Chapter 10: Finance

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CONTENTS

ARTICLE I.  IN GENERAL

§ 10-1.        Fiscal year.

§ 10-2.        Depository.

§ 10-3.        Payment of bills.

§ 10-4.        Payment in Lieu of Taxes (PILOT).

§§ 10-5 to 10-8.  Reserved.

ARTICLE II.  MUNICIPAL BUDGET

§ 10-9.        Budget - Required.

§ 10-10.      Budget - Contents.

§ 10-11.      Budget committee.

§ 10-12.      Mayor to supervise.

§ 10-13.      Expenditures limited.

§ 10-14.      Debts limited.

§ 10-15.      Budget calendar.

§ 10-16.      Budget procedures.

§§ 10-17 to 10-21.  Reserved.

ARTICLE III.  MUNICIPAL RECORDS MANAGEMENT

§ 10-22.      Definitions.

§ 10-23.      City clerk to keep records.

§ 10-24.      Destruction of records and nonrecord materials.

§§ 10-25 to 10-29.  Reserved.

ARTICLE IV.  NATURAL GAS SYSTEM REVENUE BONDS

SERIES 1992

 (Repealed by Ord. 730)

§§ 10-30 to 10-142.  Reserved.

ARTICLE V.  TAXABLE INDUSTRIAL REVENUE BONDS

(WAL-MART STORES, INC) SERIES 2000

§ 10-143.  Authorization for the project.

§ 10-144.    Authorization of the Bonds.

§ 10-145.    Authorization of documents.

§ 10-146.    Execution of documents.

§ 10-147.    Further authority.

§ 10-148.    Effective date.

§ 10-150.    Notice of intent to transfer of inducement and development agreement interest.

§§ 10-150 to 10-153.  Reserved.

ARTICLE VI.  NATURAL GAS SYSTEM REFUNDING

REVENUE BONDS - SERIES 2001

(Repealed by Ord. 842)

ARTICLE VII.  TAXABLE GENERAL OBLIGATION BONDS - SERIES 2009A

AND GENERAL OBLIGATION BONDS SERIES 2009B

§ 10-154.    Authorization of Bonds.

§§ 10-155 to 10-159.  Reserved.

 

Chapter 10

FINANCE

ARTICLE I

IN GENERAL

Sec. 10-1.  Fiscal year.

        The fiscal year of this city shall begin on May 1, and end on April 30 of the next succeeding year.  (1977 Code; Ord. 738)

Sec. 10-2.  Depository.

        The city council shall select a depository for city funds.  The depository shall be a banking facility in the City of St. James.  (1977 Code)

Sec. 10-3.  Payment of bills.

        That no bills shall be allowed against the city unless the same are approved by the Finance Committee, who shall certify their correctness, and that the items are as low as can be procured.  Said bills shall be presented to the city clerk not later than Saturday next preceding the regular meeting of the council except salaries provided for by ordinance.   (Ord. 57, §1.)

Sec. 10-4. Payment in Lieu of Taxes (PILOT).

        The City of St. James establishes an ongoing and regular inter-agency transfer, also known as a Payment In Lieu Of Taxes, (PILOT) of 6% of the Municipal Utilities electrical, water, wastewater and natural gas revenues, to be paid monthly to the City of St. James General Fund effectively January 01, 2009. (Ord. 918; Ord. 936)

Secs. 10-5 to 10-8.  Reserved.

ARTICLE II
MUNICIPAL BUDGET

Sec. 10-9.  Budget - Required.

        Prior to the commencement of each fiscal year, a budget for the city shall be prepared, and the same will be presented to and approved by the city.  (1977 Code)

Sec. 10-10.  Budget - Contents.

        The annual budget shall present a complete financial plan for the next fiscal year.  The following shall be included in the budget:

        (1)   A budget message to describe the important features of the budget and to point out any major changes from the previous year.

        (2)   An estimate of revenues which are expected to be received during the next year from all sources, plus a comparative statement of the revenues for the previous two budget years.  These comparisons shall be shown by year, fund, and source.

