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.