Board Bill Number 74 In Session 2007-2008

Summary

BOARD BILL # 74 INTRODUCED BY ALDERWOMAN PHYLLIS YOUNG An ordinance recommended and approved by the Airport Commission and the Board of Estimate and Apportionment, making certain findings with respect to the transfer of Three Million Two Hundred Thousand Dollars ($3,200,000) of moneys that The City of St. Louis (the "City"), the owner and operator of Lambert-St. Louis International Airport®, intends to transfer from the "Airport Development Fund" (established under Ordinance 59286, Section 13, approved October 26, 1984) into the "Airport Contingency Fund" (established under Ordinance 59286 approved October 26, 1984, Exhibit A, Article V, Sections 502 and 510) in accordance with Section 509.F of the Lambert-St. Louis International Airport® Amended and Restated Indenture of Trust between UMB Bank, N.A., Trustee, dated as of October 15, 1984, as amended and restated on September 10, 1997, as amended; authorizing a transfer in the total amount of Three Million Two Hundred Thousand Dollars ($3,200,000) from the Airport Development Fund into the Airport Contingency Fund; further authorizing transfers of funds in the total amount not to exceed Two Hundred Thousand Dollars ($200,000) from the Airport Contingency Fund to the Airport Revenue Fund (established under Ordinance 59286, Section 13, approved October 26, 1984) during the fiscal year beginning July 1, 2006 ("Fiscal Year 2007") and the transfer of funds in the total amount not to exceed Three Million Dollars ($3,000,000) during the fiscal year beginning July 1, 2007 ("Fiscal Year 2008"), as are required for the purposes of making funds available for the Passenger Air Service Incentive Program previously adopted by the City; containing a severability clause; and containing an emergency clause.

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