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HomeMy Public PortalAboutR0581 R E S O L U T I O N NO. 581 RESOLUTION TO DIRECT THE SALE OF TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($225,000) 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 Six Hundred Fifty Thousand Dollars ($3,650,000) were sold pursuant to direction of Ordinance No. 590, adopted by the Board of Trustees June 29, 1961 and Ordinance No. 719, adopted by such Board March 5, 1962, and WHEREAS, additional costs have been encountered and are now expected to be encountered, beyond the amount provided for in the estimates upon which the sale of the bonds in the amount of Three Million Six Hundred Fifty Thousand Dollars ($3,650,000) was based, and WHEREAS, it is now estimated that the additional sum of $225,000 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 Two Hundred Twenty-five Thousand Dollars ($225,000) of the Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000) bonds of the Gravois Creek 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 Thursday, the 8th day of November, 1962, and that the right be reserved unto said Board, at its option, hereafter to direct the issuance and sale of the remaining Eight Hundred Seventy-five Thousand Dollars ($875,000) 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 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 11:00 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 Four Thousand Five Hundred Dollars ($4,500) 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 than four different rates, likewise to be designated in their bids; provided, however, that each interest rate so designated 3 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: 4 NOTICE OF BOND SALE $225,000 (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 Thursday, the 8th day of November, 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 December 1, 1962, are to be of the denomination of One Thousand Dollars ($1,000) or Five Thousand Dollars ($5,000) 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 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 1963 $10,000 in 1973 10,000 in 1964 10,000 in 1974 10,000 in 1965 10,000 in 1975 10,000 in 1966 10,000 in 1976 10,000 in 1967 15,000 in 1977 5 10,000 in 1968 15,000 in 1978 10,000 in 1969 15,000 in 1979 10,000 in 1970 15,000 in 1980 10,000 in 1971 15,000 in 1981 10,000 in 1972 15,000 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 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 Four Thousand Five Hundred Dollars ($4,500), 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, 6 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 or before December 15th, 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 15th day of October, 1962. Lewis J. Stiers Chairman, Board of Trustees 7 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 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: 8 PROPOSAL FOR THE PURCHASE OF $225,000 (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 Two Hundred Twenty-five Thousand Dollars ($225,000) (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, which, by reference thereto, is hereby made a part of this bid. A certified (or cashier's) check in the amount of Four 9 Thousand Five Hundred Dollars ($4,500), payable to Metropolitan St. Louis Sewer District, accompanied 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 Thursday, the 8th day of November, 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) 10 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. The foregoing Resolution was adopted October 15, 1962.