Ordinance 68056

An ordinance recommended by the Board of Estimate and Apportionment pertaining to, and providing for the issuance of obligations payable under an annually renewable lease agreement, authorizing and directing the execution and delivery, in one or more series, of lease certificates of participation ob

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Summary

An ordinance recommended by the Board of Estimate and Apportionment pertaining to, and providing for the issuance of obligations payable under an annually renewable lease agreement, authorizing and directing the execution and delivery, in one or more series, of lease certificates of participation obligations of the City of St. Louis, Missouri (the “City”), evidencing interests in the right to receive rentals to be made by the City pursuant to an annually renewable lease agreement (the “Series 2008 Obligations”) in an aggregate principal amount of not to exceed $11,000,000 in order to refinance and refund all of the Land Clearance for Redevelopment Authority of the City of St. Louis (“LCRA”) Kiel Site Lease Revenue Refunding Bonds, Series 1997A outstanding in the principal amount of $6,105,000 (the “Series 1997A Bonds”) and the LCRA Kiel Site Lease Revenue Refunding Bonds, Series 1997B outstanding in the principal amount of $4,050,000 (the “Series 1997B Bonds” and together with the Series 1997A Bonds, the “Refunded Bonds”), funding a debt service reserve account and paying costs of issuance of the Series 2008 Obligations including credit enhancement fees, all for the general welfare, safety and benefit of the citizens of the City; authorizing the creation of and continuation of a lien and security interest by the Corporation in a leasehold interest in the premises leased (“Leased Premises”) under a Lease Agreement between the City and the Corporation, to secure payment of the Series 2008 Obligations and/or to secure payment of obligations due to the Credit Provider (as hereafter defined), if any, authorizing and directing the officers of the Corporation to execute and deliver the Indenture of Trust, the Lease Agreement, the Official Statement, the Purchase Agreement, the Continuing Disclosure Agreement and the Escrow Agreement; authorizing the obtaining of credit enhancement, if any, for the Series 2008 Obligations from a Credit Provider (as defined below), authorizing the payment of any obligations due to a Credit Provider, if any, and authorizing the Comptroller and any other appropriate City officials, if necessary, to execute any Credit Agreement, as defined below, or other documents related thereto; authorizing the execution of an annually renewable lease agreement between the City and the St. Louis Municipal Finance Corporation (the “Corporation”); authorizing participation of appropriate City officials in preparing the preliminary Official Statement and final Official Statement for the Series 2008 Obligations, and the acceptance of the terms of a Purchase Agreement for the Series 2008 Obligations and the taking of further actions with respect thereto; and 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 with an emergency clause.

Overview

Session: 2008-2009

Board Bill Number: 138

Primary Sponsors: Stephen Conway

Committee: Ways and Means

Effective: 07/11/2008

Legislative History

  • 06/27/2008

    First Reading

  • 07/03/2008

    Second Reading

  • 07/11/2008

    Perfection

  • 07/11/2008

    Third Reading

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