HomeMy Public PortalAboutR0484 R E S O L U T I O N NO. 484 RESOLUTION TO DIRECT THE SALE OF FOUR HUNDRED THOUSAND DOLLARS ($400,000) OF THE FOUR MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($4,750,000) AUTHORIZED BONDS OF THE GRAVOIS CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT AUTHORIZED AT AN ELECTION HELD IN SAID SUBDISTRICT ON THE 30TH DAY OF AUGUST, 1960.
WHEREAS, of the Four Million Seven Hundred Fifty
Thousand Dollars ($4,750,000) of General Obligation Bonds
authorized at a special election held in the Gravois Creek Trunk
Subdistrict on the 30th day of August, 1960, only Three Million
Two Hundred Fifty Thousand Dollars ($3,250,000) were sold pursuant
to direction of Ordinance No. 590, adopted by the Board of
Trustees June 29, 1961; and
WHEREAS, an extremely heavy concentration of rock which
has been encountered and is now expected to be encountered, beyond
the amount provided for in the estimates upon which the sale of
the bonds in the amount provided for in the estimates upon which
the sale of the bonds in the amount of Three Million Two Hundred
Fifty Thousand Dollars ($3,250,000) was based, and
WHEREAS, it is now estimated that the additional sum of
$400,000 will be required to pay the costs incident to the
construction of a sanitary trunk sewer system within and for said
Gravois Creek Trunk Subdistrict;
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees
of The Metropolitan St. Louis Sewer District that the Four Hundred
Thousand Dollars ($400,000) of the Four Million Seven Hundred
Fifty Thousand Dollars ($4,750,000) bonds of the Gravois Creek
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Trunk Subdistrict of The Metropolitan St. Louis Sewer District,
authorized at the special election held in said Subdistrict on the
30th day of August, 1960, be offered for sale to the highest
bidder therefor on Monday, the 19th day of February, 1962, and
that the right be reserved unto said Board, at its option,
hereafter to direct the issuance and sale of the remaining One
Million, One Hundred Thousand Dollars ($1,100,000) 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 necessarily
incidental thereto.
BE IT 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 11:00 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 Eight
Thousand Dollars ($8,000) 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
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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 1/10 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 subdistrict, 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 interested banks and bond houses
and investment bankers in the State of Missouri and elsewhere a
notice in substantially the following form:
NOTICE OF BOND SALE
($400,000)
(Part of $4,750,000 Authorized)
GRAVOIS CREEK TRUNK SUBDISTRICT
OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT, MISSOURI TRUNK 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 11:00 o'clock A.M., C.S.T., on Monday, the 19th day of
February, 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.
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Said bonds are to bear date of April 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 August 1,
1962, and semi-annually thereafter on February 1 and August 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: $ 15,000 in 1963 $ 20,000 in 1973 15,000 in 1964 20,000 in 1974 15,000 in 1965 20,000 in 1975 15,000 in 1966 20,000 in 1976 15,000 in 1967 20,000 in 1977 20,000 in 1968 25,000 in 1978 20,000 in 1969 25,000 in 1979 20,000 in 1970 25,000 in 1980 20,000 in 1971 25,000 in 1981 20,000 in 1972 25,000 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.
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
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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 cashier's check, payable to the District, in the
amount of Eight Thousand Dollars ($8,000), 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 &
Trauernicht of St. Louis, Missouri. The District will pay 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
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or before April 6, 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
official statement may be obtained from either Goldman, Sachs &
Co., 20 Broad Street, New York 5, New York or Blewer, Glynn & Co.,
320 No. 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 25th day of
January, 1962. Lewis J. Stiers Chairman, Board of Trustees
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
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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 $400,000 (Part of $4,750,000 authorized) TRUNK SEWER BONDS OF GRAVOIS CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, MISSOURI ____________________, 1962. To the Board of Trustees of Metropolitan St. Louis Sewer District 2000 Hampton Avenue St Louis 10, Missouri Gentlemen: For Four Hundred Thousand Dollars ($400,000) (part of Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000) authorized), par value, Trunk Sewer Bonds of Gravois Creek Trunk Subdistrict of Metropolitan St. Louis Sewer District, Missouri, bearing interest at the rate or rates specified below, we will pay you ______________________________________ ($ _____________) 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 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 Eight Thousand Dollars ($8,000), payable to Metropolitan St. Louis Sewer
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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 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 11:00 o'clock A.M., C.S.T., on Monday, the 19th day of February, 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. ___________________________________ _____________________________ Secretary, Board of Trustees (SEAL)
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 January 25, 1962.