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HomeMy Public PortalAboutR0952 R E S O L U T I O N NO. 952 A RESOLUTION to accept bid for Fourteen Million Dollars ($14,000,000) of General Obligation Sewer Bonds of The Mississippi River Subdistrict of The Metropolitan St. Louis Sewer District. WHEREAS, the bid and offer of Bankers Trust Company and Associates for the purchase of Fourteen Million Dollars ($14,000,000) 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 1968 - 74 4-7/8% 1975 - 77 3-3/4% 1978 - 79 3.80% 1980 - 83 3.90% 1984 - 87 4% at and for the price and sum of Fourteen Million Nine Thousand One Hundred Fourteen Dollars ($14,009,114.00), and accrued interest to date of delivery and at a net interest cost of Seven Million Four Hundred Ninety Six Thousand Nine Hundred Thirteen Dollars and fifty cents ($7,496,913.50), and at an average interest rate of 3.995264% 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 Fourteen Million Dollars ($14,000,000) 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 1968 - 74 4-7/8% 1975 - 77 3-3/4% 1978 - 79 3.80% 1980 - 83 3.90% 1984 - 87 4.00% shall be and the said bonds are hereby awarded and sold to Bankers Trust Company and Associates at and for the price and sum of Fourteen Million Nine Thousand One Hundred Fourteen Dollars ($14,009,114.00), and accrued interest to date of delivery of said bonds, and at a net interest cost of Seven Million Four Hundred Ninety-Six Thousand Nine Hundred Thirteen Dollars and fifty cents ($7,496,913.50), 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 Bankers Trust Company and Associates. BE IT FURTHER RESOLVED that the checks of the unsuccessful bidders for said bonds shall forthwith be returned to them upon their receipt therefore, 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. 3 The foregoing Resolution was adopted July 12, 1967.