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HomeMy Public PortalAboutR0045 R E S O L U T I O N NO. 45 A RESOLUTION to direct the sale of One Million Seven Hundred Thousand Dollars ($1,700,000) bonds of the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District authorized at an election held in said Subdistrict on the 7th day of February, 1956. BE IT RESOLVED, by the Board of Trustees of The Metropolitan St. Louis Sewer District that the One Million Seven Hundred Thousand Dollars ($1,700,000) bonds of the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, authorized at the special election held in said Subdistrict on the 7th day of February, 1956, be offered for sale to the highest bidder therefor on Wednesday, the 14th day of March, 1956. BE IT FURTHER RESOLVED that said bonds be sold on sealed bids to be filed with the Secretary-Treasurer of this Board at the office of said Board, 506 Olive Street, St. Louis, Missouri, at or before the hour of 11:00 o'clock A.M., Central Standard Time, on the aforesaid date; each bid to be accompanied by a certified or cashier's check payable to the order of the Treasurer of The Metropolitan St. Louis Sewer District in the amount of Thirty-four Thousand Dollars ($34,000) to evidence the good faith of the bidder, this Board of Trustees reserving the right to reject any or all bids submitted. BE IT FURTHER RESOLVED, that bidders for said bonds shall be requested to designate in their bids the price they will pay for bonds bearing interest at a rate or rates, but not more than four different rates, likewise to be designated in their bids; provided, however, that each interest rate so designated shall be a multiple of 1/8 of 1% or 1/20 of 1% and that all bonds of the same maturity shall bear interest at the same rate. BE IT FURTHER RESOLVED, that in determining the best bid submitted the Board will take into consideration the lowest net interest cost to the District, in dollars. BE IT FURTHER RESOLVED, that the Secretary-Treasurer be and he is hereby authorized and directed to give notice of the sale of said bonds by mailing to all interested banks and bond houses and investment bankers in the State of Missouri and elsewhere a notice in substantially the following form: 3 $1,700,000 GENERAL OBLIGATION SEWER BONDS MALINE CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ST. LOUIS, MISSOURI BOND SALE The Board of Trustees of The Metropolitan St. Louis Sewer District, St. Louis, Missouri, will receive SEALED BIDS on March 14, 1956 until 11:00 o'clock A.M., C.S.T., at which time they will be publicly opened and announced, for the purchase of $1,700,000 General Obligation Sewer Bonds for the above Subdistrict. The bonds will be dated February 1, 1956, and will mature on February 1 in the years and in the amounts as follows: $70,000 in each of the years 1958 through 1960, $75,000 in each of the years 1961 and 1962, $80,000 in each of the years 1963 and 1964, $85,000 in each of the years 1965 and 1966, $90,000 in each of the years 1967 and 1968, $95,000 in each of the years 1969 and 1970, $100,000 in each of the years 1971 and 1972, $105,000 in each of the years 1973 and 1974, $115,000 in each of the years 1975 and 1976, with interest payable on February 1 and August 1 each year, beginning August 1, 1956. The Bonds are to be secured by the full faith and 4 credit of the Maline Creek Trunk Subdistrict. Principal and interest are payable from ad valorem taxes which may be levied, without limit as to rate or amount, on all taxable, tangible property within the Subdistrict. Bonds maturing after 1961 are redeemable as a whole or in part upon thirty days published notice on February 1, 1961, or on any interest payment date thereafter in inverse numerical order, at 103% of their principal amount, if redeemed on or prior to February 1, 1962, with successive reductions of 1/4 of 1% on each February 1 thereafter to 100% of their principal amount, together in each case, with interest accrued on the redemption date. The bonds are to be payable as to principal and interest at a bank or trust company in the City of St. Louis, Missouri, to be selected by the successful bidder, subject to approval by the Board of Trustees of The Metropolitan St. Louis Sewer District, within forty-eight hours after the acceptance of the bid. The bonds will be issued in bearer form, with coupons, and will be of the denomination of $1,000 each, and will be registerable as to principal only. Each bid must specify the rate or rates of interest the bonds are to bear, not exceeding, however, four different interest rates, in multiples of 1/20 or 1/8 of 1%, and not exceeding 6% per annum. All bonds of the same maturity shall bear interest at the same rate. No bid for less than the principal amount of the 5 bonds, plus accrued interest, will be considered. Award of the bonds will be made to the highest bid which results in the lowest net interest cost for the bonds, after deducting the amount of premium bid, if any. Sealed bids, plainly marked "Bid for Bonds," should be addressed to Mr. John M. Bogdanor, Chairman, The Metropolitan St. Louis Sewer District, 506 Olive Street, St. Louis, Missouri. All bids must be submitted on the official "Bid Form," copies of which may be obtained as set forth below. All bids must be accompanied by a certified or cashier's check, payable to the order of the "Treasurer of The Metropolitan St. Louis Sewer District" for $34,000. The check, constituting a good faith deposit of the successful bidder, will be retained by the Board of Trustees to assure performance of the requirements of the sale on the part of such bidder. In the event that the successful bidder should fail or refuse to take up or pay for the bonds in accordance with its bids, the check will be forfeited as full and complete liquidated damages. Otherwise, the