HomeMy Public PortalAboutR0070 R E S O L U T I O N NO. 70
A RESOLUTION to direct the sale of One Hundred Twenty
Five Thousand Dollars ($125,000.00), Bonds of Subdistrict Number
Two of the River des Peres Watershed of The Metropolitan St. Louis
Sewer District authorized at an election held in said Subdistrict
on the 29th day of May, 1956.
BE IT RESOLVED, by the Board of Trustees of The
Metropolitan St. Louis Sewer District that the One Hundred Twenty
Five Thousand Dollars ($125,000.00), Bonds of Subdistrict Number
Two of the River des Peres Watershed of The Metropolitan St. Louis
Sewer District, authorized at the special election held in said
Subdistrict on the 29th day of May, 1956, be offered for sale to
the highest bidder therefor on the 11th day of July, 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 11:00 o'clock A.M., Central Daylight Saving 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 Two
Thousand Five Hundred Dollars ($2,500.00), 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 three 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:
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$125,000 GENERAL OBLIGATION SEWER BONDS Subdistrict Number Two of The River Des Peres Watershed (Vinita Park Area) 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
until 11:00 o;clock A.M., C.D.S.T., at which time they will be
publicly opened and announced, for the purchase of $125,000.00
General Obligation Sewer Bonds of the above subdistrict. The
bonds will be dated August 1, 1956, and will mature on February 1
in the years and in the amounts as follows:
$ 5,000.00 in each of the years 1958 through 1970
$10,000.00 in each of the years 1971 through 1976
with interest payable on February 1 and August 1 each year,
beginning February 1, 1957.
The Bonds are to be secured by the full faith and
credit of Subdistrict Number Two of the River des Peres Watershed
of The Metropolitan St. Louis Sewer District. 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 (30) 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
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prior to February 1, 1962, with successive reductions of 1/4 of 1%
on February 1, 1962 on each February 1 thereafter to 100% of their
principal amount, together in each case, with interest accrued to
the redemption date.
The Bonds are to be payable as to principal and
interest at a bank or trust company in the City or County 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 (48) hours after the acceptance
of the bid.
The Bonds will be issued in bearer form, with coupons,
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, three 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 bonds, plus accrued interest, if any, will be
considered. Award of the bonds will be made to the 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 the Secretary-Treasurer, The Metropolitan St. Louis
Sewer District, 506 Olive Street, St. Louis, (1) Missouri. All
bids must be submitted on the official "Bid Form", copies of which
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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
$2,500. 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
bid, 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 August 31, 1956.
The successful bidder will be furnished, without cost,
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, (1) Missouri, or at the offices of
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Goldman, Sachs & Co., financial advisors to the District, 314
North Broadway, St. Louis, (2) Missouri or 30 Pine Street, New
York, New York.
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 Dated June 25, 1956 By John M. Bogdanor Chairman, Board of Trustees
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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
used in bidding for the aforesaid bonds shall be substantially as
follows:
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PROPOSAL FOR THE PURCHASE OF $125,000 GENERAL OBLIGATION SEWER BONDS OF SUBDISTRICT NO. TWO OF THE RIVER DES PERES WATERSHED 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 Hundred Twenty Five Thousand Dollars ($125,000.00) par value, General Obligation Sewer Bonds of Subdistrict Number Two of the River des Peres Watershed of The Metropolitan St. Louis Sewer District, bearing interest at the rate or rates specified below, we will pay you _______________________ ($___________) 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 $____________ (Effective rate ____________). It is understood and agreed by the undersigned that if there be 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 or County of St. Louis, Missouri, to be designated by the undersigned within forty-eight (48) hours after the acceptance of this bid.
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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 $2,500.00, payable to the order of 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 bid, 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 Board of Trustees of The Metropolitan St. Louis Sewer District, sealed, at or prior to 11:00 o'clock A.M., Central Daylight Saving Time, on Wednesday the 11th day of July, 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 are hereby acknowledged, this ______ day of ____________, 1956. ______________________________ Chairman, Board of Trustees Attest: ______________________________ Secretary, Board of Trustees
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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 June 25, 1956.