Ordinance 71853

City Parks Leasehold Improvement Dedicated Revenue Refunding Bonds, Series 2024

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Summary

This Board Bill seeks to authorize and direct the issuance of up to Twenty Five Million Dollars ($25,000,000) principal amount of City Parks Leasehold Improvement Dedicated Revenue Refunding Bonds, Series 2024 (the “Bonds”) by the St. Louis Municipal Finance Corporation. The issuance of the Bonds will result in a decrease in the City’s debt service payment obligations. The Bonds will be secured and payable solely from Dedicated Revenues. Subject to an annual maximum, Dedicated Revenues include each of the following: (i) 6.579 percent the Capital Improvement Sales Tax revenues received by The City of St. Louis, Missouri (the “City”); (ii) 15.5 percent of the City’s share of revenues from the Metropolitan Park and Recreation District Capital Improvements Sales Tax; and (iii) $1,200,000 of the City’s share of revenues from the Metro Parks Sales Tax, excluding the amount dedicated to Forest Park. Proceeds from the sale of the Bonds will be used to: (1) refund all or a portion of previously issued city parks bonds, (2) provide for the funding of any required debt service reserve fund, and (3) pay the costs associated with issuing the Bonds, including premiums for any bond insurance or surety.

Overview

Session: 2024-2025

Board Bill Number: 8

Primary Sponsors: Pamela Boyd

Effective: 06/06/2024

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 (358.90 KB PDF).

  • 04/26/2024

    Referred to a Committee

    The bill was assigned to the Health and Human Development Committee.

  • 05/16/2024

    Committee Hearing

    The bill was passed out of committee with a recommendation of do pass during the Health and Human Development Committee hearing.

  • 05/17/2024

    Second Reading

  • 05/23/2024

    Perfection

    The bill was passed.

  • 05/23/2024

    Engrossment

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

  • 05/23/2024

    Third Reading

    The bill was passed.

  • 05/23/2024

    Delivered to Mayor

  • 06/06/2024

    Mayor Returns Bill

    The bill was approved.

  • 06/06/2024

    Delivered to Register

  • 06/12/2024

    Register Returns Notice with Ordinance Number

    Register returns ordinance number 71853. Effective date is 06/06/2024

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