HomeMy WebLinkAboutCityMgrForm.548.01-20-1971 . ` , �
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COUNCIL-MANAGER FORM ORDINANCE N0. �
AN ORDINANCE DIRECTING THE ISSUANCE OF EIGHTY
THOUSAND DOLLARS ($80,000) (ADDITIONAI, PART OF
AN ISSUE OF ONE MILLION, FIVE HWiDRED NINETY- _
EIGHT THOUSAND DOLLARS [$1,598,000) AUTIiORIZED�
SEWERAGE SYSTEM BONDS OF TI� CITY OF CAPE GIRAR-
DEAU, CAPE GIRARDEAU COUNTY, MISSOURI, AUTHORIZED
AT A SPECIAL ELECTION H�LD IN SAID CITY ON THE
11TH DAY OF JUI,Y, 1961; SETTING OUT THE FORM OF
SAID BONDS AND THE INTER�ST COUPONS TO B� ATTACHED
THERETO; DET�RNaZNING THE RATES OF INTEREST, MATU-
RITIES, AND PLACE OF PAYNr.I�T THEREOF; AND MAIffNG
PROVTSION FOR THE LEVY OF A TAX SU�FICIENT TO PAY
THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO
PAY THE PRINCIPAL THEREOF AT MATURITY,
WI�REAS, the City Council of the City of Cape Giraxdeau, Cape Girardeau
County, Missouri, by Ordinance No. 2180, duly and re�;ulaxly adopted at a meeting
of said Council du],y and regulaxly held on the 7th day of June, 1961, did direct
that a special election be held in said City on Tuesday, the llth day of July,
1961, for the purpose of submitting to the qualified electors of said City the
following proposition, to-wit:
� "PROPOSITION
"Proposition to issue the bonds of the City of Cape
Giraxdeau, Missouri, to the amount of One Million,
Five Hundred Ninety-eight Thousand Dollars
($1,598,000) to provide flznds for the purpose of
improving the sewerage system of said City by and
through the addition thereto of a sewage treatment
plant."
and
WI�REAS, the said Ordinance did direct that the aforesaid election be
held at the polling places in said City therein set out; and
WHEREAS, due and regular notice of said election was given as directed
by said Ordinance and as required by law, by publication in The Southeast Missourian,
a daily newspaper published and of general circulation in the City of Cape Girax-
deau; said newspaper having previously been aclmi.tted to the Post Office in said
City of Cape Girardeau as second class matter and having been published regularly
and consecutively for a period of more than three (3) years prior to the publica-
tion of said notice, and said newspuper h�.vin� a list of bona fide subscribers,
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voluntaxily engaged as such, who have paid or agreed to pay a stated price for
subscriptions thereto for a definite period of time; and
WI�REAS, said notice was published in said newspaper on the 19th and
26th days of June, 1961, and on the 3rd and lOth days of July, 1961; and
WHEREAS� said notice was published in said newspaper once a week for at
least three (3� consecutive weeks prior to the date of said election, the first of
said publications having occurred at least twenty-one (21) days before and the
last one within two (2) weeks of the date of said election; and
WI-�REAS, the aforesaid Ordinance adopted on the 7th day of June, 196�,
did make provision for the use at said election of ballots in the form provided
by said Ordinance; and ,
. WI-iEREAS, the said ballots used �,t said special election were in the form
as set forth in the aforesaid Ordinance; and
WFiEREAS, thereafter the City Council did appoint judges and clerks of
said election; and
Wi�REAS, the said election was duly and regularly held in a11 respects
as required by the Statutes of the State of Missouri; and
WHEREAS, the judges of said election, immediately upon the closing of
the polls on said llth day of July, 1961, did make out, certif`y, and transmit to
the City Council the returns of said election; and
WHEREAS, this City Council, on the 13th day of July, 1961, did canvass
said returns and did then find, and does now again find, determine, axld declare,
that at said election two thousand, six hundred thirty-eight (2,638) votes were
cast on the aforesaid proposition, of which one thousand, eight hundred forty-
