Board Bill Number 9 Votes In Session 2024-2025

Board Bill

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.

View Board Bill 9 details

05/17/2024 Final Passage Vote Results