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
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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
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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
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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
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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;
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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:
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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
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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
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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
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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.
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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
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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
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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:
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(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
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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
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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
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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
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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
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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.