HomeMy Public PortalAbout05971 O R D I N A N C E NO. 5971
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 One Million Six Hundred
Twenty-five Thousand Dollars ($1,625,000.00) from the Mark Twain
St. Louis Bank, N.A. to be used for the purchase of all of the
outstanding capital stock of the St. Louis County Sewer Company, a
Missouri Corporation.
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 One
Million Six Hundred Twenty-five Thousand Dollars ($1,625,000.00)
from the Mark Twain St. Louis Bank, N.A. to be used for the
purchase of all of the outstanding capital stock of the St. Louis
County Sewer Company, a Missouri Corporation.
Section Two. The loan as authorized in Section One of
this ordinance shall terminate 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 Assistant Executive Director and General
Counsel of the District, pursuant to Section 3.020 (13) of the
Plan of The Metropolitan St. Louis Sewer District.
The foregoing Ordinance was adopted March 27, 1985.