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HomeMy Public PortalAboutR0476 R E S O L U T I O N NO. 476 RESOLUTION TO DIRECT THE SALE OF SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000) OF THE NINE HUNDRED THOUSAND DOLLARS ($900,000) BONDS OF SUBDISTRICT NO. SEVEN OF THE RIVER DES PERES WATERSHED (WELLSTON AREA) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT AUTHORIZED AT AN ELECTION HELD IN SAID SUBDISTRICT ON THE 18th DAY OF JULY, 1961. BE IT RESOLVED by the Board of Trustees of The Metropolitan St. Louis Sewer District that the Seven Hundred Fifty Thousand Dollars ($750,000) of the Nine Hundred Thousand Dollars ($900,000) of bonds of Subdistrict No. Seven of the River des Peres Watershed (Wellston Area) of The Metropolitan St. Louis Sewer District authorized at the special election held in said Subdistrict on the 18th day of July, 1961, be offered for sale to the highest bidder therefor on Thursday, the 25th day of January, 1962, and that the right be reserved unto said Board, at its option, hereafter to direct the issuance and sale of the remaining One Hundred Fifty Thousand Dollars ($150,000) of said authorized bonds, or any part thereof, if the Board should hereafter find that the issuance and sale thereof is necessary to complete the construction of a sanitary trunk system within and for said Subdistrict, including all expenses necessary incidental thereto. 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.S.T.) on Thursday, the 25th day of January, 1962; each bid to be accompanied by a certified or cashier's check payable to the 2 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 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 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 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 NOTICE OF BOND SALE $750,000 (Part of $900,000 Authorized) SUBDISTRICT NO. SEVEN OF THE RIVER DES PERES WATERSHED (WELLSTON AREA) of THE METROPOLITAN ST. LOUIS SEWER DISTRICT, MISSOURI GENERAL OBLIGATION SEWER BONDS Sealed proposals will be received by the Board of Trustees of The Metropolitan St. Louis Sewer District, Missouri, at its offices, 2000 Hampton Avenue, St. Louis 10, Missouri, until the hour of 11 o'clock A.M., (C.S.T.) on Thursday, the 25th day of January, 1962, 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 February 1, 1962, 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, 1963, 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: $20,000 in 1963 $30,000 in 1968 $40,000 in 1973 $50,000 in 1978 25,000 in 1964 30,000 in 1969 40,000 in 1974 50,000 in 1979 25,000 in 1965 35,000 in 1970 40,000 in 1975 50,000 in 1980 30,000 in 1966 35,000 in 1971 40,000 in 1976 50,000 in 1981 30,000 in 1967 35,000 in 1972 45,000 in 1977 50,000 in 1982 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 amount, upon all taxable, tangible property within the territorial limits of the said Subdistrict No. 7 of the River des Peres Watershed (Wellston Area). Bidders are requested to designate in their bids the 4 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 as a whole multiple of either one-eighth of one per centum (1/8 of 1%) or one-tenth of one per centum (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 cashiers check, payable to the District, in the amount of Fifteen Thousand Dollars ($15,000), 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 10, 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 March 8, 1962, 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 5, New York, or Blewer, Glynn & Co., 320 North Fourth St., St. Louis 2, 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 ______ day of December, 1961. LEWIS J. STIERS, CHAIRMAN, BOARD OF TRUSTEES THE METROPOLITAN ST. LOUIS SEWER DISTRICT BE IT FURTHER RESOLVED that the Secretary-Treasurer 5 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 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 $750,000 (of $900,000 authorized) GENERAL OBLIGATION SEWER BONDS OF SUBDISTRICT NO. SEVEN OF THE RIVER DES PERES WATERSHED (WELLSTON AREA) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, MISSOURI _______________, 1962 To the Board of Trustees of 6 The Metropolitan St Louis Sewer District 2000 Hampton Avenue St. Louis 10, Missouri Gentlemen: For Seven Hundred Fifty Thousand Dollars ($750,000), par value, General Obligation Sewer Bonds of Subdistrict No. Seven of the River des Peres Watershed (Wellston Area) of The Metropolitan St. Louis Sewer District, Missouri, bearing interest at the rate or rates specified below, we will pay you____________________________ _______________________________-_______________ ($___________) 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 Fifteen Thousand Dollars ($15,000) 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. 7 __________________________________ __________________________________ (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 Board of Trustees of The Metropolitan St. Louis Sewer District, sealed, at or prior to _____________ o'clock _____________ M., (C.S.T.) on Thursday, the 25th day of January, 1962). 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 ___________________, 1962. ___________________________________ 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 December 27, 1961.