five (1,845) votes were cast in favor of the proposition and seven hundred ninety-
three (793) votes were cast ag ainst the proposition; a.nd
WI�REAS., this Council does now flzrther find and determine that at the
said election more than two-thirds (2�3) of the qualified electors voting on the
said proposition assented thereto; and
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Wf�REAS, the City Council of saa.d City is now fully and legally authorized
and empowered to issue the bonds of the said City of Cape Girardeau in the principal
amount of One Million, Five Hundred Ninety-eight Thousand Dollars ($1,598,000) Por
the purpose hereinafter set forth; and
WI�REAS, the assessed valuation of taxable, tangible property within said
City, as shown by the last completed assessment for state and county purposes made
prior to the date of the aforesa.id election, to-wit: the assessment made as of
January l, 1960, was as follows:
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Real estate. . . . . . . .. ... .. .. . ...... ... .... ....$ 2�+,�+68,200
Tangible personal property. .. ... . .. ......o. ..$ 5,1�+1,�+�+0
Merchants and manufacturers. ... . .. . .. . ... . . ..$ 3,059��+�+�
Utilities' properties.. . . . .. . ... . . . .. . .. . . . . .$ 2,020,836
TOTAL..... .....$ 34�689�916�
axld
WHF.REAS, on the date of the aforesaid special election, to-wit: on the
llth day of Ju],y, 1961, the said City of Cape Giraxdeau had outstanding the follow-
ing general obligation bonded indebtedness:
Airport Bonds dated July l, 19�+7. .. . . . .. . . .. .$ 20,000
Paxk Improvement Bonds dated
November l, 1956. .. . ... .... .... .. . ... ...... ..$ 131,000
Airport Tmprovement Bonds dated
September 1, 1958... .... . ...... .. .. . . ...... ..$ 279,000
TOTaz. ... . . .. . .$ �+30,000;
ana
WF�REAS, the amount of bonds authorized to be issued at the aforesaid
special election held on the llth day of July, 1961, to-wit: One Million, Five
Hundred Ninety-eight Thousand Dollars ($1,598,000), together with the aforesaid
outstanding indebtedness, did not and does not now. exceed any limit of indebted-
ness prescribed under the Constitution and Statutes of the State of Missouri; and
Wi�REAS� the City Council of said City of Cape Giraxdeau has heretofore
authorized and issued One Million Dollars ($1,000,000) in principal amount, of
the aforesaid authorized issue of One Million, Five Hundred Ninety-�ight Thousand
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Dollaxs ($1,598,4�) , of Sewerage System Bonds, dated M�y 1, 1963, reservin� and
retaining unto itself the power and authority, in the discretion of the Council,
to issue the remaining Five Hundred Nine�y-eight Thousand Dollax s ($598,000)
Sewerage System Bonds at a later date; r�.nnd
WI-iERF;AS, the City Council of said City of Cape Girardeau has heretofore
authorized and issued Eighty Thousand Dollaxs ($80,000) in principal amount, of
the aforesaa.d authorized issue of One Million, Five Hundred Ninety-eight Thousand
Dollars ($1,598,000) , of Sewerage System Bonds, dated November 1, 1.966, reserving
and retainin� unto itself the power and authority, in the discretion of the
Council, to issue the remaining Five Hundred Eigh-teen Thousand Dollars ($518,000)
Sewerage System Bonds at a later date; and
WHEREAS, heretofore, to-wit: on the 15th d�r of December, 1970,
pursuant to notice given as directed by this Council, Eighty Thousand Dollaxs
($80,000) in Sewerage System Bonds of the aforesaid authorized issue were offered
for sale and, on the 15th day of December, 1970, were awaxded and sold to the
highest and best bidder therefor; and
Wf-IEREAS, the purchaser of said bonds has requested that said bonds be
printed in the denomination of Five Thousand Dollaxs ($5,000) each, and that said
bonds be made payable as to principal and interest at the Cape State Bank and
Trust Company, in the City of Cape Giraxdeau, State of Missouri; and
