O R D I N A N C E NO. 60. AN ORDINANCE directing the issuance of One Million Seven. Hundred Thousand Dollars ($1,700,000.00) General Obligation Sewer

Transcription

1 O R D I N A N C E NO. 60 AN ORDINANCE directing the issuance of One Million Seven Hundred Thousand Dollars ($1,700,000.00) General Obligation Sewer Bonds of the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, authorized at a special election held in said Subdistrict on the 7th day of February, 1956; setting out the form of said bonds and the interest coupons to be attached thereto; determining the rates of interest, maturities, and place of payment thereof, and making provision for the levy of a tax sufficient to pay the interest on said bonds as it accrues and to pay the principal thereof at maturity, with an emergency clause. WHEREAS, The Metropolitan St. Louis Sewer District was created pursuant to a Plan adopted by the voters of the City of St. Louis and of St. Louis County, Missouri, at a special election held on Tuesday, the 9th day of February, 1954, all as provided and authorized by Sections 30(a) and 30(b) of Article VI of the Constitution of the State of Missouri; and WHEREAS, thereafter, proceeding under the authority of the aforesaid Plan, the Board of Trustees of The Metropolitan St, Louis Sewer District, pursuant to proceedings theretofore duly and lawfully had in accordance with the provisions of the said Plan, by Ordinance No. 26, adopted on the 30th day of June, 1955, did create the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District; and WHEREAS, thereafter, by Ordinance No. 45, adopted on the

2 5th day of January, 1956, the Board of Trustees of The Metropolitan St. Louis Sewer District did call and provide for the holding of a special election in the said Maline Cree]r Trunk Subdistrict of The Metropolitan St. Louis Sewer District for the purpose of submitting to the qualified electors of said Subdistrict the following proposition, to wit: PROPOSITION "Shall the general obligation bonds of the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District be issued in the amount of One Million, Seven Hundred Thousand Dollars ($1,700,000.00) to provide funds for the purpose of constructing a sanitary trunk sewer within and for said Subdistrict, including all expenses necessarily incidental there to?" and WHEREAS, due and regular notice of said special election was given as directed by the aforesaid Ordinance No. 45 and as required by the Plan of The Metropolitan St. Louis Sewer District, by publication once a week for at least three (3) consecutive weeks in The St. Louis Globe Democrat and in The St. Louis Post Dispatch, newspapers of general circulation in The Metropolitan St. Louis Sewer District and qualified to publish legal notices; said notice having been published in each of said newspapers on the 13th, 20th, and 27th days of January, 1956, and on the 3rd day of February, 1956, the first publication in each of said 2

3 newspapers having been made at least twenty-one (21) days prior to the date of the election and the last publication in each of said newspapers having been made not more than seven (7) days prior to the date of said election, all as shown by the publishers' affidavits now on file in the office of the Secretary-Treasurer of The Metropolitan St. Louis Sewer District; and WHEREAS, as directed by the aforesaid Ordinance No. 45, the Secretary-Treasurer of The Metropolitan St. Louis Sewer District did file a certified copy of said Ordinance No. 45 with the Board of Election Commissioners for St. Louis County, Missouri, being the county wherein the said Maline Creek Trunk Subdistrict is wholly situate; and WHEREAS, the Board of Election Commissioners for St. Louis County, Missouri, did thereupon proceed to hold and conduct the said special election in said Subdistrict on the 7th day of February, 1956; and WHEREAS, the ballots furnished for and used at the said special election were in substantially the form as set forth in said Ordinance No. 45; and WHEREAS, the said Board of Election Commissioners, on the 11th day of February, 1956, did certify to the Board of Trustees of The Metropolitan St. Louis Sewer District the result of the aforesaid election showing that at said election there was cast on the aforesaid proposition a total of five thousand, five hundred fifty-three (5,553) votes, of which four thousand, seven 3

