Ordinance 71847

Leasehold Revenue Refunding Bonds

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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.

Overview

Session: 2024-2025

Board Bill Number: 9

Primary Sponsors: Pamela Boyd

Effective: 05/17/2024

Legislative History

Legislative activities and outcomes for this board bill. Learn more about what these activities mean.

  • 04/26/2024

    First Reading

    Bill text was introduced (322.07 KB PDF).

  • 04/26/2024

    Referred to a Committee

    The bill was assigned to the Transportation and Commerce Committee.

  • 04/29/2024

    Committee Hearing

    The bill was passed out of committee with a recommendation of do pass during the Transportation and Commerce Committee hearing.

  • 05/03/2024

    Second Reading

  • 05/10/2024

    Perfection

    The bill was passed.

  • 05/17/2024

    Engrossment

    The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.

  • 05/17/2024

    Third Reading

    The bill was passed.

  • 05/17/2024

    Delivered to Mayor

  • 05/17/2024

    Mayor Returns Bill

    The bill was approved.

  • 05/17/2024

    Delivered to Register

  • 05/22/2024

    Register Returns Notice with Ordinance Number

    Register returns ordinance number 71847. Effective date is 05/17/2024

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