HomeMy Public PortalAboutR0123 R E S O L U T I O N NO. 123
A RESOLUTION to direct the sale of Seven Hundred Fifty
Thousand Dollars ($750,000.00) Bonds of Subdistrict Number One of
the River des Peres Watershed of The Metropolitan St. Louis Sewer
District (Creve Coeur-Frontenac area) authorized at an election
held in said Subdistrict on the 19th day of March, 1957.
BE IT RESOLVED by the Board of Trustees of The
Metropolitan St. Louis Sewer District that the Seven Hundred Fifty
Thousand Dollars ($750,000.00) bonds of Subdistrict Number One of
the River des Peres (Watershed of The Metropolitan St. Louis Sewer
District (Creve Coeur-Frontenac area), authorized at the special
election held in said Subdistrict on the 19th day of March, 1957,
be offered for sale to the highest bidder therefor on Wednesday,
the seventh of August, 1957.
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 2:00 o'clock P.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 Fifteen Thousand Dollars ($15,000.00) 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
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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:
$750,000.00
GENERAL OBLIGATION SEWERS BONDS SUBDISTRICT NUMBER ONE OF THE RIVER DES PERES WATERSHED (CREVE COEUR-FRONTENAC 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 on
Wednesday, August 7th, 1957
until 2:00 o'clock P.M., C.D.S.T., at which time they will be
publicly opened and announced, for the purchase of $750,000.00
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General Obligation Sewer Bonds for the above Subdistrict. The
bonds will be dated August 1, 1957, and will mature on February 1
in the years and in the amounts as follows:
$25,000 in each of the years 1959 through 1961
$30,000 in each of the years 1962 through 1964
$35,000 in each of the years 1965 through 1967
$40,000 in each of the years 1968 through 1970
$45,000 in each of the years 1971 and 1972
$50,000 in each of the years 1973 and 1974
$55,000 in each of the years 1975 and 1976
$60,000 in the year 1977,
with interest payable on February 1, and August 1, each year,
beginning February 1, 1958.
The bonds are to be secured by the full faith and
credit of Subdistrict Number One of the River des Peres Watershed
(Creve Coeur-Frontenac area). 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 1962 are redeemable as a whole or
in part upon thirty days published notice on February 1, 1962,
or on any interest payment date thereafter in inverse numerical
order, at 105% of their principal amount, if redeemed on or prior
to February 1, 1964 with successive reductions of 1/4 of 1% on
each February 1 thereafter to 100% of their principal amount,
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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 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 l%, 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, 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 E. Clark, Secretary-Treasurer, The Metro-
politan 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
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be accompanied by a certified or cashier's check, payable to the
order of the "Treasurer of The Metropolitan St. Louis Sewer
District" for $15,000.00. 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 September 24, 1957.
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,, 20 Broad Street, York 5, New York, or 314
North Broadway, St. Louis 2, Missouri, 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 J. E. Williams, Jr, Chairman, Board of Trustees
Dated July 22nd, 1957
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
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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: PROPOSAL FOR THE PURCHASE OF $750,000.00 GENERAL OBLIGATION SEWER BONDS OF SUBDISTRICT NUMBER ONE OF THE RIVER DES PERES WATERSHED (CREVE COEUR-FRONTENAC AREA) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ST. LOUIS, MISSOURI _____________________________ 1957 To the Board of Trustees of The Metropolitan St. Louis Sewer District 506 Olive Street St. Louis, Missouri Gentlemen:
For Seven Hundred Fifty Thousand Dollars ($750,000.00),
par value, General Obligation Sewer Bonds of Subdistrict Number
One of the River des Peres Watershed (Creve Coeur-Frontenac area)
of The Metropolitan St. Louis Sewer District, bearing interest
at the rate or rates specified below, we will pay you
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___________________________________($____________________)
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 $_____________________.
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 of St. Louis, Missouri, to be designated by the
undersigned within forty-eight hours after the acceptance of this
bid.
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
$15,000.00, payable to the Treasurer of The Metropolitan St. Louis
Sewer District, accompanies this proposal as an evidence of good
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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 Metropolitan St. Louis Sewer
District, sealed, at or prior to 2:00 o'clock P.M. C.D.S.T., on
Wednesday, the 7th day of August, 1957.)
ACCEPTANCE
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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_________________, 1957.
______________________
Chairman
Attest:
__________________________
Secretary-Treasurer
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.
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The foregoing Resolution was adopted July 22, 1957.