Pension Funding Project

Pension Funding Project debt info

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Pension Funding Project Leasehold Revenue Bonds (Taxable)

Important Note: All of the information set forth below is historical and subject to change. Investors must read the entire final official statement ("OS"), as well as any updated information regarding these bonds made available by the City of St. Louis (the "City") at the Municipal Securities Rulemaking Board's Electronic Municipal Market Access ("EMMA") website www.emma.msrb.org, to obtain the information essential to the making of an informed investment decision.

Project Description:
In 2004, the City of St. Louis Police Retirement System (the "PRS") and the City of St. Louis Firemen's Retirement System (the "FRS") filed two actions in the Circuit Court of the City of St. Louis against the City, seeking declaratory and injunctive relief and damages on the basis that the City was required to pay the entire certified amounts submitted by the PRS and the FRS for their fiscal years 2004 and 2004-2005, respectively. The Circuit Court granted summary judgment in favor of the PRS and FRS and the City appealed the rulings. The Missouri Court of Appeals transferred the cases to the Missouri Supreme Court. On March 13, 2007, the Supreme Court affirmed the judgments of the Circuit Court.

In May 2007, the City of St. Louis Employees Retirement System (the "ERS", together with the PRS and the FRS, the "Retirement Systems") delivered notice to the City of ERS' intent to seek similar relief for the alleged shortfalls in the City's funding of the ERS for fiscal years 2004 through 2007.

In response to these actions, the City authorized the issuance and sale by the St. Louis Municipal Finance Corporation (the "Corporation") of two series, 2007 and 2008A, of the Corporation's bonds for the purposes of satisfying judgments and paying other amounts in connection with the Retirement Systems.

Bondholder Security:
The Pension Funding Project Bonds are special obligations of the Corporation, payable solely out of rental and additional rental payments derived by the Corporation from leasing the St. Louis Fire Department facilities (Series 2007 Bonds) and the Juvenile Detention Center (Series 2008A Bonds) to the City. The City has covenanted, subject to annual appropriation, to pay rental and additional rental payments at such times and in such amounts as are necessary to prevent default in the payment of principal or premium, if any, and interest on the Pension Funding Project Bonds. The City's payments are subject to annual appropriation by the City. If the City fails to budget and appropriate funds for payments in any fiscal year, the leases will terminate at the end of the fiscal year for which funds have been appropriated and the City will be required to vacate the properties.

For a more detailed description of the security for the Pension Funding Project Bonds, please refer to the Official Statements for the relevant series of bonds (links provided below) and to www.emma.msrb.org for any Continuing Disclosure Updates and Material Event Filings.

Bonds Outstanding:
There are currently outstanding the following two (2) series of Pension Funding Project Bonds with an aggregate principal amount of $145,515,000 as follows: 

Issuer

Series

New Money / Refunding

Par Outstanding

Final Maturity

St. Louis Municipal Finance Corporation

2007

Both

$133,525,000

June 1, 2037

St. Louis Municipal Finance Corporation

2008 A

New Money

$11,990,000

June 1, 2019


 

For Debt Service on Outstanding Bonds as of June 30, 2013 please click here.                      

 


Official Statements:
Series
2007
2008A   

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