City Justice Center Revenue Bonds
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.
The City Justice Center replaced the former municipal jail and has a total housing capacity of approximately 845 prisoners. The City Justice Center is located east of City Hall, south of the former federal courthouse, and west of the federal courthouse for the District Court for the Eastern District of Missouri. This site provides convenient access to both the existing circuit courts and police headquarters and a skywalk connection to the former federal courthouse (which is now called the Carnahan Courthouse and serves as a criminal courthouse for Missouri's 22nd Judicial Circuit).
The City Justice Center serves as a preliminary intake center to determine whether prisoners remanded into custody will stay at the City Justice Center or be transferred to the City's medium security institution. Prisoners are booked and held as necessary at the City Justice Center. The City Justice Center is designed to meet standards established by the American Correctional Association, to meet the aesthetic demands of its prominent location, and to provide a civic presence appropriate to the institution of City government.
Groundbreaking for the City Justice Center occurred during the summer of 1999. Construction of the Justice Center was completed without delay, on schedule, and within budget in 2002.
The City Justice Center Bonds are special obligations of the St. Louis Municipal Finance Corporation (the "Corporation"), payable solely out of rentals and additional rental payments derived by the Corporation from leasing jail facilities to the City and other revenues, moneys and receipts derived by the trustee pursuant to a pledge agreement by and between the City and the trustee. The City has covenanted, subject to annual appropriation, to pay rental and additional rental payment 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 City Justice Center 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 lease will terminate at the end of the fiscal year for which funds have been appropriated and the City will be required to vacate properties.
Revenues received by the trustee pursuant to the pledge agreement are not subject to annual appropriation by the City.
For a more detailed description of the security for the City Justice Center Bonds, please refer to the Official Statement for the relevant series of bonds (links provided below) and to www.emma.msrb.org for any Continuing Disclosure Updates and Material Event Filings.
There are currently outstanding the following three (3) series of City Justice Center Bonds with an aggregate principal amount of $57,925,000 as follows:
|Issuer||Series||New Money / Refunding||Par Outstanding||Final Maturity|
|St. Louis Municipal Finance Corporation||2005||Refunding||$12,410,000||February 15, 2020|
|St. Louis Municipal Finance Corporation||2011||Refunding||$45,515,000||February 15, 2019|
For Debt Service on Outstanding Bonds as of January 1, 2013 please click here.