Taxable Pension Gap Bonds
BOARD BILL NO. 529 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 Leasehold Revenue Bonds (City of St. Louis, Missouri, Lessee), Series 2008 or Taxable Pension Service Contract Revenue Bonds, Series 2008 or any combination thereof (collectively, the “Series 2008 Bonds”), in an aggregate principal amount not to exceed $37,000,000 in order to pay certain actuarially required contributions coming due in the City’s current fiscal year (“Fiscal Year 2008”) 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”) 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 Interest Rate Exchange Agreement, the Official Statement, and Bond Purchase 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), any Interest Rate Exchange Agreement to which the City is a party, the Official Statement, and Bond Purchase Agreement; providing for a debt service reserve fund or funds for the Series 2008 Bonds, if any; authorizing the Corporation and the City to obtain credit enhancement for a portion or all of the Series 2008 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 2008 Bonds; 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; and superseding provisions of prior ordinances of the City to the extent inconsistent with the terms hereof.
Board Bill Number: 529
Primary Sponsors: Stephen Conway
Committee: Ways and Means