        (3)   An estimate of the expenditures that are proposed to be spent during the budget year, plus a comparative statement of actual expenditures for the previous two years.  These comparisons should be shown by year, fund, activity and object.

        (4)   The amount of money required to pay any interest, amortization, or redemption charges which the municipality will owe during the budget year.

        (5)   A general summary of the total proposed budget.  (1977 Code)

Sec. 10-11.  Budget Committee.

        The budget shall be prepared by a committee appointed each year in January (or as soon thereafter as practicable) by the mayor with the concurrence of the city council.  It is the responsibility of the Budget Committee to prepare the budget after reviewing expenditure requests and revenue estimates with other city officers.  The Budget Committee shall submit the completed budget and supporting schedules and exhibits to the mayor, who shall present the same to the city council.  (1977 Code)

Sec. 10-12.  Mayor to supervise.

        The Budget Committee shall prepare the city budget under the direction of the mayor.  The mayor shall concur in the budget prior to its submission to the city council.  (1977 Code)

Sec. 10-13.  Expenditures limited.

        Expenditure estimates in the budget shall not be larger in amount than the total anticipated revenue for the budget year, plus any surplus from the previous year or less any deficit from the previous year providing salaries and benefits are not subsidized with surplus from previous years.  (1977 Code; Ord. 882)

Sec. 10-14.  Debts limited.

        The city shall not incur any debts which aggregate an amount greater than the anticipated revenues for the budget year, without the approval of the voters of the city, as required by law.  (1977 Code)

Sec. 10-15.  Budget calendar.

        The Budget Committee shall prepare the city budget in accordance with the following calendar:

        (1)   In January of each year, the Budget Committee will collect the data necessary, and make preliminary revenue estimates for the coming fiscal year.  He will estimate expenditures for the present year, and note expenditures and revenues for the previous two fiscal years.

        (2)   In February of each year, the Budget Committee will request from each city officer a statement of expenditures requested for the coming fiscal year.

        (3)   In March of each year, the Budget Committee will review the departmental requests and make his final revenue estimates of the coming fiscal year, and will confer with department heads to discuss these requests.

        (4)   In April of each year, the Budget Committee will begin assembling the city budget.

        (5)   In April of each year, the Budget Committee will confer with the mayor and any such other officers as the mayor may designate, for preparation of the city budget for the next fiscal year to be submitted to the city council.

        (6)   The budget shall be submitted to the city council at the regular meeting in May.  (1977 Code; Ord. 738)

Sec. 10-16.  Budget procedures.

        To the maximum extent practicable, and to the extent it does not conflict with state law, this Code, or other ordinance, the budget shall be prepared in accordance with A Guide to Budgeting for Missouri Municipalities, published by the Missouri Municipal League.  (1977 Code)

Secs. 10-17 to 10-21.  Reserved.

ARTICLE III

MUNICIPAL RECORDS MANAGEMENT

Sec. 10-22.  Definitions.

        (a)   Nonrecords- Library and museum material made or acquired and preserved solely for reference or exhibition purposes, extra copies of documents preserved only for convenience of reference, and stocks of publications and of processed documents are not included within the definition of records as used in this subchapter, and are hereinafter designated as "nonrecord" materials.  (1977 Code)

        (b)   Records - As used in this subchapter, the word "record" or "records" shall mean any document, book, paper, photograph, map, sound recording or other material, regardless of physical form or characteristics, made or received pursuant to law or in connection with the transaction of official business.  (1977 Code)

Sec. 10-23.  City clerk to keep records.

        (a)   The records of the city shall be kept in the custody of the city clerk.  (1977 Code)

        (b)   The city clerk may delegate to a subordinate or to another city official authority to have temporary custody of city records, after satisfying himself as to the safety of said records.  (1977 Code)

Sec. 10-24.  Destruction of records and nonrecord materials.

