HomeMy Public PortalAboutR0757 R E S O L U T I O N NO. 757
A RESOLUTION to direct the sale of Twenty Million
Dollars ($20,000,000), of Ninety-five Million ($95,000,000)
authorized, 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 Twenty Million Dollars
($20,000,000), of Ninety-five Million ($95,000,000) authorized,
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 Wednesday, the 20th day of
January, 1965.
BE IT FURTHER RESOLVED that said bonds be sold on
sealed bids to be filed with the Secretary-Treasurer of this Board
at the Offices 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
Secretary-Treasurer of The Metropolitan St. Louis Sewer District
in the amount of Four Hundred Thousand Dollars ($400,000) 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
than five (5) different rates, likewise to be designated in their
bids; provided, however, that each interest rate so designated
shall be a whole/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, bond houses and
investment bankers in the State of Missouri and elsewhere a notice
in substantially the following form: NOTICE OF BOND SALE $20,000,000 (Second 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 Wednesday, the
20th day of January, 1965, at which time said bids will be
publicly opened for the purchase, at not less than par and accrued
interests of the above bonds of said subdistrict.
Said bonds are to bear date of February 1, 1965, 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
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by the purchaser, shall be registrable 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, 1965, 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: $1,500,000 in 1966 $ 905,000 in 1976 700,000 in 1967 930,000 in 1977 725,000 in 1968 965,000 in 1978 745,000 in 1969 995,000 in 1979 765,000 in 1970 1,020,000 in 1980 785,000 in 1971 1,050,000 in 1981 805,000 in 1972 1,085,000 in 1982 830,000 in 1973 1,115,000 in 1983 855,000 in 1974 1,155,000 in 1984 880,000 in 1975 2,190,000 in 1985
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
subdistrict.
Bidders are requested to designate in their bids the
price they will pay for bonds bearing interest at a rate or rates,
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but not more than five (5) different rates, likewise to be
designated in their bids. One rate specified mare than one time
shall be considered as one rate and not as a different rate each
time it is specified. 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%), and the difference between the
highest rate bid and the lowest rate bid shall not exceed two per
centum (2%) per annum. 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-Treasurer 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
Secretary-Treasurer of the District, in the amount of Four Hundred
Thousand Dollars ($400,000), 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
or all bids, and all bids must be made on the form supplied by the
undersigned.
These bonds are offered subject to the unqualified
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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 26, 1965 in the City of St. Louis, Missouri,
the City of Chicago, Illinois, or the City of New York, 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 18th day of
December 9, 1964. CHARLES CLARDY, Secretary-Treasurer Board of Trustees The Metropolitan St. Louis Sewer District 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 bonds
reasonably might 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
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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 also shall be published in The St. Louis Post
Dispatch and in the St. Louis Globe Democrat, newspapers of
general circulation published in The Metropolitan St. Louis Sewer
District, each such publication also 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 $20,000,000 (Second Offering of $95,000,000 Authorized) GENERAL OBLIGATION SEWER BONDS OF THE MISSISSIPPI RIVER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, MISSOURI ___________, 1965 To the Board of Trustees of The Metropolitan St. Louis Sewer District 2000 Hampton Avenue St. Louis, Missouri 63139 Gentlemen:
For Twenty Million Dollars ($20,000,000), Second
Offering of Ninety-five Million Dollars ($95,000,000) Authorized,
par value, General Obligation Sewer Bonds of the Mississippi River
Subdistrict of The Metropolitan St. Louis Sewer District,
Missouri, bearing interest at the rate or rates specified below,
we will pay you __________________________________________________
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($___________) and accrued interest to the date of delivery of
said bonds to us.
The said bonds shall bear interest as follows:
Maturities Interest Rates
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It is hereby represented that the gross interest cost,
computed upon the above specified rate or rates of interest, will
be $___________, the net interest cost (deducting premium, if any)
will be $___________, and that the average interest rate will
______%.
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 Bond 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 (48) hours after the acceptance of this bid.
A certified or cashier's check in the amount of Four
Hundred Thousand Dollars ($400,000), 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
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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 Wednesday, the 20th day of January, 1965.)
ACCEPTANCE
The above proposal accepted by resolution of the Board
of Trustees of The Metropolitan St. Louis Sewer District,
Missouri, and receipt of the within-mentioned check hereby
acknowledged, this ______ day of January, 1965. ______________________________ Chairman, Board of Trustees (SEAL) ______________________________ Secretary-Treasurer Board of Trustees
BE IT FURTHER RESOLVED that the Secretary-Treasurer
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shall attach a copy of the aforesaid notice to each copy of the
aforesaid bidding form, to the end that each notice of sale,
wherein the details of the issue are set forth, may be accompanied
by the form upon which a bid for the bonds may be made.
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The foregoing Resolution was adopted December 18, 1964.