Recreation Centers

Recreation Centers debt information

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Recreation Centers Leasehold 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.

Project Description:
The Recreation Centers Bonds provided financing for the design and construction of two new recreation centers and the renovation of several existing recreation centers located within the City. The Recreation Centers Bond financing includes the acquisition of personal property and the construction, renovation, equipping, and installing of furnishings and equipment for use in connection with such recreation centers.

The two new recreation centers will be located in Carondelet Park, in the southern part of the City, and in O'Fallon Park, in the northern part of the City. Each facility will contain approximately 70,000 square feet of space and will be situated on approximately ten acres of land. Each facility will be a two-story structure and will include indoor and outdoor swimming pools, a gymnasium, an indoor track, fitness and multipurpose areas, and locker facilities. There will be designated areas provided for teens and seniors as well as for arts and crafts and social services programs. Each facility will also have a substation of the St. Louis Police Department. Each new recreation center will be furnished with appropriate equipment, including furniture, fitness, and gymnasium equipment, and seating.

Bondholder Security:
The Recreation Centers Bonds are special obligations of the St. Louis Municipal Finance Corporation (the "Corporation"), payable solely out of rental and additional rental payments derived by the Corporation from leasing the two new recreation centers to the City. The City has covenanted, subject to annual appropriation, to pay rental and additional rental payments 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 Recreation Centers 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 the properties.

For a more detailed description of the security for the Recreation Centers Bonds, please refer to the Official Statement for the bonds (link provided below) and to www.emma.msrb.org for any Continuing Disclosure Updates and Material Event Filings.

Bonds Outstanding:
There is currently outstanding the following one (1) series of Recreation Centers Bonds with an aggregate principal amount of $42,990,000 as follows:

Issuer

Series

New Money / Refunding

Par Outstanding

Final Maturity

St. Louis Municipal Finance Corporation

2016

Refunding

$42,990,000

February 15, 2037


 

For Debt Service on Outstanding Bonds as of June 30, 2016 please click here.



Official Statements:
Series
     

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