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R1516 R E S O L U T I O N NO. 1516 RESOLUTION TO DIRECT THE SALE OF TEN MILLION DOLLARS ($10,000,000) SEWER REVENUE BONDS OF THE FEE FEE TRUNK SEWER SUBDISTRICT AUTHORIZED AT AN ELECTION HELD IN SAID SUBDISTRICT ON THE 30TH DAY OF AUGUST, 1977. BE IT RESOLVED by the Board of Trustees of The Metropolitan St. Louis Sewer District, that the Ten Million Dollars ($10,000,000) Sewer Revenue Bonds of the Fee Fee Trunk Sewer Subdistrict, authorized at a special election held in said subdistrict on the 30th day of August, 1977, be offered for sale to the highest bidder therefor on Wednesday, the 30th day of November, 1977. BE IT RESOLVED that said bonds be sold on sealed bids to be filed with the Secretary-Treasurer of The Metropolitan St. Louis Sewer District, at its office at 2000 Hampton Avenue, St. Louis, Missouri 63139, at or before the hour of 11 o'clock A.M. Central Standard Time, on the aforesaid date; each bid to be accompanied by a certified (or cashier's) check on some solvent bank or trust company in the amount of Two Hundred Thousand Dollars ($200,000) to evidence the good faith of the bidder, the Board reserving the right to reject any or all bids submitted. BE IT RESOLVED that bidders for said bonds be requested to designate in their bids the price they will pay for bonds bearing interest at a rate, or not more than four different rates, and not exceeding eight per centum (8%) per annum, likewise to be designated in their bids; provided, however, that each interest rate so designated shall be a multiple of one-eighth of one per centum (1/8 of 1%) or one-tenth of one per centum (1/10 of 1%); that all bonds of the same maturity shall bear interest at the same rate; and that the spread between the highest rate bid and the lowest rate bid shall not exceed two per centum (2%). No bid specifying supplemental coupons shall be considered. BE IT RESOLVED that in determining the best bid submitted, the Board will take into consideration the lowest net interest cost to the subdistrict, in dollars. BE IT FURTHER RESOLVED that the Secretary-Treasurer be and is hereby authorized and directed to give notice of the sale of said bonds by mailing to all interested banks and bond houses and investment bankers in the State of Missouri and elsewhere, a notice in substantially the following form: NOTICE OF BOND SALE $10,000,000 SEWER REVENUE BONDS OF THE FEE FEE TRUNK SEWER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT Sealed proposals will be received by the Board of Trustees of The Metropolitan St. Louis Sewer District at the office of said Board, 2000 Hampton Avenue, St. Louis, Missouri 63139, until the hour of 11 o'clock A.M., Central Standard Time, on Wednesday, the 10th day of November, 1977, at which time said bids will be publicly opened for the purchase, at not less than par and accrued interest, of the above bonds of said subdistrict. Said bonds are to bear date of December 1, 1977, are to be of the denomination of Five Thousand Dollars ($5,000) each, and shall bear interest at a rate or rates (not exceeding 8% per annum) to be determined pursuant to sale of said bonds, payable June 1, 1978, and semi-annually thereafter on December 1, and June 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 bearer, at a bank or trust company in the Borough of Manhattan, City and State of New York, both to be designated by the purchaser, subject to approval by the Board, and said bonds, shall mature serially on December 1 in each of the years as follows: 3 Due Due Due December 1 December 1 December 1 $250,000 1980 $300,000 1988 $600,000 1976 250,000 1981 300,000 1989 650,000 1997 250,000 1982 300,000 1990 650,000 1998 250,000 1983 500,000 1991 600,000 1999 250,000 1984 500,000 1991 600,000 2000 250,000 1985 500,000 1993 600,000 2001 300,000 1986 600,000 1994 600,000 2002 300,000 1987 600,000 1995 Bonds maturing in 1988, and thereafter may be called in, paid, and redeemed on December 1, 1987, or on any interest payment date thereafter, in the inverse order of their numbers, at par and accrued interest, plus a premium of 1/4 of 1% of the principal amount of said bonds for each year or fraction thereof between the date of redemption, and the respective maturity dates of the bonds called for redemption such premium, however, in no event to exceed 3% of the principal amount of any bond so called for redemption. Provided, further that the said bonds shall be redeemable without a premium on December 1, 2000, or on any interest payment date thereafter. Bidders are requested to designate in their bids the price they will pay for bonds bearing interest at a rate, or not more than four different rates, and not exceeding 8% per annum, likewise to be designated in their bids; provided, however, that each interest rate so designated shall be a 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; and provided, further, that the spread between the highest rate bid and the lowest rate bid shall not exceed 2%. No bid specifying supplemental coupons will be considered. Proposals should be addressed to the Board and should be filed with the Secretary-Treasurer 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 Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis Sewer District, in the amount of Two Hundred Thousand Dollars ($200,000), 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, and should be plainly marked "Proposal for Bonds." The Board reserves the right to reject any or all bids, and all bids must be made on the form supplied by the undersigned. These bonds will be special obligations of the Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis Sewer District, payable 4 solely from the revenues of the sewer system of said subdistrict, and these bonds are offered subject to the unqualified approving legal opinion of the law firm of Charles and Trauernicht of St. Louis, Missouri. The subdistrict will pay the legal fees and will pay for the printing of the bonds and the printing thereon of the legal opinion, if requested by the purchaser. Copies of the official Notice of Sale, Bid Form and Official Statement may be obtained directly from the undersigned. Delivery of the bonds will be made to the purchaser on or before the expiration of thirty days from and after the date of sale, in the City of St. Louis, Missouri, or in the City of Chicago, Illinois, or in the City of New York, New York, at the election of the purchaser, without cost to the purchaser. The purchaser shall make payment for the bonds in Federal Reserve Funds on the date of the bond delivery. It is anticipated that CUSIP identification numbers will be printed on said bonds, but neither the failure to print such number on any bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for said bonds in accordance with the terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers on said bonds shall be paid for by the issuer; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the purchaser. By order of the Board of Trustees, this 26th day of October, 1977. ______________________________ Secretary-Treasurer The Metropolitan St. Louis Sewer District BE IT FURTHER RESOLVED that in addition to the foregoing notice, the Secretary-Treasurer shall supply to prospective bidders for said bonds such information as such prospective bidders may desire. BE IT FURTHER RESOLVED that the bidding form to be used in bidding for the aforesaid bonds shall be substantially as follows: 5 PROPOSAL FOR THE PURCHASE OF $10,000,000 SEWER REVENUE BONDS OF THE FEE FEE TRUNK SEWER SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT _____________, 1977 To the Board of Trustees of The Metropolitan St. Louis Sewer District St. Louis, Missouri Gentlemen: For Ten Million Dollars ($10,000,000), par value, Sewer Revenue Bonds or the Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis Sewer District, bearing interest at the rate or rates specified below, we will pay you ________________________________ ($____________) 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 ______ % per annum. It is understood and agreed by the undersigned that if there be any discrepancy as between the actual interest cost computed upon the rate or rates of interest above specified and the interest cost figures hereinabove set forth, the interest rate or rates above specified and the actual interest cost computed upon said rate or rates shall prevail. Subject to your approval, the undersigned, within forty-eight hours after the acceptance of this bid, may nominate the St. Louis and New York paying agents for said bonds, subject to the approval of the Board of Trustees. This proposal is subject to all of the terms and conditions of the notice of sale, which notice, by this reference thereto, is hereby made a part hereof. A certified (or cashier's) check in the amount of Two Hundred Thousand Dollars ($200,000), payable to the Fee Fee Trunk Sewer 6 Subdistrict of 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 subdistrict should fail to deliver said bonds to the undersigned in accordance with the terms of this bid, otherwise said check shall be held by the subdistrict 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 Secretary-Treasurer of The Metropolitan St. Louis Sewer District, at or prior to 11 o'clock A.M., on Wednesday the 30th day of November, 1977.) ACCEPTANCE The above proposal accepted by Resolution of the Board of Trustees of The Metropolitan St. Louis Sewer District, and receipt of the within mentioned check is hereby acknowledged, this _______ day of ____________, 1977. ______________________________ Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District Attest: _______________________________ Secretary-Treasurer (SEAL) BE IT FURTHER RESOLVED that the Secretary-Treasurer shall cause notice of bond sale, in substantially the form as 7 hereinabove set forth, to be published one (1) time in two (2) newspapers of general circulation published in the District, namely: The St. Louis-Post Dispatch and The St. Louis Globe- Democrat, and one (1) time in a financial journal published daily in the City of York and circulating among buyers of municipal bonds throughout the country, namely, The Bond Buyer, 1 State Street Plaza, New York, New York 10004. Each of the aforesaid publications shall be made at least ten (10) days prior to the date of sale. 8 The foregoing Resolution was adopted October 26, 1977.