        All records made or received by or under the authority of or coming into the custody, control or possession of local officials in the course of their public duties are the property of the city and shall not be mutilated, destroyed, transferred, removed or otherwise damaged or disposed of, in whole or in part, except as provided by law.

        (1)   No record shall be destroyed or otherwise disposed of unless it is determined that the record has no further administrative, legal, fiscal, research or historical value.

        (2)   Nonrecord materials or materials not included within the definition of records may, if not otherwise prohibited by law, be destroyed at any time, if same have the approval of the Missouri Local Records Board.

        (3)   Records of the city may be disposed of or destroyed without the approval of the Missouri Local Records Board, if the same is permitted by the State Municipal Records Manual.  Records may be retained for a period of time longer than the minimum retention period required by the State Municipal Records Manual, at the discretion of the city clerk.  (1977 Code)

Secs. 10-25 to 10-29.  Reserved.

ARTICLE IV

NATURAL GAS SYSTEM REVENUE BONDS

SERIES 1992

 (The Natural Gas System Revenue Bond Series 1992 have been retired)

(Ord. 519; Repealed by Ord. 730)

Secs. 10-30 to 10-142.  Reserved.

ARTICLE V

TAXABLE INDUSTRIAL REVENUE BONDS

(WAL-MART STORES, INC.) SERIES 2000

Sec. 10-143.  Authorization for the project.

        The City is hereby authorized to provide for the purchase, construction, extension and improvement of the Project, all in the manner and as more particularly described in the Indenture and the Lease hereinafter authorized. (Ord. 660, §1; Ord. 671, §1)

Sec. 10-144.  Authorization of the Bonds.

        The City is hereby authorized to issue and sell its Taxable Industrial Revenue Bonds (Wal-Mart Stores East, Inc.) Series 2000, in an aggregate principal amount not to exceed $59,000,000, for the purpose of providing funds to pay the costs of the Project. The Bonds shall be issued and secured pursuant to the herein authorized Indenture and shall bear such date, shall mature at such time, shall be in such denominations, shall bear interest at such rates, shall be in such form, shall be subject to redemption and other terms and conditions, and shall be issued in such manner, subject to such provisions, covenants and agreements, as are set forth in the Indenture.  The Bonds and the interest thereon shall be limited obligations of the City payable solely out of certain payments, revenues and receipts derived by the City from the Lease Agreement described below, and such payments, revenues and receipts shall be pledged and assigned to the trustee named below as security for the payment of the Bonds as provided in the Indenture.  (Ord. 660, §2; Ord. 671, §2)

Sec. 10-145.  Authorization of Documents.

        The City is hereby authorized to enter into the following documents (the “City Documents”), in substantially the forms presented to and reviewed by the City at this meeting (copies of which documents shall be filed in the official records of the City), with such changes therein as shall be approved by the officials of the City executing such documents, such officials’ signatures thereon being conclusive evidence of their approval thereof:

        (a)       Trust Indenture (the “Indenture”), between the City and the trustee to be named therein (the ‘Trustee”), pursuant to which the Bonds shall be issued and the City shall pledge the Project and assign certain of the payments, revenues and receipts received pursuant to the Lease Agreement to the Trustee for the benefit and security of the owners of the Bonds upon the terms and conditions as set forth in said form of Indenture.

        (b)       Lease Agreement (the ‘lease Agreement”), between the City and the Company, under which the City will acquire the Project and lease the Project to the Company pursuant to the terms and conditions in said Lease Agreement, in consideration of rental payments by the Company which will be sufficient to pay the principal of premium, if any, and interest on the Bonds.

        (c)       Bond Purchase Agreement (the “Bond Purchase Agreement”), between the City and Wal-Mart Stores East, Inc., as Purchaser,

        (d)       Grant Agreement (the “Grant Agreement”) among the City, the Company and the St. James R-I School District of Phelps County, Missouri.  (Ord. 660, §3; Ord. 671, §3)

Sec. 10-146.  Execution of Documents.

