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HomeMy Public PortalAboutR0524 R E S O L U T I O N NO. 524 RESOLUTION TO DIRECT THE SALE OF FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS ($4,500,000) OF THE TEN MILLION NINE HUNDRED EIGHTY-SIX THOUSAND DOLLARS ($10,986,000) SEWERAGE SYSTEM REVENUE BONDS OF THE COLDWATER CREEK TRUNK SUBDISTRICT AUTHORIZED AT AN ELECTION HELD IN SAID SUBDISTRICT ON THE 30th DAY OF AUGUST, 1960. BE IT RESOLVED, by the Board of Trustees of The Metropolitan St Louis Sewer District, that Four Million Five Hundred Thousand Dollars ($4,500,000) of the Ten Million Nine Hundred Eighty-six Thousand Dollars ($10,986,000) Sewerage System Revenue Bonds of the Coldwater Creek Trunk Subdistrict, authorized at a 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 28th day of May, 1962. BE IT FURTHER RESOLVED, that said bonds be sold on sealed bids to be filed with the Secretary-Treasurer of The Metropolitan St. Louis Sewer District, at its office at 2000 Hampton Avenue, St Louis 10, Missouri, at or before the hour of 3:00 o'clock P.M., Central Daylight Time, on the aforesaid date; each bid to be accompanied by a certified (or cashier's) check on some solvent bank or trust company in the amount of Ninety Thousand Dollars ($90,000) to evidence the good faith of the bidder, the Board 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 not more than four different rates, and not exceeding five per centum (5%) per annum, likewise to be designated in their bids, provided, however, that each interest rate so designated shall be a multiple of one-eighth of one per centum (1/8 of 1%) or one tenth of one per centum (1/10 of 1%); that all bonds of the same maturity shall bear interest at the rate, and that the spread between the highest rate bid and the lowest rate bid shall not exceed two per centum (2%). No bid specifying supplemental coupons shall be considered. 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 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 or elsewhere, a notice in substantially the following form: 3 NOTICE OF BOND SALE $4,500,000 (of $10,986,000 authorized) COLDWATER CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT SEWERAGE SYSTEM REVENUE BONDS Sealed proposals will be received by the Board of Trustees of The Metropolitan St. Louis Sewer District at the office of said Board, 2000 Hampton Avenue, St Louis 10, Missouri, until the hour of 3:00 o'clock P.M., Central Daylight Time, on Monday, the 28th day of May, 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 June 1, 1962, are to be of the denomination of One Thousand Dollars ($1,000) each or Five Thousand Dollars ($5,000) each, at the option of the purchaser, and shall bear interest at a rate or rates (not exceeding 5% per annum) to be determined pursuant to sale of said bonds, payable December 1, 1962, and semi-annually thereafter on June 1 and December 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, or, at the option of the bearer, at a bank or trust company in the Borough of Manhattan, City and State of New York, both to be designated by the purchaser, subject to approval by the Board, and said bonds shall mature serially on June 1 in each of the years as follows: $ 85,000 in 1964 $155,000 in 1979 $ 90,000 in 1965 $160,000 in 1980 $ 90,000 in 1966 $165,000 in 1981 $ 95,000 in 1967 $170,000 in 1982 $100,000 in 1968 $180,000 in 1983 $105,000 in 1969 $185,000 in 1984 $110,000 in 1970 $195,000 in 1985 $110,000 in 1971 $200,000 in 1986 $115,000 in 1972 $210,000 in 1987 $120,000 in 1973 $220,000 in 1988 $125,000 in 1974 $225,000 in 1989 $130,000 in 1975 $235,000 in 1990 $135,000 in 1976 $245,000 in 1991 $140,000 in 1977 $260,000 in 1992 $145,000 in 1978 Bonds maturing in 1973 and thereafter may be called in, paid, and redeemed on June 1, 1972, or on any interest payment date thereafter, in the inverse order of their numbers, at par and accrued interest, plus a premium of 1/4 of 1% of the principal amount of said bonds for each year or fraction thereof between the date of redemption, and the respective maturity dates of the bonds called for redemption such premium, however, in no event to exceed 4 4% of the principal amount of any bond so called for redemption. Provided, further, that the said bonds shall be redeemable without a premium on June 1, 1989, or on any interest payment date thereafter. Bidders are requested to designate in their bids the price they will pay for bonds bearing interest at a rate, or not more than four different rates, and not exceeding 5% per annum, likewise to be designated in their bids; provided, however, that each interest rate so designated shall be a multiple of one-eighth of one per centum (1/8 of 1%) or one-tenth of one per centum (1/10 of 1%), and that all bonds of the same maturity shall bear interest