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HomeMy Public PortalAboutR0894 R E S O L U T I O N NO. 894 A RESOLUTION to direct the sale of One Hundred Thousand Dollars ($100,000), Bonds of Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District authorized at an election held in said Subdistrict on the 8th day of February, 1966. BE IT RESOLVED by the Board of Trustees of The Metropolitan St. Louis Sewer District that One Hundred Thousand Dollars ($100,000), Bonds of Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District, authorized at the special election held in said Subdistrict on the day of February, 1966, be offered for sale to the highest bidder therefor on Thursday, the 27th day of October, 1966. BE IT FURTHER RESOLVED that said bonds be held 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 Daylight Saving 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 Five Thousand Dollars ($5,000) 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 nor more than four (4) different rates, likewise to be designated in their bids, provided, however, that each interest rate so designated shall be a whole 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. No bond shall bear interest at more than one (1) rate, and any bid will be rejected which specifies supplemental, detachable interest coupons to be attached to said bonds or specifies interest rates the highest of which exceeds the lowest of which by more than two per centum (2%) per annum. 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 $100,000 SUBDISTRICT NO. 221 - (NORTH KINLOCH) 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., Central Daylight Saving Time, on Thursday the 27th day of October, 1966, at which time 3 said bids will be publicly opened for the purchase, at not less than par and accrued interest, of the above bonds of said subdistrict. 4 Said bonds are to bear date of November 1, 1966, are to be of the denomination of One Thousand Dollars ($1,000) shall be registrable as to principal only, and shall bear interest at a rate or rates, not exceeding six per centum (6%) per annum, to be determined pursuant to the sale of said bonds, payable February 1, 1967, and semi-annually thereafter on August 1 and February 1 in each year. Both principal of and interest on said bonds will be payable at a bank or trust company at a place 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, on February 1 in each of the years as follows: $1,000 in 1968 $6,000 in 1977 1,000 in 1969 6,000 in 1978 1,000 in 1970 7,000 in 1979 2,000 in 1971 7,000 in 1980 2,000 in 1972 8,000 in 1981 3,000 in 1973 8,000 in 1982 4,000 in 1974 8,000 in 1983 5,000 in 1975 8,000 in 1984 5,000 in 1976 9,000 in 1985 9,000 in 1986 Said bonds shall be payable on February 1, 1977 or any interest payment date thereafter, prior to maturity, at par and accrued interest, and in inverse numerical order. 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 limitations 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 5 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. One rate specified more 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 one and 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%). No bond shall bear interest at more than one (1) rate, and any bid will be rejected which specifies supplemental, detachable interest coupons to be attached to said bonds or specifies interest rates the highest of which exceeds the lowest of which by more than two per centum (2%) per annum. 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 Five Thousand Dollars ($5,000), 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 6 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 December 9, 1966, without cost to the purchaser. At the time of delivery, the purchase of these bonds shall make payment for these bonds and the interest accrued thereon in Federal Reserve funds available on the date of such delivery. 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 14th day of September, 1966. CHARLES CLARDY, Secretary-Treasurer, Board of Trustees The Metropolitan St. Louis Sewer District A. RAY PARKER, 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 7 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 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, 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 $100,000 GENERAL OBLIGATION SEWER BONDS OF SUBDISTRICT NO. 221 (NORTH KINLOCH) OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, MISSOURI October ____, 1966 To the Board of Trustees of The Metropolitan St. Louis Sewer District 2000 Hampton Avenue St. Louis, Missouri, 63139 Gentlemen: For One Hundred Thousand Dollars ($100,000), par value, General Obligation Sewer Bonds of Subdistrict No. 221 (North Kinloch) of The Metropolitan St. Louis Sewer District, Missouri, bearing interest at the rate or rates specified below, we will pay 8 you _____________________________________________________________ ($___________) and accrued interest to the date of delivery of said bonds to us. The said bonds shall bear interest as follows: Maturities Interest Rates 9 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 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 designation of the paying agent, as contemplated by the Notice of Bond Sale, within forty-eight (48) hours after the acceptance of this bid. A certified or cashiers check in the amount of Five Thousand Dollars ($5,000), payable to the order of the Secretary- Treasurer of The Metropolitan St. Louis Sewer District, accompanies this proposal as evidence of good faith, and said check shall be returned to 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, 10 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.D.S.T., on Thursday, the 27th day of October, 1966.) 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 27th day of October, 1966. ___________________________________ Chairman, Board of Trustees _______________________________ Secretary-Treasurer, Board of Trustees (SEAL) 11 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 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. 12 The foregoing Resolution was adopted September 14, 1966.