4 hundred fifty-four (4,754) votes were cast "FOR THE BOND ISSUE" and seven hundred ninety-nine (799) votes were cast "AGAINST THE BOND ISSUE"; and WHEREAS, more than two-thirds of all the votes cast on the aforesaid proposition were cast in favor thereof; and WHEREAS, by Resolution No. 44, adopted on the 20th day of February, 1956, the Board of Trustees of The Metropolitan St. Louis Sewer District did declare the result of the aforesaid special election held on the 7th day of February, 1956, and did find and declare that the proposition submitted at said election was assented to by more than two-thirds of the qualified electors of said Maline Creek Trunk Subdistrict voting on said proposition at said election, and that the Board of Trustees of The Metropolitan St. Louis Sewer District, therefore, is authorized to issue the bonds of the Maline Creek Trunk Subdistrict in the amount and for the purpose set forth in said proposition; and WHEREAS, thereafter, to Tat: on the 20th day of February, 1956, the Board of Trustees of The Metropolitan St. Louis Sewer District did adopt Resolution No. 45, directing the sale of the One Million, Seven Hundred Thousand Dollars ($l,000,000.00) of bonds of the Maline Creek Trunk Subdistrict authorized at the aforesaid special election held on the 7th day of February, 1956, and by said resolution did fix Wednesday, the 14th day of March, 1956, as the date for the receipt of bids for said bonds, and did direct the giving notice thereof for the time 4

5 and in the manner required by the aforesaid Plan; and WHEREAS, printed copies of the notice of the sale of said bonds, together with a printed form of proposal for the purchase thereof and a financial statement of the said Subdistrict, were thereafter mailed to all interested banks, bond houses, and investment bankers in the State of Missouri and elsewhere, and the said notice was also published one time in The Bond Buyer, a financial journal published in the City of New York, and in The St. Louis Globe-Democrat and in The St. Louis Post Dispatch, newspapers of general circulation published in The Metropolitan St. Louis Sewer District, all of said publications having been made at least ten (10) days prior to the 14th day of March, 1956, the date set for the sale of said bonds; and WHEREAS, on said 14th day of March, 1956, two (2) sealed proposals for the purchase of said bonds were received and considered by the Board of Trustees of The Metropolitan St. Louis Sewer District; and the aforesaid bonds were thereupon awarded and sold to the highest bidder there for; and WHEREAS, it has now become necessary to make provision for the preparation, execution, issuance, and delivery of the said bonds; and WHEREAS, the assessed valuation of taxable, tangible property within the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, as ascertained by the last completed assessment for state and county purposes made prior to 5

6 the date of the aforesaid special election, to wit: the assessment made as of January 1, 1955, was not less than Sixty Five Million ($65,000,000.00) Dollars; and WHEREAS, on the date of the aforesaid special election, to wit: on the 7th day of February, 1956, the said Maline Creek Trunk Subdistrict had no outstanding indebtedness of any kind or character; and WHEREAS, the amount of bonds authorized to be issued at the aforesaid special election held on the 7th day of February, 1956, to wit: One Million, Seven Hundred Thousand Dollars ($1,700,000.00), did not then and does not now exceed any limit of indebtedness prescribed under the Constitution of the State of Missouri or the Plan of The Metropolitan St. Louis Sewer District, aforesaid; and WHEREAS, the Board of Trustees of The Metropolitan St. Louis Sewer District, acting as the governing authority of the aforesaid Maline Creek Trunk Subdistrict, is now legally authorized and empowered to issue the bonds of said Maline Creek Trunk Subdistrict in the principal amount of One Million, Seven Hundred Thousand Dollars ($1,700,000.00), as authorized at the aforesaid election; end WHEREAS, the purchasers of said bonds have nominated the Bank of St. Louis, in the City of St. Louis, State of Missouri, to be the paying agent for the payment of the bonds and coupons of the aforesaid issue, and this Board of Trustees does now find and 6

7 determine that the said nomination should be approved; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT: Section One. That there are hereby authorized and ordered to be prepared and issued bonds of the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, in the amount of One Million Seven Hundred Thousand Dollars ($1,700,000.00) to provide funds for the purpose of constructing a sanitary trunk sewer within and for said Subdistrict, including all expenses necessarily incidental thereto. The said bonds shall be of the denomination of One Thousand Dollars ($1,000.00) each; shall be numbered from One (1) to One Thousand, Seven Hundred (1700), inclusive; shall bear date of March 1, 1956; and shall bear interest at the rates hereinafter set forth, payable August 1, 1956, and semi-annually thereafter on February 1 and August 1 in each year until the principal of said bonds, respectively, shall have been paid. Interest accruing on and prior to the respective maturity dates of said bonds shall be evidenced by appropriate interest coupons to be attached to each of said bonds. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the Bank of St. Louis, in the City of St. Louis, State of Missouri. The said bonds shall be executed by the signature of the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, under the seal of said District, attested by the 7

