Ordinance 67602

Taxable pension bonds

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BOARD BILL NO. 179 INTRODUCED BY: ALDERMAN STEPHEN CONWAY An ordinance recommended by the Board of Estimate and Apportionment of the City of St. Louis, Missouri (the “City”) authorizing and directing the St. Louis Municipal Finance Corporation (the “Corporation”) to issue and sell the Corporation’s Taxable Pension Judgment Leasehold Revenue and/or Refunding Bonds (City of St. Louis, Missouri, Lessee), Series 2007 and Taxable Pension Judgment Service Contract Revenue Bonds, Series 2007, or any combination thereof (collectively, the “Series 2007 Bonds”), in an aggregate principal amount not to exceed $155,000,000 in order to pay certain judgments and other amounts in connection with any or all of the City of St. Louis Police Retirement System (the “PRS”), the City of St. Louis Firemen’s Retirement System (the “FRS”), and the City of St. Louis Employees’ Retirement System (the “ERS” and together with the PRS and FRS, the “Retirement Systems”) and, if necessary or desirable to facilitate the transactions contemplated hereby, to pay, redeem and/or refund to maturity the Corporation’s outstanding Firemen’s Retirement System Lease Revenue Bonds, Taxable Series 1998 (The City of St. Louis, Missouri, Lessee) (the “Series 1998 Bonds”) and/or any Bridge Loan (as defined herein) for the general welfare, safety, and benefit of the citizens of the City; authorizing and directing the Corporation to execute and deliver, as necessary or desirable to facilitate the transactions contemplated hereby, any of the Indenture, the Base Lease, the Lease Purchase Agreement, the Service Contract, the Tax Compliance Agreement, the Interest Rate Exchange Agreement, the Official Statement, the Bond Purchase Agreement, and the Escrow Agreement (all as defined herein); authorizing the City to execute and deliver, as necessary or desirable to facilitate the transactions contemplated hereby, any of the Base Lease, the Lease Purchase Agreement, the Service Contract, the Continuing Disclosure Agreement (as defined herein), the Tax Compliance Agreement, any Interest Rate Exchange Agreement to which the City is a party, the Official Statement, the Bond Purchase Agreement, and the Escrow Agreement; providing for a debt service reserve fund or funds for the Series 2007 Bonds, if any; authorizing the Corporation and the City to obtain credit enhancement for a portion or all of the Series 2007 Bonds from a Credit Provider (as defined herein), authorizing the payment of any obligations due to a Credit Provider, if any, and authorizing the Comptroller and any other appropriate City officials to execute the Credit Agreement (as defined herein) and other documents related thereto, if any; authorizing participation of appropriate City officials in preparing the Official Statement; authorizing the acceptance of the terms of the Bond Purchase Agreement and the taking of further actions with respect thereto; authorizing the payment of certain costs of issuance of the Series 2007 Bonds; authorizing the Corporation and the City to obtain a Bridge Loan and enter into Bridge Loan Documents (as defined herein) in the event the issuance of the Series 2007 Bonds is delayed; authorizing the Corporation to amend its articles and by-laws if necessary or desirable to accommodate transactions of the nature contemplated hereby; authorizing and directing the taking of other actions and approval and execution of other documents as necessary or desirable to carry out and comply with the intent hereof; superseding provisions of prior ordinances of the City to the extent inconsistent with the terms hereof; and containing an emergency clause.

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Legislative History

Session: 2007-2008
Board Bill Number: 179
Primary Sponsor: Stephen Conway
Co-Sponsors:
Committee: Ways and Means
First Reading: 06/22/2007
Second Reading: 06/29/2007
Perfection: 07/13/2007
Third Reading: 07/13/2007
Effective Date: 07/19/2007

Topics

See more ordinance tags as Fire Departments (Fire Department), Employees (Civil Service)

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