check will be considered as part payment for the bonds. Checks of unsuccessful bidders will be returned to them promptly after the award is made. Delivery of and payment for the bonds will be made at the option of the successful bidder, with the consent of the Board of Trustees, at a bank in St. Louis, Missouri, New York, New York or Chicago, Illinois. It is anticipated that delivery will be made on or before May 15, 1956. The successful bidder will be furnished, without cost, 6 printed bonds and a complete transcript of the proceedings incident to the authorization and issuance of the bonds, together with the final unqualified approving legal opinion of the law firm of Charles and Trauernicht, St. Louis, Missouri. Copies of the Official Notice of Sale, Official Bid Form and Official Statement may be obtained from Mr. William Q. Kehr, Executive Director, Metropolitan St. Louis Sewer District, 506 Olive Street, St. Louis, Missouri, or at the offices of Goldman, Sachs & Co., 30 Pine Street, New York, New York, financial advisors to the District. The Board of Trustees reserves the right to reject any and all bids and to waive any and all irregularities. THE METROPOLITAN ST. LOUIS SEWER DISTRICT By ___________________________ John M. Bogdanor Chairman, Board of Trustees Dated February 21, 1956 7 BE IT FURTHER RESOLVED, that the Secretary-Treasurer shall attach to each copy of the aforesaid notice a financial statement showing the assessed valuation of taxable, tangible property within the Subdistrict, the population of the Subdistrict and such other data as prospective bidders for said bonds might reasonably be expected to require. BE IT FURTHER RESOLVED, that the Secretary-Treasurer of this Board shall cause notice of the sale of said bonds, in substantially the form hereinabove set forth, to be published one time in The Bond Buyer, a financial journal published in the City of New York, which said publication shall be made not less than ten (10) days prior to the date set for the sale of said bonds. The said notice shall also be published in The St. Louis Post Dispatch and The St. Louis Globe Democrat, newspapers of general circulation published in The Metropolitan St. Louis Sewer District, such publication to be made at least ten (10) days prior to the date of sale. BE IT FURTHER RESOLVED, that the bidding form to be sued in bidding for the aforesaid bonds shall be substantially as follows: 8 PROPOSAL FOR THE PURCHASE OF $1,700,000 GENERAL OBLIGATION SEWER BONDS OF MALINE CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ST. LOUIS, MISSOURI ___________, 1956 To the Board of Trustees of The Metropolitan St. Louis Sewer District 506 Olive Street St. Louis, Missouri Gentlemen: For One Million Seven Hundred Thousand Dollars ($1,700,000), par value, General Obligation Sewer Bonds of the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, bearing interest at the rate or rates specified below, we will pay you ____________________________________________________ ($__________) and accrued interest to the date of delivery of said bonds to us. The said bonds shall bear interest as follows: Maturities Interest Rates It is hereby represented that the gross interest cost, computed upon the above specified rate or rates of interest, will be $___________, and that the net interest cost (deducting premium, if any) will be $____________. It is understood and agreed by the undersigned that if there by any discrepancy as between the actual interest cost computed upon the rate or rates of interest above specified and the interest cost figures hereinabove set forth, the interest rate or rates above specified and the actual interest cost computed upon said rate or rates shall prevail. Subject to your approval, the said bonds shall be payable as to principal and interest at a bank or trust company in the City of St. Louis, Missouri, to be designated by the undersigned within forty-eight hours after the acceptance of this bid. 9 This proposal is subject to all of the terms and conditions of the notice of sale, a copy of which is hereto annexed and made a part hereof. A certified (or cashier's) check in the amount of $34,000, payable to the Treasurer of The Metropolitan St. Louis Sewer District, accompanies this proposal as an evidence of good faith, and said check shall be returned to the undersigned if this bid be not accepted or if the Board of Trustees should fail to deliver said bonds to the undersigned in accordance with the terms of this bid, otherwise said check shall be held by the Board and shall be applied as and when the bonds are delivered and paid for under the terms of this bids, as part payment therefor, or be applied as and for liquidated damages in the event that the undersigned fails to take up and pay for said bonds. This bid is for immediate acceptance. ______________________________ ______________________________ (Note: No addition to or alteration in this proposal is to be made, and any erasure may cause a rejection of the bid. Bids must be filed with the Chairman of The Metropolitan St. Louis Sewer District, sealed, at or prior to 11:00 o'clock A.M., C.S.T., on Wednesday, the 14th day of March, 1956.) ACCEPTANCE The above proposal accepted by resolution of the Board of Trustees of The Metropolitan St. Louis Sewer District and receipt of the within mentioned check is hereby acknowledged, this ______ day of ___________, 1956. ______________________________ Chairman ATTEST: ______________________________ Secretary-Treasurer 10 BE IT FURTHER RESOLVED, that the Secretary-Treasurer shall attach a copy of the aforesaid notice to each copy of the aforesaid bidding form, to the end that each bid filed may be accompanied by the form of notice of sale wherein the details of the issue are set forth. The foregoing Resolution was adopted February 20, 1956.