Ordinance 70616

Summary

BOARD BILL # 108 INTRODUCED BY ALDERWOMAN MARLENE DAVIS 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 Six Hundred Thousand Dollars ($1,600,000) of excess moneys that The City of St. Louis (the “City”), the owner and operator of St. Louis Lambert International Airport™ (the “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 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, as amended and supplemented from time to time; authorizing transfers in the total amount of One Million Six Hundred Thousand Dollars ($1,600,000) from the Airport Development Fund into the Airport Contingency Fund; further authorizing transfers of funds in the total amount not to exceed One Million Six Hundred Dollars ($1,600,000) from the Airport Contingency Fund to the Airport Revenue Fund (established under Ordinance 59286, approved October 26, 1984) as are required for the purposes of making funds available in part for the estimated costs of the Airport’s Air Service Incentive Program for Fiscal Years 2018 through 2020, which total estimated costs may not exceed Four Million Eight Hundred Thousand Dollars ($4,800,000), and providing for supplemental transfers from the Airport Development Fund to the Airport Contingency Fund and then into the Airport Revenue Fund when authorized by ordinance in order to continue the Incentive Program; containing a severability clause; and containing an emergency clause.

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