WI-iEREAS, this Cbuncil does now find and determine that the aforesaid re-
quests should be approved; and ,
WHEREAS, this Council does now find that it is necessaxy and desirable
to proceed forthwith to provide for the issuance of said bonds: NOW, THEREFORE,
BE IT ORDAIlVID BY THE CITY COUNCIL OF THE CITY OF CAPE GIR�DEAU, CAPE
GIRARDEAU COUNTY, MISSOURI, AS FOIS,OWS:
SECTION l. That there are hereby authorized and ordered to be prepared
and issued bonds of the City of Cape Girardeau, Missouri, in the amount of Eighty
Thousand Dollars ($80,�00) (additional part of an issue of One Million, Five
Hundred Ninety-eight Thousand Dollaxs [$1,598,000) authorized) to provide funds
for the purpose of improving the sewerage system of said City by and through the
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�,ddition thereto of a sewt�e trEatment plant. Sr�id bonds shall be of the denomina-
tion of �'ive Thousand Dollpxs (�5,000) each; sha11 be numbered from One (1) to
Sixteen (16) , inclusive; shall bear date of December 1, 1970; and sha11 beax interest
from date thereof at the rates per annum hereinafter set forth, payable February l,
1971, and semi-annually thereafter on Au�ust 1 and Febru�.ry 1 in each year until
the principal of said bonds, respectively, shall have been ful.ly paid. Interest
accruing on and prior to the respective maturity• dates of said bonds sha11 be
evidenced by appropriate interest coupons to be attached to each of said bonds.
Both princip�.1. of and interest on said bonds shall be payable in lawfl.L1 money of
the United States of America at the Cape State Bank a,nd Trust Company, in the City
of Cape Giraxdeau, State of Missouri. The said bonds shall be executed by the
Mayor of said City� under the corporate seal of said City, attested by the City
Clerk, and the interest coupons to be attached to said bonds sha11 be executed
by the facsimile signature of said City Clerk. The said bonds sha11 be numbered,
shall bear interest at the rates, and shall mature in the amounts and at the times
following, to-wit: .
BOND NUMBERS, RATE OF INTEREST AMOUN7' MATURITY
1 to 5, incl. 5•�+0°,� $ 25,000 February l, 1g8�+
„ ,
6 to 10, 5% 25,000 Februaxy 1, 1985
11 to 16, � " 5°fo 30,000 February l, 1986
The aforesaid bonds may be called in, paid, and redeemed, in the inverse
order of their numbers, on February 1, 1977, or on any interest payment date there-
after prior to maturity, at par and accrued interest. The City shall give written
notice of its intention to ca11 in, pay, and redeem said bonds, and such written
notice shall be delivered to the bank naxred herein as the place of payment for
said bonds, and to the State Auditor of Missouri, as required by Section 108.260,
Vernon's Annotated Missouri Statutes, not less than thirty (30) days in advance of
the date set for the redemption of said bonds or ariy of them. Interest shall
cease on any bonds so called for redemption f�om wnd after the date fixed for the
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payment thereof, provided that fluids sha.11 be ava,ilable for such payment on such
da1;e.
S�CTZON� 2. ThAt the sr�id bonds r�nd the interest coupons evidencing the
interes'� to accrue �;hereon sha1.1 be in substantia.].l.y �;he following forms, to-wit:
UNI`rLD STATES OF' AMI;�ZICA
STATE OF MISSOURI
COUNTY OF CAPE GIRARDEAU
CITY OF CAPE GIRARDEAU
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SEWERAGE SYSTEM BOND
No. $5,000 ,
The City of Cape Girardeau, Cape Giraxdeau County, Missouri, acknowledges
itself indebted and, for value received, hereby promises to pay to beaxer
FIVE THOUSAND DOLLARS
($5,000) on the first day of Februaxy, 19 , with interest thereon from date
hereof at the rate of per centum (_�o) per
annum, payable February 1, 1971, and semi-annually thereafter on August 1 and
February 1 in each yeax 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.
