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HomeMy Public PortalAbout05975 O R D I N A N C E NO. 5975 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 Seven Hundred Fifty Thousand Dollars ($750,000.00) from the Mark Twain St. Louis Bank, N.A. to be used for the purchase of all of the outstanding capital stock of the Martigney Creek 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 Seven Hundred Fifty Thousand Dollars ($750,000.00) from the Mark Twain St. Louis Bank, N.A. to be used for the purchase of all the outstanding capital stock of the Martigney Creek 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.