        The Mayor of the City is hereby authorized and directed to execute the Bonds and to deliver the Bonds to the Trustee for authentication for and on behalf of and as the act and deed of the City in the manner provided in the Indenture. The Mayor is hereby authorized and directed to execute the City Documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Article, for and on behalf of and as the act and deed of the City. The City Clerk of the City is hereby authorized and directed to attest to and affix the seal of the City to the Bonds and the City Documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Article.  (Ord. 660, §4; Ord. 671, §4)

Sec. 10-147.  Further Authority.

        The City shall, and the officials, agents and employees of the City are hereby authorized and directed to, take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Article and to carry out, comply with and perform the duties of the City with respect to the Bonds and the City Documents.  (Ord. 660, §5; Ord. 671, §5)

Sec. 10-148.  Effective Date.

        This Article shall take effect and be in full force and effect from and after its passage by the City Council and approval by the Mayor. (Ord. 660, §6; Ord. 671, §6)

Sec. 10-149.  Notice of intent to transfer of inducement and development agreement interest.

        WHEREAS, VIA Certified Mail, receipt # 7001 1140 0000 8126 5666, a NOTICE OF INTENT TO TRANSFER OF INDUCEMENT AND DEVELOPMENT AGREEMENT INTEREST letter dated January 17, 2002 was received from Wal-Mart Stores East, Inc.

        WHEREAS, the letter stated "in order to improve our business functions such as real estate, marketing etc., it has been decided to create a special purpose entity, Wal-Mart Stores East, LP. All of the voting shares of this new entity shall be controlled by Wal-Mart Stores East, Inc. The operations, investments and job creation of the above referenced facility will be unaffected by the proposed transfer."

        WHEREAS, Effective February 1, 2002, Wal-Mart Stores East, Inc. intends to transfer and convey to Wal-Mart Stores East, LP, 100% of the voting shares of which are controlled by Wal-Mart Stores East, Inc., all of Wal-Mart Stores East Inc.'s right, title and interest to the property corresponding to store NO. 6069-St. James. Accordingly, Wal-Mart Stores East, LP shall succeed to the interest of Wal-Mart Stores East, Inc. in that certain INDUCEMENT AND DEVELOPMENT AGREEMENT, Dated 7-6-00, corresponding to the above-referenced Store Number.

        NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ST. JAMES, MISSOURI, THAT whenever notice, demand, request or other communication shall or may be given to the undersigned pursuant to the provisions of the INDUCEMENT AND DEVELOPMENT AGREEMENT, such communication shall be served in accordance with the requirements thereof, addressed to:

        WAL-MART STORES EAST, LP 1108 SE 10th Street - Mail Stop 0555 Bentonville, AR72716-0555 Attention: Ms. Kay Dixon

        With a copy, under separate cover, to the attention of,

        WAL-MART STORES EAST, INC. 1108 SE 10th Street - Mail Stop # 0550 Bentonville, AR72716-0550 Attention: Mr. Wiley Lott. (Ord. 737)

Secs. 10-150 to 10-153.  Reserved.

ARTICLE VI

NATURAL GAS SYSTEM REFUNDING

REVENUE BONDS - SERIES 2001

(Repealed by Ord. 842)

 

ARTICLE VII.  TAXABLE GENERAL OBLIGATION BONDS - SERIES 2009A

AND GENERAL OBLIGATION BONDS SERIES 2009B

Sec. 10-154.  Authorization of Bonds.*

        There shall be issued and hereby authorized and directed to be issued (a) Taxable General Obligation Bonds. (Build America Bonds - Direct Payment) Series 2009A of the City in the principal amount of $1,250,000 (the "Series 2009A Bonds"), and (b) General Obligation Bonds, Series 2009B of the City in the principal amount of $700,000 (the "Series 2009B Bonds" and together with the Series 2009A Bonds, the "Bonds"), which are being issued for the purpose of paying the costs of the Project and the costs of issuance of the Bonds. (Ord. 964)

Secs. 10-155 to 10-159. Reserved.

*NOTE: For complete Ordinance, refer to Ordinance No. 964.