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HomeMy Public PortalAboutR0694 R E S O L U T I O N NO. 694 A RESOLUTION to accept bid for Sixteen Million Dollars ($16,000,000) of General Obligation Sewer Bonds of The Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District. WHEREAS, the bid and offer of The First Boston Corporation and Associates for the purchase of Sixteen Million Dollars ($16,000,000) of General Obligation Sewer Bonds of The Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, bearing interest as follows: Maturities Rate of Interest 1965-1966 5% 1967-1974 2.80% 1975-1976 2.90% 1977-1982 3.00% 1984-1984 3.10% at and for the price and sum of Sixteen Million Five Thousand Two Hundred Eighty Dollars ($16,005,280.00) and accrued interest to date of delivery and at a new interest cost of Five Million One Hundred Fifty Five Thousand Six Hundred Ninety Dollars ($5,155,690.00) and at an average interest rate of 3.00115% is the highest and best bid made and offered for said bonds; NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of The Metropolitan St. Louis Sewer District that the Sixteen Million Dollars ($16,000,000) par value of General Obligation Sewer Bonds of the Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District, authorized at a special election held in said Subdistrict on November 6, 1962, bearing interest as follows: Maturities Rate of Interest 1965-1966 5% 1967-1974 2.80% 1975-1976 2.90% 1977-1982 3.00% 1983-1984 3.10% shall be and the said bonds are hereby awarded and sold to The First Boston Corporation and Associates at and for the price and sum of Sixteen Million Five Thousand Two Hundred Eighty Dollars ($16,005,280.00) and accrued interest to date of delivery of said bonds, and at a net interest cost of Five Million One Hundred Fifty Five Thousand Six Hundred Ninety Dollars ($5,155,690.00), all in accordance with the terms of sale as set forth and contained in the notice of the sale of said bonds and in the proposal submitted by said The First Boston Corporation and Associates. BE IT FURTHER RESOLVED that the check of the unsuccessful bidders for said bond shall forthwith be returned to them upon their receipt therefor, and that the check of the successful bidders shall be held uncashed by the Secretary-Treasurer pending delivery of the said bonds in accordance with the terms of sale. The foregoing Resolution was adopted January 16, 1964. -2-