HomeMy Public PortalAboutR0690 R E S O L U T I O N NO. 690
A RESOLUTION to direct the sale of Sixteen Million
Dollars ($16,000,000) Bonds of the Mississippi River Subdistrict
of The Metropolitan St. Louis Sewer District authorized at an
election held in said Subdistrict on the 6th day of November,
1962.
BE IT RESOLVED by the Board of Trustees of The
Metropolitan St Louis Sewer District that the Sixteen Million
Dollars ($16,000,000) bonds of the Mississippi River Subdistrict
of The Metropolitan St Louis Sewer District, authorized at the
special election held in said Subdistrict on the 6th day of
November, 1962, be offered for sale to the highest bidder therefor
on Thursday, the 16th day of January, 1964.
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 Three Hundred Twenty Thousand Dollars ($320,000) 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 five 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 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 interested banks and bond houses
and investment bankers in the State of Missouri and else where a
notice in substantially the following form.
NOTICE OF BOND SALE
$16,000,000
First Offering of $95,000,000 Authorized- MISSISSIPPI RIVER SUBDISTRICT 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, Missouri, 63139,
until the hour of 11:00 o'clock A.M., C.S.T., on Thursday, the
16th day of January, 1964, at which time said bids will be
publicly opened for the purchase, at not less than par and accrued
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interest, of the above bonds of said Subdistrict.
Said bonds are to bear date of February 1, 1964, are to
be of the denomination of One Thousand Dollars ($1,000) or of the
denomination of Five Thousand Dollars ($5,000), to be designated
by the purchaser, shall be 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, 1964, 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, or, at the option of the
bondholder, at a bank or trust company located in the Borough of
Manhattan, City and State of New York, each to be designated by
the purchaser, subject to approval by the Board of Trustees, such
designation to be made within forty-eight (48) 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. $ 1,700,000 in 1965 $ 745,000 in 1975 565,000 in 1966 765,000 in 1976 585,000 in 1967 790,000 in 1977 600,000 in 1968 810,000 in 1978 620,000 in 1969 835,000 in 1979 640,000 in 1970 865,000 in 1980 660,000 in 1971 890,000 in 1981 680,000 in 1972 915,000 in 1982 700,000 in 1973 945,300 in 1983 720,000 in 1974 970,000 in 1984
In the opinion of Counsel, these bonds will be payable
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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
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 five (5) 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 he 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 Three Hundred Twenty Thousand Dollars ($320,000), 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, Missouri, 63139, should be plainly
marked "PROPOSAL FOR BONDS".
The Board of Trustees reserves the right to reject any
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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 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 February 21, 1964 in the City of St. Louis, Missouri,
Chicago, Illinois, or New York City, New York 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 the Secretary-Treasurer of
the Board of Trustees.
By order of the Board of Trustees this 19th day of
December, 1963. 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
property within the Subdistrict, the population of the
Subdistrict, and such other data as prospective bidders for said
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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:
PROPOSAL FOR THE PURCHASE OF (First Offering of $16,000,000 of $95,000,000 Authorized) GENERAL OBLIGATION SEWER BONDS OF THE MISSISSIPPI RIVER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, MISSOURI ..............................1964 To the Board of Trustees of The Metropolitan St. Louis Sewer District 2000 Hampton Avenues St. Louis, Missouri, 63139 Gentlemen:
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For Sixteen Million Dollars ($16,000,000) (First
Offering of Ninety-five Million Dollars ($95,000,000) authorized),
par value, General Obligation Sewer Bonds of the Mississippi River
Subdistrict of The Metropolitan St. Louis Sewer District,
Missouri, bearing interest at the rate or rates specified below,
we will pay
you............................................................
($...............) 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
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conditions of the Official Notice of sale, which by this reference
is hereby made a part hereof.
The undersigned shall notify the Secretary-Treasurer of
the Board of Trustees of the designations of bond denomination and
paying agents, as contemplated by the Notice of Bond Sale, within
forty-eight hours after the acceptance of this bid.
A certified or cashier's check in the amount of Three
Hundred Twenty Thousand Dollars ($320,000), 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. (Members of syndicate account may . . . . . . . . . be listed on the back of this form . . . . . . . . .
(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 16th day of January 1964.
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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 . . . . . .,
1964.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . Chairman, Board of Trustees . . . . . . . . . . . . . . . . . . (Seal) Secretary, Board of Trustees
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 December 19, 1963.