Board Bill Number 286 In Session 2009-2010

Summary

BOARD BILL # 286 INTRODUCED BY ALDERMAN TERRY KENNEDY 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 Seventeen Million Dollars ($17,000,000) of excess 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 the City, as Grantor, and UMB Bank, N.A., as Trustee, dated as of October 15, 1984, as amended and restated as of July 1, 2009 (the "Restated Indenture"); authorizing a transfer in the total amount of Seventeen Million Dollars ($17,000,000) from the Airport Development Fund into the Airport Contingency Fund; further authorizing the following transfers from the Contingency Fund to the Airport Bond Fund for credit to the Debt Service Reserve Account in accordance with the Restated Indenture: an amount not to exceed Seven Million Dollars ($7,000,000) during the fiscal year beginning July 1, 2009, and an amount not to exceed Ten Million Dollars ($10,000,000) during the fiscal year beginning July 1, 2010, to be used to pay debt service for the City's airport revenue bonds; containing a severability clause; and containing an emergency clause.

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