Board Bill Number 73 In Session 2007-2008

Summary

BOARD BILL # 73 INTRODUCED BY ALDERMAN PHYLLIS YOUNG 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 Twelve Million Dollars ($12,000,000) of moneys that The City of St. Louis, 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 UMB Bank, N.A., Trustee, dated as of October 15, 1984, as amended and restated on September 10, 1997, as amended; authorizing a transfer in the total amount of Twelve Million Dollars ($12,000,000) from the Airport Development Fund into the Airport Contingency Fund; further authorizing transfers of funds in the total amount not to exceed Twelve Million Dollars ($12,000,000) from the Airport Contingency Fund to the Airport Revenue Fund (established under Ordinance 59286, Section 13, approved October 26, 1984) during the fiscal year beginning July 1, 2006 ("Fiscal Year 2007") as are required for the purposes of making funds available for the mitigation of airline landing fee rates by the City in Fiscal Year 2007 provided for in Section 607 of the City's Airport Use and Lease Agreements with terms ending June 30, 2011; containing a severability clause; and containing an emergency clause.

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