$oth principal of and interest on this bond axe payable in lawful money
of the United Sta'tes of America at the Cape State Bank and Trust Compar�y, in the
City of Cr�.pe Giraxdeau, State of Missouri, and, for the prompt payment of this
bond and the interest hereon, the full fa,ith, credit, and resources of the City of
Cape Girardeau, Missouri, axe hereby irrevocably pled.�ed.
The right is reserved unto said City -to call in, pay, and redeem the bonds
of the issue of which this bond is one, in the inverse order of their numbers, on
Februaxy l, 1977, or on any interest payment date thereaf`ter prior to maturity, at
par and accrued interest. Notice of the exercise of such option to redeem bonds
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prior to maturity sha11 be given, in writing, to the paying a,�ent designated for
this bond and to the State Auditor of Missouri, not less than thirty (30) days
prior to the date set for the redemption thereof. Interest shall cease on any
bond so called for redemption from and after the date so fixed for the payment
and redemption thereof, provided that funds shall be available for such payment
on such date.
This bond is one of a series of sixteer� (16) bonds of like date, tenor,
and effect, except as to number, rate of interest, and date of maturity, numbered
from One (1) to Sixteen (16), inclusive, aggregating the sum of Eighty Thousand
Dollaxs ($80,000) (additional part of an issue of One Million, Five Hundred Ninety-
eight Thousand Dollars [$1,598,000 ) authorized) , issued by the City of Cape Girar-
deau, Missouri, to provide funds for the purpose of improving the sewerage syste�n
of said City by and through the addition thereto of a sewage treatment plant, and
is issued under authority of the Constitution and Statutes of the State of Missouri
and pursuant to an election duly called a.nd held in said City on the llth day of
July� 1961, whereat more than two-thirds (2�3) of the votes cast were in favor of
the issuance of this bond and of the series of which it is one, and by f�Zrther
authority of ordinances duly adopted and proceedings duly had by the City Council
of said City.
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 sazne a lawf�zl and binding obligation of said City, have been done, have
happened, axid have been performed in regular and due form, time, and max�ner, 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 City for the payment of the
principal of and the interest on this bond; and that the total indebtedness of
said City, including this bond Fznd the issue of which it is one, does not exceed
any •statutory or constitutional limit.
IN TESTIMONY WHEREOF, the City of Cape Giraxdeau, in the County of Cape
Giraxdeau, State of Missouri, has executed this bond by causing it to be signed
� by the Mayor of said City, under the corporate seal of said City, attested by the
City Clerk, and has caused the annexed interest coupons to be executed by the fae-
simile signature of said City Clerk, and this bond to be dated December 1, 1970.
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� � CITY OF CAPE GIRARDEAU, MISSOURI
, $Y
Mayor
Attest;
City Clerk
(FORM OF INTE:�EST COUPON)
No. � �
..._.,
�ebruary,
On the first day of August, 19 , unless the bond with which this
coupon is identified theretofore shall have been called for redemption and pro-
vision for such redemption duly made, the City of Cape Giraxdeau, Cape Girardeau
County, Missouri, will pay to bearer in luwful money o�' the United States of
America the amount shown on this coupon at the C�,p� State Brra.nk and Trust Compax�y,
in the City of Cape Girardeau, State of Missouri, being interest due that date on
its Sewerage System Bond, dated December 1, 197�, and numbered
CITY OF CAPE GIRARDEAU, MISSOURI
BY
City Clerk
Interest coupon No. 1 attuched to bonds numbered 1 to 5, inclusive,
shall be payable in the amount of $�+5.00; and all subsequent semi-annual interest
coupons attached to said bonds shall be payable in the amount of $135.00 each.
,
Interest coupon No. 1 attached to bonds numbered 6 to 16, inclusive,
shall be payable in the amount of $�+1.67; and all subsequent semi-annual interest
coupons attached to said bonds shall be payable in the axnount of $125.00 each.
