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BULLET St. Louis City Revised Code Chapter 5.28 Revenue Bonds

St. Louis City Revised Code (annotated) has been converted to electronic format by the staff of the St. Louis Public Library. This electronic version has been done for the interest and convenience of the user. These are unofficial versions and should be used as unofficial copies.

Official printed copies of St. Louis City Revised Code may be obtained from the Register's Office at the St. Louis City Hall.



Chapter 5.28
Revenue Bonds

Sections:

5.28.010 Payment.
5.28.020 Coupon bonds.
5.28.030 Registered bonds--Contents--Forms.
5.28.040 Registered bonds--Transfer--New bonds.
5.28.050 Registered bonds--Principal and interest payments.
5.28.060 Cancellation of bonds.

5.28.010 Payment.

All bonds, notes, coupons or other public indebtedness of the City shall be paid by the Treasurer if presented at the Treasury, or by the banks selected or designated as the fiscal agents of the City where the bonds, notes, coupons or other public indebtedness may have been made payable. All payments by the Treasurer, on account of such public indebtedness, shall be accounted for by him and allowed to him as prescribed in this section. To meet the payment of public indebtedness by the banks selected or designated as fiscal agents of the City and where bonds, notes, coupons or other public indebtedness may have been made payable, the treasurer shall, upon receipt of warrants approved by the mayor, remit to such fiscal agents the amounts specified in warrants. All remittances to, or deposits at the banks selected or designated as fiscal agents of the city, shall be to the credit of the city, subject to the order of the treasurer, and shall be used by the banks or fiscal agents, respectively, to meet payments of the public debts or liabilities maturing thereat. All such fiscal agents shall, upon receipt of remittance from the treasurer, acknowledge the same in writing. A duplicate of such acknowledgment shall be sent to the comptroller and the proper entries shall be made upon the books of the city accordingly. All fiscal agents or depositaries shall return to the treasurer the bonds, notes, coupons or other evidence of indebtedness of the city, paid by it or them, on the first day of each month, as far as practicable, with a full statement of the city's account. A duplicate of such acknowledgment shall be sent to the comptroller and the proper entries thereof shall be made upon the books of the city accordingly. All fiscal agents or depositaries shall, at the same time that the bonds, notes, coupons or other public indebtedness are transmitted to the treasurer, notify the comptroller of the payment of any bonds, notes, coupons or other public indebtedness, by it or them, giving the number and amount thereof, and in addition thereto the treasurer and all fiscal agents or depositaries shall stamp or indorse on the face of the bonds, notes, coupons or other public indebtedness, at the time of payment the word "paid" and also cancel the same.
(1948 C. Ch. 23 49: 1960 C. 135.010.)

Constitution:

Art. 6 26 (a) et seq. Limitations on indebtedness of local governments

Charter:

Art. XVII City bonds

V.A.M.S.:

95.115 et seq. Financial administration--indebtedness

City Counselor Ops.: 8830, 9769

Cases:

City of St. Louis held authorized to issue bonds for poor relief, it being a "municipal purpose." Jennings v. City of St. Louis, 58 S.W. 2d 979 (1933).

City held empowered to vote bonds for a municipal auditorium and community center building. Halbruegger v. City of St. Louis, 262 S.W. 379 (1924).

City may issue bonds to establish and maintain an airport. Dysart v. City of St. Louis, 11 S.W. 2d 1045 (1928).

Issuance of limited obligation bonds funded from enumerated taxes held to be a valid funding arrangement for financing convention center facility. Wunderlich v. City of St. Louis, 511 S.W. 2d 753.

Proposed city bond issue held not to require assent of two-thirds of voters at election for that purpose, where bonds were to be issued pursuant to statute. City of St. Louis v. Sommers, 266 S.W. 2d 753 (1954).