8 signature of the Secretary-Treasurer of said District, and the interest coupons to be attached to said bonds shell be executed by the facsimile signature of said Secretary-Treasurer. Said bonds shall bear interest at the rates per annum and shall mature in the amounts and at the times hereinafter set out, as follows: BOND NUMBERS RATE OF INTEREST AMOUNT MATURITY 1 to 70, incl. 3-1/2% $ 70,000 February 1, to 140, " 3-1/2% 70,000 February 1, to 210, " 3-1/2% 70,000 February 1, to 285, " 3-1/2% 75,000 February 1, to 360, " 3% 75,000 February 1, to 440, " 3% 80,000 February 1, to 520, " 3% 80,000 February 1, to 605, " 3% 85,000 February 1, to 690, " 3% 85,000 February 1, to 780, " 3% 90,000 February 1, to 870, " 3% 90,000 February 1, to 965, " 3-1/4% 95,000 February 1, to 1060, " 3-1/4% 95,000 February 1, to 1160, " 3-1/4% 100,000 February 1, to 1260, " 3-1/4% 100,000 February 1, to 1365, " 3-1/4% 195,000 February 1, to 1470, " 3-1/4% 105,000 February 1, to 1585, " 3-1/4% 115,000 February 1, to 1700, " 3-1/4% 115,000 February 1, 1976 At the option of the Board of Trustees of The Metropolitan St. Louis Sewer District, any or all of bonds numbered Two Hundred Eighty-six (286) to One Thousand, Seven Hundred (1700), inclusive, may be called in, paid, and redeemed, in inverse numerical order, on February 1, 1961, or on any interest payment date thereafter, at 103% of their principal amount if redeemed on or prior to August 1, 1962, wig successive reductions of 1/4 of 1% on each February 1, thereafter until 8

9 February 1, 1973, on and after rich date said bonds shall be redeemable at par, and, in each case, with interest accrued to the redemption date. Notice of the call for the redemption of said bonds shall be published at least one (I) time in a newspaper or financial journal of general circulation in the City of St. Louis, Missouri, and in a newspaper or financial journal of general circulation in the City of New York, New York, not less than thirty (30) days prior to the date set for the redemption thereof. In the event that any bond or bonds called for redemption be then registered as to principal, as herein provided, notice of call shall also be given by registered mail to the registered owner. Such notice, addressed to the registered owner, shall be deposited in the United states mail, postage prepaid, at least thirty (30) days before the redemption date. No further interest shall accrue on any bonds thus called for redemption, provided that funds be available for the payment and redemption thereof on the redemption date specified in such notice. Section Two. That the said bonds and the interest coupons evidencing the interest to accrue thereon shall be in substantially the following form, to wit: UNITED STATES OF AMERICA STATE OF MISSOURI MALINE CREEK TRUNK SUBDISTRICT OF 9

10 THE METROPOLITAN ST. LOUIS SIR DISTRICT GENERAL OBLIGATION SEWER BOND NO. $1, The Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, acting herein by and through the Board of Trustees of The Metropolitan St. Louis Sewer District, for value received, hereby promises to pay to bearer, or if this bond be registered as hereinafter provided, to the registered holder hereof, the sum of ONE THOUSAND DOLLARS ($1,000.00) on the first day of February, 19, with interest thereon from date hereof at the rate of per centum ( %) per annum, payable August I, 1956, and semi-annually thereafter on February 1 and August I in each year until the principal hereof shall have been paid. Interest accruing on this bond on and prior to the maturity date hereof shall be payable upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United states of America at the Bank of St. Louis, in the City of St. Louis, State of Missouri, and for the prompt payment of this bond and the interest thereon, the full faith, credit, and resources of the Maline Creek Trunk Subdistrict 10

11 of The Metropolitan St. Louis Sewer District are hereby irrevocably pledged. At the option of the Board of Trustees of The Metropolitan St. Louis Sewer District, any or all of bonds numbered Two Hundred Eighty-six (286) to One Thousand, Seven Hundred (1700), inclusive, of the issue of which this bond is one, may be called in, paid, and redeemed, in inverse numerical order, on February 1, 1961, or on any interest payment date thereafter, at 103% of their principal amount if redeemed on or prior to August 1, 1962, with successive reductions of 1/4 of 1% on each February I thereafter until February 1, 1973, on and after which date said bonds shall be redeemable at par, and, in each case, with interest accrued to the redemption date. Notice of the call for the redemption of said bonds shall be published at least one (1) time in a newspaper or financial journal of general circulation in the City of St. Louis, Missouri, and in a newspaper or financial journal of general circulation in the City of New York, New York, not less than thirty (30) days prior to the date set for the redemption thereof. In the event that any bond or bonds called for redemption be then registered as to principal, as herein provided, notice of call shall also be given by registered mail to the registered owner. Such notice, addressed to the registered owner, shall be deposited in the United States mail, postage prepaid, at least thirty (30) days before the redemption date. No further interest shall accrue on any bonds thus called 11

