Board Bill Number 248 In Session 2010-2011

Summary

BOARD BILL # 248 INTRODUCED BY ALDERMAN TERRY KENNEDY 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 One Million Three Hundred Sixty Thousand Dollars ($1,360,000) of excess moneys that The City of St. Louis (the "City"), 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 the City, as Grantor, and UMB Bank, N.A., as Trustee, dated as of October 15, 1984, as amended and restated as of July 1, 2009 (the "Restated Indenture"); authorizing a transfer in the total amount of One Million Three Hundred Sixty Thousand Dollars ($1,360,000) from the Airport Development Fund into the Airport Contingency Fund; further authorizing the transfer from the Contingency Fund to the Airport Bond Fund for credit to the Debt Service Account in accordance with the Restated Indenture an amount not to exceed One Million Three Hundred Sixty Thousand Dollars ($1,360,000) during the fiscal year beginning July 1, 2010, to be used to pay debt service for the City's airport revenue bonds; containing a severability clause; and containing an emergency clause.

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