SECTION 3• That, when �h� said bonds shall have been executed as herein-
before directed, they shall be presented to the State Auditor of Missouri for
registration, and each of said bonds shall have endorsed on the reverse side there-
of a registration certificate of said State Auditor in substantially the following
form, to-wit: _
STATE OF MISSOURT )
3 SS.
COUNTY OF COIrE
I� , State Auditor of Missouri, do hereby
certify that a71 the conditions of the Laws of the State of A4issouri have been
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complied with in the issuance of the within bond and that all the conditions of
the contract under which it was ordered to be issued also have been complied with,
the evidence of which is on file in my office; and I flarther certif�y that this
bond has been duly registered in my office in complia.nce with the Laws of the
State o P Missouri. ,
Il�i TESTIMONY WI�REOF, I� have hereunto set my hand and affixed the seal
of my office in the City of Jefferson, Missouri, •this day of ,
1971.
State Auditor of Missouri
BY
Deputy State Auditor
SECTION �+. That, for the purpose of providing for the payment of the
principal of and the interest on said bonc�s as they shall respectively mature and
accrue, there sha11 be and there is hereby levied a direct, continuing, annual
tax upon all t axable, tangible property within said City, sufficient, after allow-
ance shall have been made for the expenses of collection and delinquencies in 'the
payment of taxes to produce in each of the yeaxs 1971-1986, inclusive, the follow-
in� sums, to-wit:
YEAR OF I�EVY FOR TIiE YEAR FOR PRINCTPAL �R 2NTEREST TOTAL
197i i971-1972 $ - - - $ 6�833.37 $ 6�833.37
1g72 1973 - - - �+,loo �+,loo
1973 197�+ - - - �+,loo �+,loo
�197�+ 1975 - - - �,lo0 4,l00
1975 �g7(, - - - �,loo �-,loo
1976 1977 - - - �+,loo �+,�.00
1977 1g78 - - - 4,l00 �+,loo
1978 �-979 - - - �+,loo �+,loo
1979 lggo - - - �+,ioo �+,�oo
� 19� 1981 - - - �+,loo �+,ioo
1.g81 1.982 - - - �+,1.00 �+,loo
1982 1983 - - - �+,loo �+,loo
1983 1�8�+ 25,000 3,�+25 28,�+25
1984 1985 25,000 2,1.25 27�125
1g85 1986 30,000 750 30,750
Provision to meet the requirements of this Ordinance shall in due time, manner,
and season annually be made.
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SECTION 5• That said tax shall be extended upon the tax rol].s and shall
be collected in the same m�.nner and at the same time as other city taxes axe ex-
tended and collected, and the rate of tax which shall be so extended shall be suf-
ficient in each year fully to produce the sums set out above, respectively, after
due allowance shall have been made for probable delinquencies in the p�,yment of
taxes and the customaxy costs of collection, and the proceeds derived f�om the
collection of such tax shall be credited to a special flznd heretofore created in
the treasury of said City and designated "SEWERAGE SYSTEM EONDS, INTEREST AND
SINKING FUND," and shall be used exclusively for the purposes herein required.
SECTION 6. That the City Treasurer of said City be and he is hereby
authoriZed and instructed to remit for deposit in the place of payment hereinabove
named, not less than five days prior to the accruing of the interest and to the
maturity of the said bonds, the amounts which will then respectively become due.
The saa.d Treasurer is flarther directed to include with each such remittance the
usual and customary fee of the paying agent for its services and responsibility
in connection with the payment of said coupons and bonds.
SECTION 7. That, in order to m�,ke provision for the payment of interest .
in the amount of $683.37, which will accrue on said bonds on February l, 1971,
and in the amount of $2,050.00, which will accrue on August l, 1971, which dates
axe prior to the date when the first taxes to be levied hereafter can be collected
and become available, there is hereby appropriated out of the Sewerage System Bonds,
Interest and Sinking Fund of said City to the payment of said interest the sum of
$2,733•37; axid said sum shall be restored to the Fund from which it is appropriated
out of the first taxes collec�ed hereunder.
SECTION 8. That the Mayor and the City Clerk axe hereby authorized and
directed to cause the bonds herein described to be prepaxed and executed as herein
directed, to cause the same to be registered in the office of the State Auditor of
Missouri, and thereupon to deliver the said bonds to the purchasers thereof.