12 for redemption, provided that funds be available for the payment and redemption thereof on the redemption date specified in such notice. This bond is one of a series of one thousand, seven hundred (1700) bonds of like date, tenor, and effect, except as to number, rate of interest, date of maturity, and provision for redemption prior to maturity, as hereinabove set forth, numbered from One (I) to One Thousand Seven Hundred (1700), inclusive, aggregating the sum of One Million, Seven Hundred Thousand Dollars ($l,700,000), issued by the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District to provide funds for the purpose of constructing a sanitary trunk sewer within and for said Subdistrict, including all expenses necessarily incidental thereto, and is issued under authority of the Constitution of the State of Missouri, and the Plan of The Metropolitan St. Louis Sewer District and pursuant to an election duly called and held in said Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District on the 7th day of February, 1956, whereat more than two-thirds of the votes cast were in favor of the issuance of this bond and of the series of which it is one, and by further authority of ordinances duly adopted and proceedings duly had by the Board of Trustees of The Metropolitan St. Louis Sewer District. This bond may be registered as to principal in the name of the holder on the books of The Metropolitan St. Louis Sewer 12

13 District in the office of the Secretary-Treasurer of said District, such registration to be evidenced by notation of said Secretary-Treasurer on the reverse hereof, after which no transfer hereof shall be valid unless made on said books and similarly noted hereon, but this bond may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may again be registered as before. The registration of this bond shall not affect the negotiability of the interest coupons hereto attached, which shall continue to be negotiable by delivery merely, notwithstanding registration hereof. It is hereby certified and recited that all acts, conditions, and things required to be done, precedent to and in the issuance of this bond, in order to make the same a lawful and binding obligation of said Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; that provision has been made for the levy of a direct, continuing, annual tax upon all taxable, tangible property in said Subdistrict for the payment of the principal of and the interest on this bond; and that the total indebtedness of said Subdistrict, including this bond and the issue of which it is one, does not exceed any statutory or constitutional limit. IN TESTIMONY THEREOF, The Maline Creek Trunk Subdistrict 13

14 of The Metropolitan St. Louis Sewer District, acting herein by and through the Board of Trustees of The Metropolitan St. Louis Sewer District, has executed this bond by causing it to be signed by the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, under the seal of said District attested by the Secretary-Treasurer of said District, and has caused the annexed interest coupons to be executed by the facsimile signature of said Secretary-Treasurer, which signature the said Secretary-Treasurer, by the execution of this bond, adopts as and for his own proper signature, and this bond to be dated March 1, MALINE CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SIR DISTRICT, By Chairman, Board of Trustees of The Metropolitan St. Louis Sewer District Attest: Secretary-Treasurer of The Metropolitan St. Louis Sewer District 14

15 (FORM OF INTEREST COUPONS TO BE ATTACHED TO BONDS NUMBERED 1 to 285, INCLUSIVE) NO. $ February, On the first day of August, 39, the Maline Creek Trunk Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, promises to pay to bearer in lawful money of the United States of America at the Bank of St. Louis, in the City of St. Louis, State of Missouri, being interest due that date on its General Obligation Sewer Bond dated March 1, 1956, and numbered. MALINE CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, By Secretary-Treasurer of The Metropolitan St. Louis Sewer District NO. (FORM OF INTEREST COUPONS TO BE ATTACHED TO BONDS NUMBERED 286 to 1700, INCLUSIVE) February, On the first day of August, 19, unless the bond with which this coupon is identified shall then be redeemable and shall theretofore have been called for redemption and provision for the redemption thereof duly made, the Maline Creek Trunk 15

16 Subdistrict of The Metropolitan St. Louis Sewer District, in the State of Missouri, promises to pay to bearer ($ ) in lawful money of the United States of America at the Bank of St. Louis, in the City of St. Louis, State of Missouri, being interest due that date on its General Obligation Sewer Bond dated March 1, 1956, and numbered MALINE CREEK TRUNK SUBDISTRICT OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT, By Secretary-Treasurer of The Metropolitan St. Louis Sewer District Interest coupons attached to said bonds shall be payable in the following amounts: SUBSEQUENT SEMI - BOND NUMBERS COUPON NO. 1 ANNUAL COUPONS 1 to 285, incl. $14.58 $ to 870, " to 1700, " (REGISTRATION CERTIFICATE) In accordance with the terms of this bond it may be registered as to principal only, appropriate notation being made below by the Secretary-Treasurer of The Metropolitan St. Louis Sewer District, in the State of Missouri. (Note: No writing below except by the Secretary- Treasurer of The Metropolitan St. Louis Sewer District) 16