McQuillin:

43.11 Revenue bonds

5.28.020 Coupon bonds.

Upon application of the holders of any coupon bonds, heretofore or hereafter issued by the city, the right to exchange which is not expressed on the face of such bonds, and upon surrender thereof, at the office of the comptroller of the city, the comptroller is authorized to issue to and in the name of such holders registered bonds of like tenor and amount in one or more certificates. The coupon bonds and the coupons attached thereto shall be cancelled by the comptroller immediately upon being surrendered to him by stamping or writing the words "cancelled" and "exchanged for registered bond No. ________, date ________," in red ink across the face of the bonds and by cancelling the signature of the bonds and coupons with a cancelling punch.
(1948 C. Ch. 23 50: 1960 C. 135.020.)

5.28.030 Registered bonds--Contents--Forms.

The registered bonds issued under this chapter shall be engraved; provided, however, that the name of the holders, the amounts, numbers and other descriptions of the coupon bonds for which they are exchanged and other matter impracticable to engrave may be written or stamped on the bonds. The registered bonds shall contain the holders, the amounts, numbers and other descriptions of the coupon bonds for which they are exchanged, and shall be signed by the mayor, comptroller and treasurer of the city, attested by the register of the city with the seal of the city affixed thereto and registered by the comptroller of the city in the name of the holder thereof. The registered bonds shall not be signed by the mayor, comptroller and treasurer until the coupon bonds and registered bonds for which they are exchanged shall have been cancelled as provided in this chapter. When the amount is written in the bond, the bond shall be perforated with the figures and characters expressing the amount for which it is issued. The registered bonds shall have printed on the back thereof the forms and requirements relating to the transfer of the same.
(1960 C. 135.030: 1948 C. Ch. 23 51.)

5.28.040 Registered bonds--Transfer--New bonds.

Upon application of the holders of registered bonds issued as provided in this chapter, or of their legal representatives, and upon surrender of such bonds at the office of the comptroller, the comptroller is authorized to transfer the same on the books of the city to persons designated in the application. The transfer of such bonds must be in written or printed form, indorsed upon the backs of the bonds, and must be acknowledged before a notary public or other officer authorized under the laws of this state to take acknowledgments to deeds for transfers of real estate, or the signatures of the registered holder of the bonds must be attested by an officer of one of the banks or banking houses designated to act as the fiscal agents of the city at New York or London. Applications for transfers must be filed at the comptroller's office in the city at least ten days before the date of payment of the semiannual interest next due on the bonds. The bonds so transferred and surrendered shall be cancelled by the comptroller, who shall issue new registered bonds therefor, cancellation and issuing of new bonds to be done in the same manner as prescribed in this chapter in the case of coupon bonds exchanged into registered bonds.
(1960 C. 135.040: 1948.C. Ch. 23 52.)

5.28.050 Registered bonds--Principal and interest payments.

The payment of the principal and interest of the registered bonds as the same become due shall be made by draft, payable to the order of the holder at the place designated in the coupon bonds for the payment of the principal and interest. In cases where the principal and interest of the coupon bonds are payable in two or more places, at the option of the holder, the holder shall express his preference for either one of the places at the time of issuing the certificates, at which place preferred the draft shall be made payable.
(1960 C. 135.050: 1948 C. Ch. 23 53.)

City Counselor Ops.: 9769

5.28.060 Cancellation of bonds.

The bonds and coupons for which the registered bonds are issued, also the registered bonds in cases of transfers, shall be cancelled by the mayor, comptroller and treasurer and delivered to the comptroller of the city and his receipt taken therefor. The comptroller shall preserve such cancelled bonds and coupons and registered bonds in his office in like manner as other cancelled bonds and coupons. The mayor, comptroller and treasurer shall certify, in duplicate, to the cancellation of all bonds and coupons cancelled under Ordinance 17259; one of the certificates of cancellation shall be filed in the division of audit and accounting, the other to be preserved in the comptroller's main office in a book to be kept for that purpose.
(1960 C. 135.060: 1948 C. Ch. 23 54.)

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