SECTION 9. That the proceeds received upon sale a.nd delivery of the bonds
herein authorized to be issued, immediately upon receipt thereof, shall be set aside
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in a sepaxate flznd to be used only for the purpose for which said bonds were
authorized. The accrued interest received upon sale and delivery of
the aforesaid bonds forthwith shall be deposited in and credited to the SEWERAGE
SYSTEM BONDS, INTEREST AND SINKING FUND specified in Section 5 oP this Ordinance.
SECTION 10. That the right shall be and is hereby express�y reserved
unto the City of Cape Giraxdeau, in the discretion of the City Council thereof,
hereafter to issue'and sell all or any part of the remaining Four Hundred Thirty-
eight Thousand Dollars ($�+38,000) Sewera.ge System Bonds authorized at the aforesaid
election held on the llth day of July, 1961, and said remaining bonds may be
issued at such time or times and in such amount or �nounts as the City Council
may hereafter direct.
ST,CTIOlY 11. �'hat all ordin�.nces or parts of ordinarices in con:flict with
the provisions of this Ordina.nce shall be and the same axe hereby repealed, inso-
far as they may so conflict, and this Ordinance shall be in force and take effect
ten (10). days from and aftex its passage.
First Reading: January 6th, 1971 ,
Second Reading: January 20th, 1971
Third Readin�: January 20th, 1971
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Passed this o2D day of Januaxy, 1971.
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Mayor
Attest:
6 �
��� - _
City Clerk
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ORDINANCE N0. 549 OF THE CITY OF CAPE GIRARDEAU, MISSOURI
(H.W.I. BUILDING CORPORATION)
INDEX
Page
Recitals---------------------------------------------------- 1
Section 1. Authority to Purchase and Construct Pro�ect---- 2
Section 2. Authorization of and Security for the Bonds---- 2
Section 3. Description and Details of the Bonds ,
Designation of Paying Agent------------------- 2
Section 4 . RedeMption and Payment of Bonds Prior to
Maturity-------------------------------------- �
Section 5. Notice of Redemption---------------------------
Section 6. Method of Execution of Bonds------------------- ' S
Section 7. Form of Bonds---------------------------------- 5
Section 8. Execution and Delivery of the Bonds------------ 10
Section 9 . Designation of Fiscal Agent, Creation of Con-
struction Fund-------------------------------- 10
Section 10. Disposition of Bond Proceeds------------------- 10
Section 11. Use of Construction Fund----------------------- 10
Section 12. Principal and Interest Account----------------- 10
Section 13. Investments------------------------------------ 11
Section 14 . Payment of Balance in Principal and Interest
Account to Company---------------------------- 11
Section 15. Covenant to Pay Principal and Interest--------- 11
Section 16 . Covenant to Redeem Bonds and to Give Notice
Thereof--------------------------------------- 12
Section 17. Particular Covenants of the City--------------- 12
Section 18. Amendments------------------------------------- 13
Section 19 . Default, Events of Default--------------------- 1�+
Section 20. Enforcement------------------------------------ 1�
Section 21. Acceleration in the Event of Default----------- 14
Section 22. Defeasance------------------------------------- 15
Section 23. Payments Due on Sundays and Holidays----------- 16
Section 24 . Consents, Etc . , of Bondholders----------------- 16
Section 25. List of Bondholders---------------------------- 17
Section 26. Provisions Relating to the Fiscal Agent-------- 17
Section 27. Conveyance of Pro,ject to the Company----------- 1$
Section 28. Authorization of Lease------------------------- 18
Section 29. Apprbval of Giiaranty Agreement----------------- 18
Section 30. Election by City under Section 103Fc) (6) (D) of 18
the Internal Revenue Code---------------------- 19
Section 31. Severability----------------------------------- 19
Section 32. Effective Date--------------------------------- 19
Schedule 1 Description of Property------------------------
Exhibit A Lease
Exhibit B Guaranty Agreement
January 21 , 197�3