Board Bill Number 9 In Session 2024-2025
Leasehold Revenue Refunding Bonds
Summary
This Board Bill seeks to authorize the issuance of up to Twenty Million Dollars ($20,000,000) leasehold revenue refunding bonds (the "Bonds"). The issuance of the Bonds will result in a decrease in the City's debt service payment obligations. The debt service costs associated with the Bonds will be paid solely from Rentals and Additional Rental (as such terms are defined in the hereinafter defined Lease Agreement) received by the St. Louis Municipal Finance Corporation (the "Corporation") from the City under the Amended and Restated Lease Agreement (the "Lease Agreement") relating to the Convention Center Property (as such term is defined in the Lease Agreement). The City intends to use Hotel Sales Tax and Restaurant Gross Receipts Tax revenues to make such payments. Proceeds from the sale of the Bonds will be used to: (1) to provide funds to pay all or a portion of the costs of refunding all or a portion of the outstanding Series 2015 Bonds, (2) provide for the funding of any required debt service reserve funds and/or the purchase of any credit enhancement, if any, and (3) pay reasonable expenses incurred by the Corporation and the City in connection with the issuance of the Bonds, including premiums for any bond insurance or surety.
Download
Latest Bill text:
- Introduced (322.07 KB PDF)
Overview
Legislative History
Legislative activities and outcomes for this board bill. Learn more about what these activities mean.
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04/26/2024
First Reading
Bill text was introduced (322.07 KB PDF).
04/26/2024Referred to a Committee
The bill was assigned to the Transportation and Commerce Committee.
04/29/2024Committee Hearing
The bill was passed out of committee with a recommendation of do pass during the Transportation and Commerce Committee hearing.
05/03/2024Second Reading
05/10/2024Perfection
The bill was passed.
Supporting Materials
These materials are not a part of the legislation. They may be presented by the sponsor, other Board members, special guest speakers or others to help further explain the proposal, provide other evidence, give additional information and/or alternative ideas or opinions.
1 document has been uploaded Title File Size Presentation for Board Bill Number 9 made at the Board of Aldermen's Transportation and Committee Meeting held Monday, April 29, 2024 in the Kennedy Room. Convention Center Bonds Presentation (1).pdf 1.52 MB
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