at the same rate; and provided, further, that the spread between the highest rate bid and the lowest rate bid shall not exceed 2%. No bid specifying supplemental coupons will be considered. Proposals should be addressed to the Board and should be filed with the Secretary-Treasurer 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 Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, in the amount of Ninety Thousand Dollars ($90,000), 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 reserves the right to reject any or all bids, and all bids must be made on the form supplied by the undersigned. These bonds will be special obligations of the Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, payable solely from the revenues of the sewerage system of said subdistrict, and these bonds are offered subject to the unqualified approving legal opinion of the law firm of Charles and Trauernicht of St. Louis, Missouri. The subdistrict will pay the legal fees and will pay for the printing of the bonds and the printing thereon of the legal opinion, if requested by the purchaser. Copies of the official Notice of Sale, Bid Form and Official Statement may be obtained from either Goldman, Sachs and Company, 20 Broad Street, New York 5, New York, or Blewer-Glynn & Co., 320 North 4th Street, St. Louis 2, Mo., Financial Advisors to the District, or may be obtained directly from the undersigned. Delivery of the bonds will be made to the purchaser on or before the expiration of thirty days from and after the date of sale, in the City of St. Louis, Missouri, or in the City of Chicago, Illinois, or in the City of New York, New York, at the election of the purchaser, without cost to the purchaser. By order of the Board of Trustees, this _______ day of 5 May, 1962. 6 ___________________________________ Acting Secretary-Treasurer The Metropolitan St Louis Sewer District BE IT FURTHER RESOLVED, that in addition to the foregoing notice, the Secretary-Treasurer shall supply to prospective bidders for said bonds such information as such prospective bidders may desire. 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 $4,500,000 (of $10,986,000 authorized) SEWERAGE SYSTEM REVENUE BONDS OF COLDWATER CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT _____________, 1962 To the Board of Trustees of The Metropolitan St. Louis Sewer District, St. Louis, Missouri. Gentlemen: For Four Million Five Hundred Thousand Dollars ($4,500,000) (of $10,986,000 authorized, par value, Sewerage System Revenue Bonds of the Coldwater Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, bearing interest at the rate or rates specified below, we will pay you __________________________________________ ($____________) and accrued interest to the date of delivery of said bonds to us. The said bonds shall bear interest as follows: Maturities Interest Rates 7 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 ______ per annum. 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 undersigned, within forty-eight hours after the acceptance of this bid, may designate whether the said bonds shall be of the denomination of $1,000 or of $5,000, and may nominate the St. Louis and New York paying agents for said bonds. This proposal is subject to all of the terms and conditions of the notice of sale, which notice, by this reference thereto, is hereby made a part hereof. A certified (or cashier's) check in the amount of Ninety Thousand Dollars ($90,000), payable to the Coldwater Creek Trunk Subdistrict of 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 subdistrict 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 subdistrict, 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 Secretary-Treasurer of The Metropolitan St. Louis Sewer District, sealed, at or prior to 3:00 o'clock P.M., Central Daylight Time, on Monday, the 28th day of May, 1962.) 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 is hereby acknowledged, this ______ day of 8 ____________, 1962. 9 ____________________________________ Chairman, Board of Trustees of The Metropolitan St Louis Sewer District Attest: _______________________________ Secretary-Treasurer (SEAL) BE IT FURTHER RESOLVED, that the Secretary-Treasurer shall cause notice of bond sales in substantially the form as hereinabove set forth, to be published one (1) time in two (2) newspapers of general circulation published in the District, namely: The St Louis Post-Dispatch and The St Louis Globe- Democrat, and one (1) time in a financial journal published daily in the City of New York and circulating among buyers of municipal bonds throughout the country, namely, The Bond Buyer, 67 Pearl Street, New York, New York Each of the aforesaid publications shall be made at least ten (10) days prior to the date of sale. The foregoing Resolution was adopted May 7, 1962.