17 SIGNATURE OF DATE OF REGISTRATION IN WHOSE NAME REGISTERED SECRETARY-TREASURER Section Three. That when the said bonds shall have been executed as hereinbefore directed, they shall be registered in the office of the Secretary-Treasurer of The Metropolitan St. Louis Sewer District in a book to be provided and kept for that purpose. Section Four. That for the purpose of providing for the payment of the principal of and the interest on said bonds as they shall respectively mature and accrue, there shall be and there is hereby levied a direct, continuing, annual tax upon all taxable, tangible property within said Maline Creek Trunk Subdistrict, sufficient, after allowance shall have been made for the expenses of collection and delinquencies in the payment of taxes, to produce in each of the years 1956 to 1976, inclusive the following sums, to wit: YEAR OF LEVY FOR THE YEAR FOR PRINCIPAL FOR INTEREST TOTAL $77, $ 77, $ 70,000 53, , ,000 50, , ,000 48, , ,000 45, ,

18 ,000 43, , ,000 41, , ,000 38, , ,000 36, , ,000 33, , ,000 31, , ,000 28, , ,000 25, , ,000 22, , ,000 19, , ,000 15, , ,000 12, , ,000 9, , ,000 5, , ,000 l, ,

19 And provision to meet the requirements of this ordinance shall in due time, manner, and season annually be made. Section Five. That said tax shall be extended upon the tax rolls and shall be collected in the same manner and at the same time as state, county, school, and other ad valorem taxes are extended and collected, and the rate of tax which shall be so extended shall be sufficient in each year fully to produce the sums set out above, respectively, after due allowance shall have been made for probable delinquencies in the payment of taxes and the customary costs of collection, and the proceeds derived from the collection of such tax shall be credited to a special fund hereby created in the treasury of The Metropolitan St. Louis Sewer District and designated "MALINE CREEK TRUNK SUBDISTRICT BOND INTEREST FUND," and shall be used exclusively for the purposes herein required. Section Six. That the Chairman and the Secretary-Treasurer of The Metropolitan St. Louis Sewer District are hereby authorized and directed to cause the bonds herein described to be prepared and to execute the same as herein directed, to cause the same to be registered in the office of the Secretary-Treasurer, and thereupon to deliver the said bonds to the purchasers thereof. Section Seven. That the principal proceeds received from sale and delivery of the bonds herein authorized to be issued, immediately upon receipt thereof, shall be set aside in a 19

20 separate fund designated "MALINE CREEK TRUNK SUBDISTRICT CONSTRUCTION FUND," and shall be used solely and only for the purpose of constructing a sanitary trunk sewer within and for said Subdistrict, including all expenses necessarily incidental thereto. Provided, however, that the sum of $22, arising out of the sale of said bonds, or so much thereof as may be necessary, shall be transferred to the Bond and Interest Fund hereinabove provided for, in order to make provision for the payment of interest accruing August 1, 1956, on the bonds herein authorized to be issued. When the first tax hereinabove provided for shall have been levied and collected, the said sum shall be restored to the Construction Fund out of the proceeds of such taxes. The accrued interest and the premium received from sale and delivery of the aforesaid bonds shall forthwith be deposited in and credited to the Bond and Interest Fund created in Section 5 of this ordinance. Section Eight. That the Secretary-Treasurer of The Metropolitan St. Louis Sewer District be and is hereby authorized and directed, without any further order or direction of the Board of Trustees of said District, to remit to the paying agent hereinabove named, at least five (5) days prior to each interest payment date and each bond maturity date, the sums which will then be due for interest or principal, or both, and to include with each such remittance the usual and customary fees of such paying agent for its services and responsibility in paying interest 20

21 coupons and bonds and making accounting therefor to the District. Section Nine. That all ordinances or parts of ordinances in conflict with the provisions of this ordinance shall be and the same are hereby repealed, insofar as they may so conflict. Section Ten. The immediate need for the construction of sanitary sewers in the Maline Creek Trunk Subdistrict, in order to protect the public health, creates an emergency within the meaning of the Plan and this Ordinance shall be in full force and effect from and after its passage. The foregoing Ordinance was adopted April 9,