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HomeMy Public PortalAboutR0423 R E S O L U T I O N NO. 423 RESOLUTION TO DIRECT THE SALE OF TWO HUNDRED TWENTY THOUSAND DOLLARS ($220,000) BONDS OF BENEFIT SUBDISTRICT NO. 111 (MARLBOROUGH) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT AUTHORIZED AT AN ELECTION HELD IN SAID SUBDISTRICT ON THE 8TH DAY OF DECEMBER, 1960. BE IT RESOLVED by the Board of Trustees of The Metropolitan St. Louis Sewer District that the Two Hundred Twenty Thousand Dollars ($220,000) bonds of Benefit Subdistrict No. 111 (Marlborough) of The Metropolitan St. Louis Sewer District, authorized at the special election held in said Subdistrict on the 8th day of December, 1960, be offered for sale to the highest bidder therefor on Thursday, the 20th day of July, 1961. 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, 2000 Hampton Avenue, St Louis, Missouri, at or before the hour of 11 o'clock A.M, (C.D.T.) on Thursday, the 20th day of July, 1961; each bid to be accompanied by a certified or cashier's check payable to the District in the amount of Four Thousand, Four Hundred Dollars ($4,400.00) 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 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 all bonds of the same maturity shall bear interest at the same rate, which shall be a whole multiple of 2 either one-eighth of one per centum (1/8 of 1%) or one-tenth of one per centum (1/10 of 1%). Bids providing for additional or supplemental coupons shall be rejected. 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 note 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 NOTICE OF BOND SALE $220,000 BENEFIT SUBDISTRICT NO. 111 (MARLBOROUGH) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT GENERAL OBLIGATION SEWER BONDS Sealed proposals will be received by the Board of Trustees of The Metropolitan St. Louis Sewer District, at its offices, 2000 Hampton Avenue, St. Louis, Missouri, until the hour of 11 o'clock A.M., (C.D.T) on Thursday, the 20th day of July, 1961, at which time said bids will be publicly opened for the purchase, at not less than par and accrued interest, of the above bonds of said Subdistrict. Said bonds are to bear date of August 1, 1961, are to be of the denomination of One Thousand Dollars ($1,000.) each, registerable as to principal only and shall bear interest at a rate or rates not exceeding five per centum (5%) per annum, to be determined pursuant to the sale of said bonds, payable February 1, 1962, and semi-annually thereafter on August 1 and February 1 in each year. Both principal of and interest on said bonds will be payable at a bank or trust company in the City of St. Louis, Missouri, to be designated by the purchaser, subject to approval by the Board of Trustees, such designation to be made within forty-eight hours following award of the issue. Said bonds shall mature serially, without option of prior payment, on February 1 in each of the years as follows: $5,000 in 1962 $10,000 in 1967 $12,000 in 1972 $14,000 in 1977 6,000 in 1963 10,000 in 1968 12,000 in 1973 15,000 in 1978 7,000 in 1964 10,000 in 1969 12,000 in 1974 15,000 in 1979 8,000 in 1965 10,000 in 1970 12,000 in 1975 15,000 in 1980 8,000 in 1966 10,000 in 1971 14,000 in 1976 15,000 in 1981 In the opinion of Counsel, these bonds will be payable, both as to principal and interest, from ad valorem taxes which may be levied, without limitation as to rate or amounts upon all taxable, tangible property within the territorial limits of the said Benefit Subdistrict No. 111. Bidders are 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 (4) different rates, likewise to be designated in their bids; provided, however, that all bonds of the same maturity shall bear interest at the same rate, which shall be 4 as a whole multiple of either one-eighth of one percentum (1/8 of 1%) or one-tenth of one percentum (1/10 of 1%). Only one coupon will be attached to each bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. Proposals should be addressed to the Board of Trustees and should be filed with the Secretary of the Board on or prior to the date and hour hereinabove named. Each bid must be accompanied by a certified or cashier's check, payable to the District, in the amount of Four Thousand, Four Hundred Dollars ($4,400), to evidence the good faith of the bidder. Proposals tendered by mail should be addressed to the Board of Trustees of The Metropolitan St Louis Sewer District, 2000 Hampton Avenue, St. Louis, Missouri, and should be plainly marked "PROPOSAL FOR BONDS." The Board of Trustees reserves the right to reject any or all bids, and all bids must be made on the form supplied by the undersigned. These bonds are offered subject to the unqualified approval of the legality thereof by the law firm of Charles and Trauernicht of St. Louis, Missouri. The District will pay for the legal fees and will pay for the printing of the bonds, including the printing thereon of the legal opinion, if desired by the purchaser. Delivery of the bonds will be made to the purchaser on or before ____________, 1961, in the City of St. Louis, Missouri, without cost to the purchaser. Delivery elsewhere will be made at the expense of the purchaser. Copies of the official Notice of Sale, Bid Form, and preliminary circular may be obtained from either Goldman, Sachs & Co., 20 Broad Street, New York, New York, or Blewer, Glynn & Co., 320 North Fourth St., St. Louis, Missouri, Financial Advisors to the District, or may be obtained directly from the Secretary of the Board of Trustees. By order of the Board of Trustees, this 29th day of June, 1961. LEWIS J. STIERS, CHAIRMAN, BOARD OF TRUSTEES THE METROPOLITAN ST. LOUIS SEWER DISTRICT 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 5 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 publications 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 $220,000 GENERAL OBLIGATION SEWER BONDS OF BENEFIT SUBDISTRICT NO. 111 (MARLBOROUGH) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT ____________, 1961 To the Board of Trustees of The Metropolitan St. Louis Sewer District 2000 Hampton Avenue St. Louis, Missouri Gentlemen: For Two Hundred Twenty Thousand Dollars ($220,000), par 6 value, General Obligation Sewer Bonds of Benefit Subdistrict No. 111 (Marlborough) of The Metropolitan St. Louis Sewer District, Missouri, bearing interest at the rate or rates specified below, we will pay you ________________________________________________ ________________________________________________($_____________) 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 $ ____________; that the net interest cost (deducting premium, if any) will be $ ____________ and that the average interest rate will be _____________%. It is understood and agreed by the undersigned that if there be any discrepancy as between the actual interest cost or average interest rate computed upon the rate or rates of interest above specified and the interest cost or average interest rate figures hereinabove set forth, the interest rate or rates above specified and the actual interest cost or average interest rate computed upon said rate or rates shall prevail. This proposal is subject to all of the terms and conditions of the official Notice of Sale, which by this reference is made a part hereof. A certified (or cashier's) check in the amount of Four Thousand, Four Hundred Dollars ($4,400), payable to The Metropolitan St. Louis Sewer District, accompanies this proposal as evidence of good faith, and said check shall be returned to the undersigned if this bid be not accepted or if the District should fail to deliver the said bonds to the undersigned in accordance with the terms of this bid; otherwise, said check shall be held by the District 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 7 made, and any erasure may cause a rejection of the bid. Bids must be filed with the Board of Trustees of The Metropolitan St. Louis Sewer District, sealed, at or prior to _____ o'clock ______ M., (C.D.T.) on ______, the ______ day of ____________, 1961.) ACCEPTANCE The above proposal accepted by resolution of the Board of Trustees of The Metropolitan St. Louis Sewer District, St. Louis, Missouri, and receipt of the within-mentioned check hereby acknowledged, this ______ day of ___________, 1961. __________________________________ Chairman, Board of Trustees 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. 8 The foregoing Resolution was adopted on June 29, 1961.