and represented that all acts and things required to be done precedent to and in the issuance of this Bond and the issue of which it is one, in order to make the same a valid and binding obligation of said 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 and collection of an annual tax upon all taxable, tangible property within said District sufficient to 13 pay the principal of and the interest on this bond as the same shall mature and accrue; and that the total indebtedness of said District, including this bond and the issue of which it is one, does not exceed any constitutional or statutory limit of indebtedness. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security, source of payment, or benefit under the Bond Resolution until the certificate of authentication hereon shall have been signed manually by a duly authorized officer or employee of the Paying Agent acting as the Bond Registrar. IN TESTIMONY WHEREOF, the Mississippi River 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 executed this bond by causing it to be signed with the facsimile signature of the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, attested by the facsimile signature of the Secretary of said District, under the seal of said District imprinted hereon in facsimile, and this bond to be dated the first day of February, 1984. MISSISSIPPI RIVER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT By (facsimile) Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District Attest: 14 (facsimile) Secretary-Treasurer, Board of Trustees of The Metropolitan St. Louis Sewer District (Facsimile of Seal) (Not less than the first paragraph and the last two paragraphs of the text of the bond shall be printed on the face of each bond. If any portion of the text of the bonds shall be printed on the reverse of the bonds, the following statement shall appear set out in contrasting print in the text on the face of each bond: REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF WHICH, FOR ALL PURPOSES, SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE ON THE FACE OF THIS BOND.) AUTHENTICATION DATE: BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the issue of General Obligation Sewer Bonds of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, Missouri, authorized by the within-mentioned resolution of the Board of Trustees of the said District. MERCANTILE TRUST COMPANY NATIONAL ASSOCIATION as Bond Registrar By Authorized Signature (The following shall appear on the reverse of each bond.) ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns, and 15 transfers unto ________________________________________________________________ (Name and Address of Assignee) the within General Obligation Sewer Bond and does hereby irrevocably constitute and appoint to transfer the said General Obligation Sewer Bond on the books kept for the registration thereof with full power of substitution in the premises. Dated: Signature Guaranteed Notice: The signature to this assignment must correspond with the name as it appears on the face of the within bond in every particular, without alteration, enlargement, or any change whatever. Interest on each Five Thousand Dollars ($5,000) in principal amount of bonds shall be payable, according to maturity, in the amounts and at the times as follows: Interest due on each Maturity interest payment date 1988-1991 $260 1992-1993 $210 1994 $217.50 1995 $222.50 1996-1999 $225 Section Three. That, for the purpose of providing for the payment of the principal of and the interest on said bonds as 16 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 Mississippi River Subdistrict, sufficient, after allowance shall have been made for the expenses of collection and delinquencies in the payment of taxes, to produce in each of the years 1985 to 1999, 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 Four. 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 heretofore created in the treasury of The Metropolitan St. Louis Sewer District and designated "MISSISSIPPI RIVER SUBDISTRICT BOND AND INTEREST FUND" and shall be used exclusively for the purpose herein required. Section Five. That, when the said bonds shall have been prepared as aforesaid, they shall be delivered to the 17 Mercantile Trust Company National Association, in the City of St. Louis, St. Louis, State of Missouri, as Bond Registrar, so that said bonds may be registered, transferred, and authenticated on behalf of the District, and it shall be the responsibility of said Bond Registrar to maintain the registration records for the bonds of this issue, to transfer ownership of any of the bonds of this issue on such registration records upon receipt of proper authorization from the Registered Owner of each such bond, to initially authenticate the bonds of the issue, and to authenticate for issuance and again register bonds of the issue as ownership thereof subsequently may be transferred from time to time in the manner herein stated. The said Bond Registrar, upon receipt of the bonds, shall authenticate the bonds of the issue by causing to be affixed to each such bond the manual signature of its authorized officer or employee, and, acting as Bond Registrar, thereupon shall register each such bond in the name of the Registered Owner for whose account such bond is purchased and then shall deliver each bond to the purchaser thereof upon payment of the purchase price in accordance with the contract for the sale of said bonds. The Bond Registrar shall be paid its customary charges for its services as aforesaid when performed according to the schedule in effect at the time the services are performed. No bond shall be authenticated as in this Section provided which represents a Principal Amount due in more than one maturity. Section Six. That, when the said bonds shall have been 18 prepared and executed as in this Resolution directed, they shall be delivered into the custody of the Secretary-Treasurer of the said District, which said Secretary-Treasurer thereupon shall cause the said bonds to be delivered to the Harris Trust and Savings Bank, Chicago, Illinois, and associates, the purchasers of said bonds, in accordance with the terms of sale and award. 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 "MISSISSIPPI RIVER SUBDISTRICT CONSTRUCTION FUND" and shall be used solely and only for the purpose of constructing a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto. The accrued interest and the premium received upon sale and delivery of the aforesaid bonds shall be deposited forthwith in and credited to the Bond and Interest Fund specified in Section Four of this Ordinance. Section Eight. That the right shall be and is hereby reserved unto this Board, at its option, hereafter to direct the issuance, sale, and delivery of the remaining Fifteen Million Dollars ($15,000,000) of the Ninety-five Million Dollars ($95,000,000) of bonds authorized at the aforesaid election held on the 6th day of November, 1962, or any part thereof, if this Board hereafter should find that the issuance, sale, and delivery 19 thereof is necessary to complete the construction of a system of sanitary interceptor sewers and sewage disposal and treatment plants and works for said Subdistrict, including all expenses necessarily incidental thereto. The foregoing Ordinance was adopted February 8, 1984.