HomeMy Public PortalAboutR1518 R E S O L U T I O N NO. 1518
A RESOLUTION to accept bid for Ten Million Dollars
($10,000,000.00) of Sewer Revenue Bonds of the Fee Fee Trunk Sewer
Subdistrict of The Metropolitan St. Louis Sewer District.
WHEREAS, the bid and offer of Stern Brothers & Co. and
Associates for the purchase of Ten Million Dollars
($10,000,000.00) of Sewer Revenue Bonds of the Fee Fee Trunk Sewer
Subdistrict of The Metropolitan St. Louis Sewer District, bearing
interest as follows:
Maturities Rates of Interest 1980 to 1993 Inclusive 5 1/2% 1994 5.60% 1995 to 2002 Inclusive 5.75%
at and for the price and sum of Ten Million Dollars
($10,000,000.00) and accrued interest to date of delivery, and at
a net interest cost of Nine Million, Two Hundred Twenty-one
Thousand Eight Hundred Twenty-five Dollars ($9,221,825.00) 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 Ten Million
Dollars ($10,000,000.00) par value of Sewer Revenue Bonds of the
Fee Fee Trunk Sewer Subdistrict of The Metropolitan St. Louis
Sewer District, authorized at a special election held in said
subdistrict on August 30, 1977, bearing interest as follows:
Maturities Rates of Interest 1980 to 1993 Inclusive 5 1/2% 1994 5.60% 1995 to 2002 Inclusive 5.75%
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shall be and the said bonds are hereby awarded and sold to Stern
Brothers & Co. and Associates at and for the price of
($10,000,000.00) and accrued interest to date of delivery of said
bonds, and at a net interest cost of Nine Million Two Hundred
Twenty-one Thousand Eight Hundred Twenty-five Dollars
($9,221,825.00), 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 Stern Brothers Co. 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 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 November 30, 1977.