HomeMy Public PortalAbout05879 O R D I N A N C E NO. 5879
AN ORDINANCE, authorizing and directing the Executive
Director and Secretary=Treasurer on behalf of The Metropolitan St.
Louis Sewer District to borrow the sum of Five Hundred Thousand
Dollars ($500,000.00) from the Mark Twain St. Louis Bank, N.A. to
be used for the purchase of the lagoon and lagoon site which are
presently owned and operated by the City of Valley Park, Missouri.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. The Executive Director and Secretary-
Treasurer are hereby authorized and directed on behalf of The
Metropolitan St. Louis Sewer District to borrow the sum of Five
Hundred Thousand Dollars ($500,000.00) from the Mark Twain St.
Louis Bank, N.A. to be used for the purchase of the lagoon and
lagoon site which are presently owned and operated by the City of
Valley Park, Missouri.
Section Two. The loan as authorized in Section One of
this ordinance shall be for a term of four (4) months commencing
on March 1, 1985 and terminating on June 30, 1985, with a rate of
interest of seventy-five percent (75%) of the prime rate of
interest plus a loan origination fee not to exceed one percent
(1%), and shall be comprised of such other terms and conditions as
are approved by the Director of Legal Services of the District.
The foregoing Ordinance was adopted February 13, 1985.